EQUINIX INC

Previous wording

We provide a global, vendor-neutral data center, interconnection and edge solutions platform with offerings that aim to enable our customers to reach everywhere, interconnect everyone and integrate everything. Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Platform Equinix® for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScale TM data center investments, have expanded our total global footprint to 273 IBXs, including 21 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

Current wording

Global enterprises, service providers and business ecosystems of industry partners rely on our IBX data centers and expertise around the world for the safe housing of their critical IT equipment and to protect and connect the world's most valued information assets. They also look to Equinix for the ability to directly and securely interconnect to the networks, clouds and content that enable today's information-driven global digital economy. Our recent IBX data center openings and acquisitions, as well as xScale TM data center investments, have expanded our total global footprint to 281 data centers, including 23 xScale data centers and the MC1 and SN1 data centers that are held in unconsolidated joint ventures, across 77 markets around the world. We offer the following solutions:

Previous wording

•interconnection and data exchange solutions;

Current wording

•physical and virtual interconnection and data exchange solutions;

Previous wording

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to fast-track their digital advantage. With Equinix, they can scale with agility, accelerate the launch of digital offerings, deliver world-class experiences and multiply their value. We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users, and applications in order to reduce latency and deliver a superior customer, partner and employee experience. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Platform Equinix for bandwidth cost and performance reasons, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other. This adjacency creates a network effect that attracts new customers, continuously enhances our existing customers' value and enables them to capture further economic and performance benefits from our offerings.

Current wording

Our data centers around the world allow our customers to bring together and interconnect the infrastructure they need to seamlessly operate their business. With Equinix, they can scale with speed and agility, accelerate the launch of new digital offerings while safeguarding data, and implement AI applications at scale to achieve business success. We enable customers to simplify their digital infrastructure, ensure interoperability across platforms, and maximize speed, efficiency and security to deliver superior customer, partner and employee experiences. The Equinix global platform, and the quality of our offerings, have enabled us to establish a critical mass of customers. As more customers choose Equinix for high connectivity and performance reliability at the metro edge, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other. This adjacency creates a network effect that attracts new customers while continuously enhancing our value proposition to existing customers and enabling them to capture further economic and performance benefits from our offerings.

Previous wording

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe the industry is shifting away from single-tenant solutions to customers outsourcing some or all of their IT housing and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the increasing adoption of hybrid multi-cloud architectures and the adoption of artificial intelligence (“AI”).

Current wording

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe enterprises are shifting away from single-tenant solutions toward those that enable customers to outsource some or all of their IT infrastructure and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the proliferation of hybrid multi-cloud architectures and the adoption of AI.

Previous wording

Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings. The data center market landscape has evolved to include private and carrier-neutral multi-tenant data centers ("MTDC"), public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators. It is estimated that Equinix is one of more than 2,400 companies that provide MTDC offerings around the world. The global MTDC market is highly fragmented. Each of these data center solution providers can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services. We believe that this outsourcing trend has accelerated and is likely to continue to accelerate in the coming years, especially in light of the movement to digital business, the use of multiple cloud service providers, and the adoption of AI. We are able to offer our customers a global platform that reaches 36 countries with the industry’s largest and most active ecosystem of partners in our sites, proven operational reliability, improved application performance and a highly scalable set of offerings.

Current wording

Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings. The data center market landscape has since evolved to include private and carrier-neutral multi-tenant data centers ("MTDC"), public and private cloud providers, managed infrastructure and application hosting providers, large hyperscale cloud providers and systems integrators. As a result, the global MTDC market is large and remains highly fragmented—with significant long-term growth opportunities for providers that can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services.

Previous wording

Our cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 78% as of September 30, 2025 and 2024, respectively. We continue to monitor the available capacity in each of our selected markets. To the extent we have limited capacity available in a given market, it may limit our ability for growth in that market. We perform demand studies on an ongoing basis to determine if future expansion is warranted in a market. In addition, power and cooling requirements for most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers. We could face power limitations in our existing IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center, and in our ability to expand our footprint in existing and new markets. Additionally, global supply chain challenges could result in a lack of availability or delays in the delivery of data center equipment. These challenges have driven us to invest in and commit to future purchases in advance of our standard practice to mitigate risks associated with these supply chain issues. These constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.

Current wording

Our cabinet utilization rate represents the percentage of cabinet space billed versus total cabinet capacity, which is used to measure how efficiently we are managing our cabinet capacity. Our cabinet utilization rate varies from market to market among our IBX data centers across our Americas, EMEA and Asia-Pacific regions. Our cabinet utilization rates were approximately 77% and 78% as of March 31, 2026 and 2025, respectively. We continue to monitor the available capacity in each of our selected markets. To the extent we have limited capacity available in a given market, it may limit our ability for growth in that market. We perform demand studies on an ongoing basis to determine if future expansion is warranted in a market. In addition, power and cooling requirements for most customers are growing on a per unit basis. As a result, customers are consuming an increasing amount of power per cabinet. Although we generally do not control the amount of power our customers draw from installed circuits, we have negotiated power consumption limitations with certain high power-demand customers. This increased power consumption, which we expect to accelerate with the adoption of AI, has driven us to build out our new IBX data centers to support power and cooling needs twice that of previous IBX data centers. We could face power limitations in our existing IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center, and in our ability to expand our footprint in existing and new markets. Additionally, global supply chain challenges could result in a lack of availability or delays in the delivery of data center equipment. These challenges have driven us to invest in and commit to future purchases in advance of our standard practice to mitigate risks associated with these supply chain issues. These constraints could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows and the growth opportunities presented by the adoption of new technologies, including AI.

Previous wording

Strategically, we will continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Current wording

To serve the needs of the growing hyperscale data center market, including the world's largest cloud service providers and increased demand driven in part by the adoption of AI, we continue to look at attractive opportunities to grow our market share and selectively improve our footprint and offerings. As was the case with our recent expansions and acquisitions, our expansion criteria will be dependent on a number of factors, including but not limited to demand from new and existing customers, power availability and capacity, quality of the design, access to networks, clouds and software partners, capacity availability in the current market location, amount of incremental investment required by us in the targeted property, automation capabilities, developer talent pool, lead-time to break even on a free cash flow basis and in-place customers. Like our recent expansions and acquisitions, the right combination of these factors may be attractive to us. In addition, to serve the growing hyperscale requirements, we have entered into joint venture partnership arrangements across our Americas, EMEA and Asia-Pacific regions to develop and operate xScale data centers. Depending on the circumstances, these transactions may require additional capital expenditures funded by upfront cash payments or through long-term financing arrangements in order to bring these properties up to our standards. Property expansion may be in the form of purchases of real property, long-term leasing arrangements or acquisitions. Future purchases, construction or acquisitions may be completed by us or with partners or potential customers to minimize the outlay of cash, which can be significant.

Previous wording

Our business is primarily based on a recurring revenue model comprised of colocation and related interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length, and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 90% of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth. Our largest customer accounted for approximately 3% of our recurring revenues for both the three and nine months ended September 30, 2025 and 2024. Our 50 largest customers accounted for approximately 36% of our recurring revenues for both the three and nine months ended September 30, 2025 and 2024.

Current wording

Our business is primarily based on a recurring revenue model comprised of colocation, interconnection and managed infrastructure offerings. We consider these offerings recurring because our customers are generally billed on a fixed and recurring basis each month for the duration of their contract, which is generally one to five years in length and thereafter automatically renews in one-year increments. Our recurring revenues have comprised more than 90% of our total revenues during the past three years. In addition, during the past three years, more than 90% of our monthly recurring revenue bookings came from existing customers, contributing to our revenue growth. Our largest customer accounted for approximately 2% of our recurring revenues for the three months ended March 31, 2026 and 3% for the three months ended March 31, 2025. Our 50 largest customers accounted for approximately 36% of our recurring revenues for both the three months ended March 31, 2026 and 2025.

Previous wording

Our non-recurring revenues are primarily derived from fees charged from installations related to a customer's initial deployment and professional services we perform for our customers, including our joint ventures. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation or the professional services work performed. The majority of these non-recurring revenues are typically billed on the first invoice distributed to the customer in connection with their initial installation. However, revenues from installations are deferred and recognized ratably over the period of the contract term. Additionally, revenue from contract settlements, when a customer wishes to terminate their contract early, is generally treated as a contract modification and recognized ratably over the remaining term of the contract, if any. As a percentage of total revenues, we expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.

Current wording

Our non-recurring revenues are primarily derived from fees charged on installations related to a customer's initial deployment and professional services we perform for our customers, including our joint ventures. Non-recurring installation fees, although generally paid upfront upon installation, are deferred and recognized ratably over the contract term. Professional service fees are recognized in the period when the services are provided. Additionally, revenue from contract settlements, when a customer wishes to terminate their contract early, is generally treated as a contract modification and recognized ratably over the remaining term of the contract, if any. We expect non-recurring revenues to represent less than 10% of total revenues for the foreseeable future.

Previous wording

Cost of Revenues. The largest components of our cost of revenues are depreciation, rental payments related to our leased IBX data centers, utility costs, including electricity, bandwidth access, IBX data center employees' salaries and benefits, including stock-based compensation, repairs and maintenance, supplies and equipment, and security. A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, unless we expand our existing IBX data centers or open or acquire new IBX data centers. However, there are certain costs that are considered more variable in nature, including utilities and supplies that are directly related to growth in our existing and new customer base. In addition, the cost of electricity is subject to seasonal fluctuations.

Current wording

Cost of Revenues. The largest components of our cost of revenues are depreciation, rental payments related to our leased IBX data centers, utility costs including electricity, bandwidth access, IBX data center employees' salaries and benefits including stock-based compensation, repairs and maintenance, supplies and equipment, and security. A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, unless we expand our existing IBX data centers or open or acquire new IBX data centers. However, there are certain costs that are considered more variable in nature, including utilities and supplies that are directly related to growth in our existing and new customer base. In addition, the cost of electricity is subject to seasonal fluctuations. Our costs of electricity may also increase as a result of the physical effects of climate change, global energy supply constraints including those caused by geopolitical activities, increased regulations driving alternative electricity generation due to environmental considerations or as a result of our election to use renewable energy sources. To the extent we incur increased utility costs, such increased costs could materially impact our financial condition, results of operations and cash flows.

Previous wording

We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. As of September 30, 2025, our REIT structure included a majority of our data center operations in the Americas and EMEA regions, as well as the data center operations in Japan, Singapore, and Malaysia. Our data center operations in other jurisdictions are operated as taxable REIT subsidiaries ("TRSs"). We have also included our share of the assets in xScale joint ventures (with the exception of Korea) in our REIT structure.

Current wording

We elected to be taxed as a REIT for U.S. federal income tax purposes beginning with our 2015 taxable year. As of March 31, 2026, our REIT structure included a majority of our data center operations in the Americas and EMEA regions, as well as the data center operations in Japan, Singapore, and Malaysia. Our data center operations in other jurisdictions are operated as TRSs. We have also included our share of the assets in xScale joint ventures (with the exception of South Korea) in our REIT structure.

Previous wording

On September 17, 2025, we paid a quarterly cash dividend of $4.69 per share. On October 29, 2025, we declared a quarterly cash dividend of $4.69 per share, payable on December 17, 2025, to our common stockholders of record as of the close of business on November 19, 2025. We expect all of our 2025 quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income to be recognized in 2025.

Current wording

On March 18, 2026, we paid a quarterly cash dividend of $5.16 per share. On April 29, 2026, we declared a quarterly cash dividend of $5.16 per share, payable on June 17, 2026, to our common stockholders of record as of the close of business on May 20, 2026. We expect all of our 2026 quarterly distributions and other applicable distributions to equal or exceed our REIT taxable income to be recognized in 2026.

Previous wording

Americas Revenues. During the three months ended September 30, 2025, Americas revenues increased by $77 million or 8% (8% on a constant currency basis). Growth in Americas revenues was primarily due to:

Current wording

Americas Revenues. During the three months ended March 31, 2026, Americas revenues increased by $90 million or 9% (8% on a constant currency basis). Growth in Americas revenues was primarily due to:

Previous wording

EMEA Revenues. During the nine months ended September 30, 2025, EMEA revenues increased by $103 million or 5% (4% on a constant currency basis). Growth in EMEA revenues was primarily due to:

Current wording

EMEA Revenues. During the three months ended March 31, 2026, EMEA revenues increased by $84 million or 11% (6% on a constant currency basis). Growth in EMEA revenues was primarily due to:

Previous wording

Asia-Pacific Revenues. During the nine months ended September 30, 2025, Asia-Pacific revenues increased by $30 million or 2% (2% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Current wording

Asia-Pacific Revenues. During the three months ended March 31, 2026, Asia-Pacific revenues increased by $45 million or 9% (6% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Previous wording

Americas Cost of Revenues. During the nine months ended September 30, 2025, Americas cost of revenues increased by $53 million or 4% (5% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Current wording

Americas Cost of Revenues. During the three months ended March 31, 2026, Americas cost of revenues increased by $32 million or 7% (5% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Previous wording

•$20 million of higher costs to provide non-recurring services; and

Current wording

The remainder of the increase was driven by higher property tax and consulting expense, offset by lower costs to provide non-recurring services.

Previous wording

EMEA Cost of Revenues. During the three months ended September 30, 2025, EMEA cost of revenues increased by $38 million or 10% (6% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to higher costs across various categories including rent and facilities costs and repairs and maintenance expense.

Current wording

EMEA Cost of Revenues. During the three months ended March 31, 2026, EMEA cost of revenues increased by $51 million or 13% (6% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to:

Previous wording

Americas Cost of Revenues. During the three months ended September 30, 2025, Americas cost of revenues increased by $21 million or 5% (5% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to $12 million of higher depreciation expense driven by IBX data center expansions and higher costs across various other categories including compensation costs and software costs.

Current wording

•$20 million of higher depreciation expense driven by IBX data center expansions; and

Previous wording

The remainder of the increase is driven by higher costs across various categories including compensation costs, office expenses and repairs and maintenance.

Current wording

The remainder of the increase was driven by higher costs across various categories including utilities expense and repairs and maintenance.

Previous wording

Asia-Pacific Cost of Revenues. During the nine months ended September 30, 2025, Asia-Pacific cost of revenues increased by $16 million or 2% (2% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to $8 million of higher depreciation expense driven by IBX data center expansions. The remainder of the increase is driven by higher costs across various categories including compensation, partially offset by lower utilities costs.

Current wording

Asia-Pacific Cost of Revenues. During the three months ended March 31, 2026, Asia-Pacific cost of revenues increased by $19 million or 8% (5% on a constant currency basis). The increase in our Asia-Pacific cost of revenues was primarily due to:

Previous wording

Asia-Pacific Cost of Revenues. During the three months ended September 30, 2025, Asia-Pacific cost of revenues decreased by $15 million or 6% (7% on a constant currency basis) primarily due to $21 million of lower costs to provide non-recurring services, partially offset by higher compensation costs and higher depreciation expense.

Current wording

The increase was offset by lower costs to provide non-recurring services.

Previous wording

Asia-Pacific Sales and Marketing Expenses. During the three months ended September 30, 2025, Asia-Pacific sales and marketing expense decreased by $9 million or 24% (25% on a constant currency basis) primarily due to lower bad debt expense.

Current wording

Asia-Pacific Sales and Marketing Expenses. Our Asia-Pacific sales and marketing expense did not materially change during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

Previous wording

Transaction costs. For both the nine months ended September 30, 2025 and 2024, we recorded transaction costs totaling $12 million. These transaction costs were incurred in connection with evaluating and completing acquisitions and the formation of joint ventures. See Note 5 within the condensed consolidated financial statements.

Current wording

Transaction Costs. During the three months ended March 31, 2026 and 2025, we recorded transaction costs totaling $8 million and $6 million, respectively. These transaction costs were incurred in connection with evaluating and completing acquisitions and the formation of joint ventures. See Note 4 within the condensed consolidated financial statements.

Previous wording

Gain or Loss on Asset Sales. During the nine months ended September 30, 2025, we did not record a significant amount of gain or loss on asset sales. During the nine months ended September 30, 2024, we recorded a gain of $18 million related to the sale of the Silicon Valley 12 ("SV12x") data center. See Note 5 within the condensed consolidated financial statements.

Current wording

Gain or Loss on Asset Sales. During the three months ended March 31, 2026, we recorded a net gain on asset sales of $20 million, primarily related to the sale of the Hampton Campus to the AMER 3 Joint Venture. During the three months ended March 31, 2025, we did not record a significant amount of gain or loss on asset sales. See Note 4 within the condensed consolidated financial statements.

Previous wording

Net Income. Our net income increased by $256 million or 31% in the nine months ended September 30, 2025 as compared to the same period in 2024. This increase is driven by the factors described above.

Current wording

Income from Operations. Our income from operations increased by $119 million or 26% during the three months ended March 31, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.

Previous wording

Interest Income. Interest income was $152 million for the nine months ended September 30, 2025 and was $88 million for the nine months ended September 30, 2024. The increase was primarily due to interest income earned on a higher average balance of cash, cash equivalents and short-term investments as well as on the AMER 2 Loan further described in Note 5 within the condensed consolidated financial statements.

Current wording

Interest Income. During the three months ended March 31, 2026 and 2025, we recorded interest income of $41 million and $47 million, respectively, primarily related to interest income earned on cash, cash equivalents and short-term investments as well as on the AMER 2 Loan further described in Note 11 within the condensed consolidated financial statements.

Previous wording

Interest Expense. Interest expense increased to $128 million for the three months ended September 30, 2025 from $117 million for the three months ended September 30, 2024, primarily due to the following debt issuances:

Current wording

Interest Expense. Interest expense increased to $148 million for the three months ended March 31, 2026 from $122 million for the three months ended March 31, 2025. The increase was primarily due to the issuance of senior notes in 2026 and 2025.

Previous wording

During the three months ended September 30, 2025 and 2024, we capitalized $26 million and $9 million, respectively, of interest expense to construction in progress. See Note 9 within the condensed consolidated financial statements.

Current wording

During the three months ended March 31, 2026 and 2025, we capitalized $32 million and $11 million, respectively, of interest expense to construction in progress. See Note 8 within the condensed consolidated financial statements.

Previous wording

Other Income or Expense. We did not record a significant amount of other income or expense during the nine months ended September 30, 2025 and 2024. See Note 5 within the condensed consolidated financial statements.

Current wording

Other Income or Expense. We did not record a significant amount of other income or expense during the three months ended March 31, 2026 and 2025. See Note 4 within the condensed consolidated financial statements.

Previous wording

For the three months ended September 30, 2025 and 2024, we recorded $25 million and $54 million of income tax expense, respectively. Our effective tax rates were 6.3% and 15.4% for the three months ended September 30, 2025 and 2024, respectively. The decrease in the effective tax rate for the three months ended September 30, 2025 as compared to the same period in 2024 was primarily due to the release of the valuation allowance in Canada and the revaluation of the net deferred tax liabilities in Germany due to the tax rate reductions enacted in the current period.

Current wording

For the three months ended March 31, 2026 and 2025, we recorded $56 million and $49 million of income tax expense, respectively. Our effective tax rates were 11.9% and 12.5% for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

Net Income. Our net income increased by $78 million or 26% in the three months ended September 30, 2025 as compared to the same period in 2024. This increase is driven by the factors described above.

Current wording

Net Income. Our net income increased by $72 million or 21% in the three months ended March 31, 2026 as compared to the same period in 2025. This increase is driven by the factors described above.

Previous wording

Adjusted EBITDA. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring charges, impairment charges, transaction costs, and gain or loss on asset sales. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the three months ended September 30, 2025 and 2024 by geographic regions was as follows ($ in millions):

Current wording

Adjusted EBITDA. We define adjusted EBITDA as net income excluding income tax expense, interest income, interest expense, other income or expense, gain or loss on debt extinguishment, depreciation, amortization, accretion, stock-based compensation expense, restructuring and other exit charges, impairment charges, transaction costs, and gain or loss on asset sales. See "Non-GAAP Financial Measures" below for more information about adjusted EBITDA and a reconciliation of adjusted EBITDA to net income. Our adjusted EBITDA for the three months ended March 31, 2026 and 2025 by geographic regions was as follows ($ in millions):

Previous wording

Americas Adjusted EBITDA. During the three months ended September 30, 2025, Americas adjusted EBITDA increased by $62 million or 15% (15% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth, partially offset by an increase in costs to support business growth, as described above.

Current wording

Americas Adjusted EBITDA. During the three months ended March 31, 2026, Americas adjusted EBITDA increased by $73 million or 16% (15% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.

Previous wording

EMEA Adjusted EBITDA. During the three months ended September 30, 2025, EMEA adjusted EBITDA increased by $12 million or 3% (1% on a constant currency basis), primarily due to organic growth, as described above.

Current wording

EMEA Adjusted EBITDA. During the three months ended March 31, 2026, EMEA adjusted EBITDA increased by $59 million or 16% (10% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.

Previous wording

Asia-Pacific Adjusted EBITDA. During the three months ended September 30, 2025, Asia-Pacific adjusted EBITDA increased by $26 million or 10% (8% on a constant currency basis), primarily due to lower costs to support business growth, as described above.

Current wording

Asia-Pacific Adjusted EBITDA. During the three months ended March 31, 2026, Asia-Pacific adjusted EBITDA increased by $46 million or 18% (14% on a constant currency basis), primarily due to higher revenues, as described above, supported by disciplined operating expense management.

Previous wording

•restructuring charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products

Current wording

•restructuring and other exit charges, which primarily include employee severance, facility closure costs, lease or other contract termination costs and advisory fees related to the realignment of our management structure, operations or products and other exit activities

Previous wording

Our revenues and certain operating expenses (cost of revenues, sales and marketing and general and administrative expenses) from our international operations have represented and will continue to represent a significant portion of our total revenues and certain operating expenses. As a result, our revenues and certain operating expenses have been and will continue to be affected by changes in the U.S. dollar against major international currencies. During the three and nine months ended September 30, 2025 as compared to the same period in 2024, the U.S. dollar was weaker relative to the British pound and Euro, which resulted in a favorable foreign currency impact on revenue and operating income, and an unfavorable foreign currency impact on operating expenses. During the three and nine months ended September 30, 2025 as compared to the same period in 2024, the U.S. dollar was stronger relative to the Australian dollar and Brazilian real, which resulted in an unfavorable foreign currency impact on revenue and operating income, and a favorable foreign currency impact on operating expenses. In order to provide a framework for assessing how each of our business segments performed excluding the impact of foreign currency fluctuations, we present period-over-period percentage changes in our revenues and certain operating expenses on a constant currency basis in addition to the historical amounts as reported. Our constant currency presentation excludes the impact of our foreign currency cash flow hedging activities. Presenting constant currency results of operations is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, we have presented this non-GAAP financial measure to provide investors with an additional tool to evaluate our results of operations. To present this information, our current period revenues and certain operating expenses denominated in currencies other than the U.S. dollar are converted into U.S. dollars at constant exchange rates rather than the actual exchange rates in effect during the respective periods (i.e. average rates in effect for the nine months ended September 30, 2024 are used as exchange rates for the nine months ended September 30, 2025 when comparing the nine months ended September 30, 2025 with the nine months ended September 30, 2024).

Current wording

Our revenues and certain operating expenses (cost of revenues, sales and marketing and general and administrative expenses) from our international operations have represented and will continue to represent a significant portion of our total revenues and certain operating expenses. As a result, our revenues and certain operating expenses have been and will continue to be affected by changes in the U.S. dollar against major international currencies. During the three months ended March 31, 2026 as compared to the same period in 2025, the U.S. dollar was weaker relative to the British pound and euro, which resulted in a favorable foreign currency impact on revenue and operating income, and an unfavorable foreign currency impact on operating expenses. There were no significant impacts from currencies that the U.S. dollar was comparably stronger to during the three months ended March 31, 2026 as compared to the same period in 2025. In order to provide a framework for assessing how each of our business segments performed excluding the impact of foreign currency fluctuations, we present period-over-period percentage changes in our revenues and certain operating expenses on a constant currency basis in addition to the historical amounts as reported. Our constant currency presentation excludes the impact of our foreign currency cash flow hedging activities. Presenting constant currency results of operations is a non-GAAP financial measure and is not meant to be considered in isolation or as an alternative to GAAP results of operations. However, we have presented this non-GAAP financial measure to provide investors with an additional tool to evaluate our results of operations. To present this information, our current period revenues and certain operating expenses denominated in currencies other than the U.S. dollar are converted into U.S. dollars at constant exchange rates rather than the actual exchange rates in effect during the respective periods (i.e. average rates in effect for the three months ended March 31, 2025 are used as exchange rates for the three months ended March 31, 2026 when comparing the three months ended March 31, 2026 with the three months ended March 31, 2025).

Previous wording

Customer collections are our primary source of cash. We believe we have a strong customer base, and have continued to experience relatively strong collections. As of September 30, 2025, our principal sources of liquidity were $2.9 billion of cash, cash equivalents and short-term investments. In addition to our cash balance, we had approximately $4.0 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and equity capital markets. We also have additional liquidity available to us from our 2024 ATM program, under which we may offer and sell from time to time our common stock in "at the market" transactions on either a spot or forward basis. As of September 30, 2025, we had approximately $1.2 billion available for sale remaining under the 2024 ATM Program.

Current wording

Customer collections are our primary source of cash. We believe we have a strong customer base, and have continued to experience relatively strong collections. As of March 31, 2026, our principal sources of liquidity were $3.1 billion of cash, cash equivalents and short-term investments. In addition to our cash balance, we had approximately $4.0 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and equity capital markets. We also have additional liquidity available to us from our 2024 ATM Program, under which we may offer and sell from time to time our common stock in "at the market" transactions on either a spot or forward basis. As of March 31, 2026, we had approximately $1.2 billion available for sale remaining under the 2024 ATM Program.

Previous wording

Our net cash provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 were as follows (in millions):

Current wording

Our net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025 were as follows (in millions):