You are on page 1of 49

Q3 2015 Earnings Conference call

NASDAQ: EQIX

Presented on October 28, 2015

© 2015 Equinix Inc.

Equinix.com

1

Public Disclosure Statement

Forward-Looking Statements

Except for historical information, this presentation contains forward-looking statements, which
include words such as “believe,” “anticipate,” and “expect.” These forward-looking statements
involve risks and uncertainties that may cause Equinix’s actual results to differ materially from
those expressed or implied by these statements. Factors that may affect Equinix’s results are
summarized in our annual report on Form 10-K filed on March 2, 2015 and our quarterly report
on Form 10-Q filed on July 31, 2015.

Non-GAAP Information

© 2015 Equinix Inc.

This presentation contains references to certain non-GAAP financial measures. For definitions
of terms including, but not limited to, “Cash Gross Profit,” “Cash Gross Margins,” “Cash SG&A,”
“Adjusted EBITDA,” “Funds From Operations,” “Adjusted Funds From Operations,” and “Net
Operating Income,” and a detailed reconciliation between the non-GAAP financial results
presented in this presentation and the corresponding GAAP measures, please refer to the
supplemental data and the appendix of this presentation.

Equinix.com

2

Q3 2015 Financial Highlights
Revenues ($M)

Revenues of $686.6 Million

Revenues up 3% QoQ and 11% YoY

Revenues up 4% QoQ and 17% YoY on a
normalized and constant currency basis (1)

Recurring revenues are 94% of total revenues

$620.4

$588.4

Recurring Revenues

Non-recurring Revenues
$686.6

$643.2

$665.6

$605.5

$609.7

$626.7

$646.7

Q4 14

Q1 15

Q2 15

Q3 15

$638.1

Adjusted EBITDA of $321.5 Million

Adjusted EBITDA up 3% QoQ and 13% YoY

Adjusted EBITDA up 3% QoQ and 20% YoY on a
normalized and constant currency basis (1)

Q3 14

Adjusted EBITDA & AFFO ($M)

Adjusted EBITDA margin of 47%
$283.9

$294.4

Adjusted EBITDA

AFFO

$321.5

$305.7

$311.3

$221.8

$221.4

$210.4

Q1 15

Q2 15

Q3 15

AFFO of $210.4 Million

AFFO down 5% QoQ and up 2% YoY. Includes
$11.6 million FX loss on Telecity transaction
hedge (2) and $4 million of costs related to
Telecity and Bit-isle financing
AFFO up 2% QoQ and 17% YoY on a normalized
and constant currency basis (1)

$206.8

$194.5

Q3 14

Q4 14

Delivered our 51st quarter of consecutive revenues growth. Global demand for interconnected data centers drove record
net bookings with accelerated momentum from our cloud and enterprise verticals
(1)
(2)

Normalized Q3 15 results exclude the impact from the Nimbo acquisition, Telecity Group plc (“Telecity”) transaction-related hedge and the Telecity and Bit-isle, Inc. (“Bit-isle”)
financing costs; assumes average currency rates used in our financial results remained the same compared to the comparative period
During Q3 15, the Company entered into contracts for the purposes of hedging a portion of the purchase price of the Telecity acquisition

© 2015 Equinix Inc.

Equinix.com

3

Bit-isle Adds Significant Scale to Platform Equinix
Tokyo Central Business District

Proximate to TY4

3
5

Current Equinix
Expansion

Aggregate equity value of $280 million (¥33.3 billion)

Enterprise value of $440 million (¥52.4 billion)

Expect to be accretive to Equinix’s AFFO per share upon close

~97% of shared tendered, transaction expected to close in Q4 15

(1)

Enhances Equinix’s platform in the region’s most interconnected market

Adds high quality asset capacity adjacent to Equinix in Tokyo and Osaka

• Accelerates cloud and enterprise ecosystem growth and
cross sell opportunities

2

Complements Equinix’s robust cloud and network provider customer
base with Bit-isle’s Japanese enterprise and SI customer set
(3)

1

(3)

Non-Financial metrics

Japan
5

6 (4)

Gross Square Feet (5)

280K

480K

Cabinet Equivalents Billing (5)

3,600

3,850

Cabinet Equivalent Capacity (5)

4,100

7,500

88%

51%

c.300

c.670

Number of Data Centers

Utilization
Equinix Sites

(1)

• Combined businesses will be the 4th largest data center
provider in Japan (2)

4

Leverage TY2
network density

• Transaction Overview

Number of customers

(1) US$1 = JPY119; enterprise value includes debt and cash of Bit-isle as of Q4 FY14
(2) Fuji-Chimera Research
(3) Equinix non-financial metrics as of Q2 2015 & Bit-isle non-financial metrics as of June 2015
(4) Bit-isle data center in Osaka not shown on map
(5) Preliminary assessment of gross square feet and cabinet equivalents based on methodology equivalent to Equinix’s definition

© 2015 Equinix Inc.

Equinix.com

4

Equinix. hybrid • 25% reduction in latency of real -time data analytics apps • 50% reduction in OPEX per app Internet of Things (IoT) & distributed analytics • 30% cost reduction in cloud connectivity cost/analytic application • $8M annual OPEX savings implementing hybrid cloud Results published in Forrester Research note “The Total Economic Impact of Equinix Interconnection Solutions” © 2015 Equinix Inc.Enterprise Go-to-market Quantifying Equinix value around four customer use cases(1) PEOPLE LOCATIONS CLOUDS DATA Customer Industry Engineering & Construction Financial Services Media & Information Industrial Conglomerate Problem Inadequate user experience Unsustainable growth in bandwidth cost Inefficient & unsecure multi -cloud access Insufficient customer insights Workload/ Application Real -time collaboration Traffic optimization Customer Case Studies: Business Impact (1) • 2.5x increase in bandwidth/employee while reducing OPEX by 25% • 38% reduction in application latency of global collaboration workflow • 45% reduction in bandwidth OPEX / employee • 40% reduction in latency of customer facing apps Multi -cloud.com 5 .

5 $ 3. Q3 15 MRR / Cab Billed @ $1.4 $ 206. and previous quarters’ Gross Debt Balances revised accordingly MRR per Cab is monthly recurring revenues per billed cabinet.9 47% 47% 46% 41.700 4% 14% 2.8 ~22% Adjusted EBITDA 665. normalized constant currency basis excludes the impact of foreign currency hedging © 2015 Equinix Inc.8 -5% 2% $ 4.0 69% 69% 68% 153.400 $ 1.8 ~46.4 $ 146.982 on a normalized and constant currency basis. Brazil operations are not part of MRR per Cab calculation. Guidance Actual Actual Actual Q2 15 % ∆ Q3 14 % ∆ 620.6 ~$150 .3 283.979 168. Q3 15 vs.0 68 .100 $ 1.$685 $ Cash Gross Profit Cash Gross Profit Margin % 686.700 $ For the definition of Funds from Operations and Adjusted Funds from Operations and the corresponding reconciliation to GAAP measurement.014 0% -2% 144.4 $ 221.986 161.5 42.6 149.1 Adjusted EBITDA Margin % 311. please refer to appendix Debt premiums and discounts excluded from Gross Debt Balances.6 -1% 17% 96. Equinix.673.$154 Cash SG&A % 424.69% Cash SG&A $ 110.$317 $ 460.6 140.1% Net Income Margin % 6% Funds From Operations (1) Adjusted Funds from Operations (2) (1) (3) Cross-connect Counts (1) (2) (3) 9% 7% $ 151.com 6 .997.717.2 $ 167. down $4 compared to Q2 15 due to a large number of billable cabinets installed.1 $ 4.6 475.1 -10% 4% $ 210.4 3% 11% 3% 12% 3% 10% 3% 13% -31% -4% $681 .5 Net Incom e Attributable to Equinix Gross Debt Balances 22% \ 22% $313 .400 4% 17% Cabs Billing Counts MRR / Cab 23% 321.700 105.Q3 2015 Consolidated Results Quarter ($M Except for Non-Financial Metrics) Revenues Q3 15 Q3 15 Q2 15 Q3 14 Q3 15 vs.1 59.

6 Q2 15 • Q3 revenues up 3% QoQ and 10% YoY on an as-reported basis • Q3 revenues up 4% QoQ and 13% YoY on a normalized and constant currency basis (1) • Q3 Adjusted EBITDA up 2% QoQ and 9% YoY on an as-reported basis.com 7 . including 24 100G Ports $174.2 $160.403 $ 2.700 49.450 $ 2.9 $172.800 New Announced Expansions • SP3 phase I in Sao Paulo in Q4 2016 (1) Normalized Q3 15 results exclude the impact from the Nimbo acquisition.4 $347.4 Q4 14 $170.200 Opened • RJ2 phase II in Rio de Janeiro in Q3 2015 • DC11 phase II in Ashburn in Q3 2015 Current Expansions • DA2 phase II in Dallas in Q4 2015 • DA7 phase I in Dallas in Q4 2015 • DC10 phase IV in Ashburn in Q4 2015 • AT1 phase IV in Atlanta in Q3 2016 MRR / Cab Billed $ 2.454 with strong cabinets billing adds QoQ • Continue to see momentum in interconnection growth due to strong Cross-connect and Port additions • Total Port adds of 78 in the quarter. and up 2% QoQ and 12% YoY on a normalized and constant currency basis (1) • MRR per Cab remained firm at $2. Equinix.300 89.1 Q3 14 $371.7 Q1 15 Revenues $382.Americas Performance Q3 Business Conditions Q3 Highlights ($M) $167.454 Utilization % Cross-connects 78% 79% 79% 80% 81% 78.0 $356. assumes average currency rates used in our financial results remained the same compared to the comparative period © 2015 Equinix Inc.900 45.438 $ 2.900 83.300 81.450 $ 2.2 Q3 15 Adjusted EBITDA Key Metrics Cabinets Billing IBX Build Highlights Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 44.600 47.4 $364.400 46.700 86.

400 39.000 35.900 38.444 $ 1.9 • Q3 revenues up 3% QoQ and 22% YoY on a normalized and constant currency basis (1) $79.445 Utilization % Cross-connects (1) (2) 82% 80% 80% 79% 81% 35.6 $174. normalized constant currency basis excludes the hedge effects © 2015 Equinix Inc.8 $70. also assumes average currency rates used in our financial results remained the same compared to the comparative period MRR / Cab Billed @ $1.495 $ 1.700 36.700 41.505 $ 1.4 • Strong Cross-connect growth.400 39.0 • Q3 revenues up 2% QoQ and 10% YoY on an as-reported basis $177.6 $69. FR2 phase V in Frankfurt in Q3 2015 Equinix.900 37.com • AM1 phase III in Amsterdam in Q2 2016 • LD6 phase II in London in Q3 2016 8 .1 $161.200 Opened • Current Expansions MRR / Cab Billed $ 1.6 • Q3 Adjusted EBITDA up 2% QoQ and 17% YoY on an as-reported basis.300 35. accompanied by sales momentum in Cloud & IT Services Q3 14 Q4 14 Q1 15 Revenues Q2 15 Adjusted EBITDA Key Metrics Cabinets Billing • MRR per Cab Billed flat on a constant currency basis compared to Q2 (2) 15 Q3 15 (2) IBX Build Highlights Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 34.456 $ 1. and up 4% QoQ and 26% YoY on a normalized and constant currency basis (1) $81.0 $164.456 on a normalized and constant currency basis flat compared to Q2 15.5 $76.EMEA Performance Q3 Business Conditions Q3 Highlights ($M) $167.500 • FR4 phase V in Frankfurt in Q1 2016 New Announced Expansions Normalized for any hedge effect.

400 31.200 19.6 • Q3 revenues up 6% QoQ and 26% YoY on a normalized and constant currency basis (1) $60.045 $ 1.8 $57.300 33.700 37. normalized constant currency basis excludes the hedge effects © 2015 Equinix Inc.904 Utilization % Cross-connects (1) (2) 78% 76% 75% 77% 79% 30.500 35.500 18.700 • SG2 phase VII in Singapore in Q3 2015 MRR / Cab Billed $ 2.0 • Q3 Adjusted EBITDA up 8% QoQ and 22% YoY on an as-reported basis. and up 6% QoQ and 37% YoY on a normalized and constant currency basis (1) $65.057 $ 2.100 20.Asia-Pacific Performance Q3 Business Conditions Q3 Highlights ($M) $114.com • ME1 phase II in Melbourne in Q1 2016 • SG3 phase II in Singapore in Q1 2016 • SH6 phase I in Shanghai in Q1 2016 • TY5 phase I/II in Tokyo in Q1 2016 • SY4 phase I in Sydney in Q2 2016 9 .9 • Strong sales momentum in Cloud & IT Services.6 $111.400 Current Expansions Assumes average currency rates used in our financial results remained the same compared to the comparative period MRR / Cab Billed down $6 QoQ on both an as-reported and constant currency basis.950 $ 1.4 $56.2 $54. Equinix. which included increased level of installations.2 $114.910 $ 1.0 • Q3 revenues up 5% QoQ and 14% YoY on an as-reported basis $126.5 $120. Strong Port adds accompanied by healthy increase in Cross-connects (2) Q3 15 Adjusted EBITDA Key Metrics (2) IBX Build Highlights Opened Cabinets Billing Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 • HK2 phase III in Hong Kong in Q3 2015 17. Enterprise and Network verticals Q3 14 Q4 14 Q1 15 Revenues Q2 15 • MRR per Cab Billed slightly down.300 21.

Uses of Cash Sources of Cash Capital Uses • 2015 dividend of $389M • Non-recurring capex of $730M at the midpoint of guidance • Cash portion of 2015 special distribution based on $627M declaration and approximately 20% to be paid in cash • Q3 15 net leverage ratio is 3. except the $7.472 4.89% (2) (5) Debt premiums and discounts excluded from Gross Debt Balances Blended borrowing rate calculation excludes capital lease & other financing obligations Uses of cash excludes debt repayment.9B available line of credit currently undrawn © 2015 Equinix Inc.6M FX loss on Telecity transaction hedge $0.1B (end of Q4 14) • 2015 AFFO guidance of $866-870M 10 .467 Enterprise Value $ 19.1B (3) Non-recurring capex Dividend Special Dist.2B (4) Equinix.448 Sources: $3.662 $ 14.3M commitment fee related to the bridge loans and $11.749 Total Debt / Enterprise Value 23% 25% Net Debt / LQA Adjusted EBITDA 3.0B 2015E AFFO $868M FY15 Beginning Cash Balance $1.281 Market Value of Equity $ 15.4 x 3.4 x • Target net debt to Adjusted EBITDA Leverage of 3x–4x • Blended borrowing rate of 4. $730M $389M ~$125M Available Line of Credit (5) $1.Capital Structure and Sources and Uses of Cash • Ample liquidity to fund growth and dividend • Flexible capital structure with additional capacity Capitalization Table Sources and Uses of Cash Q3 15 Capital Leases Other Debt Total Debt $ (1) Less: Cash & Investments 1.245 3.4x Q3 annualized Adjusted EBITDA (1) (2) (3) (4) Uses: $1. taxes or any potential M&A Sources of cash excludes any existing or future financing related to any potential M&A.com Capital Sources • Cash and investments balance of $1.333 $ 4.673 4.995 $ 18.0B Q2 15 $ 1.225 3.717 340 436 Net Debt $ 4.

please refer to the appendix © 2015 Equinix Inc. but does not include any such mark-to-market forecasted adjustment for Q4 15.Dividend Outlook AFFO outlook ($M) (1) $866-870 • • $762 $680 2015 guidance of $866-870M Implies growth of 14% YoY on an as-reported basis.76 equates to ~$389M declared dividend divided by ~57.com 11 .76(4) 2013 2014 2015 (5) AFFO Fourth quarterly dividend of $1. Equinix. and 24% growth YoY on a normalized (2) and constant currency basis Dividend growth potential • AFFO growth provides capacity for long-term dividend growth 2015 Dividend of $389M $389 • • ~45%(3) Payout Ratio Payout Ratio Equates to ~45% • $6.69 declared concurrent with 3Q earnings Annual payment of $6.6M FX loss on Telecity transaction hedge (3) Approximate payout ratio based on the midpoint of AFFO guidance range of $866-870M and dividend payout of $389M (4) Annual dividend per share of $6.76 per share for 2015 Dividend Differences between AFFO and REIT Taxable Income • • • • Stock-based compensation Impact of foreign exchange rate movements Depreciation Changes in the QRS and TRS profitability (1) FY15 current AFFO guidance absorbs $53M negative foreign currency impact compared to Equinix FY14 average rates.6M FX loss arising from the Telecity acquisition hedge in Q3. in addition.3M commitment fee related to the bridge loans and $11.5M average shares outstanding (5) For the definition of AFFO and the corresponding reconciliation to GAAP measurement. includes $11. Our guidance does not include any impact related to the Bit-isle acquisition expected to close in Q4 15 (2) Normalized for $7.

Also includes incremental improvements to the operating portfolio • 2015 guidance implies 27% nonrecurring capex to revenues $720 .5% of revenues EMEA 19% $26 Actual • Expenditures to extend useful life of IBXs or other Equinix assets in support of current revenues • 2015 guidance implies 4.$740 Guidance Equinix. Americas 44% EMEA 22% • Primarily for development and buildout of new IBX capacity.com 12 .Capex Q3 2015 Capex and Regional Breakout Recurring Non-Recurring ($M) ($M) Sustaining IT & Network 25% Maintenance 54% Recurring capital expenditures APAC 35% Americas 46% Installation 21% • Recurring capital expenditures trending between 4 .1% recurring capex to revenues $190 Actual 2015E Capex and Regional Breakout Non-recurring capital expenditures ($M) ($M) Sustaining IT & Network 28% APAC 34% Maintenance 54% Installation 18% $110 Guidance © 2015 Equinix Inc.

com 13 . excludes revenues & cash costs from non-IBXs or Nimbo (5) Cash generation on gross investment calculated as trailing 4 quarters’ as-reported cash gross profit divided by Gross PP&E as of Q3 15 (6) Trailing 4 quarters’ as-reported cash maintenance CapEx (2) Revenues represent Q3 15 as-reported revenues in millions. 2014 Unconsolidated IBX JK1 not included in this analysis (3) Investment (Q3 15 Gross PP&E) includes real estate acquisition costs. and there is an expected expansion of one or more additional phases leveraging the existing capital infrastructure. 2014 Stabilized IBXs where the final expansion phase began operating before January 1. excludes revenues from nonIBXs or Nimbo acquisition © 2015 Equinix Inc. capitalized leases and all capex associated with stabilized IBXs since opening (4) Trailing 4 quarters’ as-reported revenues & cash gross profit. or a new phase has opened for a previously stabilized IBX after January 1. Expansion & New IBXs (1) Stabilized IBX Profitability (3) (4) (4) (6) (2) (1) New IBXs where Phase 1 began operating after January 1.Stabilized IBX Growth Stabilized. Equinix. 2014 Expansion IBXs where Phase 1 began operating before January 1. 2014.

698 13 2015 Current Guidance Mid-Point 2015 Current Guidance @ CC 2.690 687 703 Q3 15 Q4 15 MidPoint Guidance Q4 15 @ CC (1) Prior 2015 Guidance Mid-Point (2) (1) Q4 15 revenues @ constant currency (CC) is adjusted for a negative foreign currency impact of approximately $4M compared to Equinix Q3 15 average rates (2) FY15 current revenues guidance @ CC is adjusted for a negative foreign currency impact of approximately $13M compared to Equinix Q3 15 guidance rates and benefit from overall hedging strategy in Q3 15 (3) FY15 current revenues guidance absorbs $138M negative foreign currency impact compared to Equinix FY14 average rates © 2015 Equinix Inc.2015 Revenues Bridge Normalized & Constant Currency As-Reported Q4 15 E FX & Hedging FY 2015 E (3) 16% YoY 10% YoY 2% 0% 3% 703 4 1% 2.com 14 . Equinix.

8% 1% 4% 330 14% YoY 47.2015 Adjusted EBITDA Bridge Normalized & Constant Currency As-Reported Adjusted EBITDA Margin % FX & Hedging Q4 15 E FY 2015 E (3) 19% YoY 3% 321 46.9% 46. Equinix.269 4 2015 Current Guidance Mid-Point 2015 Current Guidance @ CC 1.0% 4 1% 1.255 330 Q3 15 Q4 15 MidPoint Guidance (1) Q4 15 @ CC Prior 2015 Guidance Mid-Point (2) (1) Q4 15 Adjusted EBITDA @ CC is adjusted for a negative foreign currency impact of approximately $4M compared to Equinix Q3 FY15 average rates (2) FY15 current Adjusted EBITDA guidance @ CC is adjusted for a negative foreign currency impact of approximately $4M compared to Equinix Q3 FY15 guidance rates and benefit from overall hedging strategy in Q3 15 (3) FY15 current Adjusted EBITDA guidance absorbs $56M negative foreign currency impact compared to Equinix FY14 average rates © 2015 Equinix Inc.com 15 .7% 46.

We have not included any mark-to-market forecasted adjustment for Q4 15 (4) FY15 current AFFO @ CC is adjusted for a negative foreign currency impact of approximately $4M compared to Equinix Q3 FY15 guidance rates and benefit from overall hedging strategy in Q3 15 (5) FY15 current AFFO guidance absorbs $53M negative foreign currency impact compared to Equinix FY14 average rates. and adjustments for unconsolidated JVs’ and non-controlling interests. other (income)/expense.3M commitment fee related to the bridge loans for the Telecity and Bit-isle acquisitions. gain/loss on disposition of depreciable real estate property. Equinix.2015 AFFO Bridge Normalized & Constant Currency As-Reported FX & Hedging 24% YoY (5) Change from Last Quarter +14 +2 -5 +25 +9 +5 +13 -12 3% 2% 14% YoY 2% ~276 $11. but does not reflect any interest expense from any potential permanent financing (2) The Other category is composed of straight-line rent expense adjustment. $11.269 855 Prior 2015 FY15 Adjusted AFFO Guidance EBITDA Current Mid-Point Guidance MidPoint Does NOT reflect any interest expense from any potential permanent financing for Telecity and Bit-isle Net Interest Expense Estimate (1) Net Income Tax Estimate ~110 12 ~ 36 The step-up from prior guidance mostly driven by over-performance in NRR/Installation Recurring CapEx Guidance Other (2) 880 FY15 AFFO w/o Telecity FX 4 868 FX Loss on Telecity Transaction Hedge FY15 AFFO Current Guidance Mid-Point (3) (4) FY15 Current AFFO Guidance @ CC (1) Includes $7.6M FX loss on Telecity transaction hedge. installation revenue adjustment.6M loss on Telecity acquisition-related hedge in Q3 15 ~39 1. YoY growth normalized for $7.com 16 .3M commitment fee related to the bridge loans. and Nimbo acquisition © 2015 Equinix Inc. Please refer to the Non-GAAP reconciliation on slide 45 (3) AFFO guidance includes the impact of the Telecity acquisition hedge from Q3 15.

$605 22 . Equinix.700 Cash Gross Margin % Cash SG&A Cash SG&A % Adjusted EBITDA Adjusted EBITDA Margin % Capex Non-Recurring Capex Recurring Capex (% of revenues) AFFO (6) Dividend Q4 2015 (2) $701 .1% (4) $328 .271 ~47.8% $866 .0% $830 .5M average shares outstanding © 2015 Equinix Inc. including the effect from hedging strategy (4) Absorbs a negative foreign currency impact of approximately $4M compared to Equinix Q3 FY15 guidance rates (5) Absorbs a negative foreign currency impact of approximately $4M compared to both Equinix Q3 FY15 guidance rates and Q3 15 average rates.$870 (7) ~ $389 (1) Guidance does not include the Bit-isle transaction which is expected to close in Q4 2015 (2) Absorbs a negative foreign currency impact of approximately $13M compared to Equinix Q3 15 guidance rates (3) Absorbs a negative foreign currency impact of approximately $9M compared to Equinix Q3 15 guidance rates and $4M compared to Q3 15 average rates. including the effect from hedging strategy (6) AFFO guidance includes the impact of the Telecity acquisition hedge from Q3 15.$740 $110 ~4.696 .$705 (3) ~ 69% ~ 69% $601 .9% (5) $242 .$1.76 per share times ~57.$228 $34 ~4.$332 ~46.$157 ~22% $1.$850 $720 .2015 Financial Guidance $M Revenues (1) FY 2015 $2. We have not included any mark-to-market forecasted adjustment for Q4 15 (7) ~$389M equates to $6.267 .$2.$262 $208 .com 17 .23% $153 .

Supplemental Financial and Operating Data © 2015 Equinix Inc.100+ Networks Equinix.300+ Businesses Equinix Marketplace™ Revenue Opportunities 18 .com Business Ecosystems 6.700 Cross-connects 100% of Tier 1 Network Routes 1. Global Data Centers 105 Data Centers Interconnection 11M+ Square Feet 99.9999% Uptime Record 168.

4x net debt to Adjusted EBITDA • Steadily reducing cost of capital Stable yield Proven track record • Strong yield (MRR per cabinet) across all regions. 8% gross profit growth • Available capacity reflects potential revenues Balance sheet flexibility • Conservative leverage levels with significant access to capital and financial flexibility • Leverage target of 3 .Equinix Overview (1) Unique portfolio of data center assets • • • • • Development pipeline • Long history of development success through expansions. Cross-connects and power density • Industry-leading development yields • ~33% yield on gross PP&E on stabilized assets (2) • 10-year annualized shareholder return of ~18% Long-term control of assets • Own 23 of 105 IBXs. 4. Equinix. • Owned assets generate 38% of recurring revenues and 39% of Adjusted NOI • Average remaining lease term of 21.2M of 11.5 years including extensions (1) As of Q3 15 and (2) As of FY14 © 2015 Equinix Inc.4M gross sq. campuses and known demand pipeline • Expect typical new build to be >80% utilized in 2-5 years • Expect typical new build to be cash flow breakeven at 6-12 months Global footprint: 105 data centers in 33 metros Network dense: 1.5% pricing escalators on existing contracts.9999%(2) uptime record Attractive growth profile • 2015E growth: revenues 16% YoY and AFFO 24% YoY. ft. and expect yield to remain firm • Levers on yield: 2% .com 19 . normalized and constant currency • 51 quarters of consecutive revenues growth (1) • 6% same store revenues growth.300 Cloud & IT service providers Interconnected ecosystems: 168.700 Cross-connects Operational excellence: 99.100+ networks Cloud dense: 1.

com (1) Customers and Geography as of Q3 2015 20 . Multi-Region Multi-Metro Equinix.Equinix Global Platform (1) Equinix offers broad geographic reach and significant scale within each region 5 15 Continents 15 metros 54 IBXs 33 Countries Metro Areas 10 metros 30 IBXs 105 Data Centers Platform Equinix • Geographic footprint is unmatched and remains a unique differentiator • Multi-region deployments outpace single-region deployments 8 metros 21 IBXs Expansion strategy • Use unique market intelligence for prudent capital allocation • Capture first-mover advantage in future global hubs Revenues by Geography EMEA % of Customers in Multiple Locations 26% 100% 83% 80% 60% 71% 54% Americas 56% 40% 18% 20% Asia Pacific 0% In All 3 Regions © 2015 Equinix Inc.

recurring CHF EUR 15% Other Vertical Multi-Metro Customers 83% Multi-Region Customers 71% Customers in 3 Regions 54% Top 50 Customers 37% Top 10 Customers 16% (2) Top 10 Customers GBP Rank 1% 10% HKD 4% 1% Customer % of Recurring Revenues 11% Intercon AUD 3% 3% JPY 7% SGD 1% 3% BRL CAD 52% USD (1) (2) (3) (4) Type of Customer % MRR Region Count IBX Count 1 Cloud & IT Services 3.2% 3 36 2 Enterprise 2.100 6.1% 2 12 10 Network 1.0% 2. MRR churn includes Brazil operations. and prior quarters churn % revised accordingly © 2015 Equinix Inc.0% 2.1% 3 19 4 Cloud & IT Services 1.Customer Revenues Mix (1) Global Customer Count and Churn % Diversified Revenue by Customer.300 140 190 210 170 170 2.300 6.2% 3 51 7 Network 1.1% 3 67 9 Content & Digital Media 1.2% 3 48 8 Network 1.3% 3 32 3 Cloud & IT Services 2.0% 20% Enterprise 94% 79% 16% NonRecurring Content & Digital Media 27% Colo Cloud & IT Services 6% (2) Product Category Recurring & Non.0% 1. Equinix.9% 3 17 5 Cloud & IT Services 1.3% 3 32 6 Network 1.200 6.0% 3 73 Customer revenue mix analysis is derived from Q3 15 revenues Product category and vertical mix are derived from Q3 15 recurring revenues Global customer count is based on count of unique global parents of billing MRR churn is defined as a reduction in MRR attributed to customer termination by MRR at the beginning of the quarter.8% 2.com 21 . Region & Industry 4% Recurring Network 17% Total Global Customers 26% MIS Financial Services (3) Gross New Global Customers MRR Churn (3) (4) Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 6.300 6.

780 1.400 144.900 125.500 37.797 355 656 2.456 $1.100 26.900 34.557 1.400 81.966 1.200 59.700 22.100 27.900 19.892 2.400 168.000 18.300 129.899 360 707 2.600 44.700 38.600 47.300 35.057 $2.445 $1.700 35.700 1.950 $2.100 78% 82% 78% 79% 80% 76% 79% 80% 75% 80% 79% 77% 81% 81% 79% $2.500 96. Equinix.700 45.600 86.200 98.400 20.000 44.900 31.045 $2. Brazil operations excluded from this calculation © 2015 Equinix Inc.500 155.977 383 778 3.100 83.500 136.700+ Cross-connects 100% of Tier 1 Network Routes (2) (1) Metrics include Brazil operations.300 39.904 1.454 $1.500 41.808 1.600 46.200 61.100+ Networks 168.400 33.900 36.300 17.300 105.403 $1. except in Reported Recurring Revenues per Cabinet Equivalent (2) Reported Recurring Revenues per Cabinet Equivalent is defined as (Current Quarter MRR / 3) divided by ((Qtr End CabE Billing Prior Qtr + Curr Qtr)/2) .582 1.450 $1.438 $1.700 89.138 1.200 21.200 39.400 35.500 57.505 $2.300 150.800 47.700 161.600 35.444 $1.712 352 623 2.495 $2.100 101.000 48.450 $1.800 41.500 43.700 37.145 57.687 1.400 49.Non-Financial Metrics (1) FY2014 Q3 Q1 FY 2015 Q2 Q3 INTERCONNECTION # of Cross-connects Americas EMEA Asia-Pacific Worldwide Exchange Ports Americas EMEA (excludes Partner ports) Asia-Pacific Worldwide Global 10 Gig Cabinet Equivalent Capacity Americas EMEA Asia-Pacific Worldwide Quarter End Cabinet Equivalents Billing Americas EMEA Asia-Pacific Worldwide Quarter End Utilization Americas EMEA Asia-Pacific Reported Recurring Revenues per Cabinet Equivalent North America (Excluding Brazil Operations) EMEA Asia-Pacific Q4 78.600 23.910 $2.700 30.700 110.300 133.900 25.018 2.300 121.000 59.617 324 616 2.com 22 .

S.com 23 .000 Additional capacity for 1.100 300 600 725 1. © 2015 Equinix Inc.700 cabinet equivalents in future phases Additional capacity for 2.Equinix Announced Expansions 2015-2016 Overview of major Equinix IBX data center expansions AMERICAS IBX Center TR2 phase I (Toronto) NY6 phase I (New York) SE3 phase II (Seattle) PH1 phase II (Philadelphia) SV5 phase III (San Jose) RJ2 phase II (Rio de Janeiro) DC11 phase II (Ashburn) DA2 phase II (Dallas) DA7 phase I (Dallas) DC10 phase IV (Ashburn) AT1 phase IV (Atlanta) SP3 phase I (São Paulo) Target Open Date Opened Q1 2015 Opened Q1 2015 Opened Q2 2015 Opened Q2 2015 Opened Q3 2015 Opened Q3 2015 Opened Q3 2015 Q4 2015 Q4 2015 Q4 2015 Q3 2016 Q4 2016 Sellable Cabinet Equivalents* Total CAPEX* (millions U. Equinix.050 cabinet equivalents in future phases EMEA IBX Center LD6 phase I (London) FR2 phase IV (Frankfurt) PA4 phase II (Paris) AM3 phase III (Amsterdam) FR2 phase V (Frankfurt) FR4 phase IV (Frankfurt) FR4 phase V (Frankfurt) AM1 phase III (Amsterdam) LD6 phase II (London) Comments Additional capacity for 1.775 cabinet equivalents in future phases Additional capacity for 720 cabinet equivalents in future phases GLOBAL TOTALS Global Total Year-End 2015 ~140.PACIFIC IBX Center SG3 phase I (Singapore) HK1 phase IX (Hong Kong) SG2 phase VII (Singapore) HK2 phase III (Hong Kong) ME1 phase II (Melbourne) SG3 phase II (Singapore) SH6 phase I (Shanghai) TY5 phase I/II (Tokyo) SY4 phase I (Sydney) Comments Additional capacity for 4.$) 675 720 575 300 850 310 390 500 1.000 275 440 900 750 2.385 cabinet equivalents in future phases Additional capacity for 2.385 725 660 550 1.500 cabinet equivalents in future phases * Sellable cabinet equivalents and capex are approximate and may change based on final construction.385 $79 $13 $17 $13 $13 $15 $21 $32 $42 Target Open Date Opened Q1 2015 Opened Q3 2015 Opened Q3 2015 Opened Q3 2015 Q1 2016 Q1 2016 Q1 2016 Q1 2016 Q2 2016 1.100 950 365 725 $42 $66 $6 $23 $43 $19 $30 $18 $20 $32 $31 $76 Target Open Date Opened Q1 2015 Opened Q2 2015 Opened Q2 2015 Opened Q2 2015 Opened Q3 2015 Opened Q3 2015 Q1 2016 Q2 2016 Q3 2016 1.500 $50 $8 $14 $40 $29 $54 $14 $43 $97 Comments Additional capacity for 1.000 300 725 1.000 cabinet equivalents in future phases ASIA .000 cabinet equivalents in future phases 350 cabinets in phase I Additional capacity for 1.

$346 million has been settled to-date • IRS requires a “recapture” of tax that would have been due • Paid ratably over the four-year period starting in 2012 with the last payment to be made in 2015 Special Distributions • 2015 Special Distribution will encompass various items of taxable income including the last tranche of depreciation recapture net of taxes paid and the historical earnings of foreign subsidiaries converted into the REIT in 2015.S. 2015 Range doesn’t incorporate potential impact from future changes in tax legislation in the U. 2015 reduced worldwide cash income taxes substantially • Expected 2015 cash tax liability to be between $100 and $120 million. A portion of the Special Distributions may be return of capital • Expected to be paid out in a combination of up to 20% in cash and at least 80% in Equinix common stock • New entities acquired and added to the REIT as well as the conversion of additional existing subsidiaries into the REIT may also result in future Special Distributions Recurring Operational Costs • Additional advisory and audit fees. which includes ~$80 million related to the final D&A recapture • Additional $2 million one-time implementation costs in 2015 • Expect effective worldwide tax rate to range between 10% to 15% longer-term as a REIT (2) (1) (2) For additional information and risks.com 24 . refer to our Form 10-Q filed on July 31. and/or abroad © 2015 Equinix Inc.S. as well as certain other items of 2015 taxable income • Second Special Distribution of $627 million to be paid in Q4 2015. Equinix.REIT Conversion Costs & Cash Income Taxes D&A Recapture (1) Description Value/Cash impact • Reclassifying Equinix assets as “real estate” results in a tax liability due to longer depreciation and amortization lives • U. tax liabilities related to D&A recapture expected to be approximately $360 to $370 million. headcount and related overhead • Approximately $10 million recurring annually Estimated Worldwide Cash Income Taxes • Conversion to a REIT January 1.

Equinix.Long-Term Lease Renewals Average lease maturity greater than 21.5 years including extensions Global Lease Portfolio Expiration Waterfall (1) % Leases Renewing by Square Footage Last Possible Expiration Date Equinix Owned Sites (2) • Own 23 of 105 IBXs 86% • 4.775 cabs Limited Near-Term Lease Expirations – 1% 0% 0% – 3% 0% – 1% 2% 1% 2% 1% 4% • Only four leases up for renewal prior to 2020 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+ Over 93% of our NOI is generated by either owned properties or properties where our lease expirations extend to 2029 and beyond (1) (2) (3) This lease expiration waterfall presents when leased square footage would be renewed if we assume all available renewal options are exercised as of September 30.2M of 11. Square footage represents area in operation based on customer ready date.com 25 .4M total gross square feet • 38% of total recurring revenues (3) • Acquired land in Sao Paulo for SP3 build supporting all-phase capacity of 2. Owned assets defined as title to land or long-term ground lease As of Q3 15 © 2015 Equinix Inc. 2015.

Other ongoing expenses including cash rent and cash tax expenses are disclosed to facilitate a market valuation of those liabilities. Net asset valuation involves a market-based valuation of assets and liabilities to derive an intrinsic value of equity. which are not applicable to a cap rate valuation. deducting recurring cash costs. Adjusted NOI is calculated by taking recurring revenues. Share count is provided on a fully-dilutive basis including equity awards and the assumed conversion of convertible debt in shares. Other assets and liabilities include only tangible items with realizable economic value. Regional SG&A expense is allocated to the properties to reflect the full sales. It excludes non-recurring revenues. The disclosure provides composition of recurring revenues and adjusted net operating income (adjusted NOI) by maturity (Stabilized. therefore. Consolidated Portfolio Operating Performance – Provides a detailed breakout of current quarter revenues composition.com 26 . Property operating status is updated annually based on development completion dates. excluded from adjusted NOI. Corporate SG&A is provided to show centralized organization costs that are not property-related and.REIT Disclosure Update Equinix real estate portfolio valuation disclosures Same-Store Operating Performance (previously disclosed) – Provides a year-over-year comparison of revenues composition and cash gross margin for a constant set of Stabilized and Expansion properties. Expansion and New).e. Components of NAV – A detailed disclosure of applicable cash flows. cabinet capacity and IBXs by region and ownership. goodwill) are excluded. Liabilities excludes convertible debt as that obligation is assumed to be settled in shares and reflected in our share count. assets and liabilities to support a Net Asset Value (NAV). Total cash rent is provided in the components of NAV. adding back operating lease rent expense and deducting cash SG&A allocated to the properties. In addition. geography. Operating cash flows are separated into real estate income (adjusted NOI). New properties and CIP generating unstabilized cash flows are reflected based on gross asset value. non-recurring income and other operating income in order to facilitate discrete composition valuations. The impact of operating lease rent expense is removed to reflect an owned income stream. © 2015 Equinix Inc. Adjusted NOI Composition – Disclosure of adjusted net operating income (adjusted NOI) facilitates a valuation of the operating portfolio utilizing a real estate cap rate methodology. Equinix. Balance sheet assets and liabilities without tangible economic value (i. marketing and operating costs of owning a portfolio of retail colocation properties. cabinet capacity and IBXs. ownership.

please refer to the appendix © 2015 Equinix Inc.384 $ 390.648 $ 84.1% 17.960 $ 108.918 $ 16.3% -20.098 $ 409. 2014 Unconsolidated IBX JK1 in Jakarta (1) For the definition of cash cost of revenues.503 $ 28.0% 1.3% 4. and cash gross margin and the corresponding reconciliation to GAAP measurements.com 27 .5% driven by Stabilized assets Revenues $'000s Category InterServices/ Colocation connection Other Cash Cost & Gross Profit $'000s Total Recurring Nonrecurring Total Revenues Cash Cost of Cash Gross Cash Gross (1) (1) Revenues Profit (1) Margin % Trailing 4-Qtr Cash Return on Gross PP&E % Q3 2015 Stabilized $ 312.0% 6.585 $ 12.335 $ 17.1% 18.746 $ 224.8% -6.415 $ 162.740 $ 613.1% -14.918 70. 2014 New IBXs where Phase 1 began operating after January 1.821 $ 93.577 $ 671.8% 33% Q3 2014 Stabilized $ 299.160 $ 13.279 $ 198.2% 11.Same Store Operating Performance Stabilized and Expansion – Cash Gross Profit grew 11.906 $ 22.313 $ 24.964 $ 423. 2014 Expansion IBXs where Phase 1 began operating before January 1.666 68.212 $ 69.5% -17.509 $ 190.702 $ 36.182 70.1% 8.4% 3% Total YoY % # of IBXs Stabilized 67 Expansion 31 New 6 Unconsolidated 1 Total 105 Stabilized IBXs where the final expansion phase began operating before January 1.8% 15.811 66.292 $ 432.285 $ 239.1% 5.0% 1.198 $ 121.844 $ 634.4% 16.5% 9.958 $ 189.361 $ 472. and there is an expected expansion of one or more additional phases leveraging the existing capital infrastructure.411 $ 407.789 $ 18.6% 12. Equinix.217 $ 32.946 $ 310.746 $ 120.9% 1.882 $ 15.0% 28.4% 2% Stabilized YoY % Q3 2015 Expansion $ 189.563 $ 287. or a new phase has opened for a previously Stabilized IBX after January 1.4% 31% 4.1% 24% 9. cash gross profit.032 $ 74.993 69. 2014.5% 1.897 $ 23.7% 3% Expansion YoY % Q3 2015 Total $ 501.0% 19% Q3 2014 Expansion $ 159.5% 26% Q3 2014 Total $ 458.401 $ 136.252 71.330 $ 206.9% 10.796 $ 14.737 $ 10.4% 11.5% 33.3% 16% 18.893 $ 581.7% 9.081 $ 76.

400 81% 38.672 $ 6.700 79% $ 99.232 $ 125.100 81% $ 510.816 $ 682.921 $ 644.500 32.849 $ 12.284 2.642 $ 112 $ 66 $ 1.738 $ 22.633 $ 23.249 11.700 21.389 Asia-Pacific Total 20 27.500 17.187 $ 6.022 123.419 Worldwide Total 104 136.136 20 16.531 $ 14.343 $ 176.146 $ 128.4M revenues from unconsolidated IBX JK1.271 $ 14.096 251.195 $ 20.100 39.074 $ 11.100 79% 97.901 $ 109.879 4.598 117.000 81% 168.095 $ 2.Consolidated Portfolio Operating Performance By Region & Ownership – Owned Assets Generated 38% of Our Recurring Revenues Cabinets Billed Category # of IBXs Total Cabinet Capacity Cabinet Cabinets Utilization Billed % Revenues (Q3 2015) $'000s InterColocation connection Services/ Other Total Recurring Nonrecurring Owned % Total of Total (4) Revenues Recurring Americas (1) Owned 11 21.com 38% 28 .817 Leased 43 39.030 18 26.200 81% $ 143.890 14.619 Americas Total 54 61.698 4.272 34% EMEA Owned (1) Leased EMEA Total (3) 72% Asia-Pacific Owned (1) Leased (2) (4) (1) Owned assets include those subject to long-term ground leases (2) JK1 not included (3) Regional level total may not tie 100% to the sums of Owned and Leased categories.431 $ 118.992 $ 4.247 $ 360.455 $ 37.997 49.789 $ 8.436 10 31. 2% Equinix.600 $ 334 $ 122.600 13.264 $ 11.361 57.007 3.099 $ 79.281 30 48.417 2 800 600 75% $ 1.600 110. Nimbo and non-IBXs from this analysis © 2015 Equinix Inc.820 $ 210 $ 2.800 82% $ 105.664 $ 119.010 $ 165.914 237. due to rounding (4) Excludes ~$4.200 81% $ 268.367 6.241 $ 380.792 $ 7.200 80% $ 99.000 49.579 46.523 14.346 $ 127.400 25.500 21.

Portfolio Composition – IBX mapping Same-Store Ownership Classification Americas AT1 Atlanta Expansion Leased AT2 Atlanta Stabilized Leased AT3 Atlanta Stabilized Leased BO1 Boston Stabilized Leased CH1 Chicago Stabilized Leased CH2 Chicago Stabilized Leased CH3 Chicago Expansion Owned CH4 Chicago Expansion Leased DA1 Dallas Stabilized Leased DA2 Dallas Expansion Leased DA3 Dallas Stabilized Leased DA4 Dallas Stabilized Leased DA6 Dallas New Leased DC1 Ashburn Stabilized Owned DC2 Ashburn Stabilized Owned DC3 Ashburn Stabilized Leased DC4 Ashburn Stabilized Owned DC5 Ashburn Stabilized Owned DC6 Ashburn Stabilized Owned DC7 Greater DC Stabilized Leased DC8 Greater DC Stabilized Leased DC10 Ashburn Expansion Leased DC11 Ashburn Expansion Owned DE1 Denver Stabilized Leased LA1 Los Angeles Stabilized Leased LA2 Los Angeles Stabilized Leased LA3 Los Angeles Stabilized Leased LA4 Los Angeles Expansion Owned MI2 Miami Stabilized Leased MI3 Miami Expansion Leased NY1 Greater NYC Stabilized Leased NY2 Secaucus Stabilized Owned NY4 Secaucus Stabilized Leased NY5 Secaucus Expansion Leased NY6 Secaucus New Leased NY7 Greater NYC Stabilized Leased NY8 Manhattan Stabilized Leased NY9 Manhattan Stabilized Leased PH1 Philadelphia Expansion Leased RJ1 Rio de Janeiro Stabilized Leased RJ2 Rio de Janeiro Expansion Leased SE2 Seattle Stabilized Leased SE3 Seattle Expansion Leased SP1 Sao Paulo Stabilized Leased SP2 Sao Paulo Expansion Leased SV1 Silicon Valley Stabilized Owned SV2 Santa Clara Stabilized Leased SV3 Santa Clara Stabilized Leased SV4 Santa Clara Stabilized Leased SV5 Silicon Valley Expansion Owned SV6 Santa Clara Stabilized Leased SV8 Palo Alto Stabilized Leased TR1 Toronto Stabilized Leased TR2 Toronto New Leased Americas Counts 54 IBX © 2015 Equinix Inc.com 29 . Location Same-Store Ownership Classification EMEA AM1 * Amsterdam Stabilized Owned AM2 * Amsterdam Stabilized Owned AM3 * Amsterdam Expansion Owned DU1 Dusseldorf Stabilized Leased DU2 Dusseldorf Stabilized Leased DX1/DX2 Dubai Expansion Leased EN1 Netherlands Stabilized Leased FR1 Frankfurt Stabilized Leased FR2 Frankfurt Expansion Owned FR4 Frankfurt Expansion Owned FR5 Frankfurt Expansion Owned GV1 Geneva Stabilized Leased GV2 Geneva Stabilized Leased LD1 London Stabilized Leased LD2 London Stabilized Leased LD3 London Stabilized Leased LD4 * London Stabilized Owned LD5 * London Stabilized Owned LD6 * London New Owned MU1 Munich Stabilized Leased MU3 Munich Stabilized Leased PA1 Paris Stabilized Leased PA2 Paris Stabilized Leased PA3 Paris Stabilized Leased PA4 Paris Expansion Owned ZH1 Zurich Stabilized Leased ZH2 Zurich Stabilized Leased ZH4 Zurich Expansion Leased ZH5 Zurich Expansion Leased ZW1 Netherlands Stabilized Leased EMEA Counts 30 IBX HK1 HK2 HK3 HK4 ME1 OS1 SG1 SG2 SG3 SH1 SH2 SH3 SH5 SY1 SY2 SY3 TY1 TY2 TY3 TY4 Same-Store Ownership Classification Asia-Pacific Hong Kong Expansion Leased Hong Kong Expansion Leased Hong Kong Expansion Leased Hong Kong Stabilized Leased Melbourne New Owned Osaka Expansion Leased Singapore Expansion Leased Singapore Expansion Leased Singapore New Leased Shanghai Stabilized Leased Shanghai Stabilized Leased Shanghai Stabilized Owned Shanghai Expansion Leased Sydney Stabilized Leased Sydney Stabilized Leased Sydney Expansion Leased Tokyo Stabilized Leased Tokyo Stabilized Leased Tokyo Stabilized Leased Tokyo Expansion Leased JK1 Unconsolidated Jakarta Expansion Location IBX Location Leased 21 Asia Pacific Counts Worldwide Total Count Americas 54 EMEA 30 Asia-Pacific 21 Total 105 Stabilized Expansion New 37 14 3 21 8 1 9 10 2 67 32 6 Owned 11 10 2 23 * Subject to Long-Term Ground Lease Equinix.

308 $ 31.605) (18.897 14.296 147.213 $ 371.027 88.162 3.9% 8.6% 8.com 30 .088 (85.551 (1) $ 88.8% 8. Equinix.438) 21. excludes JK1 (2) Excludes revenue and cash cost of revenues from JK1 and non-IBXs (3) Adjusted NOI excludes operating lease expenses (4) 100% of Regional SG&A Allocated to Properties excludes incremental SG&A costs not directly supporting a regional portfolio © 2015 Equinix Inc.8% 60.953 Total Regional Cash SG&A 92.560 149.865 $ 85.608) (174.646 $ 207.557 56.811 140.529 (4) $ (92.144 410.268 437.858 54.820 57.014 15.225 $ (88.038 (24.414 85.2% Adjusted Cash NOI Margin Reconciliation of NOI Cost Allocations (unaudited) Non-Recurring Revenues (NRR) (2) $ 37.1% 59.323 60.740 92.188 3.414) 21.893 $ 32.972 $ (92.929 $ 346.578 170.833 $ 191.139 $ 192.578) (170.357 3.531) (18.183 $ 189.060) (17.392) 12.772 174.847 $ 608.402 Net NRR Operating Income Total Cash Cost of Revenues (2) $ Non-Recurring Cash Cost of Revenues Allocation (24.584 145.544 $ 22.843 $ 82.354 $ 201.223 $ 89.122 8.813 153.280 $ 604.010) 462.434) (178.074 $ 33.816 Non-Recurring Cash Cost of Revenues Allocation 37.060) (17.1% Total Cash SG&A Corporate HQ SG&A as a % of Total Revenues (1) Stabilized/Expansion/New IBX categorization w as re-set in Q115.027) 22.8% 9.704 13.531) (18.608 174.363 14.397 54.919) (22.021 445.740) Adjusted Cash Net Operating Income (3) 21.571 2.917 $ 584.Adjusted Corporate NOI (1) Calculation Of Adjusted Corp NOI (unaudited) # of IBXs Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 104 104 104 101 100 $ 644.215 3.455 $ 623.772) (174.554 (1) Recurring Revenues (2) Recurring Cash Cost of Revenues Allocation Cash Net Operating Income Operating Lease Rent Expense Add-back (3) Regional Cash SG&A Allocated to Properties (182.2% 59.434 178.392) Recurring Cash Cost of Revenues Allocation 182.010 Regional Cash SG&A Allocated to Stabilized & Expansion Properties Regional Cash SG&A Allocated to New Properties (1) $ 89.810 $ 375.198 $ (93.438 93.309 Corporate Cash SG&A in HQ Functions Not Allocated to Regions NOI 60.459 $ 357.672 430.605) (18.309) $ 391.1% 61.919) (22.

400 40.650 $ 109.900 66.900 77% Expansion Total 31 58.796 $ 126.000 89% 55% 45% 0% Leased 55 47.800 43.977 $ 7.455(4) $ 391.000(3) 43% Owned (1) 23 53.349 1% Expansion Owned (1) 87.753 $ 2.Adjusted NOI Composition By Stabilization and Ownership – Owned Assets and NOI are predominantly in campus locations in our largest global markets # of IBXs Total Cabinet Capacity Owned (1) 12 25.com 31 .810 100% Adjusted Corp Total Adjusted Corp Total (1) (2) (3) (4) © 2015 Equinix Inc.100 (3) 81% 60% 22% 18% Territory Cabinet Cabinets Utilization Billed % Adjusted NOI by Region % AMER % EMEA % APAC Q3 2015 Q3 2015 Recurring Quarterly Revenues(3) Adjusted NOI % NOI Stabilized $ 153.281 $ 154.737 1% $ 243.3M recurring revenues from unconsolidated IBX JK1 and non-IBXs from this analysis Equinix.100 63.727 32% 389 0% 2. Expansion and New categories. 104 (2) $ Owned assets include those subject to long-term ground leases JK1 not included Asset level total may not tie 100% to the sums of Owned and Leased categories.800 45.346 67% 42% 0% $ 44.400 20.200(3) 86% 69% 24% 9 26. Sum of Cabinets Billing counts may not tie 100% to the sums of Stabilized.700 2.424 28% 256.175 237.192 21% 41% 18% 42% $ 224.654 $ New $ NR 1.922 39% 7% $ 409.257 152.100 1.500 48% New Total 6 4.600 400 25% Leased 4 3. also due to rounding Excludes ~$2.700 23.535 11% 31% 4% 65% 137.462 61% 644.776 $ 9.100 85% 79% 9% 12% Stabilized Total 67 73. due to rounding.500 80% 63% 7% 30% 136.600 81% 56% 44% 0% Leased 81 82.142 82.000 77% Owned (1) 2 1.600 110.348 39% 401.906 $ 262.400 24.100 76% 58% Leased 22 32.

(7) Includes operating lease rent payments and capital lease principal and interest payments (8) CONFIDE Forecasted fully diluted shares including shares issuable in connection w ith 2015 Special Distribution and outstanding convertible notes © 2015 Equinix Inc. (5) Excludes stock portion of 2015 special distribution of $501. (2) Excludes capital leases and other financing obligations.000 $200. plant and equipment.951 171.535 82.424 152. Fully Diluted Shares 62. Net (1) Prepaid Expenses and Other Assets Total Other Assets Balance Sheet Balance Sheet Balance Sheet Balance Sheet $339.897 Unstabilized Properties New IBX at Cost Development CIP and Land Held for Development $531.546 Other Assets Cash.073 Other Operating Income Quarterly Non-Recurring Operating Income $12. (3) Convertible notes assumed to be converted into shares of common stock.403 Other Operating Expenses Annualized Cash Tax Expense Annualized Cash Rent Expense (7) Diluted Share Outstanding (8) (1) Consists of other current assets and other noncurrent assets. less deferred installation revenue.Components of NAV (unaudited) Operating Portfolio Adjusted NOI Ownership Stabilized Owned Stabilized Leased Expansion Owned Expansion Leased Quarterly Adjusted NOI (Stabilized & Expansion Only) % of Adjusted NOI AMER 55% 79% 58% 31% EMEA 45% 9% 42% 4% Reference APAC 0% 12% 0% 65% Quarterly Adjusted NOI Adjusted NOI Segments Adjusted NOI Segments Adjusted NOI Segments Adjusted NOI Segments $109.596 Liabilities Book Value of Debt (2) Convertible Debt (3) (4) Accounts Payable and Accrued Liabilities (5) Dividend and Distribution Payable Deferred Tax Liabilities and Other Liabilities (6) Total Liabilities Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet $3.973 150. deferred rent.521 471.372. asset retirement obligations and dividend and distribution payable.192 $389.546 503. (4) Consists of accounts payable and accrued expenses and accrued property.com 32 .259.000 Est. Equinix. less restricted cash and debt issuance costs.6M (6) Consists of other current liabilities and other noncurrent liabilities.922 44.009 $4. Cash Equivalents and Investments Restricted Cash Accounts Receivable.889 293.036 $1.094 366.454 10% to 15%Tax Rate $40.053.125 236.

000 157.7 1.661.000.com Balance (1) $ 475.888 3.5 1.225.333.375% Senior Note due 2022 5.000 750.631 32.25% 4.0 2.787 1.766 500.597 $ 19.7 1.498 LQA Adjusted EBITDA $ Net Debt to LQA Adjusted EBITDA Net Debt as % of Total Enterprise Value Spread / Coupon Debt 1.40 15.5 53.000 500.09% 4.48% 16.875% 5.4x 21.89% Dec-19 Various Apr-20 Jan-22 Apr-23 Jan-25 Jun-16 Various Capital Leases Various 8.673.3 2.995.143 Q3 2014 (1) © 2015 Equinix Inc.750% Various 1.0 1.75% Senior Note due 2025 4.286 $ 273. 2015 Market Capitalization Summary Common shares outstanding Market Price as of Sep 30.38% 5.9 56. Maturity 33 .4 1.5 Balance excludes any debt discounts and premiums (2) Employee Equity Awards excludes any shares issuable with any future purchases under the Employee Stock Purchase Plan (ESPP) Equinix.Market Capitalization & Debt Summary Sep 30.673.0 56.375% 5.356 $ 4.88% Q3 2015 Common Stock Outstanding (as reported) (2) Q2 2015 Q1 2015 Q4 2014 57.143 339.5 1.38% 5.285.375% 5.000 1. 2015 Market Value Net Debt Total Enterprise Value 57.333.75% 5.9 3.505 $ 3.447.75% 4.7% Interest Rate Term Loan ALOG Financing 4.875% Senior Note due 2020 5.75% Convertible Note due 2016 Other Financing Obligations Subtotal L + 125 Various 4.375% Senior Note due 2023 5.3 57.66% Various Total Debt Reconciliation of Net Debt Total Debt Outstanding Less: Cash and Investments $ 4.546 Net Debt $ 4.885 31.597 Share Data (in Millions) Unissued Shares Associated with Convertible Debt Unissued Shares Associated with Employee Equity Awards 5.88% 5.901 4.0 2.750% 4.

77 $3.8M loss on debt extinguishment.75 $2.97 $3. Diluted AFFO & Adjusted EBITDA per Diluted Share(1) Adjusted EBITDA to AFFO Breakdown Adjusted EBITDA $284 $294 $306 $311 $321 $3.com 34 .07 $4.09 $2.39 $3.REIT Financial Metrics ($M) FFO. (1) Includes all shares that would be dilutive from the assumed conversion of the convertible notes and adjusts for net of taxes and interest expense for the convertible notes (2) FFO was impacted by $324.36) NAREIT FFO AFFO Interest Cash Taxes Recurring capex AFFO Adjusted EBITDA Other Diluted AFFO per share for last 12 months is $14.1M write-off of deferred tax assets for the US REIT operations and the $105.17 $5.24 $5.87 $3.55 $2.39 $5.47 © 2015 Equinix Inc. both adjustments were excluded from AFFO Equinix.61 $207 $222 $221 $195 $5.59 $210 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 (2) $(4.64 $3.

Weighting of All Share Activities Est.655 639.520 (4) (4) (4) (5) 1.414 (3) (4) (4) (4) 384.977 ~-1.245.403. Fully Diluted Weighted Avg Shares O/S @ 12/31/15 ~1. outstanding stock options and ESPP contributions as of 9/30/15.985. whether debt or equity © 2015 Equinix Inc.200 Convertible Notes Due 2016 Est.873 182.175 39.861 (4) (4) (4) 1.834 116.771 Weighted-Average Shares Fully Diluted (2) 56.976. weighted for the period the shares are expected to be issued an outstanding in 2015 Represents shares issued during Q1 .Actual Est.729. Shares outstanding @ 12/31/15 Est.255 1.730 56. Employee Equity Awards Est.647 32.807 182.042.339.451. Calculated on the same basis as EPS for GAAP purposes (6) Excludes any additional financings the Company may undertake in the future.186 62. Equinix.stock portion Equity awards: RSUs vesting ESPP purchases Stock option exercises Dilutive impact of unvested equity awards Shares outstanding @ 12/31/15 .925 (1) (2) (3) (4) (5) Represents the shares issuable in connection with outstanding convertible notes. Convertible notes assumed to be fully converted for shares on 1/1/15 for weighted-average shares Represents the 2015 Special Distributions of $627M that is payable in Q4 2015 with 80% paid in stock and 20% in cash and stock price of $290 Represents the stock portion of the 2015 Special Distributions that is payable in Q4 2015.com 35 .705 534.Fully Diluted (For NAV) Actual/Forecasted Shares Shares outstanding @ 12/31/14 . ESPP purchases and stock option Represents the dilutive impact of potential shares to be issued related to unvested RSUs.255 56.736 1.255 Convertible notes - Special Distribution .Actual 56.Q3 2015 and forecasted shares expected to be issued during the remainder of the year related to vesting of RSUs.043 ~805 Est.736 (1) 1.199.666 384.729. Dilutive Unissued Shares for Employee Equity Awards ~1.451 ~862 Shares outstanding @ 12/31/14 .591 59.175 77.834 116. 2015 Special Distribution Forecasted Shares .625 60.Forecast (6) Weighted-Average Shares Basic 56.255 60.312 59.705 805.976.451.976.394.414 (3) 432.Fully Diluted Weighted Average Shares Forecast (‘K) 59.684 2.451.813 861.736 (1) 432.451.334 1.647 32.655 (2) 1.

Non-Recurring 190.028 6.485 20.Recurring Non-Recurring $ Q2 2015 IBX Expansion Total Recurring Capex as a % of Revenues Recurring Capital Expenditures to extend useful life of IBXs or other Equinix assets that are required to support current revenues Sustaining IT & Network: Capital spending necessary to extend useful life of IT & Network infrastructure assets required to support existing products and business & operations services.342 $ 150. data center expansion phases or increased capacity enhancements Transform IT. this includes cage configuration.003 3.505 Initial / Custom Installation 15. incremental improvements to the operating portfolio (e.652 8.077 Subtotal .Recurring CapEx Q3 2015 Recurring Sustaining IT & Network IBX Maintenance 6. network gear and security enhancements.886 13.444 30.417 93. cabinet.939 22.046 $ 221.761 11.com 36 .229 $ 216.2% Re-configuration Installation Subtotal .467 5.1% 3.2% 3.554 $ 8.330 22.167 110. This also includes custom installations and flex space installations which require new assets or extend useful life of assets © 2015 Equinix Inc.124 19. cabinets.663 13.478 5. IT systems.198 15. Also includes discretionary expenditures for expansions. Network & Offices: Capital spending related to discretionary IT.044 25. This includes changes to cage build-outs.140 194. Equinix.8% 4.775 148.429 5. This also includes Equinix office space remodeling expenditures that extend useful life or add new assets Initial / Custom Installation: Capital spending to support first generation build-out for customer installations. required to support existing operations Re-Configuration Installation: Capital spending to support second generation configuration of customer installations. power.612 9. electrical.585 17.120 $ 238.542 164. these expenditures extend useful life of existing assets or add new fixed assets.5% 5.g.067 5.747 205. transformations.906 27.249 Q1 2015 $ 8. Network & Offices 25.646 Transform IT. power. network gear and security component installations Non-Recurring Capital Expenditures primarily for development and build-out of new IBX capacity (does not include acquisition costs).859 Q4 2014 $ 6.012 127.034 Q3 2014 $ 5.476 $ 156.352 136.373 33. This includes hardware & network gear as well as development enhancements that extend useful life to Equinix portal and other system assets IBX Maintenance: Capital spending that extends useful life of existing IBX data center infrastructure.397 18. Network and Office transformation projects that primarily expand revenues or increase margins.163 19.616 154. network gear or corporate offices which may expand the revenues base and increase efficiency by either adding new assets or extending useful life of existing assets IBX Expansion: Capital spending to build-out new IBX data centers construction.022 6. mechanical and building upgrades).

President. William Luby . EMEA Karl Strohmeyer . Seaport Capital Irving Lyons III . Liam Rose Senior Manager.Managing Partner. Vice President.Chief Executive Officer & President.Dean’s Executive Professor.Executive Chairman. American Tower Corporation Gary Hromadko .Chief Technology Officer Board of Directors Peter Van Camp .Venture Partner.com Paul Thomas Director. Crosslink Capital Scott Kriens . Lyons Asset Management Christopher Paisley . Leavey School of Business at Santa Clara University © 2015 Equinix Inc.Equinix Leadership and Investor Relations Executive Team Equinix Investor Relations Contacts Katrina Rymill VP. Investor Relations 650-598-6442 pthomas@equinix. Office of the CEO Pete Hayes .Sr.com Equinix Media Contacts Steve Smith Keith Taylor Charles Meyers Chief Executive Officer Chief Financial Officer Chief Operating Officer & President Mark Adams . Equinix Tom Bartlett . Global Real Estate Sushil (Sam) Kapoor .Chief Information Officer Debra McCowan .com David Amir Frederick Greg Mike Colby Jonathan Shebly Sergey Mike Phil Michael Simon Tim Frank Jonathan Barry Matthew Jennifer James Barden Rozwadowski Moran Miller Rollins Synesael Schildkraut Seyrafi Dluzhevskiy McCormack Cusick Bowen Flannery Horan Louthan Atkin McCarver Heinz Fritzsche Breen 646-855-1320 212 526-4043 561-370-7345 212-389-8128 212-816-1116 646-562-1355 212-497-0864 212-618-2185 914 921-8355 212 284-2516 212 622 1444 503-821-3898 212-761-6432 212-667-8137 404-442-5867 415-633-8589 501-377-8131 443-224-1382 312-920-3548 617-235-7513 37 . General Counsel Eric Schwartz . Public Relations 650-598-6590 lrose@equinix. Investor Relations 650-598-6583 krymill@equinix. Inc.Principal. Juniper Networks.President.Chief Global Operations Officer Samuel Lee .Chief Legal Officer.Chief Development Officer Sara Baack .Executive VP & Chief Financial Officer.Sr. Asia-Pacific Brian Lillie .Chief Human Resources Officer Brandi Galvin Morandi . Vice President.Chief Marketing Officer Peter Ferris .com Equity Research Analysts Bank of America Barclays Capital Burke & Quick Canaccord Genuity Citigroup Cowen Evercore Partners FBN Securities Gabelli & Co Jefferies JP Morgan Key Banc (Pacific Crest) Morgan Stanley Oppenheimer Raymond James RBC Capital Markets Stephens Stifel Nicolaus Wells Fargo William Blair Equinix.Chief Sales Officer Howard Horowitz . Equinix Steve Smith .President. Americas Ihab Tarazi .Chairman of the Board.

Appendix: Non-GAAP Financial Reconciliations & Definitions © 2015 Equinix Inc. Equinix.com 38 .

2015 2015 2014 We define cash cost of revenues as cost of revenues less depreciation. Equinix.Non-GAAP Reconciliations EQUINIX.514) 211.com 39 .449) (2.249 62. © 2015 Equinix Inc.056 204. June 30.757 (108.458 The geographic split of our cash cost of revenues is presented below: Americas cash cost of revenues EMEA cash cost of revenues Asia-Pacific cash cost of revenues Cash cost of revenues $ $ $ $ 97.458 We define cash gross profit as revenues less cash cost of revenues (as defined above). CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS .431 40. September 30.736 $ $ 304.864 64. amortization. accretion and stock-based compensation as presented below: Cost of revenues Depreciation.310 211.NON-GAAP PRESENTATION (in thousands) (unaudited) Three Months Ended September 30.090 196.551) 204. INC.617 $ 105. amortization and accretion expense Stock-based compensation expense Cash cost of revenues $ $ 325.775 59.337) (2.470) (2.593 39.617 $ $ 315.145) 196.052 (105.443 41.468 (111.736 $ 102.

003 19.122 The geographic split of our cash operating expenses.688 140. is presented below: Americas cash SG&A EMEA cash SG&A Asia-Pacific cash SG&A Cash SG&A © 2015 Equinix Inc.058 84.359 140.520) 84.173) 68. stock-based compensation and acquisition costs.247 153.434 81.323 85.584 $ 98.526 $ 65.NON-GAAP PRESENTATION (in thousands) (unaudited) Three Months Ended September 30. amortization.Non-GAAP Reconciliations EQUINIX.323 $ $ 81.562 32.com $ $ 89.718) (22.261) 81.058 $ 119. amortization and stock-based compensation as presented below: General and administrative expenses Depreciation and amortization expense Stock-based compensation expense Cash general and administrative expenses $ $ 123.922) 65.237 (15.248 (6. INC.237 $ 68.122 40 .354 (9.560 $ $ $ 109.526 149. We define cash sales and marketing expenses as sales and marketing expenses less depreciation.268) (9. general and administrative expenses or "cash SG&A".405) (18. or cash SG&A.201 18.312 32.269 149.717 19.596 31.237 153.584 $ $ 72.560 $ 102. September 30.434 We define cash general and administrative expenses as general and administrative expenses less depreciation. is presented below: Cash sales and marketing expenses Cash general and administrative expenses Cash SG&A $ $ $ $ 58.282) 85. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS . 2015 2015 2014 We define cash operating expenses as operating expenses less depreciation.532) (21. as defined above. $ $ Equinix.213) (9.709 (6.185 (6.495) (7. or cash SG&A.256) 58. amortization and stock-based compensation as presented below: Sales and marketing expenses Depreciation and amortization expense Stock-based compensation expense Cash sales and marketing expenses $ $ 83. We also refer to cash operating expenses as cash selling.578 (13. June 30.688 Our cash operating expenses.

June 30. September 30. accretion.Non-GAAP Reconciliations EQUINIX.662 (281) 283. 2015 2015 2014 We define adjusted EBITDA as income from operations plus depreciation.NON-GAAP PRESENTATION (in thousands) (unaudited) Three Months Ended September 30.883 133.352 321.861 41 . CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS . $ $ Equinix.133 128. INC. amortization and accretion expense Stock-based compensation expense Acquisition costs Adjusted EBITDA © 2015 Equinix Inc.349 27. stock-based compensation expense and acquisition costs as presented below: Income from operations Depreciation.270 33.993 9.131 121.472 $ $ 139.969 13.268 33. amortization.262 $ $ 135.com 140.866 311.

055 4.886 $ 72.110 27.672) 174. $ Equinix.342) 170.752 3. INC.713 8 60.NON-GAAP PRESENTATION (in thousands) (unaudited) September 30.810 (3.861 42 . 2015 Three Months Ended June 30. September 30.472 $ 311.095 3.com 81.533 38.879 65.899 25.105 3.692 25.669 27.594 21.403 36.338 14.000 321.104 30. amortization and accretion expense Asia-Pacific stock-based compensation expense Asia-Pacific acquisition costs Asia-Pacific adjusted EBITDA Adjusted EBITDA © 2015 Equinix Inc.883 (1.821 2.843 23.397 11. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS .865 33. amortization and accretion expense Americas stock-based compensation expense Americas acquisition costs Americas adjusted EBITDA EMEA EMEA EMEA EMEA $ income from operations depreciation.118 25.786 29.262 $ 283. amortization and accretion expense stock-based compensation expense acquisition costs EMEA adjusted EBITDA Asia-Pacific income from operations Asia-Pacific depreciation. 2015 2014 The geographic split of our adjusted EBITDA is presented below: Americas income from operations Americas depreciation.370 31.914 70.145 81.170 $ 77.226 54.614 66.653 68.826 4.148 (281) 160.650 3.288 69.200 79.075 29.848 27.Non-GAAP Reconciliations EQUINIX.

September 30.Non-GAAP Reconciliations EQUINIX. Equinix. 2015 Three Months Ended June 30. Our cash gross margins by geographic region is presented below: Americas cash gross margins 72% 72% 72% EMEA cash gross margins 64% 64% 63% Asia-Pacific cash gross margins 67% 67% 65% Americas adjusted EBITDA margins 46% 46% 46% EMEA adjusted EBITDA margins 46% 46% 43% Asia-Pacific adjusted EBITDA margins 52% 51% 48% We define adjusted EBITDA margins as adjusted EBITDA divided by revenues.NON-GAAP PRESENTATION (in thousands) (unaudited) September 30. INC.com 43 . 2015 2014 We define cash gross margins as cash gross profit divided by revenues. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS . © 2015 Equinix Inc.

Non-GAAP Reconciliations Equinix.932 431.504 $ $ 185.822 887.129 117.337 525. Dec 31. Inc. Dec 31.898 Equinix.266 484. amortization and accretion expense Stock-based compensation expense Restructuring charges Impairment charges Acquisition costs Adjusted EBITDA © 2015 Equinix Inc.734 12.113.008 102.896 393.922 337.137 3. stock-based compensation expense. amortization.861 8.243 6.735 9.667 71. Dec 31.Annual Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Ended Ended Ended Ended Ended Dec 31. accretion. restructuring charges.940 (4.506 1. 2014 2013 2012 2011 2010 We define adjusted EBITDA as income from operations plus depreciation.481 3. Adjusted EBITDA .753 253. $ $ 509.990 2.000. impairment charges and acquisition costs as presented below: Income from operations Depreciation.857 $ $ 305.297 721.543 82. Dec 31.837) 10.891 $ $ 460.352 67.com $ $ 392.419 44 .855 1.

697 $ 121.794 (30.575) 3.784) 2.504 $ 283.051) 54 10 22.848 (7.77 4.074 33.173 (26.826 $ 135.161) 15.748 $ 294. amortization and accretion expense Stock-based compensation expense Restructuring charges Acquisition costs $ 140.07 121.746) 3.567) (64.449 $ 127.270 33.775) 1.400) 3.240 3.210 $ 311.386) 6.277 (260.018) 681 183 (4.244 (26.981 185 106.Prior Period Revenue Growth $ 686.277 45% 260.861) 10.096 31.967) 643 1.934 (11.251 8.388 $ 263.353 6.Current Period Less Adjusted EBITDA .836) 182 13 (1.530 Adjusted EBITDA per share .084) 21.989 133.335 7.584 $ 275.376 564.748 (294.593 48% 25% 225% 59% 56% 59% -20% 70% FLOW-THROUGH RATE Adjusted EBITDA Flow-Through Rate (1) Represents changes in its income tax reserves and valuation allowances that may not recur or may not relate to the current year’s operations © 2015 Equinix Inc.530) (3.130) 4.388 $ 221.613 1.335) 3.449) 678 33 (2.067 $ 665.445) 15.339 $ - Adjusted EBITDA .682 27.277) 8.485) (68.832 $ 187.361 $ 221.079 (19.969 13.610 24.517 1.121 (620.955 3.944 (303.530 (248.959 807 (3.530 47% Adjustments: Interest expense.499 (13.883 $ 139.783 2.388 (263.029 7.17 5.582 (643.014 (67.325) (63.861 (275.042) 4.474 (27.017 12.726) 3.212) (70.709) 6.97 4.748 48% 294.174 (638.680 620.55 RECONCILIATION OF AFFO TO ADJUSTED EBITDA Adjusted EBITDA Adjusted EBITDA as a % of Revenue 321. net of interest income Amortization of deferred financing costs Income tax (benefit) expense (75.649 (665.Non-GAAP Reconciliations Adjusted EBITDA (unaudited and in thousands.330) 1.441 (605.910) (12.053 638.39 5.892 (37.612 $ 124.388 45% 263.262 (305.365 46% 283.472 (311.581) (66.830 676 113.124) (3.472 47% 311.527 (25.441) 17.280 605.386 559 16 (2.677) 15.121) 5.262 47% 305.201 8.108 580.349 27.408) 3.Current Period Less Revenue . except per share amounts) Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 Income from continuing operations Adjustments: Depreciation.866 122.diluted $ $ $ $ $ $ $ $ CALCULATION OF ADJUSTED EBITDA 5.630 4.229 Adjusted EBITDA $ 321.654 (22.142) $ 263.365 $ 283.133 $ 151.408 $ 643.861 46% 275.262 $ 305.085 Revenue .271) 3.277 $ 260.237 2.926 116.506 $ 206.156 133.609) 3.597 $ 172.365 (283.224 (33.748) 5.161 (580.858 (6. Equinix.861 $ 275.053) 25.50 4.820 3.268 33.472 $ 311.383 $ 294.131 $ 124.677 (543.530 30.344 (1.514 $ 305.053 (564.756 $ 194.331 5.993 9.352 128.Prior Period Adjusted EBITDA Growth $ 321.811 31 (581) (7.318) (1) Income tax expense adjustment Straight-line rent expense adjustment Installation revenue adjustment Recurring capital expenditures Other (income)/expense Gain/loss on disposition of depreciable real estate property Adjustments for unconsolidated JVs' and non-controlling interests Adjusted Funds from Operations (AFFO) $ 210.com 45 .889 $ 260.582) 21.262) 10.174) 22.365) 11.388) 14.24 5.373) (514) 62 11 295.580) (73.393 6.744 $ - $ 177.829) 1.662 (281) 4.

187 102.103 $ 149.004 1.303 4.788 183 28 (2.931 (1) Reconciliation of weighted-average shares outstanding used in the calculation of diluted adjusted EBITDA per share.338) $ 146.basic Effect of dilutive securities: 3.813 $ 138.942 566 59.14 1.387 $ 45.658 807 23 (1.47 49.75% convertible notes Employee equity awards Weighted average shares outstanding . on 3.75 2.685 $ 143.basic Weighted average shares outstanding .844 1.849 320 57.337 50 41.99 51.332 57.151 2.765 57.279 $ 154.661 55.61 53.75% convertible notes NAREIT FFO attributable to common shareholders .52 49.984 5.373 (186) 45.994) 2.00% convertible notes Interest expense.079 1.004 103.338) 885 2.047 1.452 $(355.970 626 59. 57.197 $ 167.459 59.514) 2.09 56.681 3.082 56.841 $ 10.128 $ 145.001 1.781 31 28 (622) 2.935 56.732 $ 136.856 182 27 - 107.368 $ 179.451 33 28 (2.diluted $ 151.678 $ 59.456 1.082 59.295 53.751 3.328 $ 41.295 58.132 41.332 49.111 3.383 $ 170.36) (4.16 3.94 2.598 57.137 51.935 59.958 563 59.931 Equinix.362 $ 182.87 56.552 $ (241.476 3.103) $ 42.36) 55.80 2.com 46 .Non-GAAP Reconciliations NAREIT Funds From Operations (NAREIT FFO) (unaudited and in thousands.249 11.993 3.818 92.652 3.432 431 57.75 2.432 417 57.diluted(1) 41. diluted NAREIT FFO per share and diluted AFFO per share: Weighted average shares outstanding .169 243 1.648 62 28 - 113.132 2.961 (120) 42.598 49.765 1.456 $ 3.956 510 58.65 2.678 1.683 54 28 - RECONCILIATION OF NET INCOME (LOSS) TO NAREIT FFO Net income (loss) Net (income) loss attributable to redeemable non-controlling interests Net income (loss) attributable to Equinix Adjustments: Real estate depreciation and amortization Gain/loss on disposition of real estate property Adjustments for FFO from unconsolidated JVs Non-controlling interests' share of above adjustments $ 109.621 1.195 $ 115.137 57.00% convertible notes 4.661 59.59 57.847 4.190 $(241.459 2.213 NAREIT FFO per share: Basic Diluted $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Weighted average shares outstanding .103) (355.059 $ 109.818 3. on 4. net of tax.167) 2.111 100.452 76.873 480 57. except per share amounts) Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 76.321 559 29 - NAREIT FFO attributable to common shareholders Effect of assumed conversion of convertible debt: Interest expense.371 4.diluted © 2015 Equinix Inc. net of tax.169 (4.652 99.

647 242 (37.820 (18) - 3.993 13.784) (13) - 3.10 47 .944 31.783 33.397 6.229 3.499 24.310 148 2.478 6.830 7.56 3.495 698 $ 179.662 9.173 3.605 6.751 1.295 894 (22.368 $ 179.Non-GAAP Reconciliations Adjusted Funds From Operations (AFFO) (unaudited and in thousands.892 2.393 6.48 3.018) 51.338) $ 146.361 $ 221.65 3.654 3.969 15.190 $(241.631 640 $ 189.327 (19.597 $ 172.813 $ 138. on 4.829) 14.844 1. on 3.868 1.55 12.785 7.75% convertible notes AFFO .527 1.132 (33.572 6.224 3.681 Adjusted Funds from Operations (AFFO) Effect of assumed conversion of convertible debt: Interest expense.726) (19) (2.858 30.372 1.77 7.335 3. net of tax.878 747 461 $ 208.352 643 (14) - 3.449) 185 4.532 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ AFFO per share Basic Diluted © 2015 Equinix Inc.832 $ 187.636 992 $ 175.059 $ 109.613 12.040 1.803 1.237 (17) (1. except per share amounts) Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 NAREIT FFO attributable to common shareholders Adjustments: Installation revenue adjustment Straight-line rent expense adjustment Amortization of deferred financing costs Stock-based compensation expense Non-real estate depreciation expense Amortization expense Accretion expense Recurring capital expenditures Loss on debt extinguishment Restructuring charges Acquisition costs Income tax expense adjustment Adjustments for AFFO from unconsolidated JVs Non-controlling interests share of above adjustments $ 151.75 Equinix.52 3.970 (383) (26.390 $ 211.756 $ 194.786) 3.910) 13.474 2.693 6.848 33.344 27.408) (17) - 3.353 3.201 3.934 33.03 6.807 1.330) 9.91 3.139 362 (26.diluted $ 210.135 6.124) 105.89 3.945 1.506 $ 206. 8.079 3.240 (18) 151 3.251 3.64 5.517 11.00% convertible notes Interest expense.com 8.601 865 (25.339 1.017 3.224 $ 196.197 $ 167.89 3.144) 3.732 $ 136.373) 1.388 $ 221.866 (1.69 3.156 (2.794 27. net of tax.244 3.554 $ 223.630 7.39 6.926 295.899 4.029 6.557 $ 222.183 676 (7.955 (21) (499) 3.775) (281) 22.450 894 (27.946 6.744 $ 177.29 7.981 7.331 4.

Non-GAAP Reconciliations NAREIT Funds From Operations (NAREIT FFO) - We calculate Funds From Operations in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). Less: Recurring capital expenditures 5. Less/Plus: Adjustments from discontinued operations. Plus: Stock-based compensation expense 3. Plus: Restructuring charges and acquisition costs 9. and non-controlling interests. Less/Plus: Gain/loss on debt extinguishment 8. impairment charges related to depreciable real estate fixed assets. NAREIT FFO represents net income (loss). unconsolidated JVs and non-controlling interests © 2015 Equinix Inc. Adjusted Funds from Operations (AFFO) - We calculate AFFO by adding to or subtracting from NAREIT FFO: 1. excluding gains (or losses) from disposition of real estate property. Equinix. amortization and accretion expenses 4.com 48 . Less/Plus: Income tax expense adjustment 10. Plus: Non-real estate depreciation. Plus: Amortization of deferred financing costs 2. Less/Plus: Straight line revenues/rent expense adjustments 7. plus real estate related depreciation and amortization expense and after adjustments for unconsolidated joint ventures.

Equinix.© 2015 Equinix Inc.com 49 .