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 260 IBXs, including 17 xScale data centers and the MC1 data center that are held in unconsolidated joint ventures, across 71 markets around the world. We offer the following solutions:

Current 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 264 IBXs, including 20 xScale data centers and the MC1 data center that are held in unconsolidated joint ventures, across 72 markets around the world. We offer the following solutions:

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 79% and 82%, as of March 31, 2024 and 2023, 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 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 IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center. This could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows.

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 82%, as of June 30, 2024 and 2023, 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 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 IBX data centers, even though we may have additional physical cabinet capacity available within a specific IBX data center. This could have a negative impact on our ability to grow revenues, affecting our financial performance, results of operations and cash flows.

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 three 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 months ended March 31, 2024 and 2023. Our 50 largest customers accounted for approximately 37% of our recurring revenues for the three months ended March 31, 2024 and 2023.

Current 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 six months ended June 30, 2024 and 2023. Our 50 largest customers accounted for approximately 36% of our recurring revenues for the three and six months ended June 30, 2024 and 37% of our recurring revenues for the three and six months ended June 30, 2023.

Previous wording

General and Administrative. Our general and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, accounting, legal and other professional service fees, and other general corporate expenses, such as our corporate regional headquarters office leases and some depreciation expense on back office systems.

Current wording

General and Administrative. Our general and administrative expenses consist primarily of salaries and related expenses, including stock-based compensation, accounting, legal and other professional service fees, and other general corporate expenses, such as our corporate regional headquarters office leases and depreciation expense on back office systems.

Previous wording

As a REIT, we generally are permitted to deduct from our U.S. federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is taxed, if at all, at the stockholder level. Nevertheless, the income of our TRSs which hold our U.S. operations that may not be REIT compliant is subject to U.S. federal and state corporate income taxes, as applicable. Likewise, our foreign subsidiaries continue to be subject to local income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through qualified REIT subsidiaries ("QRSs"). We are also subject to a separate U.S. federal corporate income tax on any gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset held by us or a QRS following the liquidation or other conversion of a former TRS). This built-in-gain tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset. In addition, should we recognize any gain from "prohibited transactions," we will be subject to tax on this gain at a 100% rate. "Prohibited transactions," for this purpose, are defined as dispositions of inventory or property held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property and other than dispositions excepted by statutory safe harbors. If we fail to remain qualified for U.S. federal income taxation as a REIT, we will be subject to U.S. federal income taxes at regular corporate income tax rates. Even if we remain qualified for U.S. federal income taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRSs' operations. In particular, while state income tax regimes often parallel the U.S. federal income tax regime for REITs, many states do not completely follow federal rules, and some may not follow them at all.

Current wording

As a REIT, we generally are permitted to deduct from our U.S. federal taxable income the dividends we pay to our stockholders. The taxable income represented by such dividends is not subject to U.S. federal income taxes at the entity level but is taxed in the U.S., if at all, at the stockholder level. Nevertheless, the income of our TRSs which hold our U.S. operations that may not be REIT compliant is subject to U.S. federal and state corporate income taxes, as applicable. Likewise, our foreign subsidiaries continue to be subject to local income taxes in jurisdictions in which they hold assets or conduct operations, regardless of whether held or conducted through TRSs or through qualified REIT subsidiaries ("QRSs"). We are also subject to a separate U.S. federal corporate income tax on any gain recognized from a sale of a REIT asset where our basis in the asset is determined by reference to the basis of the asset in the hands of a C corporation (such as an asset held by us or a QRS following the liquidation or other conversion of a former TRS). This built-in-gain tax is generally applicable to any disposition of such an asset during the five-year period after the date we first owned the asset as a REIT asset to the extent of the built-in-gain based on the fair market value of such asset on the date we first held the asset as a REIT asset. In addition, should we recognize any gain from "prohibited transactions," we will be subject to tax on this gain at a 100% rate. "Prohibited transactions," for this purpose, are defined as dispositions of inventory or property held primarily for sale to customers in the ordinary course of a trade or business other than dispositions of foreclosure property and other than dispositions excepted by statutory safe harbors. If we fail to remain qualified for U.S. federal income taxation as a REIT, we will be subject to U.S. federal income taxes at regular corporate income tax rates. Even if we remain qualified for U.S. federal income taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRSs' operations. In particular, while state income tax regimes often parallel the U.S. federal income tax regime for REITs, many states do not completely follow federal rules, and some may not follow them at all.

Previous wording

Americas Revenues. During the three months ended March 31, 2024, Americas revenues increased by $57 million or 6% (and also 6% on a constant currency basis). Growth in Americas revenues was primarily due to:

Current wording

Americas Revenues. During the three months ended June 30, 2024, Americas revenues increased by $76 million or 9% (and also 9% on a constant currency basis). Growth in Americas revenues was primarily due to:

Previous wording

Asia-Pacific Revenues. During the three months ended March 31, 2024, Asia-Pacific revenues increased by $36 million or 8% (12% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Current wording

Asia-Pacific Revenues. During the three months ended June 30, 2024, Asia-Pacific revenues increased by $30 million or 7% (12% on a constant currency basis). Growth in Asia-Pacific revenues was primarily due to:

Previous wording

Asia-Pacific Cost of Revenues. During the three months ended March 31, 2024, Asia-Pacific cost of revenues decreased by $12 million or 5% (2% on a constant currency basis). The decrease in our Asia-Pacific cost of revenues was primarily due to lower utilities costs, primarily driven by decreases in power costs and lower utility usage in Hong Kong, Japan, and Singapore.

Current wording

Asia-Pacific Cost of Revenues. During the three months ended June 30, 2024, Asia-Pacific cost of revenues decreased by $8 million or 3% (1% increase on a constant currency basis). The decrease in our Asia-Pacific cost of revenues was primarily due to lower utilities costs, primarily driven by decreases in power costs and lower utility usage in Hong Kong, Japan and Singapore.

Previous wording

Americas General and Administrative Expenses. During the three months ended March 31, 2024, Americas general and administrative expenses increased by $42 million or 16% (and also 16% on a constant currency basis). The increase in our Americas general and administrative expenses was primarily due to:

Current wording

Americas General and Administrative Expenses. During the three months ended June 30, 2024, Americas general and administrative expenses increased by $27 million or 10% (and also 10% on a constant currency basis). The increase in our Americas general and administrative expenses was primarily due to:

Previous wording

Gain or Loss on Asset Sales. During the three months ended March 31, 2024 and 2022, we did not record a significant amount of gain or loss on asset sales.

Current wording

Gain or Loss on Asset Sales. During the three months ended June 30, 2024, we recorded a gain of $18 million, primarily related to the sale of the Silicon Valley 12 ("SV12") data center. During the three months ended June 30, 2023, we did not record a significant amount of gain or loss on asset sales.

Previous wording

EMEA Income from Operations. During the three months ended March 31, 2024, EMEA income from operations decreased by $11 million or 6% (2% on a constant currency basis), primarily due to higher utilities costs and depreciation expense, partially offset by higher revenues as a result of organic growth, as described above.

Current wording

EMEA Income from Operations. During the three months ended June 30, 2024, EMEA income from operations increased by $16 million or 11% (and also 11% on a constant currency basis), primarily due to higher revenues as a result of IBX data center expansion activity and organic growth, as described above.

Previous wording

Asia-Pacific Income from Operations. During the three months ended March 31, 2024, Asia-Pacific income from operations increased by $43 million or 39% (43% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures and organic growth, as described above.

Current wording

Asia-Pacific Income from Operations. During the three months ended June 30, 2024, Asia-Pacific income from operations increased by $43 million or 38% (44% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures and lower utility costs, as described above.

Previous wording

Interest Income. Interest income was $24 million, with an annualized yield of 5.37%, for the three months ended March 31, 2024 and was $19 million, with an annualized yield of 3.41%, for the three months ended March 31, 2023.

Current wording

Interest Income. Interest income was $29 million, with an annualized yield of 6.69%, for the three months ended June 30, 2024 and was $24 million, with an annualized yield of 3.77%, for the three months ended June 30, 2023.

Previous wording

Interest Expense. Interest expense increased to $104 million for the three months ended March 31, 2024 from $97 million for the three months ended March 31, 2023, primarily due to the issuance of 2.875% Swiss Franc Senior Notes due 2028 in the third quarter of 2023 and an increase in the variable rate of our GBP term loan. During the three months ended March 31, 2024 and 2023, we capitalized $9 million and $6 million, respectively, of interest expense to construction in progress. See Note 8 within the Condensed Consolidated Financial Statements.

Current wording

Interest Expense. Interest expense increased to $110 million for the three months ended June 30, 2024 from $100 million for the three months ended June 30, 2023, primarily due to the issuance of 2.875% Swiss Franc Senior Notes due 2028 in the third quarter of 2023 and the issuance of 5.500% Senior Notes due 2034 in the current quarter. During the three months ended June 30, 2024 and 2023, we capitalized $9 million and $6 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 three months ended March 31, 2024 and 2023.

Current wording

Other Expense. We did not record a significant amount of other expense during the three months ended June 30, 2024 and 2023.

Previous wording

For the three months ended March 31, 2024 and 2023, we recorded $46 million and $55 million of income tax expense, respectively. Our effective tax rates were 16.6% and 17.6% for the three months ended March 31, 2024 and 2023, respectively.

Current wording

For the three months ended June 30, 2024 and 2023, we recorded $47 million and $37 million of income tax expense, respectively. Our effective tax rates were 13.5% and 15.3% for the three months ended June 30, 2024 and 2023, respectively. The decrease in the effective tax rate for the three months ended June 30, 2024 as compared to the same period in 2023 was mainly driven by the full valuation allowance position of our U.S. TRSs, resulting from losses in the prior period.

Previous wording

Americas Adjusted EBITDA. During the three months ended March 31, 2024, Americas adjusted EBITDA did not materially change during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023.

Current wording

Americas Adjusted EBITDA. During the three months ended June 30, 2024, Americas adjusted EBITDA increased by $58 million or 15% (and also 15% on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth, as described above.

Previous wording

EMEA Adjusted EBITDA. During the three months ended March 31, 2024, EMEA adjusted EBITDA did not materially change during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023.

Current wording

EMEA Adjusted EBITDA. During the three months ended June 30, 2024, EMEA adjusted EBITDA increased by $29 million or 10% (and also 10% increase on a constant currency basis), primarily due to higher revenues as a result of our IBX data center expansion activity and organic growth, as described above.

Previous wording

Asia-Pacific Adjusted EBITDA. During the three months ended March 31, 2024, Asia-Pacific adjusted EBITDA increased by $42 million or 20% (25% increase on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures and organic growth, as described above.

Current wording

Asia-Pacific Adjusted EBITDA. During the three months ended June 30, 2024, Asia-Pacific adjusted EBITDA increased by $48 million or 23% (28% increase on a constant currency basis), primarily due to higher revenues as a result of non-recurring services provided to our joint ventures and lower utility costs, as described above.

Previous wording

EMEA Revenues. During the three months ended March 31, 2024, EMEA revenues increased by $36 million or 5% (6% on a constant currency basis). Growth in EMEA revenues was primarily due to an increase in orders from both our existing customers and new customers during the period.

Current wording

EMEA Revenues. During the six months ended June 30, 2024, EMEA revenues increased by $70 million or 5% (6% on a constant currency basis). Growth in EMEA revenues was primarily due to an increase in orders from both our existing customers and new customers during the period and approximately $17 million of incremental revenues generated from IBX data centers which opened within the twelve months ended June 30, 2024.

Previous wording

Americas Cost of Revenues. During the three months ended March 31, 2024, Americas cost of revenues increased by $55 million or 14% (and also 14% 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 six months ended June 30, 2024, Americas cost of revenues increased by $71 million or 9% (and also 9% on a constant currency basis). The increase in our Americas cost of revenues was primarily due to:

Previous wording

•$30 million of higher depreciation driven by IBX data center expansions and acceleration of depreciation expense for certain assets with shortened useful lives; and

Current wording

•approximately $40 million of higher depreciation expense driven by IBX data center expansions and acceleration of depreciation expense for certain assets with shortened useful lives;

Previous wording

EMEA Cost of Revenues. During the three months ended March 31, 2024, EMEA cost of revenues increased by $42 million or 11% (10% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to higher utilities costs as a result of increases in power costs and higher utility usage in Germany, the Netherlands and the United Kingdom.

Current wording

EMEA Cost of Revenues. During the six months ended June 30, 2024, EMEA cost of revenues increased by $55 million or 7% (and also 7% on a constant currency basis). The increase in our EMEA cost of revenues was primarily due to higher utilities costs as a result of increases in power costs and higher utility usage in Germany, the Netherlands and the United Kingdom, partially offset by decreases in power costs and lower utility usage in France.

Previous wording

In addition to the increased utilities costs, the increase in EMEA cost of revenues was further driven by $8 million of higher depreciation expense driven by IBX data center expansions and acceleration of depreciation expense for certain assets with shortened useful lives.

Current wording

In addition to the increased utilities costs, the increase in EMEA cost of revenues was further driven by $17 million of higher depreciation expense driven by IBX data center expansions and acceleration of depreciation expense for certain assets with shortened useful lives.

Previous wording

Americas Sales and Marketing Expenses. During the three months ended March 31, 2024, Americas sales and marketing expense increased by $14 million or 10% (9% on a constant currency basis). The increase in our Americas sales and marketing expenses was primarily due to an increase in employee events and compensation costs including salaries, bonuses and stock-based compensation, attributable to headcount growth.

Current wording

Americas Sales and Marketing Expenses. During the six months ended June 30, 2024, Americas sales and marketing expenses increased by $20 million or 7% (and also 7% on a constant currency basis). The increase in our Americas sales and marketing expenses was primarily due to an increase in compensation costs including salaries, bonuses and stock-based compensation, attributable to headcount growth.

Previous wording

•$31 million of higher depreciation expenses associated with back-office systems to support the growth of our business and acceleration of depreciation expense for certain assets with shortened useful lives; and

Current wording

•$39 million of higher depreciation expense associated with back-office systems to support the growth of our business; and

Previous wording

•approximately $17 million of incremental revenues generated from IBX data centers which opened within the twelve months ended March 31, 2024; and

Current wording

•$17 million of higher compensation costs, including salaries, bonuses and stock-based compensation, primarily due to headcount growth.

Previous wording

Americas Income from Operations. During the three months ended March 31, 2024, Americas income from operations decreased by $52 million or 58% (59% on a constant currency basis), primarily due to higher compensation costs and depreciation expense, partially offset by higher revenues as a result of our IBX data center expansion activity and organic growth, as described above.

Current wording

Americas Income from Operations. During the six months ended June 30, 2024, Americas income from operations decreased by $6 million or 4% (5% on a constant currency basis), primarily due to higher compensation costs and depreciation expense, partially offset by higher revenues as a result of non-recurring services provided to our joint ventures, IBX data center expansion activity and organic growth, as described above.

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 months ended March 31, 2024 as compared to the same period in 2023, the U.S. dollar was weaker relative to the Euro and British Pound, 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 months ended March 31, 2024 as compared to the same period in 2023, the U.S. dollar was stronger relative to the Australian Dollar and Japanese Yen, 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 from entities reporting 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, 2023 are used as exchange rates for the three months ended March 31, 2024 when comparing the three months ended March 31, 2024 with the three months ended March 31, 2023).

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 and six months ended June 30, 2024 as compared to the same period in 2023, the U.S. dollar was weaker relative to the British Pound, 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 six months ended June 30, 2024 as compared to the same period in 2023, the U.S. dollar was stronger relative to the Australian Dollar and Japanese Yen, 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 from entities reporting 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 six months ended June 30, 2023 are used as exchange rates for the six months ended June 30, 2024 when comparing the six months ended June 30, 2024 with the six months ended June 30, 2023).

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 March 31, 2024, our principle sources of liquidity were $1.5 billion of cash and cash equivalents. In addition to our cash balance, we had $3.9 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and the equity capital markets. We also have additional liquidity available to us from our 2022 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, 2024, we had $470 million available for sale under the 2022 ATM Program, in addition to approximately $502 million of net proceeds of unsettled forward sale transactions.

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 June 30, 2024, our principal sources of liquidity were $2.0 billion of cash and cash equivalents. In addition to our cash balance, we had $3.9 billion of additional liquidity available to us from our $4.0 billion revolving facility and general access to both public and private debt and the equity capital markets. We also have additional liquidity available to us from our 2022 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 June 30, 2024, we had $470 million available for sale under the 2022 ATM Program, in addition to approximately $506 million of net proceeds of unsettled forward sale transactions.

Previous wording

Our net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2024 and 2023 were as follows (in millions):

Current wording

Our net cash provided by (used in) operating, investing and financing activities for the six months ended June 30, 2024 and 2023 were as follows (in millions):

Previous wording

Net cash provided by our operations is generated by colocation, interconnection, managed infrastructure and other revenues. Our primary uses of cash from our operating activities include compensation and related costs, interest payments, other general corporate expenditures and taxes. Net cash provided by operating activities decreased by $94 million during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, primarily driven by improved results of operations offset by increases in cash paid for costs and operating expenses.

Current wording

Net cash provided by our operations is generated by colocation, interconnection, managed infrastructure and other revenues. Our primary uses of cash from our operating activities include compensation and related costs, interest payments, other general corporate expenditures and taxes. Net cash provided by operating activities increased by $77 million during the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily driven by improved results of operations offset by increases in cash paid for costs and operating expenses.

Previous wording

Net cash used in investing activities increased by $205 million for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, primarily due to:

Current wording

Net cash used in investing activities increased by $270 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily due to:

Previous wording

•$177 million increase in capital expenditures; and

Current wording

•$187 million increase in capital expenditures; and

Previous wording

•$23 million decrease in real estate acquisitions; and

Current wording

•$85 million increase in real estate acquisitions.

Previous wording

•$72 million decrease in the proceeds from the sale of assets to our Joint Ventures.

Current wording

•$175 million increase in the proceeds from the sale of assets to our Joint Ventures; and

Previous wording

•$21 million decrease in purchases of investments.

Current wording

•$19 million decrease in purchases of investments.

Previous wording

Net cash provided by (used in) financing activities decreased by $939 million for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, primarily driven by:

Current wording

Net cash provided by (used in) financing activities decreased by $318 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023, primarily driven by:

Previous wording

•$301 million decrease in proceeds from the 2020 and 2022 ATM Programs;

Current wording

•$301 million decrease in proceeds from the 2020 and 2022 ATM Programs; and

Previous wording

•$86 million increase in dividend distributions.

Current wording

•$170 million increase in dividend distributions.