Cogent Communications Holdings Inc (CCOI) 2025 Q3 法說會逐字稿

Good morning and welcome to the Cogent Communications Holdings third quarter 2025 earnings conference call. As a reminder, this conference call is being recorded, and it will be available for replay at www.cogentco.com.

早上好，歡迎參加 Cogent Communications Holdings 2025 年第三季財報電話會議。再次提醒各位，本次電話會議正在錄音，錄音將在 www.cogentco.com 上提供回放。

A transcript of this conference call will be posted on the Cogent's website when it becomes available. Cogent's summary of financial and operational results attached to its press release can be downloaded from the Cogent website.

本次電話會議的文字記錄將在發布後公佈在 Cogent 的網站上。Cogent 的新聞稿附件中包含的財務和營運績效摘要可從 Cogent 網站下載。

I would now like to turn the call over to Mr. Dave Schaeffer, Chairman and Chief Executive Officer of Cogent Communications Holdings.

現在我謹將電話轉交給 Cogent Communications Holdings 的董事長兼執行長 Dave Schaeffer 先生。

Thank you and good morning, everyone. Welcome to our third quarter 2025 earnings call. I'm Dave Schaeffer, Cogent's Chief Executive Officer, and with me on today's call is Tad Weed, our Chief Financial Officer. I'd like to recognize a number of significant events in the quarter and discuss a few matters and then turn things over to Tad.

謝謝大家，大家早安。歡迎參加我們2025年第三季財報電話會議。我是 Cogent 的執行長 Dave Schaeffer，今天和我一起參加電話會議的是我們的財務長 Tad Weed。我想提及本季發生的一些重要事件，並討論一些事項，然後把發言權交給塔德。

First, our program of return of capital and our aggregate leverage. Following extensive discussions with our Board of Directors and engagement with shareholders and Bondholders, we have refined our capital allocation priorities to strengthen our financial flexibility and accelerate our delevering strategy.

首先，我們的資本回報計劃和總槓桿率。經過與董事會的廣泛討論以及與股東和債券持有人的溝通，我們調整了資本配置優先事項，以增強財務靈活性並加快去槓桿化策略。

The decision to reduce our quarterly dividend to $0.02 per share per quarter was made after careful evaluation. It will allow us to redirect capital towards reducing leverage, while remaining a disciplined approach to shareholder returns.

經過仔細評估，我們決定將季度股息減少至每股每季 0.02 美元。這將使我們能夠將資金重新用於降低槓桿率，同時保持對股東回報的嚴格要求。

Supported by our growth in EBITDA, recurring cash inflows under our IP transfer agreement, and continued operational efficiencies, we will reduce our net leverage ratios. These actions position us for long-term growth and enhance the financial resiliency of our business.

由於 EBITDA 的成長、智慧財產權轉讓協議下的經常性現金流入以及持續的營運效率提升，我們將降低淨槓桿率。這些舉措將使我們實現長期成長，並增強我們業務的財務韌性。

We intend to maintain our updated dividend policy, until we reach a net leverage target of 4 times EBITDA on a LTM basis. On our last earnings call, we stated that we believe our leverage had peaked on an LTM basis. We also indicated that amounts due to us under the T-Mobile payments in our transit agreement and purchase agreement, should be considered in calculating our leverage ratios.

我們計劃維持更新後的股利政策，直到淨槓桿率達到過去12個月EBITDA的4倍。在上次財報電話會議上，我們表示，我們認為過去 12 個月的槓桿率已經達到高峰。我們也指出，根據我們的運輸協議和購買協議，T-Mobile 應付給我們的款項應計入我們的槓桿率計算中。

We believe these amounts essentially represent both short-term and long-term cash amounts based on the credit quality of T-Mobile. Our total gross debt is adjusted for these amounts of T-Mobile for the last 12 months, EBITDA as adjusted ratio was 7.74 last quarter and was reduced to 7.45 this quarter.

我們認為，根據 T-Mobile 的信用質量，這些金額基本上代表了短期和長期現金金額。過去 12 個月，我們的總債務已根據 T-Mobile 的這些金額進行了調整，調整後的 EBITDA 比率上季度為 7.74，本季降至 7.45。

Our net leverage ratio was 6.61 last quarter and 6.65, this quarter. T-Mobile pays us $25 million each quarter through the fourth quarter of 2027, under the IP Transit Services Agreement. These payments will be -- will reduce the total amount due to us each quarter from T-Mobile.

上季我們的淨槓桿率為 6.61，本季為 6.65。根據 IP 傳輸服務協議，T-Mobile 將在 2027 年第四季之前每季向我們支付 2,500 萬美元。這些款項將減少 T-Mobile 每季應支付給我們的總金額。

We are also temporarily suspending our stock buyback program. Now for a couple of comments on our data center divestiture and monetization. In early October we entered into a non-binding letter of intent with a credible counterparty to sell two of our larger data centers out of the 24 data centers that we had repurposed. This agreement calls for a cash payment of $144 million.

我們也將暫時中止股票回購計畫。現在我想就我們的資料中心剝離和貨幣化問題談幾點看法。10 月初，我們與一家信譽良好的交易對手簽訂了一份不具約束力的意向書，擬出售我們改造後的 24 個資料中心中的兩個較大的資料中心。該協議要求支付1.44億美元的現金。

The counterparty has demonstrated to us the ability to complete this transaction and is completing its due diligence. We are in the process of finalizing the asset purchase agreement. We intend to monetize all 24 of the data centers, either through outright sales, as with this $144 million transaction for two facilities or by leasing the acquired space on a wholesale basis.

交易對手已向我們證明了其完成本次交易的能力，目前正在進行盡職調查。我們正在敲定資產購買協議。我們打算將所有 24 個資料中心貨幣化，要麼直接出售（就像這次以 1.44 億美元收購兩個設施一樣），要麼以批發方式出租收購的空間。

We are in active discussions negotiating LOIs with other parties that we feel are credible to purchase or lease these facilities. Now for a couple of comments on our wavelength trajectory. At quarter end, we're offering wavelength services in 996 data centers with the capability of provisioning 10 gig, 100 gig, and 400 gig services within a 30-day installation window.

我們正在積極與其他我們認為有信譽的各方進行洽談，協商簽署意向書，以購買或租賃這些設施。現在，我想對我們的波長軌跡做幾點說明。到季度末，我們將在 996 個資料中心提供波長服務，能夠在 30 天的安裝窗口期內提供 10 G、100 G 和 400 G 的服務。

Our wavelength services revenue in the quarter was $10.2 million. An increase by approximately 93% on a year-over-year basis and on a quarterly sequential basis our wavelength revenue increased 12%. At the end of the quarter we had sold and provisioned waves in 454 locations as opposed to the 418 data centers, that we had installed waves in at the end of Q2.

本季我們的波長服務收入為 1,020 萬美元。與去年同期相比增長了約 93%，與季度環比相比增長了 12%。截至本季末，我們已在 454 個地點銷售和配置了 Waves，而第二季末我們已在 418 個資料中心安裝了 Waves。

We currently have a backlog and funnel of wave opportunities of 5,221 opportunities. We intend to continue to capture market share and believe our goal of 25% of the highly concentrated long-haul wavelength market in North America in three years is achievable.

我們目前有 5221 個潛在的銷售機會，這些機會正在等待機會的開發和銷售管道中。我們打算繼續擴大市場份額，並相信我們在三年內佔據北美高度集中的長途波長市場 25% 的份額的目標是可以實現的。

Our EBITDA increased sequentially to $48.8 million and our EBITDA margin increased sequentially by 50 basis points to 20.2% from continued cost reductions and product optimization. Our EBITDA as adjusted increased to [$73.8 million], and our EBITDA as adjusted margin increased sequentially by 70 basis points to 30.5%.

由於持續降低成本和優化產品，我們的 EBITDA 環比增長至 4880 萬美元，EBITDA 利潤率環比增長 50 個基點至 20.2%。調整後的 EBITDA 增至 7,380 萬美元，經調整後的 EBITDA 利潤率較上季成長 70 個基點至 30.5%。

Our IPV4 leasing activity materially accelerated. Our IPV4 leasing revenue increased by 14.1% to 17.5 million on a sequential basis and on a year-over-year basis, revenues from IPV4 leasing increased 55.5%. Our average revenue per IPV4 leased in a quarter was $0.31 per address to some to some larger wholesale leasing activity.

我們的IPv4租賃業務顯著加速發展。我們的IPV4租賃收入較上季成長14.1%至1,750萬，較去年同期成長55.5%。我們每季每出租一個IPV4位址的平均收入為0.31美元，其中一些是較大的批發租賃活動。

We were able to accelerate this growth by entering into these more flexible agreements. We're leasing $14.6 million addresses at the end of the quarter, a sequential increase in the number of leased addresses of 10.7%. We have in inventory a total universe of approximately 38 million addresses.

我們透過簽訂這些更靈活的協議，加快了這一成長速度。截至本季末，我們租賃的地址價值 1,460 萬美元，租賃地址數量較上季成長 10.7%。我們庫存中總共約有 3800 萬個地址。

We have essentially completed the integration of the Sprint network and the repurposing of the facilities that we deem appropriate for data center activity. As a result of this, there was a significant reduction in our capital expenditures in the quarter. At quarter end, we were providing services in 1,686 carrier neutral data centers and 186 cogent data centers.

我們已基本完成 Sprint 網路的整合，並將我們認為適合資料中心活動的設施重新利用。因此，本季我們的資本支出大幅減少。截至季末，我們在 1,686 個營運商中立資料中心和 186 個 Cogent 資料中心提供服務。

The cogent data centers have an aggregate of 214 megawatts of installed and available power. We anticipate our long-term annual revenue growth rates will be between 6% and 8%. And an increase in our EBITDA as adjusted margins of approximately 200 basis points per year.

這些資料中心的總裝置容量和可用功率為 214 兆瓦。我們預計長期年收入成長率將在 6% 到 8% 之間。調整後 EBITDA 利潤率每年增長約 200 個基點。

Our updated revenue and the EBITDA guidance are intended to be multi-year goals and are not intended to be used as specific quarterly or annual guidance. Comment on our revenue. We are nearing the end of grooming of our low margin Sprint acquired contracts, as we have stated on our last earnings call, we expect to return to total revenue growth by mid.

我們更新後的營收和 EBITDA 指引旨在作為多年目標，並非旨在用作具體的季度或年度指引。請對我們的營收情況進行評價。我們即將完成對低利潤率的 Sprint 收購合約的清理工作，正如我們在上次財報電話會議上所說，我們預計到年中將恢復總收入成長。

Third quarter 2025. However, our revenue for the quarter declined at $4.3 million or 1.7%. For the quarter, we experienced a $1.3 million decline in non-core revenues and an additional decline of $800,000 in USF revenues. High contribution on net services and wavelength services both increased in the quarter. Our on-net revenues increased by $2.9 million sequentially or 2.2% from last quarter.

2025年第三季。然而，本季我們的營收下降了 430 萬美元，降幅為 1.7%。本季度，我們的非核心收入下降了 130 萬美元，USF 收入也額外下降了 80 萬美元。本季淨服務和波長服務的貢獻率均有所提高。我們的淨收入環比成長 290 萬美元，比上一季成長 2.2%。

Our wavelength services revenue increased by $1.1 million or 12.4% from last quarter. And our IPV4 leasing revenue increased by $2.12 million or 14.1% from the previous quarter. We remain highly focused on selling products that deliver higher margins and allow our EBITDA margins to continue to expand.

我們的波長服務收入比上一季增加了 110 萬美元，增幅達 12.4%。我們的IPv4租賃收入比上一季增加了212萬美元，增幅達14.1%。我們將繼續高度專注於銷售利潤率更高的產品，從而使我們的 EBITDA 利潤率能夠持續成長。

Now I'd like to turn it over to Tad to read our safe harbor language, provide some additional operational metrics, and then we'll.

現在我想把這個任務交給 Tad，讓他宣讀我們的安全港條款，提供一些額外的營運指標，然後我們…

Close with a few closing remarks and then open the floor for questions and answers.

最後做幾句總結發言，然後開放提問和回答環節。

Thank you, Dave, and good morning, everyone. This earnings conference call includes forward-looking statements. These forward-looking statements are based on our current intent, beliefs, and expectations. These forward-looking statements and all other statements that may be made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially.

謝謝你，戴夫，大家早安。本次財報電話會議包含前瞻性陳述。這些前瞻性陳述是基於我們目前的意圖、信念和預期。這些前瞻性陳述以及本次電話會議中可能作出的所有其他非歷史事實的陳述均受諸多風險和不確定性的影響，實際結果可能與預期有重大差異。

Please refer to our SEC filings for more information on the factors that could cause actual results to differ. Cogent undertakes no obligation to update or revise our forward-looking statements. If we use non-GAAP financial measures during this call, you will find these reconciled to this corresponding GAAP measurement in our earnings releases that are posted on our website at cogentco.com.

有關可能導致實際結果出現差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件。Cogent不承擔更新或修改我們前瞻性聲明的義務。如果我們在本次電話會議中使用非GAAP財務指標，您可以在我們網站cogentco.com上發布的收益報告中找到這些指標與對應GAAP指標的調節表。

Some comments on overall results. Our revenue for the quarter was $241.9 million. Our EBITDA as adjusted was $73.8 million for the quarter. An increase of $0.3 million, and our EBITDA as adjusted margin increased sequentially by 70 basis points to 30.5%. Our EBITDA as adjusted accounts for payments under our IT transit agreement with T-Mobile.

對整體結果的一些評論。本季營收為2.419億美元。經調整後，本季我們的 EBITDA 為 7,380 萬美元。增加了 0.3 百萬美元，調整後的 EBITDA 利潤率環比增長 70 個基點，達到 30.5%。經過調整後的 EBITDA 計入了根據我們與 T-Mobile 的 IT 傳輸協議支付的款項。

Under this agreement, we receive three monthly payments totalling $25 million this quarter and the same as last quarter. We will continue to receive an additional 26 monthly payments of $8.3 million until November of 2027. There are further cash payments related to lease obligations that we assumed at closing that totals at least $28 million. This $28 million will be paid to us in four equal payments from December 27 to March 2028.

根據該協議，本季我們將收到三個月的款項，總計 2,500 萬美元，與上季相同。我們將繼續收到 26 個月的額外款項，每月 830 萬美元，直至 2027 年 11 月。此外，我們在交易完成時也承擔了與租賃義務相關的其他現金支付，總額至少為 2,800 萬美元。這筆 2,800 萬美元將從 2027 年 12 月到 2028 年 3 月分四期等額支付給我們。

We analyze our revenues based upon network connection type, which is on-net, off-net, wavelength, and non-core, and we analyze our revenues based upon customer type. We classify our customers into three types netcentric, corporate, and enterprise.

我們根據網路連線類型（網內、網外、波長和非核心）分析收入，並根據客戶類型分析收入。我們將客戶分為三種：網路中心型、企業型和大型企業型。

Our corporate business represented 43.5% of our revenues for the quarter. Our corporate revenues decreased by 9.5% year-over-year and sequentially by 3.5%. These decreases in corporate revenue are primarily due to the continued grooming of low margin off-net customer connections and the continued elimination of acquired non-core products acquired with Sprint wireline.

本季度，公司業務收入占我們總收入的 43.5%。公司營收年減 9.5%，季減 3.5%。公司營收的下降主要是由於持續維護低利潤的非網內客戶連接，以及持續淘汰與 Sprint 有線業務一起收購的非核心產品。

Our net-centric business continues to benefit from the growth in video traffic, activity related to artificial intelligence, streaming, IP4 V4 leasing, and wavelength sales. Our net-centric business represented 41.4% of our revenues for the quarter.

我們以網路為中心的業務持續受益於視訊流量、人工智慧相關活動、串流媒體、IP4 V4 租賃和波長銷售的成長。本季度，我們的網路業務佔總收入的 41.4%。

Our net centric revenues increased by 9.2% year-over-year and sequentially by 3.1%. Our enterprise business represented 15.1% of our revenues for the quarter. Our quarterly enterprise revenue decreased by 25.7% year-over-year and sequentially by 8.6%, due to a reduction in acquired [non-covering] off net low margin enterprise revenues acquired with Sprint wireline.

我們的淨收入年增 9.2%，季增 3.1%。本季度，我們的企業業務收入佔總收入的 15.1%。由於收購 Sprint 有線業務時獲得的 [非覆蓋性] 低利潤率的淨企業收入減少，我們的季度企業收入年減 25.7%，環比下降 8.6%。

On net revenues we serve our on-net customers in 3,537 total on-net buildings. Our on-net revenue was $135.3 million for the quarter, a small year-over-year decrease of 0.9%, but a sequential increase of $2.9 million or 2.2%. Off net revenue. Our low margin off net revenue was $95.1 million for the quarter. That was a year-over-year decrease of 14.5% and a sequential decrease of 6.9%. It was $7.1 million of the decrease sequentially.

我們透過淨收入為 3,537 棟連網建築物內的連網客戶提供服務。本季淨收入為 1.353 億美元，年比小幅下降 0.9%，但季增 290 萬美元，增幅為 2.2%。淨外收入。本季我們的淨收入利潤率為 9,510 萬美元，利潤率較低。與去年同期相比下降了 14.5%，與去年同期相比下降了 6.9%。與上一季相比，減少了710萬美元。

We serve these 25,518 off-net customers and 18,400 off-net buildings. Our off-net revenue results are impacted by our migration of off-net customers to on-net and the continued grooming and termination of acquired low margin off-net contracts acquired with Sprint Wireline.

我們為這 25,518 個非網內客戶和 18,400 棟非網內建築物提供服務。我們的非網內營收業績受到非網內客戶向網內客戶遷移以及不斷調整和終止從 Sprint Wireline 收購的低利潤非網內合約的影響。

Some comments on pricing. Our average price per megabit for our installed base decreased sequentially by 10% to $0.16 and decreased by 31% year-over-year, both amounts in line with historical trends. Our average price per megabit for our new customer contracts for the quarter was $0.07, sequential price per megabit decrease of 8% and 15% year-over-year.

關於定價的一些看法。我們已安裝用戶的平均每兆位元價格較上季下降 10% 至 0.16 美元，年減 31%，這兩個數字均符合歷史趨勢。本季新客戶合約的平均每兆位元價格為 0.07 美元，季減 8%，年減 15%。

Our ARPUs for the quarter were as follows. Our on-net ARPU was 515. Our off-net ARPU was 1,225. Our wavelength ARPU was 2,108. Our IPV4 ARPU was $0.31 per address for the quarter. Turn rates. Our on-net and off-net churn rates both improved marginally from last quarter. Our on-net unit churn rate was 1.3% compared to 1.4% last quarter and our off-net churn rate was 2.1%, slight improvement from 2.3% last quarter.

本季平均每用戶收入（ARPU）如下。我們的網內平均每用戶收入為 515。我們的網外平均每用戶收入為 1,225。我們的波長ARPU為2108。本季我們的IPv4 ARPU為每位址0.31美元。週轉率。我們的網內和網外客戶流失率均比上一季略有改善。我們的網內客戶流失率為 1.3%，而上一季為 1.4%；我們的網外客戶流失率為 2.1%，比上一季的 2.3% 略有改善。

Traffic. Our IP network traffic growth accelerated for the quarter. Our network traffic increased by 5% sequentially and year-over-year by 9%. Rep productivity metrics. Our rep productivity was 4.6% this quarter. It was 4.8% last quarter and 4.0 in the third quarter of last year.

交通。本季我們的IP網路流量成長加速。我們的網路流量較上季成長 5%，較去年同期成長 9%。代表生產力指標。本季我們的銷售代表生產效率為 4.6%。上季為 4.8%，去年第三季為 4.0%。

Foreign Exchange. Our revenue and earned outside of the US is about 20% of our revenues for the quarter. The average EUR to USD rate so far this quarter is [$1.16] and the Canadian dollar rate is $0.72. Using these average rates, we estimate that the FX conversion impact on our sequential quarterly revenues. Would be a negative 200,000 and the impact of the year-over-year quarterly revenues would be a positive $2.6 million.

外匯交易。我們在美國以外地區獲得的收入約佔本季總收入的 20%。本季迄今為止，歐元兌美元的平均匯率為 1.16 美元，加元兌美元的平均匯率為 0.72 美元。根據這些平均匯率，我們估計外匯兌換對我們季度環比營收的影響。這將造成 20 萬美元的虧損，但對上年同期季度營收的影響將是 260 萬美元的正成長。

We believe that our revenue and customer base is not highly concentrated. Our top 25 customers represented about 16% of our revenues for the quarter. CapEx and payments on capital leases, principal payments. Our cap declined by 35.5% sequentially and was $36.3 million this quarter, down $20 million from $56.2 million last quarter, and down $23 million or 38.8% decrease from the third quarter of last year.

我們認為我們的收入和客戶群並不高度集中。本季度，我們前 25 大客戶貢獻了我們約 16% 的營收。資本支出和融資租賃付款，本金付款。本季我們的資本額較上季下降了 35.5%，為 3,630 萬美元，比上季的 5,620 萬美元減少了 2,000 萬美元，比去年第三季減少了 2,300 萬美元，降幅達 38.8%。

Our principal payments on capital lease were $8.8 million this quarter, similar to $8.5 million last quarter. Some comments on debt and our debt ratios. Our total gross debt at par, including $601.8 million of finance lease obligations, was $2.3 billion at quarter end, and our net debt, total net debt of our cash and our $224.2 million due from T-Mobile was $1.9 billion.

本季我們在資本租賃方面的本金支付額為 880 萬美元，與上季的 850 萬美元相近。關於債務和我們的負債比率，我想說幾句。截至季末，我們的總債務（以面額計算，包括 6.018 億美元的融資租賃義務）為 23 億美元，淨債務（現金淨債務總額加上 T-Mobile 應付的 2.242 億美元）為 19 億美元。

Our leverage ratio as calculated under our more restrictive covenants on our unsecured $750 million 2027 notes indenture was 5.66 and our secured leverage ratio was 3.49. Our fixed coverage ratio was 2.62. The definition of consolidated cash flow under our $600 million secured 2032 notes indenture includes payments, cash payments under the IP Transit Services Agreement with T-Mobile in that definition and determination of consolidated cash flow, and those payments totaled $100 million for the last 12 months.

根據我們對 7.5 億美元 2027 年無擔保票據契約中更為嚴格的條款計算，我們的槓桿率為 5.66，有擔保票據的槓桿率為 3.49。我們的固定資產覆蓋率為 2.62。根據我們對 6 億美元 2032 年有擔保票據契約的定義，合併現金流包括付款，以及根據與 T-Mobile 簽訂的 IP Transit Services 協議支付的現金，這些付款在過去 12 個月內總計 1 億美元。

As a result, our leverage ratio as calculated under the $600 million, 2032 notes indenture was 4.39. Our secured leverage ratio was 2.7 and our fixed coverage ratio was 3.38. Lastly, some comments on bad debt and DSO. Our DSO improved.

因此，根據6億美元、2032年到期票據契約計算，我們的槓桿率為4.39。我們的擔保槓桿率為2.7，固定資產償付比率為3.38。最後，關於壞帳和應收帳款週轉天數（DSO）有一些說明。我們的DSO有所改善。

It was 30 days at quarter end compared to 31 days last quarter. Our bad debt expense was less than 1% of our revenues for the quarter. It did increase from Last quarter about $1.2 million which is not material, but it was only 0.5% of our revenues for the quarter.

本季末的工期為30天，而上一季為31天。本季壞帳支出不到收入的1%。雖然比上一季增加了約 120 萬美元，但這並不算多，而且僅占我們該季度收入的 0.5%。

Last quarter our bad debt expense was artificially low because we had some bad debt recoveries which helped our SG&A expenses, but overall, our target and our historical rate is 1% of revenues, and we are, our results are better than that historical rate.

上個季度，我們的壞帳支出被人為地壓低了，因為我們收回了一些壞賬，這有助於降低銷售、一般及行政費用。但總的來說，我們的目標和歷史比率是收入的 1%，而我們的業績比歷史比率要好。

And with that, I will turn the call back over to Dave.

接下來，我會把電話轉回給戴夫。

Thanks, Tad. I'd like to highlight just a couple of strengths around our network, customer base, and sales force. We continue to be beneficiaries of continued migration to over the top video, artificial intelligence activities, and various other streaming trends. At quarter end we were able to sell wavelength services and nearly 1,000 carrier neutral data centers with expedited delivery capabilities

謝謝你，塔德。我想重點介紹一下我們在網路、客戶群和銷售團隊方面的幾個優勢。我們持續受益於向OTT影片、人工智慧活動和其他各種串流趨勢的不斷遷移。季度末，我們成功售出了波長服務和近1000個具備快速交付能力的營運商中立資料中心。

At quarter end we sold IP services in a total of 1,872 data centers across the 57 countries and 302 markets in which we operate. At quarter's end we were directly connected to 8,043 networks, 22 of these networks represent peers, and 8,021 of these networks are in fact paying Cogent Transit costs.

截至季末，我們在我們營運的 57 個國家和 302 個市場的 1,872 個資料中心共售出了 IP 服務。截至季度末，我們直接連接到 8,043 個網絡，其中 22 個網絡代表對等網絡，而實際上有 8,021 個網絡正在支付 Cogent Transit 費用。

We continue to remain focused on improving the productivity of our sales force and managing out those reps that are underperforming. Our sales force turnover rate was 6.6% a month in the quarter, down from a peak of 8.7% during the height of the pandemic.

我們將繼續專注於提高銷售團隊的生產力，並淘汰那些業績不佳的銷售代表。本季我們的銷售團隊每月離職率為 6.6%，低於疫情高峰期的 8.7%。

It is, however, above our historical average turnover rate of 5.7% of the sales force per month. At quarter's end we had 617 quota bearing reps. Our sales force includes 294 sales professionals focused on the net centric market, 309 sales professionals focused on the corporate market, and 14 sales professionals focused on the enterprise market.

然而，這高於我們以往平均每月銷售人員流動率 5.7%。季度末，我們有 617 位完成配額的銷售代表。我們的銷售團隊包括 294 名專注於網路市場的銷售專業人員、309 名專注於企業市場的銷售專業人員和 14 名專注於大型企業的銷售專業人員。

We have modified our return of capital program allowing us to accelerate the pace of our delivery. We are actively working to monetize our acquired Sprint assets. Such as the data centers that we do not feel are core to our business and will allow us to further accelerate, that delevering and allow us to resume our return of capital to our equity holders.

我們調整了資本回報計劃，從而加快了交付速度。我們正積極努力將收購的Sprint資產變現。例如，我們認為並非我們業務核心的資料中心，將使我們能夠進一步加速去槓桿化，並恢復向股東返還資本。

We have effectively completed the integration of the former Sprint network and buildings into the cogent. Infrastructure and now we operate a single unified global network. We have completed the conversion of the Sprint facilities that we deemed appropriate to be converted to data centers, and as a result of this, we anticipate a continued reduced level of capital spending going forward.

我們已經有效地完成了原始 Sprint 網路和建築物與 coent 的整合。基礎設施建設，現在我們經營著一個統一的全球網路。我們已經完成了 Sprint 設施的改造，這些設施我們認為適合改造成資料中心，因此，我們預計未來資本支出水準將繼續降低。

We are optimistic and enthusiastic about our wavelength services business. While we have installed more wavelengths than customers have actually accepted, we are seeing changes in customer behavior and believe we will be able to accelerate the revenue recognition from these wavelengths.

我們對我們的波長服務業務充滿信心和熱情。雖然我們安裝的波長數量超過了客戶實際接受的數量，但我們看到客戶行為發生了變化，並相信我們將能夠加快這些波長的收入確認速度。

Services going forward, our wavelength services are differentiated by the quality and reliability, the uniqueness of the routes, the ubiquity of our footprint, and the speed at which we can install these services. Since our inception, we have built our business on offering superior services, expedited provisioning, and disruptive pricing. That is why Cogent is a market leader in the services we sell.

展望未來，我們的波長服務將以品質和可靠性、獨特的路由、廣泛的覆蓋範圍以及我們安裝這些服務的速度而脫穎而出。自成立以來，我們一直致力於提供卓越的服務、快速的交付和顛覆性的價格，並以此為基礎發展業務。正因如此，Cogent才能在我們所售服務領域成為市場領導者。

With that, I'd like to open the floor for questions.

接下來，我想接受大家的提問。

(Operator Instructions) Greg Williams, TD Cowen.

（操作說明）Greg Williams，TD Cowen。

Great, thanks for taking my question, Dave. First question is on the dividend cut. Do you see the company returning to a $4 dividend level as you reach that 4 times leverage, or would it sort of ramp up? And do you see it at that level, at some point in time, and I ask that because with your diminished ownership, just trying to understand if a sizable dividend is still part of the D&A of the stock.

太好了，謝謝你回答我的問題，戴夫。第一個問題是關於削減股息的。你認為當槓桿率達到 4 倍時，公司會恢復到每股 4 美元的股息水平，還是會逐步提高？您是否認為在某個時間點，股票價格會達到那個水準？我這樣問是因為，隨著您持股比例的降低，我只是想了解，可觀的股息是否仍然是股票折舊和攤提的一部分。

Second question is on the data center sale. Nice to see a couple sold here. Can you help us with the valuation? How much was it per megawatt? And when you think about the remaining 22 data centers or potential data centers, could they fetch similar evaluations, or did you just sell sort of the higher tier ones?

第二個問題是關於資料中心出售的。很高興看到這裡賣了兩套。您能幫我們進行估值嗎？每兆瓦多少錢？那麼，當你考慮剩下的 22 個資料中心或潛在資料中心時，它們能否獲得類似的估值，還是你只是賣掉了那些檔次較高的資料中心？

I know you said these one, these two were larger than the others, so wondering if that evaluation will be, sort of sustainable with the remaining, facilities. Thanks.

我知道你說過這兩個比其他的要大，所以我想知道，對於剩下的設施來說，這種評估是否具有可持續性。謝謝。

Yeah, sure, let me try to answer both of your excellent questions, Greg. First of all, on the reduction in the dividend. Till we reach a net leverage target of 4 times. This was not taken lightly. It was actively debated by the Board, and we weighed feedback from equity holders as well as feedback from bondholders, and we felt in aggregate this was the best strategy.

當然，格雷格，讓我來試著回答你們提出的這兩個非常好的問題。首先，關於減少股利的問題。直到我們達到 4 倍的淨槓桿目標。此事並未被輕視。董事會對此進行了積極討論，我們權衡了股權持有人和債券持有人的反饋意見，我們認為總體而言，這是最佳策略。

Two, once we have reached that target, we are committed to continuing to return capital to shareholders at a similar rate to what we were doing previously. What I cannot commit to is an exact restart where we left off on a per share per quarter rate.

第二，一旦我們達到該目標，我們將致力於繼續以與先前類似的速度向股東返還資本。我無法承諾的是，每股每季的利率會完全恢復到我們上次中斷時的水準。

We also may be more aggressive in doing buybacks than dividends, but our commitment is to return all surplus capital to shareholders beyond the capital that is needed to run the business, as you can see from our Accelerating rate of EBITDA growth that we will be able to deliver more rapidly now, and then continue that EBITDA growth to be able to return even larger amounts of capital per quarter to shareholders ultimately.

我們或許會在股票回購方面比分紅方面更加積極，但我們的承諾是，除了維持業務運營所需的資本外，將所有剩餘資本返還給股東。正如您從我們不斷加速的 EBITDA 成長率中所看到的，我們現在能夠更快地實現這一目標，然後繼續保持 EBITDA 的成長，最終能夠每個季度向股東返還更多資本。

Now with regard to the data center sales, we have a number of other LOIs in negotiations, we have, I think, groomed the pool of parties we're talking to only those that we feel comfortable can actually perform. The two facilities that have been agreed to are representative of the base.

關於資料中心銷售，我們還有一些意向書正在談判中。我認為，我們已經篩選出了我們正在洽談的各方，只與那些我們覺得能夠真正履行承諾的各方進行洽談。雙方商定的這兩個設施是該基地的代表性設施。

We are very pleased with the price per megawatt, and it is definitely within the range that we would have anticipated for the entire portfolio. However, I am not comfortable in disclosing that because that would then set a benchmark. For our other negotiations and in some cases, some of those negotiations are going to yield higher prices per megawatt.

我們對每兆瓦的價格非常滿意，這絕對在我們預期的整個投資組合的價格範圍內。但是，我不願透露這一點，因為那樣就設定了一個基準。至於我們的其他談判，在某些情況下，其中一些談判將會導致每兆瓦價格上漲。

Each facility is slightly different based on its size. Current power availability and potential for future power augmentations, so I'm reluctant to put an exact price per megawatt out into the market because then I'm locking, I think, the company into capping what we will receive on the other negotiations and at this time I expect at least some of the other facilities could potentially yield even higher prices per megawatt based on the unique characteristics of those facilities.

每個設施都因規模不同而略有差異。鑑於目前的電力供應情況以及未來電力成長的潛力，我不願向市場公佈每兆瓦的確切價格，因為那樣我認為會限制公司在其他談判中能獲得的收益上限。而且目前我預計，至少其他一些設施可能會根據其獨特的特點，帶來更高的每兆瓦價格。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

Great, thank you. Can you talk to us a little bit more about the run rate on the waves, you'd stated hitting a run rate of $20 million to $25 million, I think by year end. Just talk to us about that and then on the products you're selling, is it mostly 100 gig waves, any thoughts on your ability to capitalize on demand for 400 and 800 gig waves, with your current network. Thanks.

太好了，謝謝。能否再跟我們談談衝浪項目的獲利情況？您曾表示，到年底獲利將達到 2,000 萬至 2,500 萬美元。請您和我們談談這方面的情況，以及您銷售的產品，主要是 100 Gig 的波形嗎？您認為憑藉您目前的網絡，您有能力滿足 400 Gig 和 800 Gig 波形的需求嗎？謝謝。

Yeah, sure, Frank, and I'm going to actually take those in somewhat reverse order. We are capable today of selling 10, 100, and 400 across the entire footprint that we have outlined, while the equipment in our network can actually support 800 gig and even 1.6 terabit interfaces.

當然可以，弗蘭克，而且我實際上會以相反的順序來做這些。目前，我們有能力在已規劃的整個區域內銷售 10、100 和 400 台設備，而我們網路中的設備實際上可以支援 800 千兆甚至 1.6 太比特的介面。

Those interfaces for customers are not readily commercially available, and there really is no commercial market today for 800 gig, but our network at all sites will be capable all the way up to 1.6 terabits per wave as that market develops.

這些面向客戶的介面目前還沒有商業化供應，而且如今 800 千兆網路也沒有真正的商業市場，但隨著市場的發展，我們所有站點的網路都將能夠達到每波 1.6 太比特的速度。

In terms of the mix today, roughly 79% of our wave sales have been at 100 gig. That is very different than the aggregate market which is today dominated by 10 gig wavelengths and there is a Product rotation that is ongoing across the industry where customers who had previously had 10 gig waves are now migrating to 100 and then there is further migration from 100 to 400 gig waves.

就目前的銷售情況而言，我們大約 79% 的 Wave 銷售量都是 100 Gig。這與目前以 10 吉波長為主導的整體市場截然不同，整個產業正在進行產品輪換，以前擁有 10 吉波長的客戶現在正在遷移到 100 吉波長，然後又有從 100 吉波長進一步遷移到 400 吉波長的情況。

Today, just under 10% of our sales have been at 400 gig, but we expect that to continue to accelerate. We have the capability to provide any to any data center connectivity. I know you wrote an extensive research piece on the total market for wavelengths. While we conserve the long haul, the regional, and the metro market, our greatest competitive strength is in the long-haul market because of the uniqueness of our routes, but we will be able to sell.

目前，400G 格式的銷售額僅占我們總銷售額的不到 10%，但我們預計這一比例將繼續加速成長。我們有能力提供任意資料中心之間的連結。我知道你曾撰寫過一篇關於波長整體市場的詳盡研究報告。雖然我們保住了長途、區域和城市市場，但由於我們路線的獨特性，我們在長途市場擁有最大的競爭優勢，但我們仍然能夠銷售。

A wavelength product that will include both metro and regional as well as the long haul in a single unified product which gives us a large addressable market. Now, with regard to the acceleration in wavelength sales, we are continuing to build a funnel. We installed more wavelengths this quarter than the previous quarter and expect that trend to continue.

一款波長產品，將涵蓋城域、區域以及長途傳輸，整合到一個統一的產品中，這將為我們帶來巨大的潛在市場。現在，關於波長銷售的加速成長，我們正在繼續建立銷售管道。本季我們安裝的波長數量比上一季更多，預計這一趨勢還會持續。

As I commented in my prepared remarks, we have still installed more wavelengths than customers have accepted. We are actually encouraged by the fact that there's been a competitive response by other providers in the market to shorten their provisioning windows. That may sound counterintuitive, but it's actually helping us condition customers to take wavelengths as quickly as we can provision them.

正如我在事先準備好的發言稿中提到的，我們安裝的波長數量仍然超過了客戶接受的數量。實際上，我們感到鼓舞的是，市場上其他供應商也採取了競爭性措施，縮短了服務交付週期。這聽起來可能與直覺相悖，但實際上這有助於我們引導客戶盡快接受我們所能提供的波長。

Now with regard to our exit run rate, it is highly dependent on customers' acceptance. To just clarify, we had talked about a monthly exit run rate at the end of Q4 that would get us to a quarterly rate of $20 million to $25 million.

至於我們的退出率，這很大程度取決於客戶的接受程度。澄清一下，我們之前討論過，在第四季度末，每月退出運行率將使我們的季度運行率達到 2000 萬美元至 2500 萬美元。

It is extremely dependent on the customer's acceptance of the waves that we have installed, at this point we don't have enough visibility sitting here the first week in November to absolutely say that the backlog that we have installed will actually be accepted by year end, but we are hopeful.

這很大程度取決於客戶對我們已安裝波浪的接受程度。目前，在 11 月的第一周，我們還沒有足夠的資訊來絕對地說，我們已安裝的積壓訂單到年底是否真的會被接受，但我們抱有希望。

Hopefully that answered all your questions, Frank.

希望這能解答你所有的問題，弗蘭克。

Okay great and are you still confident in your long-term, goal of wavelength revenue on an annual basis?

好的，太好了。您仍然對每年波長收入的長期目標有信心嗎？

Yeah, we absolutely believe that we will capture 25% of the addressable market. And while the entire North American addressable market is $3.5 billion today and growing because of AI demand, we feel that the $2 billion which represents the long haul portion of the market. Is where we have the greatest competitive advantage and we should be able to capture 25% of that or a $500 million run rate.

是的，我們絕對相信我們能夠佔據25%的目標市場。雖然目前整個北美潛在市場規模為 35 億美元，並且由於人工智慧的需求而不斷增長，但我們認為其中 20 億美元代表了市場的長期發展部分。這是我們擁有最大競爭優勢的地方，我們應該能夠獲得其中 25% 的份額，也就是 5 億美元的年收入。

Walter Piecyk, LightShed Ventures.

Walter Piecyk，LightShed Ventures。

It's [Piecyk] and LightShed partners in this particular role, as Dave, just on the wavelength, so the $20 million run rate, I think you talked about last quarter exiting the year, or maybe I missed it when you were just responding or is that.

是 [Piecyk] 和 LightShed 的合作夥伴在這個特定角色中，就像 Dave 一樣，我們很合拍，所以 2000 萬美元的年化收入，我想你上個季度在年底的時候談到過，或者我可能錯過了你剛才的回复，或者就是那個。

Are you expecting to hit that? And I think there was some maybe a little confusion last quarter whether that doesn't necessarily imply $20 million for the quarter, just the run rate that you're exiting as of December 31.

你期望達到那個目標嗎？我認為上個季度可能存在一些誤解，這並不一定意味著該季度收入為 2000 萬美元，而只是截至 12 月 31 日的運行率。

I'll take those again in reverse order, to be clear, and I thought I was clear enough both on the call and in subsequent conversations. It was a monthly run rate that would get us there, so not a revenue run rate for the full quarter, but an exit run rate.

為了說清楚，我再倒序地重複一遍，而且我認為我在電話會議和隨後的談話中都表達得足夠清楚了。實現這一目標需要的是一個月度運行率，而不是整個季度的收入運行率，而是最終的運行率。

And then two, just reiterating what I said in answering Frank's question to the first part of your question. While we will install enough wavelengths to hit that target, I am not today confident enough that the customers will accept them, and we can start recognizing that revenue, although.

第二，我重申我在回答法蘭克的問題時所說的內容，作為對你問題第一部分的回應。雖然我們將安裝足夠的波長以達到該目標，但我目前還沒有足夠的信心客戶會接受它們，我們也能開始確認收入。

Even for the $20 million run rate, yeah, I understand. Got it.

即使是 2000 萬美元的年收入，是的，我能理解。知道了。

Okay, I understand, and we are encouraged by the fact that the GAAP between installation and acceptance is shrinking.

好的，我明白了，而且我們感到鼓舞的是，安裝和驗收之間的公認會計原則（GAAP）正在縮短。

Got it. There's been some, I mean, over the course of the quarter since you had to sell your shares, there's been some conversation about, how you get re-upped and how that process works and obviously you cut the dividend today which probably is going to have an impact on the stock which would present an attractive entry point.

知道了。我的意思是，自從你必須出售股票以來，本季以來，一直有一些關於如何續約以及續約流程如何運作的討論，顯然你今天削減了股息，這可能會對股票產生影響，從而提供一個有吸引力的買點。

Although from a shareholder perspective there might be questions about that, like if the board re-ups you after driving the stock down, is there any discussion in terms of your additional stock getting tied to perhaps the $500 million wavelength target that you have set out for the middle of 2028, or should we expect the board just to re-up you at this depressed level in the stock?

雖然從股東的角度來看，可能會有一些疑問，例如，如果董事會在股價下跌後重新授予你股份，那麼是否會討論將你獲得的額外股份與你設定的 2028 年年中 5 億美元的波長目標掛鉤，還是我們應該預期董事會會在股價目前低迷的情況下重新授予你股份？

So those are ongoing discussions. I am committed to Cogent and currently do not have a contract that will extend beyond the end of the year, but I am in discussions with the compensation committee and then ultimately the entire Board around that. The exact form of those incentives will be based on a number of operational metrics as they've been in the past.

所以這些都是正在進行的討論。我忠於 Cogent 公司，目前我的合約不會延續到年底，但我正在與薪酬委員會討論此事，最終會與整個董事會進行討論。這些激勵措施的具體形式將與以往一樣，基於一系列營運指標。

And just to remind you that, many management teams set the bar low, so they always hit the performance targets. In my case, I have been in multiple instances forfeiting shares because those targets had not been met and you know the exact nature of how that program will be put in place is just still an ongoing discussion.

還有一點要提醒大家，很多管理團隊為了達成績效目標，會把標準定得很低。就我而言，我曾多次因業績目標未達標而放棄股份，而你也知道，該計劃的具體實施方式目前仍在討論中。

Okay, I think you understand maybe the perception issues, if it's an end of the year thing not tied to future numbers, but again that's for the board to decide. Dave, I just, I want to go back to kind of our core here for what used to be the core. Obviously wavelength is kind of a new growth opportunity and.

好的，我想你可能理解其中的認知問題，如果這只是年底的事情，與未來的數字無關，但這仍然需要董事會來決定。戴夫，我只是想回到我們這裡的核心，回到過去的核心。顯然，波長是一種新的成長機會。

Maybe IP addresses and data centers, in corporate I saw on Bloomberg that in New York like vacancies were like at an all-time low compared to COVID. I realized there's some Sprint trimming and there's some, whatever, not on that stuff that's trimming, but 10% growth in corporate.

或許是 IP 位址和資料中心的問題，我在彭博社上看到，紐約的企業空缺職位數量與新冠疫情期間相比處於歷史最低水平。我意識到 Sprint 正在進行一些裁員，還有一些，不管怎樣，不是那些裁員的事情，而是公司 10% 的成長。

Like why is that still happening and when can that, invert or at least stop declining?

為什麼這種情況還在發生？什麼時候才能扭轉局面，或至少停止下滑？

So our off-net corporate business declined $7.1 million on a quarter over quarter basis. The vast majority of that was acquired Sprint off-net corporate customers. The underlying cogent corporate on net business is growing in low single-digits, roughly about 3%. That is clearly not where we were pre-pandemic when that segment of our business was growing at nearly 11%, but it is a recovery from the low point.

因此，我們的非淨企業業務環比下降了 710 萬美元。其中絕大部分是收購的 Sprint 非網內企業客戶。基本面良好的企業淨業務成長速度為個位數低段，約 3%。這顯然與我們疫情前的情況不同，當時我們這部分業務的成長率接近 11%，但這已經是從低谷中復甦了。

In the Sprint customer base, we acquired a mix of corporate and enterprise customers, virtually no net centric customers, and virtually all of that business was off-net. We have been aggressively managing out less profitable revenue. It's how we've been able to grow margins even though we have had topline declines that continued this quarter. And we'll continue.

在 Sprint 的客戶群中，我們獲得了企業客戶和公司客戶的混合體，幾乎沒有以網路為中心的客戶，而且幾乎所有業務都是網外業務。我們一直在積極削減利潤較低的收入。正因如此，即使本季營收持續下滑，我們仍能實現利潤率成長。我們將繼續。

There is probably some customer circuits that we lose that we wish we didn't lose because the customer has 5 locations, 3 of which are gross margin negative, and we either raise prices or ask them to turn those services off. They may also turn off the 2 locations that are acceptable margin, and we would like to keep. The $7.1 million corporate off-net decline sequentially was greater than we had anticipated.

我們可能會失去一些我們不希望失去的客戶線路，因為該客戶有 5 個地點，其中 3 個地點的毛利率為負，我們要么提高價格，要么要求他們關閉這些服務。他們也可能關閉利潤空間尚可接受的 2 個地點，而我們希望保留這些地點。企業非淨利潤季減 710 萬美元，比我們預期的還要大。

In aggregate, since we have acquired Sprint, the rate of revenue decline has been over double what it was going into the acquisition because of this intentional grooming. We are near the end of what we can groom the non-core revenue decline sequentially of $1.3 million. If we declined at that rate again, we'd have negative revenue. There's only $1.4 million left. Yeah, it's all gone.

總體而言，自從我們收購 Sprint 以來，由於這種有意為之的引導，收入下降速度已經超過了收購前的兩倍。我們即將完成非核心營收季減 130 萬美元的調整。如果我們再次以同樣的速度下滑，我們將出現負收入。只剩下140萬美元了。是的，全都沒了。

And I think this is helping us drive margin expansion.

我認為這有助於我們擴大利潤率。

If I could just sneak one last one in Dave on the data centres' LOI on the announcement, what type of due diligence, do they have left, and I assume there's some taxation on that or maybe you have some, I guess you don't have NOLs, right? You've been given cash back through the dividends, but.

Dave，如果我能再偷偷問最後一個問題，關於資料中心的意向書公告，他們還剩下哪些盡職調查工作？我猜這其中會有一些稅收，或者你們有一些，我想你們應該沒有淨經營虧損，對吧？您已通過股息獲得了現金返還，但是。

Yeah, just on the due diligence, what do they have to do? What are the, what's our risk that it doesn't, get finalized.

是的，就盡職調查而言，他們需要做什麼？如果最後無法敲定，我們面臨的風險是什麼？

So there is a detailed list of diligence items. They have third-party consultants verifying the data that we have provided them inclusive of third parties going and doing site inspections. Probably the most important of those diligent items is actually the verification from the utility of what the utility has verified to us in terms of serving power availability because these facilities have been effectively dormant for close to a decade.

因此，這裡有一份詳細的盡職調查項目清單。他們聘請了第三方顧問來核實我們提供的數據，包括第三方人員到現場進行考察。在這些認真核查事項中，最重要的或許是電力公司向我們提供的電力供應情況的核實，因為這些設施實際上已經閒置了近十年。

We initially before we spent the capital, reached out to each of the serving utilities and confirmed that if we spent the capital that the power would be available. We got those affirmations and the counterparties that are acquiring these facilities are doing that same utility verification.

在投入資金之前，我們先聯繫了每家供電公司，確認如果我們投入資金，電力供應就能得到保障。我們已經獲得了這些確認，而收購這些設施的交易對手也在進行同樣的效用驗證。

That's probably the most important point. And then in terms of taxes, you are correct, Walt, we have very few usable NOLs left. While we have a significant number of NOLs, they are mostly outside of the US and there is virtually no tax basis in these facilities other than the capital that we have spent to modernize them and because of bonus depreciation. We have very little basis in these facilities.

這或許是最重要的一點。至於稅收方面，沃爾特，你說得對，我們剩下的可用淨營業虧損已經非常少了。雖然我們有大量的淨經營虧損，但它們大多位於美國境外，而且除了我們為現代化改造而投入的資本以及額外折舊之外，這些設施幾乎沒有任何稅基。我們對這些設施的了解非常有限。

So what's the tax rate on that just like 20%, 30%, 40%? What is it?

那麼稅率是多少呢？例如 20%、30% 還是 40%？那是什麼？

Well, company tax rate is 25% effective income tax rate.

公司稅率為25%，實際所得稅率為25%。

Yeah, that's even on (multiple speaker).

是的，那甚至還在（多人發言）

Sales like that, yeah, okay.

這樣的銷售業績，嗯，可以。

Yeah, that's federal and state, local, that's right (multiple speaker).

是的，包括聯邦、州和地方政府，沒錯。（多人發言）

But with bonus depreciation going forward, we do not expect even if, this closes with the $144 million that we would have a material income tax liability.

但考慮到未來會有額外折舊，即使最終成交價為 1.44 億美元，我們也不認為會產生重大的所得稅負債。

Because we have the bonus depreciation right with the tax bill.

因為我們的稅單包含了額外的折舊。

Chris Schoell, UBS Financial.

Chris Schoell，瑞銀金融。

Great, thank you. Maybe just to follow-up on the wave competition you've talked about a mix of market concentration, route diversity, and faster provisioning driving your competitive edge with Lumen enhancing its provisioning timelines and expanding its wave network. Is this taking away from your edge and has it had any ability, impact on your ability to scale so far? Thanks.

太好了，謝謝。或許可以接著您之前提到的波浪式網路競爭，市場集中度、路由多樣性和更快的配置速度共同推動了您的競爭優勢，而 Lumen 則透過提高配置速度和擴展其波浪式網路來實現這一目標。這是否削弱了你的優勢？它是否對你目前的擴張能力產生了任何影響？謝謝。

So, thanks for the question, Chris. So the answer is not yet, but we're only 1.5% of the addressable market today, and Lumen is the dominant player. Our largest competitive advantages actually come from the route diversity that we offer and the reliability of our network vis-a-vis others.

謝謝你的提問，克里斯。所以答案是還沒有，但我們目前只佔潛在市場的 1.5%，而 Lumen 是市場主導者。實際上，我們最大的競爭優勢來自於我們提供的路線多樣性以及我們網路相對於其他營運商的可靠性。

It is hard to count that as a competitive advantage until you actually have installed customers. So in kind of a Early deployment, we had to focus on things such as provisioning speed and ubiquity of footprint. We still have over 3 times as many data centers as Lumen that we can connect and provision in.

在真正擁有安裝客戶之前，很難將其視為競爭優勢。因此，在早期部署階段，我們必須專注於配置速度和覆蓋範圍等問題。我們擁有的資料中心數量仍然是 Lumen 的三倍多，我們可以連接和配置這些資料中心。

What they are alleging their improved provisioning times are and a subset of their data centers, but what they don't have is the uniqueness of footprint that we got from Sprint and the fact that the Sprint network was deployed with a much deeper (inaudible) cable that has been cut much less frequently, therefore resulting in higher reliability, better throughput, and ultimately less future cuts going forward.

他們聲稱改進的配置時間以及部分資料中心，但他們沒有的是我們從 Sprint 獲得的獨特網路覆蓋範圍，以及 Sprint 網路部署了更深的（聽不清）電纜，這種電纜被切斷的頻率要低得多，因此可靠性更高，吞吐量更好，最終減少了未來被切斷的情況。

We monitor the cut activity on a per kilometre basis versus the fiber that we have bought through IRUs. We have bought fiber now from 378 different suppliers around the world, roughly [124,000] route miles of IRU fiber and across that footprint, the frequency of fiber cuts from IRU fiber, I'm not calling out Lumen specifically.

我們以每公里為單位監測切割活動，並將其與我們透過 IRU 購買的光纖進行比較。我們現在已經從世界各地 378 個不同的供應商購買了光纖，大約 124,000 英里的 IRU 光纖，並且在這一範圍內，IRU 光纖被切斷的頻率很高，我並不是特指 Lumen。

But across the entire base is 7 times that of what we experience on the Sprint network, and I think that will ultimately be probably our biggest long-term competitive advantage other than pricing, but we feel very comfortable that we're going to continue to gain market share.

但就整個基數而言，我們的流量是 Sprint 網路流量的 7 倍，我認為這最終可能會成為我們除價格之外最大的長期競爭優勢，但我們非常有信心能夠繼續擴大市場份額。

Got it. Thank you. If I just sit in one more, you still sit on a large portfolio of unleased IPV4 addresses. Can you just help us think through why not sell these excess addresses and accelerate the pace of delevering? And I appreciate that the data centers required investment and due diligence, but would selling this excess inventory be a simple and faster process?

知道了。謝謝。如果我再佔用一個位址，你仍然擁有大量未出租的 IPv4 位址。您能否幫我們思考一下，為什麼不出售這些多餘的地址，加快去槓桿化的步伐？我知道資料中心需要投資和盡職調查，但是出售這些過剩庫存會不會是一個更簡單快速的過程呢？

So it would, however, two points. The first one is we have modified our strategy on leasing that saw a material acceleration in our leasing revenue from these addresses. We had previously not leased out addresses, allowing the counterparty to sublease them.

所以，這會帶來兩分。首先，我們調整了租賃策略，這些地址的租賃收入實現了實質成長。我們之前沒有出租過地址，而是允許交易對手轉租。

We removed that restriction last quarter and entered into one large wholesale leasing agreement, kind of mid-quarter that was partially reflected in our revenue and we have a second one of those agreements in place today. We think that's a significant additional addressable market.

我們上個季度取消了該限制，並在季度中期簽訂了一項大型批發租賃協議，該協議已部分反映在我們的收入中，而我們目前還有第二項類似的協議正在實施中。我們認為這是一個巨大的潛在市場。

And while it does yield a lower revenue per address per month, it does allow us to deplete the unleashed inventory much more rapidly than through our direct sales efforts by going through these brokerage or wholesale type counterparties. We then can use that revenue to raise ABS capital at very attractive rates.

雖然這種方式每月每個地址的收入較低，但它使我們能夠透過這些經紀或批發類型的交易對手，比直接銷售更快地消耗掉釋放出來的庫存。然後我們可以利用這些收入以非常優惠的利率籌集資產支持證券資本。

And the alternative would be an outright sale which to Walt's point would have tax consequences because we have no basis in these, but also the market for these addresses has softened on a sale basis because the two largest buyers in the market have not been active buyers in the past 24 months, and as a result of that, while there is a broad market.

另一種選擇是直接出售，正如沃爾特所說，這將產生稅務後果，因為我們沒有這些房產的產權基礎，而且這些地址的出售市場已經疲軟，因為市場上最大的兩個買家在過去 24 個月裡都沒有積極購買，因此，儘管市場依然廣闊。

I'm not sure the market is deep enough to absorb the type of volume that we would bring to market. So I think our leasing strategy at this point is the best way for us to generate cash and provide incremental financial flexibility.

我不確定市場是否夠深厚，能夠消化我們投放市場的數量。所以我認為，現階段我們的租賃策略是我們產生現金流並提供逐步增加的財務靈活性的最佳方式。

Nicholas Del Deo, Moffettnathanson.

Nicholas Del Deo，Moffettnathanson。

Hey, morning, Dave. Thanks for taking my questions. First regarding wavelengths, I think in your remarks you said that you know you installed more than have been accepted by customers and you're observing changes in customer behavior and you're confident that you will accelerate the revenue recognition from waves. I guess can you expand on those comments a bit and as part of that perhaps share the number of provisions but not yet build waves that you have to give folks comfort in the outlook you've shared.

嘿，早上好，戴夫。謝謝您回答我的問題。首先關於波長，我認為您在發言中提到，您知道您安裝的數量超過了客戶接受的數量，並且您正在觀察客戶行為的變化，您有信心加快波長帶來的收入確認。我想請您進一步闡述這些評論，並在此基礎上分享一下具體的措施數量，但不要過早地製造輿論風暴，以免讓人們對您分享的觀點感到安心。

Yeah, sure. Nick, first of all, thanks for the questions. Let me start with the change in behavior. With our competitors offering accelerated provisioning, we are seeing customers now ordering waves with the expectation that they'll be delivered in a shorter window.

當然可以。尼克，首先感謝你的提問。讓我先從行為改變說起。由於競爭對手提供加速供貨服務，我們看到客戶現在大量訂購產品，並期望在更短的時間內交付。

Now some of that could be the confidence that we're building with that customer based on our existing installed track record. Some of it could be the belief that the industry is changing. It's hard for us to disaggregate that in terms of install but not build. It's several 100 waves that are in place today sitting there waiting for customers to accept them.

其中一些可能是我們基於現有安裝業績記錄而與客戶建立的信任。部分原因可能是人們認為產業正在改變。我們很難將其分解為安裝但不建造。目前已有數百個波浪裝置準備就緒，等待顧客接受。

And you know with IP services we do have a mechanism where we require the customer to start paying even whether they have affirmatively accepted or not. We are still probably several quarters away from implementing that same.

你知道，對於 IP 服務，我們確實有一個機制，要求客戶無論是否明確接受，都必須開始付費。我們距離真正實現這一點可能還需要幾個季度的時間。

Policy to our wavelength products. We are a new entrant. We have 1.5% market share and what we don't want to do is alienate customers through forced billing that would then preclude them from giving us the opportunity to bid on a greater percentage of their wavelength demand.

針對我們波長產品的政策。我們是新入行者。我們擁有 1.5% 的市場份額，我們不想透過強制收費來疏遠客戶，因為這會讓他們失去給我們機會去競標他們更大比例的波長需求。

The other thing that has been encouraging to us has been the fact that customers increasingly are choosing us because of the uniqueness of the route. It's something we expected, but until we had a, large enough base, a couple of 1,000 waves installed, we needed to really hear from the customers why they're buying.

令我們感到鼓舞的另一件事是，越來越多的客戶因為我們路線的獨特性而選擇我們。這是我們預料之中的，但在我們擁有足夠大的用戶基礎，安裝了數千台波浪設備之前，我們需要真正了解客戶購買的原因。

And while the city pairs are available from any of our competitors, the actual routes that we're on in most instances, there is no other provider on those routes, and that has turned into I think in many ways today our most significant advantage and I think longer-term, I think the greatest advantage that we're going to have is just demonstrating to customers the infrequency of cuts on our network versus the networks that they're more accustomed to.

雖然我們的競爭對手也提供這些城市對的線路，但在大多數情況下，我們實際運營的線路上沒有其他運營商，我認為這在很多方面已經成為我們今天最重要的優勢，而且我認為從長遠來看，我們最大的優勢在於向客戶展示我們網絡中斷的頻率遠低於他們更習慣的網絡。

So the measure of quality is multidimensional. I think we're trying to win in every one of those dimensions.

因此，品質的衡量標準是多維度的。我認為我們力求在所有這些方面都取得勝利。

Okay, that, that's helpful color, Dave. Thanks. You kind of, along those lines, the backlog was up. It wasn't up a ton. I guess to what degree is that a function of demand or you know how focused you are with certain customers for sales versus the dynamic you described where customers are ordering closer to when they need the waves because they understand that they'll be provisioned relatively quickly.

好的，這個顏色很有幫助，戴夫。謝謝。從某種意義上說，積壓的工作量增加了。漲幅不大。我想，這在多大程度上取決於需求，或者你知道你有多專注於某些客戶的銷售，而不是你所描述的那種客戶會在需要產品的時候才下單，因為他們知道產品會相對快速地供應。

It's a little hard again to disaggregate, what's driving customer behavior. I also think we have really tried to discipline the sales team around Trying to sign orders that will install more quickly. We fully recognize that; we can't go on continuously installing more than we recognize revenue for.

要進一步分析影響客戶行為的因素，還是有點困難。我也認為我們已經努力規範銷售團隊的工作，讓他們盡量簽訂能夠更快安裝的訂單。我們完全認識到這一點；我們不能一直持續安裝超出我們確認收入的項目。

And while the sales rep does not get paid a commission until the service is installed, we've put some additional incentives in place to help them drive customers that will accept quickly, it'll take, several months for all these programs to kind of play out.

雖然銷售代表只有在服務安裝完畢後才能獲得佣金，但我們已經制定了一些額外的激勵措施來幫助他們吸引那些能夠快速接受這些措施的客戶，所有這些計劃的實施需要幾個月的時間。

And just to clarify that the commission is paid when billing starts, that's not on installation, so they get paid when we get paid.

需要澄清的是，佣金是在開始計費時支付的，而不是在安裝時支付的，所以他們會在我們收到款項時收到款項。

All right, that sounds good. And can I, sorry, can I slip in one last question on a different topic? Dave, you alluded to this in your prepared remarks, about the inflection to positive revenue growth in mid Q3. I guess it wasn't obvious if that happened in September versus, August, but I guess more importantly, should we expect full quarter revenue growth Q4 versus Q3?

好的，聽起來不錯。不好意思，我可以再問一個關於另一個話題的問題嗎？戴夫，你在事先準備好的發言稿中也提到了這一點，即第三季中期收入成長出現轉機。我猜想，9 月和 8 月的情況是否相同可能並不明顯，但更重要的是，我們是否應該預期第四季的營收會比第三季有所成長？

I believe we will see positive revenue growth. It did happen late in the quarter, and the one caveat to that, and we did see more off-net corporate churn in the quarter than we anticipated. Some of it was collateral damage to other services that we terminated intentionally. I think that's behind us and we do anticipate returning to aggregate positive growth.

我相信我們會看到營收成長。這件事確實發生在季度末，但需要注意的是，我們本季看到的非淨企業流失率比我們預期的要高。其中一些損失是對我們有意終止的其他服務的附帶損害。我認為那段時期已經過去，我們預期整體成長將恢復正成長。

Okay, and non-core revenue is now down to $1.4 million.

好的，非核心收入現在下降到 140 萬美元。

Yeah, we can't lose another $1.3 million sequentially if there's only 1.4 total left. So we've got some things, and we don't anticipate the incremental headwind from USF as well. So I think there were just a confluence of things this quarter, whether it be late. Inflection towards the end of the quarter and these additional headwinds, but we are on a trajectory to total top-line growth.

是的，如果總共只剩下 140 萬美元，我們就不能再連續損失 130 萬美元了。所以我們掌握了一些信息，而且我們預計不會再受到來自南佛羅裡達大學的額外阻力。所以我覺得這季各種因素交織在一起，不管是不是因為時間太晚。儘管本季末出現了拐點，並且面臨這些額外的不利因素，但我們仍有望實現總營收成長。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Thanks, and good morning. It's just maybe. A few follow-ups, first, can you share if you go by your segments, corporate, net centric, etc. Enterprise, can you share how much of the legacy revenue subject to churn. Is left and I'll have a few other follow-ups if you if you don't mind afterwards, so we just think about like what the remaining pressure is in each of the pieces including even in that $1.4 million left of non-core.

謝謝，早安。或許吧。首先，還有幾個後續問題，您能否分享一下，如果您按細分市場（例如企業、網路中心等）劃分，對於企業級客戶，您能否分享一下有多少傳統收入會受到客戶流失的影響？還剩下一些，如果你不介意的話，之後我還會跟進一些其他問題，所以我們現在要考慮的是，每個部分還有哪些剩餘的壓力，甚至包括剩餘的 140 萬美元非核心部分。

Yeah, so, there was virtually no net centric revenue acquired from Sprint. The vast majority of the revenue was enterprise, and a smaller percentage, but not immaterial, was corporate. The aggregate rate of decline of acquired Sprint revenue has been nearly 24% annually.

是的，所以，幾乎沒有從 Sprint 獲得任何以網路為中心的收入。絕大部分收入來自企業，公司收入佔比較小，但也不容忽視。收購的 Sprint 收入總下降率接近每年 24%​​。

It was 10.6%. Average negative decline for the three years prior. We have groomed virtually everything we want to groom. What we don't have visibility to perfectly is for the business that is left from those customers, which we're happy with and the customers are still using, how much of those.

是10.6%。過去三年平均為負下降。我們幾乎已經修剪了所有我們想修剪的東西。我們無法完全了解的是，那些我們滿意且客戶仍在使用的業務，究竟有多少是來自這些客戶。

Services will still turn off because the customer had other services that they wanted to keep with us that we could not keep, of the non-core revenue, it's down to $1.4 million. It's probably 80% of it still left is ex sprint. I'm not going to say there was zero cogent Encore. It was very small pre-acquisition, but yeah, it was probably a couple 100,000.

部分服務仍將關閉，因為客戶希望保留我們其他服務，但我們無法保留這些服務，非核心收入已降至 140 萬美元。可能還有 80% 是前 Sprint 成員。我不會說完全沒有精彩的返場表演。收購前規模很小，但沒錯，大概也就幾十萬吧。

And then in the corporate off-net segment, there still remains some Sprint revenue and 100% of the enterprise revenues which represent, about 15% of our revenues are still from the enterprise customer base.

此外，在企業非網內業務領域，Sprint 仍貢獻了一些收入，而企業收入（約占我們收入的 15%）仍來自企業客戶群。

Hey, so maybe, secondly, you talked about the wave business in terms of the different dynamics of 10, 100, 400. What are the two differentials between these different points as the mix shifts more towards 100 and 400 and maybe more over time?

嘿，所以，其次，你談到了波浪業務，從 10、100、400 的不同動態角度來看。隨著成分逐漸向 100 和 400 轉變，甚至隨著時間的推移，這兩個不同點之間的差異是什麼？

Yeah, so the ARPUs are determined by three inputs the physical length of the path, the size of the wave, and the duration of the contract. Kind of the range across all three of those metrics goes from about $500 a wave to about $8000 a wave. Our ARPU in the most recent quarter was $2,108.

是的，ARPU（每位使用者平均收入）由三個輸入決定：路徑的物理長度、波的大小和合約的持續時間。這三項指標的範圍大致在每浪 500 美元到 8,000 美元之間。我們最近一個季度的平均每用戶收入 (ARPU) 為 2,108 美元。

I'll just pick kind of a typical, say 1,500-mile wave. If you did that at a 10-gig rate, it would probably be $600 to $700. At a 100-gig rate it would probably be $161,700 and if it's a 400-gig wave it would probably be somewhere around $4000. So that just gives you a sense, but it's a little hard to answer it exactly because you've got to look at all three inputs on a wave-by-wave basis to get to exact pricing.

我隨便選一個比較典型的，比如說1500英里的波浪。如果以 10G 的費率計算，費用大概是 600 到 700 美元。如果以 100G 的速率計算，費用可能為 161,700 美元；如果以 400G 的速率計算，費用可能在 4000 美元左右。這只是給你一個大概的了解，但很難給出確切的答案，因為你必須逐波查看所有三個輸入才能得出準確的價格。

That context is really helpful and maybe just one more going back to the dividend cut and then pausing the buyback simultaneously. Can you give us a little bit more insight into the conversations that changed at the board level where you know if you look at the variances in financials in the quarter versus the severity of the action that you're taking on capital allocation.

這個背景資訊很有幫助，或許可以再補充一點，那就是削減股利並同時暫停股票回購。您能否更深入地介紹一下董事會層級所發生的對話變化？您知道，如果看一下季度財務數據的差異，以及您在資本配置方面採取的行動的力度，就會發現這一點。

Can you give us maybe a list maybe in order of importance to the board of what really changed and over the time frame. That these conversations really accelerated. Thank you.

能否請您列出一份清單，並依董事會重視程度排序，說明在特定時間內發生了哪些真正的改變？這些對話確實加速進行了。謝謝。

Yeah, so two very different timelines. The first one is on the reduction in the dividend. We have a very specific target before we re-accelerate the dividend, and that is a leverage target for the buybacks. We view those as more episodic. They have been temporarily paused, but they are not necessarily tied to the same endpoint.

是的，這是兩條截然不同的時間線。第一個問題是減少股利。在重新加速派發股利之前，我們有一個非常具體的目標，那就是股票回購的槓桿目標。我們認為這些更像是偶發事件。它們已被暫時暫停，但它們不一定與同一終點相關聯。

The second point and maybe the more important one that you asked is what changed, and I would say the Two inputs that the board looked at from two different capital markets weighed heavily on their decision. They looked at the trading of our secured bonds and the fact that they had traded off to about 96. And they were concerned that those bondholders were concerned with aggregate leverage.

你問的第二個問題，也許也是更重要的問題，又是什麼改變了？我認為，董事會從兩個不同的資本市場獲得的兩份意見對他們的決定產生了重大影響。他們查看了我們擔保債券的交易情況，發現它們已經跌至大約 96。他們擔心這些債券持有人會擔心總槓桿率。

The unsecured bonds continue to trade above 99, like 99.5, and we viewed that as a less relevant input because of the short duration, but because the secured debt at a seven-year maturity. I think the sell-off in those bonds really had the Board focused on that constituency in our capital sack as part of their decision process.

無擔保債券繼續在 99 以上交易，例如 99.5，我們認為由於期限較短，這是一個不太相關的輸入，但有擔保債務的期限為七年。我認為，這些債券的拋售確實讓董事會在決策過程中更加關注我們資本金庫中的這一部分。

I think the second thing that the Board looked at was the violent reaction of the stock last quarter to my forced sales. Now, ultimately, the stock recovered for the most part. But there was a clear decoupling of the dividend yield from the stock price, and I think the board looked at that and said it was an indication. That the equity holders did not believe the sustainability.

我認為董事會關注的第二件事是上個季度股票對我強制拋售的劇烈反應。最終，該股大部分已經恢復。但股息殖利率與股價明顯脫鉤，我認為董事會也注意到了這一點，並認為這是一個訊號。股東不相信這種可持續性。

So with those inputs, I think the Board realized that it would be in the best interest of all of our stakeholders to put a firm marker in the ground around what an acceptable net leverage target would be and then two. A program that would help us get there as quickly as possible.

因此，基於這些意見，我認為董事會意識到，為了所有利害關係人的利益，應該明確規定一個可接受的淨槓桿目標是什麼，然後是第二點。一個能幫助我們盡快到達目的地的方案。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

Hey, good morning, thanks for the question. I just wanted to ask about, wavelengths and customer acceptance, just wanted to kind of revisit this concept is these, orders that you have in hand and there's a certain, performance obligation before, a customer accepts and you get revenue, or is this more about, you guys.

嘿，早上好，謝謝你的提問。我只是想問一下關於波長和客戶接受度的問題，只是想重新探討一下這個概念，這些訂單是指你手頭上的訂單，在客戶接受訂單並獲得收入之前，你有一定的履約義務，還是說這更多的是關於你們的問題？

You know converting that that fallow and connected capacity, dark fiber to lighting it up, and then, expecting to get an order after having that installed capacity, any thoughts there would be helpful. Thank you.

你知道，將那些閒置的、已連接的容量（暗光纖）轉化為可用容量，然後期望在安裝這些容量後獲得訂單，對此有什麼想法嗎？謝謝。

Yeah, thanks for the questions, Michael. So we do not pre-provision any capacity. Each wavelength is built on an order-by-order basis. What we are referring to are wavelengths that customers have ordered, have signed contracts, we have installed, we have provided the customer the test results of that Installation and service, and the customer says I am not yet ready to begin to use the wave.

好的，謝謝你的提問，麥可。因此，我們不預先配置任何容量。每個波長都是逐級建構的。我們指的是客戶已經訂購、簽訂合約、我們已經安裝、我們已經向客戶提供了安裝和服務測試結果的波長，但客戶說他還沒有準備好開始使用該波長。

So very different than say your cable service at home when you call the cable company, they turn up the service you start paying whether you have a television to watch it or not. We do a similar thing with our IP services because we have conditioned customers over a long period that we meet our installation windows.

這與你家裡的有線電視服務非常不同，當你打電話給有線電視公司時，他們會開通服務，無論你有沒有電視觀看，你都要開始付費。我們對 IP 服務也採取了類似的措施，因為長期以來，我們已經讓客戶習慣了我們能夠按時完成安裝。

We do allow customers to windows where they can move out acceptance on IP and then there is force billing on wavelengths. We have not implemented any kind of forced billing, but the wavelengths that are installed have specific contracts.

我們允許客戶選擇在特定時間內接受 IP 協議，然後強制按波長計費。我們沒有實施任何強制收費方式，但所安裝的波長都有特定的合約。

They have been installed to the specification that the customer requested and then the customer has informed us they're not yet ready to utilize the service.

這些設備已按照客戶要求的規格安裝完畢，但客戶告知我們他們尚未準備好使用該服務。

Great, thank you for that. And just as a quick follow-up, when at least I think about the historical customer base of point to point. Regional networks, international carriers, content distributors including hyper scales, like any specific group of customers that, you see that are the driving the new aggregate demand for waves, is it, DCI and AI, or is it, kind of more traditional?

太好了，謝謝你。最後補充一點，至少當我想到點對點的歷史客戶群時。區域網路、國際營運商、內容分銷商（包括超大規模企業）等特定客戶群，您認為推動新的整體需求的是 DCI 和 AI，還是更傳統的技術？

Thank you.

謝謝。

Yeah, so there are legacy use cases that remain, but the largest incremental use case that is driving an acceleration in unit volume and an acceleration in aggregate revenue for the entire industry. Is coming from AI.

是的，雖然還有一些傳統的用例仍然存在，但最大的增量用例正在推動整個行業的銷售和總收入加速成長。源自人工智慧。

And the AI demand is coming both from hyper scalers who have both AI and non-AI use cases as well as neo clouds who are exclusively AI driven, but that is by far and away the dominant driver of incremental demand in the industry.

人工智慧的需求既來自擁有人工智慧和非人工智慧用例的超大規模企業，也來自完全由人工智慧驅動的新型雲端服務商，但人工智慧無疑是該產業增量需求的主要驅動力。

And there are no further questions at this time, Mr. Dave Schaeffer. I will turn the call back to you for closing remarks.

戴夫·謝弗先生，目前沒有其他問題了。我將把電話轉回給您，請您作總結發言。

I would like to thank everyone for their time. We will be at a couple of conferences coming up and I look forward to seeing everyone in person. Again, thanks a lot. Take care. Bye-bye.

感謝大家抽出時間。接下來我們會參加幾個會議，我期待與大家見面。再次感謝。小心。再見。

Thank you. This does conclude today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線了。