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v3.23.1

Stockholders' Equity (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Schedule of Rollforward of Stockholders' Equity | The following tables provide a rollforward of our stockholders' equity for the three months ended March 31, 2023 and 2022 (in thousands, except share and per share data):
|  |  |  |  |  |  |  |  |  |  |  |  | AOCI (Loss) |  | Retained Earnings |  | Equinix Stockholders' Equity |  | Non-controlling Interests |  | Total Stockholders' Equity
| Common Stock |  | Treasury Stock |  | Additional Paid-in Capital |  | Accumulated Dividends |  |  |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |  |
Balance as of December 31, 2022 | 92,813,976 |  |  | $ | 93 |  |  | (193,273) |  |  | $ | (71,966) |  |  | $ | 17,320,017 |  |  | $ | (7,317,570) |  |  | $ | (1,389,446) |  |  | $ | 2,964,838 |  |  | $ | 11,505,966 |  |  | $ | (134) |  |  | $ | 11,505,832 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 258,786 |  |  | 258,786 |  |  | (56) |  |  | 258,730 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 104,258 |  |  | — |  |  | 104,258 |  |  | — |  |  | 104,258 |
Issuance of common stock and release of treasury stock for employee equity awards | 419,490 |  |  | — |  |  | 16,066 |  |  | 5,978 |  |  | 38,565 |  |  | — |  |  | — |  |  | — |  |  | 44,543 |  |  | 1 |  |  | 44,544 |
Issuance of common stock under ATM Program | 458,459 |  |  | 1 |  |  | — |  |  | — |  |  | 300,774 |  |  | — |  |  | — |  |  | — |  |  | 300,775 |  |  | — |  |  | 300,775 |
Dividend distribution on common stock,$3.41 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (318,736) |  |  | — |  |  | — |  |  | (318,736) |  |  | — |  |  | (318,736) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (483) |  |  | — |  |  | — |  |  | (483) |  |  | — |  |  | (483) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,406) |  |  | — |  |  | — |  |  | (2,406) |  |  | — |  |  | (2,406) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 136,345 |  |  | — |  |  | — |  |  | — |  |  | 136,345 |  |  | — |  |  | 136,345 |
Balance as of March 31, 2023 | 93,691,925 |  |  | $ | 94 |  |  | (177,207) |  |  | $ | (65,988) |  |  | $ | 17,795,701 |  |  | $ | (7,639,195) |  |  | $ | (1,285,188) |  |  | $ | 3,223,624 |  |  | $ | 12,029,048 |  |  | $ | (189) |  |  | $ | 12,028,859 |
|  |  |  |  |  |  |  |  | Additional Paid-in Capital |  | Accumulated Dividends |  | AOCI (Loss) |  | Retained Earnings |  | Equinix Stockholders' Equity |  | Non-controlling interests |  | Total Stockholders' Equity
| Common Stock |  | Treasury Stock |  |  |  |  |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |  |
Balance as of December 31, 2021 | 90,872,826 |  |  | $ | 91 |  |  | (301,420) |  |  | $ | (112,208) |  |  | $ | 15,984,597 |  |  | $ | (6,165,140) |  |  | $ | (1,085,751) |  |  | $ | 2,260,493 |  |  | $ | 10,882,082 |  |  | $ | (318) |  |  | $ | 10,881,764 |
Net income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 147,453 |  |  | 147,453 |  |  | 240 |  |  | 147,693 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32,837 |  |  | — |  |  | 32,837 |  |  | 3 |  |  | 32,840 |
Issuance of common stock and release of treasury stock for employee equity awards | 430,973 |  |  | — |  |  | 11,445 |  |  | 4,259 |  |  | 39,617 |  |  | — |  |  | — |  |  | — |  |  | 43,876 |  |  | — |  |  | 43,876 |
Dividend distribution on common stock, $3.10 per share | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (282,031) |  |  | — |  |  | — |  |  | (282,031) |  |  | — |  |  | (282,031) |
Settlement of accrued dividends on vested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (497) |  |  | — |  |  | — |  |  | (497) |  |  | — |  |  | (497) |
Accrued dividends on unvested equity awards | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,045) |  |  | — |  |  | — |  |  | (2,045) |  |  | — |  |  | (2,045) |
Stock-based compensation, net of estimated forfeitures | — |  |  | — |  |  | — |  |  | — |  |  | 121,210 |  |  | — |  |  | — |  |  | — |  |  | 121,210 |  |  | — |  |  | 121,210 |
Balance as of March 31, 2022 | 91,303,799 |  |  | $ | 91 |  |  | (289,975) |  |  | $ | (107,949) |  |  | $ | 16,145,424 |  |  | $ | (6,449,713) |  |  | $ | (1,052,914) |  |  | $ | 2,407,946 |  |  | $ | 10,942,885 |  |  | $ | (75) |  |  | $ | 10,942,810 |
Schedule of Changes in Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss, net of tax, by components are as follows (in thousands):
| Balance as of December 31, 2022 |  | Net Change |  |  |  | Balance as of March 31, 2023
Foreign currency translation adjustment ("CTA") gain (loss) | $ | (1,838,237) |  |  | $ | 157,214 |  |  |  |  | $ | (1,681,023) |
Unrealized gain (loss) on cash flow hedges (1) | 33,953 |  |  | (12,881) |  |  |  |  | 21,072 |
Net investment hedge CTA gain (loss) (1) | 415,749 |  |  | (39,960) |  |  |  |  | 375,789 |
Net actuarial loss on defined benefit plans (2) | (911) |  |  | (115) |  |  |  |  | (1,026) |
| $ | (1,389,446) |  |  | $ | 104,258 |  |  |  |  | $ | (1,285,188) |
(1)Refer to Note 7 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income. (2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.
Schedule of Stock-Based Compensation Expense by Operating Expense Category | The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Cost of revenues |  |  |  |  | $ | 11,323 |  |  | $ | 10,443 |
Sales and marketing |  |  |  |  | 19,505 |  |  | 20,184 |
General and administrative |  |  |  |  | 67,887 |  |  | 59,325 |
Total |  |  |  |  | $ | 98,715 |  |  | $ | 89,952 |

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