CyrusOne Inc (CONE) 2021 Q3 法說會逐字稿

Good morning, and welcome to the CyrusOne LLC Third Quarter 2021 Earnings Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎來到 CyrusOne LLC 2021 年第三季度財報電話會議。（操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Michael Schafer, SVP of Finance. Please go ahead.

我現在想將會議轉交給財務高級副總裁 Michael Schafer。請繼續。

Thank you, Anthony. Good morning, everyone, and welcome to CyrusOne's Third Quarter 2021 Earnings Call. Today, I'm joined by Dave Ferdman, Interim President and CEO; Katherine Motlagh, CFO; and John Hatem, COO.

謝謝你，安東尼。大家早上好，歡迎來到 CyrusOne 的 2021 年第三季度財報電話會議。今天，臨時總裁兼首席執行官戴夫·費德曼 (Dave Ferdman) 加入了我的行列；首席財務官 Katherine Motlagh；和首席運營官 John Hatem。

Before we begin, I would like to remind you that our third quarter earnings release, along with the third quarter financial tables, are available on the Investor Relations section of our website at cyrusone.com. I would also like to remind you that comments made on today's call and some of the responses to your questions deal with forward-looking statements related to CyrusOne and are subject to risks and uncertainties. Factors that may cause our actual results to differ from expectations are detailed in the company's filings with the SEC, which you may access on the SEC's website or on cyrusone.com. We undertake no obligation to revise these statements following the date of this conference call, except as required by law.

在我們開始之前，我想提醒您，我們的第三季度收益發布以及第三季度財務表格可在我們網站 cyrusone.com 的投資者關係部分獲取。我還想提醒您，對今天電話會議的評論和對您問題的一些答复涉及與 CyrusOne 相關的前瞻性陳述，並受到風險和不確定性的影響。可能導致我們的實際結果與預期不同的因素在公司提交給美國證券交易委員會的文件中有詳細說明，您可以在美國證券交易委員會的網站或 cyrusone.com 上訪問這些文件。除非法律要求，否則我們不承擔在本次電話會議之後修改這些聲明的義務。

In addition, some of the company's remarks this morning contain non-GAAP financial measures. You can find reconciliations of those measures to the most comparable GAAP measures in the earnings release, which is posted on the Investors section of the company's website.

此外，該公司今天上午的一些言論包含非 GAAP 財務措施。您可以在發佈在公司網站“投資者”部分的收益發布中找到這些衡量指標與最具可比性的 GAAP 衡量指標的對賬。

I would now like to turn the call over to our President and CEO, Dave Ferdman.

我現在想把電話轉給我們的總裁兼首席執行官 Dave Ferdman。

Thank you, Michael, and welcome to CyrusOne's third quarter earnings call. We have a number of positive things to discuss today, and we will move to the quarterly results and provide an update on guidance shortly.

謝謝邁克爾，歡迎來到 CyrusOne 第三季度財報電話會議。我們今天有許多積極的事情要討論，我們將轉向季度業績並很快提供最新的指導。

But I want to start with 2 key points: First, we delivered great results this quarter with strong financial and leasing performance, including a significant bookings contribution from Europe and healthy pricing across the deals. We -- I having been in the seat for 3 months and had an opportunity to meet with many of our stakeholders, I can now say I'm even more excited about the outlook for this business than I was on our first call.

但我想從兩個關鍵點開始：首先，我們在本季度取得了出色的業績，財務和租賃業績強勁，包括來自歐洲的重要預訂貢獻以及交易中的健康定價。我們 - 我已經坐了 3 個月並且有機會與我們的許多利益相關者會面，我現在可以說我對這項業務的前景比第一次通話時更加興奮。

Over the last 3 months, I visited many of our markets, and I'm really impressed with this team. Their passion and commitment are second to none, and their willingness to jump through hoops to make customers happy is simply part of their DNA.

在過去的 3 個月裡，我參觀了我們的許多市場，這個團隊給我留下了深刻的印象。他們的熱情和承諾是首屈一指的，他們願意克服重重困難讓客戶滿意只是他們 DNA 的一部分。

Secondly, I want to directly acknowledge and address the recent speculation regarding the company. I am not going to comment on any market rumor. What I will say is that we are open-minded to all avenues and alternatives to maximizing our shareholder value. Our Board and management team are committed to this. Our assessment of the best way to maximize value is to keep our shareholders' interest as our top priority. This is our guiding principle. In any case, we have to continue to execute. The strong results we posted this quarter show that we are focused on and succeeding in doing just that.

其次，我想直接承認並解決最近對公司的猜測。我不會對任何市場謠言發表評論。我要說的是，我們對實現股東價值最大化的所有途徑和替代方案持開放態度。我們的董事會和管理團隊致力於此。我們對實現價值最大化的最佳方式的評估是將股東利益作為我們的首要任務。這是我們的指導原則。不管怎樣，我們還得繼續執行。我們在本季度發布的強勁業績表明，我們專注於並成功地做到了這一點。

Beginning with Slide 4, you can see our key financial metrics for the quarter, which Katherine will discuss. We signed 20 megawatts totaling approximately $38 million in annual GAAP revenue. As of the end of the quarter, our revenue backlog totaled approximately $106 million, positioning us well for growth next year and beyond.

從幻燈片 4 開始，您可以看到我們本季度的關鍵財務指標，凱瑟琳將討論這些指標。我們簽署了 20 兆瓦，總計約 3800 萬美元的年度 GAAP 收入。截至本季度末，我們積壓的收入總額約為 1.06 億美元，為明年及以後的增長奠定了良好的基礎。

Turning to Slide 5. We brought 38 megawatts online during the quarter, most of which is leased capacity in the U.S. Our development pipeline as of the end of September consisted of 49 megawatts across London, Frankfurt and Northern Virginia. We also acquired parcels of land in Frankfurt and San Antonio, each with estimated power capacity of 21 megawatts. Our balance sheet remains strong, and we had more than $2 billion in available liquidity as of the end of the quarter to fund our growth.

轉到幻燈片 5。我們在本季度帶來了 38 兆瓦的在線容量，其中大部分是美國的租賃容量。截至 9 月底，我們的開發管道包括倫敦、法蘭克福和北弗吉尼亞州的 49 兆瓦。我們還收購了法蘭克福和聖安東尼奧的地塊，每塊地的估計發電容量為 21 兆瓦。我們的資產負債表依然強勁，截至本季度末，我們擁有超過 20 億美元的可用流動資金來為我們的增長提供資金。

Moving to Slide 6. Annualized GAAP revenue signed during the quarter was 10% higher than the prior 4-quarter average. MRR per kW signed was nearly $160, reflecting strong relative pricing on hyperscale deals in Europe and good enterprise demand in the U.S. The long weighted average lease term of 9 years is in line with the average lease term for deals signed over the prior 3 quarters, extending the maturity profile of our portfolio.

轉到幻燈片 6。本季度簽署的年化 GAAP 收入比前 4 個季度的平均水平高 10%。簽署的每千瓦 MRR 接近 160 美元，反映了歐洲超大規模交易的強勁相對定價和美國良好的企業需求。9 年的長期加權平均租期與前 3 個季度簽署的交易的平均租期一致，擴展我們投資組合的成熟度。

As the pie chart at the bottom of the slide shows, 55% of rent is from hyperscale customers. And we expect that percentage to continue to increase over time given the significant growth in their footprints in both the U.S. and Europe.

正如幻燈片底部的餅圖所示，55% 的租金來自超大規模客戶。鑑於他們在美國和歐洲的足跡顯著增長，我們預計這一百分比將隨著時間的推移而繼續增加。

Moving to Slide 7. Our European markets continue to perform very well, accounting for $27 million in annualized GAAP revenue signed in the third quarter and $53 million through the first 3 quarters of the year, representing nearly half of our total year-to-date leasing. The site acquisition in Frankfurt gives us additional runway for growth in our strongest European market to accommodate demand from our hyperscale customers as they continue to scale. Taking into account the development projects underway in Frankfurt and London, we have a near-term European footprint of nearly 220 megawatts, which represents over 20% of the company's near-term footprint.

轉到幻燈片 7。我們的歐洲市場繼續表現良好，第三季度簽署的年度 GAAP 收入為 2700 萬美元，今年前三個季度為 5300 萬美元，占我們今年迄今為止總收入的近一半租賃。在法蘭克福的站點收購為我們在最強大的歐洲市場的增長提供了額外的跑道，以滿足我們的超大規模客戶在不斷擴展時的需求。考慮到法蘭克福和倫敦正在進行的開發項目，我們在歐洲的近期足跡將近 220 兆瓦，占公司近期足蹟的 20% 以上。

Turning to Slide 8. Global supply chain concerns have been dominating the headlines in recent months. We continue to actively manage our supply chain and have not experienced any significant near-term headwinds. As we have discussed before, we have a robust and flexible supply chain that is designed to mitigate a lot of this risk. Our key vendors hold inventory until we need it, and we have forward purchase contracts on long lead time items with fixed rates to help protect against near-term pricing pressure.

轉到幻燈片 8。近幾個月來，全球供應鏈問題一直佔據著頭條新聞。我們繼續積極管理我們的供應鏈，並且沒有遇到任何重大的近期逆風。正如我們之前所討論的那樣，我們擁有強大而靈活的供應鏈，旨在減輕很多此類風險。我們的主要供應商持有庫存，直到我們需要為止，並且我們有固定費率的長交貨期項目的遠期採購合同，以幫助防止近期定價壓力。

We have long-term relationships with key suppliers and we benefit from having a standardized design. That standardization, combined with the significant development that we have across the portfolio, allows us to purchase at scale and achieve better pricing.

我們與主要供應商建立了長期合作關係，我們受益於標準化設計。這種標準化，加上我們在整個產品組合中取得的重大進展，使我們能夠大規模採購併實現更好的定價。

We also have resiliency built through the supply chain with key components dual sourced. Our internal teams are tightly integrated and work closely together to ensure accurate capacity planning and the ability to deliver our product when and where it is needed to meet demand from our customers. Overall, business has been minimally impacted by the broader inflation and supply chain disruption issues, and we are well positioned heading into next year.

我們還通過關鍵組件的雙源供應鏈建立了彈性。我們的內部團隊緊密集成並緊密合作，以確保准確的容量規劃以及在需要的時間和地點交付我們的產品以滿足客戶需求的能力。總體而言，業務受到更廣泛的通貨膨脹和供應鏈中斷問題的影響微乎其微，我們已準備好迎接明年。

In closing, the outlook for the industry remains strong, and the team is working hard to ensure we are positioned to capitalize on opportunities in front of us and focused on maximizing shareholder value. We continue to see robust demand, and we're having productive discussions with our customers. And we have capacity across our markets as well as liquidity to fund our growth.

最後，該行業的前景依然強勁，團隊正在努力確保我們能夠利用我們面前的機會並專注於最大化股東價值。我們繼續看到強勁的需求，並且我們正在與客戶進行富有成效的討論。我們擁有跨市場的能力以及為我們的增長提供資金的流動性。

With that, Katherine will now provide more color on our financial performance for the quarter and an update on our guidance for the year. Katherine?

有了這個，凱瑟琳現在將為我們本季度的財務業績提供更多色彩，並更新我們今年的指導意見。凱瑟琳？

Thank you, Dave. Good morning, everyone. Continuing with Slide 10. Revenue, excluding the impact of metered power reimbursements grew approximately 11%, with similar year-over-year increase in NOI and slightly better growth in adjusted EBITDA at 13%. The adjusted EBITDA margin, excluding the impact of metered power reimbursements, was up approximately 120 basis points, driven by the contribution of lease commencements in Europe as well as relatively flat SG&A expense compared to the same period in 2020.

謝謝你，戴夫。大家，早安。繼續幻燈片 10。收入（不包括計量電費報銷的影響）增長約 11%，NOI 同比增長類似，調整後 EBITDA 增長略好，為 13%。調整後的 EBITDA 利潤率（不包括計量電費報銷的影響）上升了約 120 個基點，這得益於歐洲租賃開始的貢獻以及與 2020 年同期相比相對平穩的 SG&A 費用。

Rent churn for the third quarter was at the lowest level we have seen in years at 0.5% as we have been able to delay some rent churn and proactively work with our customers. We are decreasing the upper end of our full year guidance range from 6% to 5%. The revised churn range is now 4% to 5%, and we are currently trending towards the lower end of that range.

第三季度的租金流失率為 0.5%，是我們多年來看到的最低水平，因為我們已經能夠推遲一些租金流失並積極與客戶合作。我們將全年指導範圍的上限從 6% 降低到 5%。修訂後的流失率範圍現在是 4% 到 5%，我們目前正趨向於該範圍的下限。

The like-for-like renewal population continues to be relatively small per quarter, and the weighted average rate on these renewals was up 1% on a GAAP basis and down 3% on a cash basis. The spreads were positively impacted by the pushout of the rent churn that I just mentioned.

每個季度的同類續約人數仍然相對較少，這些續約的加權平均利率按 GAAP 計算上升 1%，按現金計算下降 3%。利差受到我剛才提到的租金流失的積極影響。

Turning to Slide 11. The revenue contribution from our European markets has increased to approximately 17%. That's up from 11% as of the beginning of the year. We expect this contribution to continue to increase over the time given the profile of commencements and strong demand trends across these markets, and we are focused on ensuring that we have the capacity to meet our customers' future needs. During the quarter, we brought online the first phase of our fully leased data center in Paris, further diversifying the portfolio geographically with revenue now across 5 European markets.

轉到幻燈片 11。我們歐洲市場的收入貢獻已增至約 17%。這比年初的 11% 有所上升。鑑於這些市場的開工情況和強勁的需求趨勢，我們預計這一貢獻將隨著時間的推移而繼續增加，並且我們專注於確保我們有能力滿足客戶未來的需求。在本季度，我們將位於巴黎的完全租賃數據中心的第一階段上線，進一步實現了地理上的產品組合多元化，目前收入遍及 5 個歐洲市場。

Moving to Slide 12. We have 211,000 colocation square feet and 49 megawatts under development across U.S. and Europe, including 43 megawatts in London and Frankfurt, our 2 strongest European markets. The development pipeline continues to be mostly pre-leased with 82% of square footage contractually committed to customers. And we remain focused on closely aligning development spend with signed leases.

移至幻燈片 12。我們在美國和歐洲擁有 211,000 平方英尺的主機託管空間和 49 兆瓦的正在開發中，其中包括我們兩個最強大的歐洲市場倫敦和法蘭克福的 43 兆瓦。開發管道繼續以預租為主，82% 的面積根據合同承諾提供給客戶。我們仍然專注於將開發支出與已簽署的租約緊密結合起來。

We also have nearly 470,000 square feet of powered shell under construction in Northern Virginia, San Antonio and London, giving us the ability to deliver capacity quickly in response to increasing demand across these key markets. Upon completion of the projects in the pipeline, we will have 1,000 megawatts of power capacity, up 22% from a year ago.

我們還在北弗吉尼亞、聖安東尼奧和倫敦建造了近 470,000 平方英尺的動力外殼，使我們能夠快速提供容量以響應這些主要市場不斷增長的需求。在建項目完成後，我們將擁有1000兆瓦的電力容量，比一年前增長22%。

Turning to Slide 13. As of the end of the quarter, we had more than $2 billion of available liquidity to fund our growth, including $303 million in available forward equity. Our leverage as of the end of the quarter was 5.5x, at the lower end of our targeted range.

轉到幻燈片 13。截至本季度末，我們擁有超過 20 億美元的可用流動資金來為我們的增長提供資金，其中包括 3.03 億美元的可用遠期股權。截至本季度末，我們的槓桿率為 5.5 倍，處於目標範圍的下限。

Moving to Slide 14. Our backlog remains high at $106 million. The decrease from the second quarter is the result of significant lease commencements during the third quarter. Of the nearly $71 million in annualized revenue expected to commence in the third quarter of 2022 and beyond, we anticipate approximately $37 million will begin in the second half of 2022, weighted towards the end of the year.

轉到幻燈片 14。我們的積壓訂單仍然高達 1.06 億美元。與第二季度相比有所下降是由於第三季度大量租賃開始。在預計將於 2022 年第三季度及以後開始的近 7100 萬美元的年化收入中，我們預計約 3700 萬美元將在 2022 年下半年開始，並在年底前開始。

Turning to Slide 15. We are raising our 2021 guidance. We are increasing the lower end of our guidance range for base revenue by $10 million, resulting in a $5 million increase in the midpoint. This is primarily driven by a more favorable full year churn outlook, including the timing of the impact I mentioned earlier, as well as accelerated commencements compared to our prior outlook. Additionally, we are increasing both the lower and upper end of our guidance range for metered power reimbursements by $15 million as a result of higher usage across our markets. We are increasing the lower end of our adjusted EBITDA guidance range by $10 million, resulting in a $5 million increase in the midpoint. This is driven by the increase in base revenue and slightly lower anticipated property operating expenses.

轉到幻燈片 15。我們正在提高 2021 年的指導方針。我們將基本收入指導範圍的下限增加 1000 萬美元，從而使中點增加 500 萬美元。這主要是由於更有利的全年流失前景，包括我之前提到的影響的時間，以及與我們之前的展望相比加速啟動。此外，由於我們市場的使用量增加，我們將計量電費報銷指導範圍的下限和上限都增加了 1500 萬美元。我們將調整後的 EBITDA 指導範圍的下限增加 1000 萬美元，從而使中點增加 500 萬美元。這是由於基本收入的增加和預期的物業運營費用略有下降所推動的。

Finally, we are increasing both the lower and upper end of our normalized FFO per share guidance range with the midpoint increasing by $0.055. The increase in the midpoint is primarily driven by the increase in adjusted EBITDA guidance midpoint and slightly lower-than-anticipated interest expense. And we are also narrowing our CapEx guidance range and maintaining the midpoint at $925 million.

最後，我們正在增加標準化 FFO 每股指導範圍的下限和上限，中點增加 0.055 美元。中點的增加主要是由於調整後的 EBITDA 指導中點的增加和略低於預期的利息支出。我們也在縮小我們的資本支出指導範圍，並將中點維持在 9.25 億美元。

In closing, as we head into the last couple of months of this year, we're excited about the outlook for the business, and we remain focused on execution of our plans and positioning the company for continued growth in 2022 and beyond. We appreciate you participating in our call. We're now ready to take questions. Thank you.

最後，在進入今年最後幾個月之際，我們對業務前景感到興奮，我們仍然專注於執行我們的計劃，並為公司在 2022 年及以後的持續增長做好準備。感謝您參與我們的電話會議。我們現在準備好接受提問了。謝謝。

And operator, please open the line.

接線員，請打開線路。

(Operator Instructions) Our first question comes from Jon Atkin with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Jon Atkin。

I was wondering if you can maybe update us on how the CEO search is going?

我想知道您是否可以向我們介紹 CEO 搜索的進展情況？

You bet, Jon. So it's an ongoing process. And the Board is looking at all and exploring all opportunities available to the Board. I am focused on execution, making sure the business performs, and the process is ongoing.

你打賭，喬恩。所以這是一個持續的過程。董事會正在審視並探索董事會可用的所有機會。我專注於執行，確保業務正常運行，並且流程在進行中。

Got it. And then I wondered if you could then talk a little bit about inflation that's driving up, presumably, development CapEx per megawatt, which is something I think the industry is seeing. And any implications that you think that will have on pricing on new hyperscale commitments going forward?

知道了。然後我想知道你是否可以談談正在推高的通貨膨脹，大概是每兆瓦的開發資本支出，我認為這是行業正在看到的。您認為這會對未來新的超大規模承諾的定價產生任何影響嗎？

Jon, it's Katherine. Let me take that one. So we work very closely with our vendors and suppliers, and our procurement is globally optimized between Europe and U.S. And so the relationships that we have are usually on a fixed base contracts forward. We ensure that we have the procurement and the capacity with our vendors for our development pipeline as we go forward.

喬恩，是凱瑟琳。讓我拿那個。因此，我們與我們的供應商和供應商密切合作，我們的採購在歐洲和美國之間進行了全球優化，因此我們擁有的關係通常基於固定的基礎合同。在我們前進的過程中，我們確保我們擁有供應商的採購和能力，用於我們的開發管道。

So far, we have not seen inflationary -- material inflationary pressures on our supply chain as well as on our construction costs. But I think we're working with the customers. And as contracts come up for renewal, we'll manage it through our efficiencies and forward-looking contracts.

到目前為止，我們還沒有看到通貨膨脹——對我們的供應鍊和建築成本造成實質性的通貨膨脹壓力。但我認為我們正在與客戶合作。隨著合同的續簽，我們將通過我們的效率和前瞻性合同來管理它。

And then finally, Europe was a strong quarter. I think you talked about $27 million. Was that -- how evenly distributed was that across 1 or 2 large signings? Or can you maybe give us -- maybe a way to ask the question is, what would be the magnitude of the largest lease or 2 largest leases that you signed in the quarter?

最後，歐洲是一個強勁的季度。我想你談到了 2700 萬美元。那是——在 1 或 2 個大簽約中分佈的均勻程度如何？或者你可以給我們 - 也許提出問題的方式是，你在本季度簽署的最大租約或 2 個最大租約的規模是多少？

Yes. So we don't speak about individual leases or individual customers. But I would say it's heavily focused on hyperscaler customers as European region is our hyperscale region as with our existing customers, and it's fairly large deployment.

是的。所以我們不談論個人租賃或個人客戶。但我會說它主要關注超大規模客戶，因為歐洲地區是我們現有客戶的超大規模地區，而且它的部署相當大。

I mean, Jon, I'll add to that. In year-to-date, we have 72% of our bookings are from hyperscale. Compared that with 2 years ago, where we had 48%. So definitely trending towards long hyperscale contracts.

我的意思是，喬恩，我會補充一點。今年迄今，我們 72% 的預訂來自超大規模。與 2 年前相比，我們有 48%。所以肯定傾向於長期超大規模合同。

Our next question comes from Richard Choe with JPMorgan.

我們的下一個問題來自摩根大通的 Richard Choe。

A quick follow-up to the CEO search. Can you give us any update on timing or expectations around timing?

對 CEO 搜索的快速跟進。你能給我們任何關於時間安排的更新或對時間安排的期望嗎？

It's an ongoing process, Richard. And unfortunately, I just don't have any expectations I can set on timing.

這是一個持續的過程，理查德。不幸的是，我只是對時間沒有任何期望。

And then to follow up on your another strong quarter, in terms of the volatility in energy, are you seeing customers shift any demand or expectations, whether it's market or region for you?

然後跟進你的另一個強勁季度，就能源波動而言，你是否看到客戶改變任何需求或期望，無論是市場還是區域？

We're seeing strong demand across all of our markets. And if you look at our first quarter bookings, it was 95% in the U.S. And if you look at our third quarter bookings, it was 71% in Europe. And so we see demand all over the market. We can't, as we all know, control timing. But because of the distributed platform that we have and as the platform continues to grow, we're certainly taking some of the lumpiness out of the business.

我們看到我們所有市場的強勁需求。如果您查看我們第一季度的預訂，美國占 95%。如果您查看我們第三季度的預訂，歐洲佔 71%。因此，我們看到了整個市場的需求。眾所周知，我們無法控制時間。但由於我們擁有分佈式平台，並且隨著平台的不斷發展，我們肯定會從業務中消除一些麻煩。

And Richard, so when you think about the pressure on energy, most of our customers are on a path through metered power. In Europe, it's the majority, it's hyperscale customers. We do see an increase in metered power reimbursements. We do not see that impacting their decisions on where they need capacity.

理查德，所以當你考慮能源壓力時，我們的大多數客戶都在通過計量電力的道路上。在歐洲，它是大多數，它是超大規模客戶。我們確實看到計量電費報銷有所增加。我們認為這不會影響他們在哪些地方需要容量的決定。

The next question comes from Aryeh Klein with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Aryeh Klein。

Just following up on hyperscale. It looks like in the U.S., nothing was leased for hyperscale. I think the rest was enterprise. And last quarter, it's pretty light, too. So obviously lumpy, but maybe you can provide a little more color on what you're seeing in those markets, the U.S. markets.

只是跟進超大規模。看起來在美國，沒有為超大規模租賃任何東西。我認為剩下的就是企業。上個季度，它也很輕。如此明顯的塊狀，但也許你可以提供更多關於你在這些市場，美國市場上看到的顏色。

Yes. Look, it's always been lumpy. We have strong demand across the -- all the hyperscalers in the U.S. So we don't see any of that relenting. So it's still lumpy, but we're still confident that our footprint in the U.S. is very attractive to the hyperscalers.

是的。看，它一直是塊狀的。我們對美國的所有超大規模用戶都有強勁的需求，所以我們看不到任何緩和的跡象。所以它仍然是塊狀的，但我們仍然相信我們在美國的足跡對超大規模企業非常有吸引力。

And I would say we have very healthy conversations with our customers in the U.S. They just don't run their business on a quarterly basis or a monthly basis. So we work with them on the long-term relationships.

我會說我們與美國客戶進行了非常健康的對話。他們只是不按季度或按月開展業務。因此，我們與他們合作建立長期關係。

Got it. And then on the faster commencements you noted, is there anything specific that's driving it? And is that a trend that may continue?

知道了。然後在您注意到的更快的開始時，有什麼具體的驅動因素嗎？這種趨勢可能會持續下去嗎？

I would say it's a complement to our operations team, so that's what's driving the faster commencements.

我會說這是對我們運營團隊的補充，所以這就是推動更快啟動的原因。

Thanks, Katherine. Now Aryeh, on that, I mean, listen, the team is always focused on delivering as early as possible, right? So we work with our customers and get them installed as quickly as we can. It's always been the focus of the company and it continues even in the environment we are today.

謝謝，凱瑟琳。現在 Aryeh，我的意思是，聽著，團隊總是專注於儘早交付，對吧？因此，我們與客戶合作並儘快安裝它們。它一直是公司的重點，即使在我們今天所處的環境中，它也會繼續。

Got it. And then just maybe one last one on the CEO search. Obviously, not saying a lot here today. But given your earlier comments about keeping an open mind and shareholders' interest in mind, how do you balance that with the CEO search? Can that -- those run concurrently?

知道了。然後可能只是 CEO 搜索中的最後一個。顯然，今天在這裡不多說。但考慮到您之前關於保持開放心態和股東利益的評論，您如何平衡這與 CEO 搜尋之間的關係？那些可以同時運行嗎？

I don't understand the question.

我不明白這個問題。

If you were for sale, does that make it difficult to add -- more difficult to hire a new CEO while running a potential process?

如果你被出售，這是否會增加——更難在運行潛在流程時聘請新 CEO 的難度？

We just don't comment on any market rumors or how they correlate to anything in the business.

我們只是不評論任何市場謠言或它們與業務中的任何關聯。

Our next question comes from Simon Flannery with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙弗蘭納里。

Great. So I wonder, Katherine, if you just elaborate a little bit more on your comment on the backlog timing in the second half of next year. Is there something new going on there about people taking down a longer lease time on some of these deals? How should we think about that? And then there was a report that you're looking to outsource your facilities management in the U.S. to JLL. I wonder if you could comment on that.

偉大的。所以我想知道，凱瑟琳，你是否可以更詳細地說明你對明年下半年積壓時間的評論。關於人們在其中一些交易中取消更長的租賃時間，是否有什麼新的變化？我們應該如何考慮？然後有一份報告稱，您希望將您在美國的設施管理外包給仲量聯行。我想知道你是否可以對此發表評論。

Yes. So let me start with the backlog. We -- normally, our backlog is focused on kind of 9 to 12 months time line. So we don't see any new developments or extended lead times. What you do have in that backlog, remember our Paris multiyear deployment that kind of skews the backlog towards the longer time of it. But without that, it is usually deployments are heavier focused towards the end of the year rather than the beginning of the year. It's just how the timing works.

是的。所以讓我從積壓開始。我們 - 通常，我們的積壓工作集中在 9 到 12 個月的時間線上。所以我們沒有看到任何新的發展或延長的交貨時間。你在積壓中有什麼，記住我們的巴黎多年部署，這種部署使積壓偏向更長的時間。但如果不這樣做，部署通常會集中在年底而不是年初。這就是時機的運作方式。

So I don't see any extension of the lead times. I think the backlog is healthy. It decreased, as I mentioned in my prepared remarks, because we did accelerate some of the commencement. So that's -- again, that's the timing. So we feel good about our backlog, and we're well positioned going into the future.

所以我沒有看到交貨時間有任何延長。我認為積壓是健康的。正如我在準備好的發言中提到的那樣，它減少了，因為我們確實加快了一些開始。這就是 - 再一次，這就是時機。因此，我們對我們的積壓感到滿意，並且我們為未來做好了準備。

In terms of operational, how we run our business, we work with all of our vendors. When the contracts come up for renewal, we negotiate with the vendors. It's a normal process of the business, so there is not really any comments to add to that.

在運營方面，我們如何經營我們的業務，我們與我們所有的供應商合作。當合同需要續籤時，我們會與供應商談判。這是業務的正常流程，因此實際上沒有任何要添加的評論。

Next question comes from Dave Barden with Bank of America.

下一個問題來自美國銀行的戴夫巴登。

So I guess the first question I have would be if, Katherine, maybe you could just give us the precise mathematics around energy cost exposure for the business in terms of percentage pass-throughs and -- of the remainder, how that will work in terms of hedged, unhedged. And what the potential sensitivity is to the business?

所以我想我的第一個問題是，凱瑟琳，也許你可以根據轉嫁百分比向我們提供有關企業能源成本風險的精確數學，以及 - 對於其餘部分，這將如何運作對沖，未對沖。對業務的潛在敏感性是什麼？

And then second, the question we've been getting a lot, as I'm sure you've heard with the, say, the Facebooks of the world massively increasing capital expenditure. The question is, is whether hyperscalers are preparing to make multiyear investments in their own facilities, or whether they're preparing to take significant space incrementally from their lessee vendors. I would love to kind of hear you guys' perspective on which of those 2 things you think it is.

其次，我們已經收到了很多問題，我相信你已經聽說過，比如說，世界上的 Facebook 大幅增加了資本支出。問題是，超大規模企業是否準備對自己的設施進行多年投資，或者他們是否準備從承租供應商那裡逐步佔用大量空間。我很想听聽你們對這兩件事中的哪一件事的看法。

All right. So let me take the power math. So over 90% of our customers are on a path through metered power reimbursement. So -- and then from that, I would say the majority of all-in customers are in U.S. or all of the -- our all-in customers are in the U.S. So they've been on a fixed rate, and we haven't seen any material exposure to us from the raising power cost on that.

好的。所以讓我來算一下冪數。因此，我們超過 90% 的客戶都在通過計量電費報銷的道路上。所以 - 然後從那以後，我會說大部分全押客戶在美國或所有 - 我們的全押客戶都在美國所以他們一直在固定利率，而我們沒有'沒有看到我們從增加的電力成本中獲得任何實質性風險。

In terms of hedging, our policy is hedge approximately 50% of our purchases. And we pass through our savings as we obtain it to our metered power customers. So hopefully, that answers that.

在對沖方面，我們的政策是對沖大約 50% 的採購。我們將節省下來的錢轉給我們的計量電力客戶。所以希望這能回答這個問題。

And David, I'll take the hyperscale question. We're seeing strong demand from -- but I think we've always seen that these hyperscalers do -- they do a lot of everything. And so we're seeing them make very, very big investments into our assets. In fact, when a hyperscaler deploys with us, they invest -- in addition to what they spend, they invest about $20 million per megawatt on all that goes in, including all the network capacity they bring in, the network core, the dark fiber, all their gear.

大衛，我會回答超大規模問題。我們看到了強勁的需求——但我認為我們一直看到這些超大規模企業確實如此——他們做了很多事情。因此，我們看到他們對我們的資產進行了非常非常大的投資。事實上，當一個超大規模企業與我們一起部署時，他們投資——除了他們的支出之外，他們每兆瓦投資約 2000 萬美元用於所有投入，包括他們帶來的所有網絡容量、網絡核心、暗光纖，他們所有的裝備。

So these are very, very big investments. And we, of course, work with them as a partner. And so we haven't seen that demand slow down. We don't know how they split it up. They all probably do it differently, but we're seeing strong demand in all of our facilities.

所以這些都是非常非常大的投資。當然，我們作為合作夥伴與他們合作。所以我們沒有看到需求放緩。我們不知道他們是如何分開的。他們的做法可能各不相同，但我們在所有設施中都看到了強勁的需求。

Our next question comes from Matthew Niknam with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Matthew Niknam。

One on churn and then one on margins. First on churn, if you could talk a little bit about what's driving the lower churn. Is this deferral into 2022? And if it is, in fact, deferral into next year, how does that sort of shape the expectation for '22?

一個關於流失，然後一個關於利潤。首先是關於流失率，如果你能談談是什麼導致了較低的流失率。這是推遲到 2022 年嗎？如果它實際上推遲到明年，那將如何影響 22 年的預期？

And then secondly, margins ex pass-throughs, I think, improved by about 120 bps year-on-year. Just wondering if you can maybe give a little more color on what drove the improvements and whether we can sort of extrapolate a similar magnitude of improvement going forward.

然後其次，我認為不包括傳遞的利潤率同比提高了約 120 個基點。只是想知道您是否可以對推動改進的因素給出更多的顏色，以及我們是否可以推斷出類似的改進幅度。

Yes. So Matt, let me take that. On churn, so first of all, as you know, our negotiations with the customer and renewal conversations are ongoing and they're very proactive. And we have been able to delay some of those negotiations and renewal and rate reduction that we've anticipated earlier this year. There is not an exact date that we have agreed with the customers in the future. So when that churn takes place, we'll report on that.

是的。所以馬特，讓我接受。關於流失，首先，如您所知，我們與客戶的談判和續約對話正在進行中，而且他們非常主動。我們已經能夠推遲我們今年早些時候預期的一些談判、續約和降息。未來我們沒有與客戶商定的確切日期。因此，當發生流失時，我們將對此進行報告。

It's a little too early to talk about '22. So if you hold that question until we get to our guidance and expectations for the next year, then we'll address that. I'll take a note of that. So -- and then...

現在談論 22 年還為時過早。因此，如果您在我們獲得明年的指導和期望之前一直持有這個問題，那麼我們將解決這個問題。我會記下來的。所以——然後……

I want to add a little color on the churn and renewal picture. We actually had some good surprises this year. We had projected some churn for a couple of enterprise deals that actually renewed for a really healthy and long-term renewal at a 0% reduction in price. We have one in Houston, one of our legacy facilities. We had a bunch of renewals. And I think it's important to understand that our like-for-like renewals are 89% of our renewal population. And the cash roll down, which we talked about earlier was 3%. The gap was actually a 1% -- 1.6% bump.

我想在流失和更新圖片上添加一點顏色。今年我們實際上有一些驚喜。我們曾預計一些企業交易會出現一些流失，這些交易實際上以 0% 的降價進行了真正健康和長期的續約。我們在休斯頓有一個，這是我們的遺留設施之一。我們有很多續約。而且我認為重要的是要了解我們的類似更新占我們更新人口的 89%。我們之前談到的現金減少是 3%。差距實際上是 1% - 1.6%。

And so what we're seeing is customers are still trying to manage their architecture. Some are going to the cloud, some are re-architecting to the private cloud. We're still playing a very large role. Our strategy of the enterprise at scale is having a very, very positive impact. And the renewal rates are certainly better.

所以我們看到的是客戶仍在嘗試管理他們的架構。一些正在轉向雲，一些正在重新架構到私有云。我們仍然扮演著非常重要的角色。我們的大規模企業戰略正在產生非常非常積極的影響。而且續訂率肯定更好。

In fact, we're averaging the enterprise 30% or better above the spot market rate on our renewals. And so I know we had flagged some stuff earlier. Some will be timing, but a lot of it is actually is just -- we were very conservative in our projections.

事實上，在我們的續約中，我們的企業平均比現貨市場利率高出 30% 或更高。所以我知道我們之前已經標記了一些東西。有些會是時機，但很多實際上只是 - 我們在我們的預測中非常保守。

Yes. So now let me take your margin question. So we are very pleased with our margin performance in the third quarter, and the expansion of 120 basis points is primarily contributed to 2 factors: One is the commencements in Europe, which is basically us growing the business and increasing our scale in Europe. That, as we talked about at our Analyst Day is one of the avenues that we are looking to help expand on our margin 300 basis points by 2025.

是的。所以現在讓我回答你的保證金問題。因此，我們對第三季度的利潤率表現感到非常滿意，120 個基點的增長主要歸因於兩個因素：一個是歐洲的開始，這基本上是我們在歐洲發展業務並擴大我們的規模。正如我們在分析師日談到的那樣，這是我們希望到 2025 年幫助擴大利潤率 300 個基點的途徑之一。

So it's not necessarily a linear progression, but as we grow our businesses in Europe and run it more efficiently, we expect opportunities for margin expansion there. And the second one is it's a slightly better operating expenses as well as flat SG&A and some savings on SG&A that we experienced in this quarter.

因此，這不一定是線性進展，但隨著我們在歐洲發展業務並提高運營效率，我們預計那裡有機會擴大利潤率。第二個是運營支出略好，SG&A 持平，本季度我們在 SG&A 上有所節省。

Our next question comes from Frank Louthan with Raymond James.

我們的下一個問題來自 Frank Louthan 和 Raymond James。

Great. Can you give us an idea on what exactly you have permitted and power available in Europe. I mean it seems like that's going to be more of a scarcity there. And do you think you'll be able to pick up some incremental business as power availability gets harder to source over there from some of the customers?

偉大的。你能告訴我們你在歐洲究竟允許什麼和可用的電力嗎？我的意思是，那裡似乎會更加稀缺。您是否認為您能夠獲得一些增量業務，因為更難從某些客戶那裡獲得電力可用性？

Okay. So let me start and maybe John can complement me. So our existing footprint, we have permitting on and we have available capacity in our existing in Frankfurt and London, and we're starting -- and we've got our Paris online, but it's 100% leased. The new land that we secured will still need to be permitted, and we're working through that process, both in the land that we have available in Frankfurt as well as London.

好的。那麼讓我開始吧，也許 John 可以補充我的意見。因此，我們現有的足跡，我們已經獲得許可，我們在法蘭克福和倫敦的現有設施中有可用的容量，我們正在開始——我們已經在巴黎上線了，但它是 100% 出租的。我們獲得的新土地仍然需要獲得許可，我們正在通過這個過程，在我們在法蘭克福和倫敦可用的土地上。

Yes, Frank, it's John. On that -- in Europe, it's a 5-, 6-year outlook, right? When we look at the land bank, we look at the power and we look at the permitting because it takes time in these markets. So I mean, it's really not -- I really don't want to get into site by site, but I mean that's really the outlook we have for those markets. And we think about that bank, the land bank and power bank in short-, medium- and long-term outlook that takes us well beyond 6 years.

是的，弗蘭克，是約翰。關於這一點——在歐洲，這是一個 5 年、6 年的展望，對嗎？當我們查看土地儲備時，我們會查看權力並查看許可，因為在這些市場上這需要時間。所以我的意思是，它真的不是——我真的不想逐個站點進入，但我的意思是這確實是我們對這些市場的展望。我們在短期、中期和長期展望中考慮了銀行、土地銀行和移動電源，這使我們遠遠超過了 6 年。

All right. Great. And a follow-up question. Looking back to the rent roll downs you're looking at the Analyst Day, to what extent do you think inflation will help mitigate some of that? Do you think that can help improve some of that pricing as you look forward to the rent roll downs that you've got coming? You had a pretty decent rate this quarter. But how do you think about that going forward?

好的。偉大的。還有一個後續問題。回顧你在分析師日看到的租金下調，你認為通貨膨脹在多大程度上有助於緩解其中的一些影響？當您期待即將到來的租金下調時，您認為這有助於改善部分定價嗎？你這個季度的利率相當不錯。但你如何看待未來的發展？

Yes. Frank, I mean, on the inflation side, I mean, modest inflation, it's healthy for our business. I mean we are a scale player, and I believe it's going to help us in the near term.

是的。弗蘭克，我的意思是，在通貨膨脹方面，適度的通貨膨脹對我們的業務是健康的。我的意思是我們是規模玩家，我相信它會在短期內幫助我們。

And remember then, when we talked about renewals spreads, we compare that -- our rates in the future to current spot rates. So to the extent inflation drives current spot rates stability or increases that, that will help renewals. But we'll see how that works out.

請記住，當我們談論續約價差時，我們將其與我們未來的利率與當前的即期利率進行比較。因此，在某種程度上，通貨膨脹推動當前即期利率穩定或增加，這將有助於續約。但我們會看到結果如何。

Our next question comes from Sami Badri with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Sami Badri。

One of your peers earlier this week talked about how there would be capacity potentially to negotiate higher leasing rates with some of your existing customers as renewals come up. But at the same time, your same peer, and I think you guys, have alluded to relatively fixed costs that go into the builds and the development of new capacity.

本週早些時候，您的一位同行談到了隨著續約的到來，如何有能力與您的一些現有客戶協商更高的租賃利率。但與此同時，你的同齡人，我想你們，都提到了建設和開發新能力的相對固定成本。

Now when we look at what happened over the last couple of years, specifically, costs of development have come down with scale and size of developments, and rents have actually come down alongside it. Could you give us just color on -- if you are potentially seeing similar types of dynamics that could be a tailwind to rental rates?

現在，當我們回顧過去幾年發生的事情時，具體來說，開發成本隨著開發規模和規模的增加而下降，而租金實際上也隨之下降。你能否給我們一些顏色 - 如果你可能看到類似類型的動態可能成為租金的順風？

And then, can you just give us an idea on when your suppliers and vendors may potentially be unable to be pricing equipment at the current rates that they are? Just given that they are absorbing a lot of fixed costs coming in due to rising component input prices and other inflationary factors.

然後，您能否告訴我們您的供應商和供應商何時可能無法以當前價格為設備定價？只是考慮到由於組件投入價格上漲和其他通貨膨脹因素，他們正在吸收大量固定成本。

Yes. So I mean the development is based on a fixed cost. But when you re-lease second-generation space, you do have some savings from the cost structure. However, I think we have not had substantial renewals on that level to talk about really yet.

是的。所以我的意思是開發是基於固定成本的。但是當你重新租用二代空間時，你確實從成本結構上節省了一些錢。然而，我認為我們還沒有在那個層面上進行實質性的續約討論。

Yes, Sami, on the development side. So the headwinds, let's say, on inflation and our supply chain, when we think about it holistically, it's offset by the things we talked about on our gen 3 design when we pushed density and we pushed topology and in collaboration with our customers, to keep costs in line, right? And that's really what we're seeing.

是的，Sami，在開發方面。因此，比方說，在通貨膨脹和我們的供應鏈方面的不利因素，當我們從整體上考慮時，它被我們在推動密度和推動拓撲結構以及與客戶合作時在我們的第 3 代設計中談到的事情所抵消，控製成本，對吧？這就是我們所看到的。

So it's not a -- it doesn't flow through dollar for dollar, right, because there's all these other dynamics that are happening on the build. And the scale, like you mentioned, right, I mean, the scale is a huge help on development cost. So while we are managing the supply chain like we always have, we keep focused on all the levers to maintain our development cost. And if inflation drives spot prices up, I mean that's good for us, right, as Katherine mentioned.

所以它不是 - 它不會通過美元對美元流動，對，因為構建過程中正在發生所有這些其他動態。規模，就像你提到的，對，我的意思是，規模對開發成本有很大幫助。因此，在我們一如既往地管理供應鏈的同時，我們一直專注於所有的槓桿來維持我們的開發成本。如果通貨膨脹推動現貨價格上漲，我的意思是這對我們有好處，對，就像凱瑟琳提到的那樣。

And then maybe just one follow-up to the prior question I asked is, when would your suppliers or vendors look to increase the price lists of their products just given the -- I think in your slide, said fixed for 2 to 3 years. Maybe that doesn't apply to everything, but maybe applies to some things. But when would your vendors that are currently absorbing relatively higher input costs, when would they come to you and say, we need to talk about this again regarding what you're paying for what component?

然後可能只是我問的前一個問題的一個後續行動是，你的供應商或供應商什麼時候會考慮增加他們產品的價目表——我想在你的幻燈片中，說固定 2 到 3 年。也許這並不適用於所有事情，但也許適用於某些事情。但是你的供應商什麼時候會吸收相對較高的投入成本，他們什麼時候會來找你說，我們需要再次討論這個關於你為什麼組件支付的費用？

So Sami, it's the same thing on the vendor base a little bit when we think about scale, right? So if we're seeing impacts on unit cost metrics for a generator, let's say, we're looking to those vendors to say, what's the next size generator we could get. What's the next size UPS that we can get, to offset some of that increase with scale at a unit level.

所以薩米，當我們考慮規模時，在供應商基礎上也是一樣的，對吧？因此，如果我們看到對發電機單位成本指標的影響，比方說，我們希望這些供應商說，我們可以獲得的下一個發電機尺寸是多少。我們可以獲得的下一個 UPS 尺寸是多少，以抵消單位級別規模帶來的部分增長。

Our next question comes from Erik Rasmussen with Stifel.

我們的下一個問題來自 Stifel 的 Erik Rasmussen。

Maybe just coming back to the churn. Obviously, it's continued to trend lower. And I appreciate, Katherine, you're not going to offer guidance for next year. But just trying to get a sense of sort of the magnitude of how the changes throughout the year, the improvements that you saw, where could we sort of expect maybe the churn to settle.

也許只是回到流失。顯然，它繼續走低。我很感激，凱瑟琳，你不會為明年提供指導。但是，只是想了解一下全年變化的程度，您看到的改進，我們可以在哪裡預期流失可能會解決。

I mean, obviously, a 4% to 5% range doesn't seem a sustainable part. But I know, Dave, you said you were seeing some improvements and some good surprises. So I'm just trying to balance all that with where could potentially churn -- what's that normalized range when you take -- sort of factor in all the things we talked about on the call.

我的意思是，很明顯，4% 到 5% 的範圍似乎不可持續。但我知道，戴夫，你說過你看到了一些改進和一些驚喜。所以我只是試圖平衡所有這些與可能流失的地方——當你採取的時候標準化的範圍是多少——我們在電話中討論的所有事情中的某種因素。

Yes. So Erik, there are a couple of things that play into the customer renewal conversations and, in a broader sense, expectations longer term for churn in our business. If you remember, we said at the Analyst Day that multiyear, we still kind of look at that 4% to 6% on the lower end of that range. And as our base business and the revenue base grows, obviously, the churn as a percent kind of tends to decrease in that.

是的。所以埃里克，有幾件事會影響客戶更新對話，從更廣泛的意義上講，我們對業務流失的長期期望。如果你還記得的話，我們在那個多年的分析師日上說過，我們仍然會在該範圍的下限看到 4% 到 6%。隨著我們的基礎業務和收入基礎的增長，很明顯，流失率在某種程度上趨於下降。

We also see the terms of the leases are extending. The leases that we signed today versus the leases that we signed 3, 4 years ago are a lot longer term, which obviously decreases the renewal population as it happens. And so if you were to see the churn at 5% to 7% a couple of years ago, now we're seeing at 4% to 6% on the lower end.

我們還看到租約條款正在延長。我們今天簽署的租約與我們 3、4 年前簽署的租約相比，期限要長得多，這顯然會減少更新人口。因此，如果幾年前你看到 5% 到 7% 的流失率，那麼現在我們看到的是 4% 到 6% 的低端流失率。

I do think at some point, those contracts still come up for renewals. It's the success base of those renewals that we've seen an improvement this year. And how we've been able to renew these contracts because of data gravity, because of customer relationships, because of our track record, really.

我確實認為在某些時候，這些合同仍然需要續簽。這是我們今年看到改進的那些續訂的成功基礎。以及我們如何能夠因為數據引力、客戶關係、我們的業績記錄而續簽這些合同，真的。

Okay. Great. That's helpful. And then maybe -- I know hyperscale, you talked about could be lumpy. But maybe if you could just comment on what you're seeing specifically in Northern Virginia and your opportunities in that market. And maybe just -- it's obviously a competitive market, but how do you sort of see that market for you in the coming quarters? Because it's been, sort of, pretty quiet the last few quarters now.

好的。偉大的。這很有幫助。然後也許 - 我知道超大規模，你談到可能是塊狀的。但也許你可以評論一下你在北弗吉尼亞州看到的具體情況以及你在該市場的機會。也許只是 - 這顯然是一個競爭激烈的市場，但你如何看待未來幾個季度的市場？因為過去幾個季度一直很安靜。

Yes. Look, opportunity -- this is Dave. The opportunity is strong. Pricing has firmed up, and we're really confident about Northern Virginia.

是的。看，機會——這是戴夫。機會很大。定價已經確定，我們對北弗吉尼亞州非常有信心。

Yes. And we have capacity there. So we're working with the customers, right? That's just if and when, right? It's not if, it's when. So we'll -- we feel good about that region still.

是的。我們在那裡有能力。所以我們正在與客戶合作，對嗎？那隻是如果和何時，對吧？不是如果，而是何時。所以我們會 - 我們仍然對那個地區感覺良好。

Yes, Erik. We -- I think it's in the release with the shell capacity, we're standing up right now. Land bank is big. We've secured power across that market at our sites with both NOVEC and Dominion. So excited and stay tuned.

是的，埃里克。我們——我認為它在 shell 容量的發布中，我們現在站起來了。土地儲備很大。我們通過 NOVEC 和 Dominion 在我們的站點確保了整個市場的電力。非常興奮，敬請期待。

Our next question comes from Colby Synesael with Cowen.

我們的下一個問題來自 Colby Synesael 和 Cowen。

Dave, I'm surprised, but I appreciate the comments you made to start off the call that you're -- or that the Board is open to all considerations. I guess it'd be helpful if you can share any color as it relates to what I see is 2 potentially conflicting views.

戴夫，我很驚訝，但我很感激你在電話會議開始時發表的評論——或者說董事會對所有考慮持開放態度。我想如果你能分享任何顏色會很有幫助，因為它與我所看到的 2 個可能相互衝突的觀點有關。

One is that you may have some shareholders, perhaps activists, that are more motivated to maybe see something happen sooner rather than later. But on the other side, just hearing you speak today about the demand that you're seeing and then going back to what you guys mentioned at your June Analyst Day about looking to sell off some legacy assets, which would obviously take some time.

一是你可能有一些股東，也許是積極分子，他們更有動力看到事情早日發生而不是晚些時候發生。但另一方面，只是聽到你今天談到你所看到的需求，然後回到你們在 6 月分析師日提到的關於尋求出售一些遺留資產的問題，這顯然需要一些時間。

To the extent you're successful with that demand, selling off some of those assets, one can make the argument that the company could be potentially worth significantly more within perhaps a year's time. How does the Board think about those 2 potentially conflicting views?

如果你成功地滿足了這種需求，出售了其中一些資產，那麼人們可以說，該公司可能在大約一年的時間內價值可能大大提高。董事會如何看待這兩種可能相互衝突的觀點？

And then secondly, you, as I mentioned already, sound pretty bullish on the demand environment across all markets, both in the U.S. as well as Europe. And perhaps, to some degree, you might be a victim of your own success in terms of just having so much leasing done already. Is there a risk that you guys could find yourself flat-footed in terms of having available capacity in the markets where that demand is to actually sell into? And then just lastly, I think you guys missed Simon's question earlier as it relates to the JLL deal and giving us a little bit color in terms of why that may have been done.

其次，正如我已經提到的，您聽起來非常看好美國和歐洲所有市場的需求環境。也許，在某種程度上，就已經完成瞭如此多的租賃而言，您可能是自己成功的犧牲品。你們是否有可能發現自己在實際銷售需求的市場上擁有可用容量方面措手不及？最後，我想你們之前錯過了西蒙的問題，因為它與仲量聯行的交易有關，並給了我們一些關於為什麼這樣做的顏色。

You bet, Colby. So first of all, we talk to all of our shareholders, right? And we -- the only way for us to focus on maximizing value is to execute. We land bank, we get power, we build data centers, we install customers, we take care of them, and that's what we do. We block and we tackle and we'll continue to block and tackle.

你打賭，科爾比。所以首先，我們與所有股東交談，對嗎？而我們——我們專注於價值最大化的唯一方法就是執行。我們土地儲備，我們獲得電力，我們建造數據中心，我們安裝客戶，我們照顧他們，這就是我們所做的。我們攔截，我們攔截，我們將繼續攔截和攔截。

And when we talked about capital recycling, we talked about portfolio optimization, which is a strategic objective. It's just our strategy going forward is focusing on digital gateway markets, focusing on enterprise at scale and hyperscale. And so all capital recycling would be considered strategic based on our go-forward plan.

當我們談到資本循環時，我們談到了投資組合優化，這是一個戰略目標。只是我們未來的戰略是專注於數字網關市場，專注於大規模和超大規模的企業。因此，根據我們的前進計劃，所有資本回收都將被視為戰略。

With respect to capacity, fundamentally, we're seeing strong demand in markets where we see significant data gravity, which is exactly what we planned for when we announced this kind of a digital gateway market, strategic objective on Analyst Day. That's where we're investing. We're investing where there's more and more demand in the markets that we've had great success.

關於容量，從根本上說，我們看到市場的強勁需求，我們看到了顯著的數據引力，這正是我們在分析師日宣布這種數字網關市場戰略目標時的計劃。這就是我們投資的地方。我們在市場上有越來越多需求的地方進行投資，我們已經取得了巨大成功。

And with the demand and with the growth in both the hyperscaler and market and the enterprise at scale, we feel like we're really well positioned, and we're making good investments. And we're certainly not going to deploy a bunch of capital before we have good line of sight to lease it. So we're going to play it safe, we're going to play it smart, but we think right now, protecting our turf and getting land and equipment lined up is probably the best thing to do at this moment. And then I'm going to let John handle the question around the suppliers.

隨著需求以及超大規模和市場以及規模企業的增長，我們覺得我們確實處於有利地位，並且我們正在進行良好的投資。在我們有很好的視線租賃之前，我們當然不會部署大量資金。所以我們要謹慎行事，我們要聰明行事，但我們現在認為，保護我們的地盤，讓土地和設備排好隊可能是目前最好的事情。然後我要讓約翰處理有關供應商的問題。

Colby. Listen, we have hundreds of outsourced vendors that we utilize all the time. There is no -- I think the key here -- there's no change in our operating model across our sites. This is -- it's a vendor, and we have lots of them. We have all kinds of relationships. But nothing is changing operationally. No change to how we run the business day to day.

科爾比。聽著，我們一直在使用數百家外包供應商。沒有 - 我認為這裡的關鍵 - 我們在我們網站上的運營模式沒有變化。這是 - 它是一個供應商，我們有很多供應商。我們有各種各樣的關係。但在操作上沒有任何變化。我們日常經營業務的方式沒有改變。

Okay. Then did the JLL deal replaced someone else that you had previously? Or is this, I guess, the outsourcing of some of your facilities, a new way in which you're operating those facilities?

好的。那麼仲量聯行的交易是否取代了您之前擁有的其他人？或者，我猜，這是你們一些設施的外包，一種你們運營這些設施的新方式？

Colby, we don't talk on specific customers. We don't talk on specific venders. So there's no change to our operations, as John pointed out.

科爾比，我們不談論特定的客戶。我們不談論特定的供應商。因此，正如約翰指出的那樣，我們的運營沒有變化。

Our next question comes from David Guarino with Green Street.

我們的下一個問題來自 Green Street 的 David Guarino。

Dave, you talked about maximizing shareholder value through development. And I wanted to ask you about the San Antonio market, where you just bought some more land. How do you think about underwriting long-term risks of building data centers for a single tenant when that same tenant is already [selling] at a large scale in that market.

戴夫，你談到通過發展最大化股東價值。我想問你關於聖安東尼奧市場的事，你剛剛在那裡買了更多的土地。當同一個租戶已經在該市場大規模[銷售]時，您如何考慮承保為單個租戶建設數據中心的長期風險。

And I asked just because I think you're approaching close to 100 megawatts of capacity in that market. And just kind of curious how you think through another tenant who could backfill that space, if that was ever needed.

我問這個問題只是因為我認為你在那個市場上接近 100 兆瓦的容量。只是有點好奇您如何通過另一個可以回填該空間的租戶來思考，如果需要的話。

So David, it's Katherine. Maybe I'll take that since underwriting is -- kind of falls under my umbrella. When we underwrite deals, we look at stabilized development yields. We do not differentiate single-tenant versus multi-tenant. Our intent on a campus-based scale, and we offer capacity to tenants when they're interested at the right prices.

大衛，是凱瑟琳。也許我會接受，因為承銷是——有點屬於我的保護傘。當我們承銷交易時，我們會考慮穩定的開發收益率。我們不區分單租戶和多租戶。我們打算以校園為基礎的規模，當租戶感興趣時，我們會以合適的價格向他們提供容量。

So I don't think there is a difference between underwriting one versus the other. We have had great experience and a lot of success in San Antonio market. So we continue expanding there because there is demand in that market for us, and we've done really well there.

所以我認為承保一個與另一個之間沒有區別。我們在聖安東尼奧市場擁有豐富的經驗並取得了很多成功。所以我們繼續在那裡擴張，因為那個市場對我們有需求，而且我們在那裡做得非常好。

And we have hyperscale and enterprise demand in San Antonio. It's a fantastic market, and we're excited to continue to expand there.

我們在聖安東尼奧有超大規模和企業需求。這是一個很棒的市場，我們很高興能繼續在那裡擴張。

Yes. And then maybe sticking on the hyperscalers. A number of them have announced their intentions to reduce the environmental impact they have from data centers. Can you maybe talk about conversations you've had with those tenants about what they might want to replace to achieve their green goals? And then ultimately, who bears those costs? Is that CyrusOne who's is going to foot the cost? Or is that passed on to the tenant?

是的。然後可能堅持超大規模。其中一些已經宣布他們打算減少數據中心對環境的影響。您能否談談您與這些租戶就他們可能想要更換什麼以實現其綠色目標進行的對話？最後，誰來承擔這些費用？支付費用的是 CyrusOne 嗎？還是轉嫁給了租客？

David, I mean, we're in constant conversations with these customers, as you could imagine, around all components of the data center, any environmental impact of the data center or footprint. So I mean, that's green energy purchases. That's looking at solutions to replace diesel generators.

大衛，我的意思是，正如您所想像的那樣，我們一直在與這些客戶就數據中心的所有組件、數據中心或占地面積的任何環境影響進行對話。所以我的意思是，這是購買綠色能源。那就是尋找替代柴油發電機的解決方案。

So all of those things will -- they will come to fruition because the market is going to demand it does. And the cost of that will get reflected in our rates, and we're working to maintain our yields with our hyperscale customers. If they're going to pay more for power, which -- in some cases, green power cost more, they're willing to pay for it, that's their corporate initiative, and we're here to help them get there.

所以所有這些事情都會——它們會實現，因為市場將要求它實現。其成本將反映在我們的費率中，我們正在努力與我們的超大規模客戶保持我們的收益。如果他們要為電力支付更多費用，在某些情況下，綠色電力成本更高，他們願意為此支付費用，這是他們的企業倡議，我們會幫助他們實現目標。

Our next question comes from Jordan Sadler with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Jordan Sadler。

I just wanted one more clarification on the CEO search. Did you hire an executive search firm?

我只是想再澄清一次關於 CEO 搜索的問題。你聘請了獵頭公司嗎？

It's a Board decision. Jordan, it's a Board decision. It's not the management decision.

這是董事會的決定。Jordan，這是董事會的決定。這不是管理層的決定。

Right. So has the Board hired an executive search firm?

正確的。那麼，董事會是否聘請了獵頭公司？

So we have many, many relationships with advisers, and we do not comment on the particulars. I can tell you it's an ongoing process. And I'm very confident the Board will make the best decision. And I think that's all we can say about the CEO search.

所以我們與顧問有很多很多關係，我們不對細節發表評論。我可以告訴你這是一個持續的過程。我非常有信心董事會會做出最好的決定。我認為這就是我們對 CEO 搜尋所能說的全部內容。

Well, can you speak the process a little bit? You said it's an ongoing process. Can you maybe describe what's going on, number of parties involved?

嗯，你能說一下過程嗎？你說這是一個持續的過程。您能否描述一下正在發生的事情，涉及的各方數量？

I think it's a traditional search. There's a committee of the Board or a group on the Board that's working on it. My focus is on execution. We've got some significant objectives. And my focus is on day-to-day execution, and there's a committee of the Board working on that. So we simply -- I can tell you it's an ongoing process, and I think it's a pretty traditional process.

我認為這是一個傳統的搜索。有一個董事會委員會或董事會中的一個小組正在處理它。我的重點是執行。我們有一些重要的目標。我的重點是日常執行，董事會的一個委員會正在處理這件事。所以我們只是 - 我可以告訴你這是一個持續的過程，我認為這是一個非常傳統的過程。

Okay. And then on the asset recycling, I want to circle back there. You did touch on gateway markets a number of times in the strategic priority. And then, of course, this quarter, you bought this 6 acres in San Antonio. I'm just kind of curious, maybe if you can characterize a little bit for us what you guys view to be gateway markets versus asset recycling markets or opportunities?

好的。然後關於資產回收，我想回到那裡。您確實在戰略重點中多次涉及門戶市場。然後，當然，這個季度，你在聖安東尼奧買了這 6 英畝的土地。我只是有點好奇，也許你能為我們描述一下你們認為什麼是門戶市場與資產回收市場或機會？

Yes, Jordan. So let me take that. First of all, our recycling initiative that we announced earlier in the summer is aimed at optimizing our portfolio. So you're absolutely correct, we're looking at and focusing on our key gateway markets, which what we look for is diversified demand. We look at high-growth areas where we see opportunities for us to expand on our current footprint as well as expand on it profitably.

是的，喬丹。所以讓我接受吧。首先，我們在夏季早些時候宣布的回收計劃旨在優化我們的產品組合。所以你是絕對正確的，我們正在關注並關注我們的主要門戶市場，我們尋找的是多樣化的需求。我們著眼於高增長領域，在這些領域我們看到了擴大我們當前足跡並實現盈利的機會。

And in terms of San Antonio, that's more of an extension of our existing footprint, not necessarily entering or expanding a different market. So we're just meeting the demand in that market right now.

就聖安東尼奧而言，這更多是我們現有足蹟的延伸，不一定要進入或擴展不同的市場。所以我們現在只是在滿足那個市場的需求。

Yes, Jordan, to add to that, the diversified -- I mean, that's what we're looking for, right, diversified demands in a digital gateway market. And it's demand hyperscale and enterprise at scale, right? It's not just limited to one customer. And I think that's the point about how we classify these digital gateway markets.

是的，喬丹，要補充一點，多樣化——我的意思是，這就是我們在數字網關市場中尋找的，正確的，多樣化的需求。它需要超大規模和大規模企業，對嗎？它不僅限於一個客戶。我認為這就是我們如何對這些數字網關市場進行分類的重點。

Okay. That makes sense. And then one clarification for you. David, you mentioned -- I think, I heard an 89% of your like-for-like renewals were -- or of your renewal pool were like-for-like, and I thought that was interesting. Can you guys quantify the volume of renewals in the quarter in terms of dollar value, so like the like-for-like renewals?

好的。這就說得通了。然後為您澄清一下。大衛，你提到過——我想，我聽說你的續約有 89% 是——或者你的續約池是類似的，我認為這很有趣。你們能否根據美元價值量化本季度的續訂量，就像同類續訂一樣？

Yes, Jordan, I don't have that in front of me. What I can tell you is that -- well, I'll tell you what I do have. That 89% are like-for-like just this past quarter. I'm talking this quarter. And we'll continue to report on this as it happens, and we can get you some data.

是的，喬丹，我面前沒有那個。我能告訴你的是——好吧，我會告訴你我有什麼。就在上個季度，這 89% 的人處於同等地位。我說的是這個季度。我們會在事情發生時繼續報導，我們會為您提供一些數據。

But -- and I can tell you, we're traditionally, these are almost all enterprise, so enterprise at scale. And they're across most of our large markets, there's even a couple of legacy markets that we got some really good renewals. And they're only 3% cash roll down in an over 1% GAAP uptick. And so we can get you that quantified data, but I don't have that at my fingertips.

但是——我可以告訴你，我們傳統上，這些幾乎都是企業，所以規模很大。他們遍布我們大部分的大型市場，甚至還有幾個傳統市場，我們得到了一些非常好的續約。在 GAAP 上漲超過 1% 的情況下，他們的現金回滾率僅下降了 3%。因此，我們可以為您提供量化數據，但我手邊沒有。

Our next question comes from Eric Luebchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Eric Luebchow。

So sorry to keep hammering the renewal question. Just curious, at your Analyst Day, you talked about how your renewals through 2024 may be weighted a little more heavily towards enterprise. So I would presume those have slightly more favorable mark-to-markets versus hyperscale. So maybe you could talk about hyperscale expirations for the next few years. And any kind of ballpark on where you think those mark-to-markets are today?

很抱歉一直在敲續約問題。只是好奇，在你的分析師日，你談到了到 2024 年的續約可能如何更加偏向於企業。因此，我認為與超大規模相比，它們的按市值計價稍微有利一些。所以也許你可以談談未來幾年的超大規模到期。關於您認為今天按市值計價的任何一種大概情況？

And related to that, you mentioned that, that 18% to 22% cash decline was relative to spot rates in the market. But I would presume that when you're doing a renewal, you have more leverage to get a premium to market prices, given the difficulty in moving.

與此相關，你提到，18% 至 22% 的現金下降是相對於市場即期利率而言的。但我認為，當你進行續約時，考慮到搬家的困難，你有更多的槓桿來獲得高於市場價格的溢價。

So maybe is the presumption that you were being ultra conservative, as I think you mentioned earlier on, that 18% to 22%. And you should come in meaningfully ahead, especially with some of the cost inflation and potential for price increases across the market.

因此，正如我認為您之前提到的那樣，假設您是極端保守的，即 18% 到 22%。而且你應該有意義地領先，尤其是在一些成本膨脹和整個市場價格上漲的潛力的情況下。

You bet. I'm going to let Katherine handle the hyperscale question. I will tell you that the renewals are definitely coming in. When we do a renewal, there's significantly less risk, there's significantly less cost and disruption to our customers. So they're paying us, on average, over 30% above the market spot rate on that renewal, okay?

你打賭。我打算讓凱瑟琳處理超大規模問題。我會告訴你，續約肯定會到來。當我們進行續訂時，風險會大大降低，客戶的成本和中斷也會大大減少。因此，他們支付給我們的費用平均比續約市場現貨價格高出 30% 以上，好嗎？

And so what that's translating to, at least in this quarter, was a 3% cash churn down instead of the 18% to 22%. So yes, we were pretty conservative. And so as that continues over each quarter, we'll report on that, but this is the data for the quarter. And so yes, we do think there's a shot that our conservatism prevails. Katherine, I'd love for you to answer the question about the hyperscale renewals and when they're coming due.

因此，至少在本季度，這意味著現金流失率下降了 3%，而不是 18% 至 22%。所以是的，我們非常保守。因此，隨著每個季度的持續，我們將對此進行報告，但這是本季度的數據。所以是的，我們確實認為我們的保守主義有可能佔上風。凱瑟琳，我希望你能回答有關超大規模續約及其到期時間的問題。

Yes. So Eric, I mean today, our revenue is 50-50 between hyperscale and enterprise. But the majority of the renewals that we are seeing in this year are -- been all enterprise, as you rightly pointed out.

是的。所以埃里克，我的意思是今天，我們的收入在超大規模和企業之間是 50-50。但正如您正確指出的那樣，我們今年看到的大部分更新都是 - 都是企業。

Eventually, half of this revenue that will come up for renewal with hyperscalers. And as we work with them, we'll basically apply the same approach to renewals as we do with our enterprise customers. All customers are facing the same cost of moving, the same data gravity. And the goalpost that we talked about at the Analyst Day of cash-on-cash spreads, it's -- when we look at our profile of rates, where they're going to be in the next 3 years, and compare them to today's spot rates, it's not necessarily indicate that the plan is to renew at those rates. It's just establishing the playing field. And what we've experienced is we tend to renew at higher rates than the market rate of the day.

最終，這一收入的一半將用於超大規模用戶的續約。當我們與他們合作時，我們基本上會採用與企業客戶相同的續訂方法。所有客戶都面臨著相同的移動成本和相同的數據引力。我們在分析師日討論的現金現金利差的目標是——當我們查看我們的利率概況時，它們將在未來 3 年內出現，並將它們與今天的現貨進行比較費率，這並不一定表明該計劃將以這些費率續訂。這只是建立競爭環境。我們所經歷的是，我們傾向於以比當天市場價格更高的價格續訂。

Our next question comes from Brendan Lynch with Barclays.

我們的下一個問題來自巴克萊銀行的布倫丹林奇。

Wanted to follow up on capital recycling. And we've seen some transactions recently at pretty low cap rates. And to the extent that you're active on that plan at this point, maybe you could give some commentary on the bidders that you're seeing and the process. And if the pool of potential bidders has expanded beyond what has been seen in past years?

想跟進資金回收。我們最近看到一些交易的資本化率非常低。就您此時積極參與該計劃而言，也許您可以對您看到的投標人和流程發表一些評論。如果潛在競標者的數量超出了過去幾年的範圍？

So Brendan, we just announced the recycling program in June. And we said that we're planning to recycle $1 billion to $2 billion in the next 3 to 4 years. There is not really any progress or any results that we can report at this time. And as we continue on this program and execute on it, then we'll talk about what we're seeing in the market.

所以布倫丹，我們剛剛在 6 月份宣布了回收計劃。我們說我們計劃在未來 3 到 4 年內回收 10 億到 20 億美元。目前我們實際上沒有任何進展或任何結果可以報告。當我們繼續這個項目並執行它時，我們將討論我們在市場上看到的東西。

Okay. That makes sense. And then, David, you mentioned you're taking a tour around your markets and, presumably, you've had conversations with customers and employees. After kind of reengaging in the business, can you give us an update on your willingness to stay on in the CEO role on a permanent basis?

好的。這就說得通了。然後，大衛，你提到你正在參觀你的市場，並且大概已經與客戶和員工進行了交談。在重新投入業務之後，您能否向我們介紹一下您是否願意永久擔任首席執行官一職？

So first of all, I had a great tour in Europe and got to meet a lot of our team. I had a fantastic time in Chicago with our enterprise team and some -- several of our customers. I've of course, met with lots of customers in Dallas and several other markets.

所以首先，我在歐洲進行了一次很棒的巡演，並結識了我們團隊的很多成員。我在芝加哥與我們的企業團隊以及我們的一些客戶度過了一段美好的時光。當然，我在達拉斯和其他幾個市場會見了很多客戶。

I'm here to let the Board make the best decision they can. And they're looking at all opportunities, and I'm really just focused on executing right now. So I haven't made any decisions regarding anything except for I'm the interim CEO, and we're working on execution. And everything that I see in this company is just incredibly powerful and positive.

我來這裡是為了讓董事會做出他們力所能及的最佳決定。他們正在尋找所有機會，而我現在真的只專注於執行。因此，除了我是臨時 CEO 之外，我還沒有就任何事情做出任何決定，我們正在努力執行。我在這家公司看到的一切都非常強大和積極。

Our next question comes from Michael Rollins with Citi.

我們的下一個問題來自花旗的邁克爾羅林斯。

Just a couple of questions. First, on the -- some of the additional items that you provide that are used in your historic presentation of AFFO, curious if you could discuss the deferred revenue line. It was, I think, about $29 million in the quarter, $55 million year-to-date. What's driving that significant year-over-year increase in that deferred revenue? And how is that affecting the GAAP reported revenues for equipment or non-rental revenues?

只是幾個問題。首先，關於您提供的一些附加項目，這些項目在您對 AFFO 的歷史介紹中使用，想知道您是否可以討論遞延收入線。我認為，本季度約為 2900 萬美元，今年迄今為 5500 萬美元。是什麼推動了遞延收入的同比顯著增長？這對 GAAP 報告的設備收入或非租賃收入有何影響？

And then secondly, just curious for a balance sheet question. On -- if I think back historically, the company management team has talked about the importance of the investment-grade debt ratings and maintaining an IG credit balance sheet. I'm just curious, how important is that going forward as you look at capital opportunities? And are there any updates in terms of your expectations to use equity or ATM to continue to fund development?

其次，只是對資產負債表問題感到好奇。關於——如果我回顧歷史，公司管理團隊已經談到了投資級債務評級和維持 IG 信用資產負債表的重要性。我只是很好奇，在你看待資本機會時，這對未來有多重要？您對使用股權或 ATM 繼續資助開發的期望是否有任何更新？

Michael, it's Katherine. On deferred revenue, so it is related to the equipment sales, and it is lumpy. So in the past, historically, we used to sell equipment to the customers so they would take the title of that equipment and it would be a onetime equipment sales. What we have been really doing recently this year is where we retain the title on the equipment. And so the equipment sales, while they pay for it upfront, they're part of the leasing stream. So you would see that in the GAAP reporting in a straight-line basis.

邁克爾，是凱瑟琳。在遞延收入上，它與設備銷售有關，而且是塊狀的。所以在過去，從歷史上看，我們過去常常向客戶出售設備，這樣他們就會獲得該設備的所有權，這將是一次性設備銷售。今年我們最近真正做的是保留設備的所有權。所以設備銷售，雖然他們預先支付，但他們是租賃流的一部分。因此，您會在 GAAP 報告中以直線法看到這一點。

In terms of your second question, in our balance sheet, we are very proud and I'm very pleased with our balance sheet. It's very strong balance sheet with over $2 billion in liquidity. So investment-grade rating does help with that. We do have $303 million of available forward equity as we close third quarter, and we look for that equity to fund our development pipeline.

關於你的第二個問題，在我們的資產負債表中，我們非常自豪，我對我們的資產負債表感到非常滿意。它的資產負債表非常強勁，流動性超過 20 億美元。因此，投資級評級確實有助於此。在第三季度結束時，我們確實有 3.03 億美元的可用遠期股權，我們希望這些股權能夠為我們的開發管道提供資金。

Typically, the way we think about our equity raises is to match them against our development and opportunities to build our leasing and commencements. And so as long as we stay within the leverage parameters, which is mid- to high 5s, we supplement that with our equity.

通常，我們考慮股權融資的方式是將它們與我們的發展和機會相匹配，以建立我們的租賃和開工。因此，只要我們保持在中高 5 的槓桿參數範圍內，我們就會用我們的資產來補充它。

Now we also, as we've mentioned in the Investor Day, we launched the recycling program with a purpose of twofold: One is optimize the portfolio. But the second part of this program is supplement our equity raises. So we balance the 2, if and when we need the capital.

現在我們也，正如我們在投資者日提到的那樣，我們推出回收計劃有兩個目的：一個是優化投資組合。但該計劃的第二部分是補充我們的股權融資。因此，如果我們需要資金，我們會平衡 2。

Just to follow up on your comments regarding the deferred revenue, what's the margin that you would typically get on those equipment sales? And then what's the amortization period for that straight line? And is that causing that -- some of that inflation in the margins? Because presumably that -- the cost of that equipment's in depreciation and not as a cash operating expense.

只是想跟進您對遞延收入的評論，您通常從這些設備銷售中獲得的利潤是多少？那麼這條直線的攤銷期是多少？這是否導致了 - 利潤率的一些通貨膨脹？因為大概是因為該設備的折舊成本而不是現金運營費用。

So in terms of margin, it's not that material margin. It's not the same margin we do in our core operations, so I wouldn't be focused on margin. The reason we do this for our customers is also value-add, and it is for the duration of the lease terms. So it's straight lined over the lease term of that specific deployment.

所以就保證金而言，這不是物質保證金。這與我們在核心業務中的利潤率不同，所以我不會關注利潤率。我們為客戶這樣做的原因也是增值，而且是在租賃期限內。因此，它在該特定部署的租期內是直線排列的。

Our next question comes from Nick Del Deo with MoffettNathanson.

我們的下一個問題來自 Nick Del Deo 和 MoffettNathanson。

First, you obviously feel pretty good about your supply chain. If you were to disaggregate the different components, are there any links that you'd say you're keeping a closer eye on than others? Or do you feel like it's pretty consistent across the board in terms of what the risks are and how you're protected?

首先，您顯然對自己的供應鏈感覺良好。如果您要分解不同的組件，是否有任何鏈接是您比其他鏈接更密切關注的？或者你覺得它在風險是什麼以及你如何受到保護方面非常一致？

And then second, I think earlier this year, you landed a number of on-ramps from Google. I was wondering if you've had any positive enterprise leasing impacts or positive conversations with your customers as a result of those, or if it's too soon to say.

其次，我想今年早些時候，你從谷歌獲得了一些入口。我想知道您是否因此對企業租賃產生了任何積極的影響或與客戶進行了積極的對話，或者現在說還為時過早。

Yes. Nick, on the supply chain side, so we talked about it in the deck a little bit. But we've expanded our kind of supply chain base to literally, in some cases, 3 or 4 providers of that equipment to diversify kind of some of that risk. And we've been focused on this for the past 4 quarters, really, because we kind of saw some of this coming in our conversations with them.

是的。尼克，在供應鏈方面，所以我們在甲板上談了一點。但我們已經將我們的供應鏈基礎擴展到字面上，在某些情況下，該設備的 3 或 4 家供應商可以分散部分風險。在過去的 4 個季度裡，我們一直專注於此，真的，因為我們在與他們的對話中看到了其中的一些內容。

But I mean, I think -- we think about all pieces and parts kind of in that OFCI equipment list that we can't deliver the data center without any single piece. So we're kind of focused on all of it. Nothing like sticks out that says, like, this seems to not be a worry or we're really concerned about this. It's been kind of across-the-board focused to make sure that we have enough to meet the demand, and really, the demand and the time lines of the customers.

但我的意思是，我認為 - 我們考慮了 OFCI 設備清單中的所有部件和部件，我們無法在沒有任何一個部件的情況下交付數據中心。所以我們有點專注於所有這一切。沒有什麼比這更突出的了，比如，這似乎不是一個擔心，或者我們真的很擔心這個。這是一種全面的關注，以確保我們有足夠的能力來滿足需求，實際上是滿足客戶的需求和時間線。

On the on-ramp, look, whenever you have a native cloud on-ramp, it's good. It attracts the enterprise, especially. And where we've deployed them, we've seen more data gravity. And so every time you can secure a native cloud on-ramp, that's a good thing for the asset.

在入口處，看，只要你有一個本地雲入口，它就很好。它特別吸引企業。在我們部署它們的地方，我們看到了更多的數據引力。因此，每次您可以確保本地雲入口的安全，這對資產來說都是一件好事。

Our next question comes from Irvin Liu with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Irvin Liu。

Hopefully, this wasn't already addressed. But from a supply chain perspective, it looks like you were able to mitigate the impacts on your end. But could you comment on whether there's potential for supply constraints to impact deployments for your customers in the event that they're unable to procure supply that they need?

希望這還沒有得到解決。但從供應鏈的角度來看，您似乎能夠減輕對您的影響。但是，如果您的客戶無法獲得所需的供應，您能否評論一下供應限制是否有可能影響他們的部署？

Irvin, yes, I mean, we talk to our customers all the time. I mean they -- in our conversations with our big enterprise at scale customers and our hyperscale customers, they're really doing the same thing we're doing on kind of prepurchasing chips and the things that they need to run their business. So we haven't had any kind of anybody say, like, listen, we're not taking the capacity because we don't have chips.

歐文，是的，我的意思是，我們一直在與客戶交談。我的意思是他們——在我們與我們的大型企業客戶和超大規模客戶的對話中，他們確實在做我們在預購芯片和他們經營業務所需的事情上所做的同樣的事情。所以我們沒有任何人說，比如，聽著，我們沒有佔用容量，因為我們沒有芯片。

The industry is super focused on it across the board, on all layers of the data center. And the demands that we see is obviously the same demand that they're seeing on their businesses. So it's top of mind, but nothing has changed any in kind of our delivery time lines.

整個行業都非常關注數據中心的各個層面。我們看到的需求顯然與他們在業務中看到的需求相同。所以這是最重要的，但我們的交付時間線沒有任何改變。

And our early commencements that we reported this quarter kind of speak to that. Everybody is focused on it, and everybody is still focused on executing on the business.

我們在本季度報告的早期開始就說明了這一點。每個人都專注於它，每個人仍然專注於執行業務。

Got it. Got it. And then it looks like Europe continues to be a good source of growth for you. But I'm trying to better understand if your strength here is more reflective or more of a function of the underlying data gravity trends in Europe. Or is it more of a function of traditionally hyperscalers having -- or being under-indexed in Europe from a data center perspective?

知道了。知道了。然後看起來歐洲仍然是您增長的良好來源。但我試圖更好地了解你在這裡的優勢是否更能反映歐洲的潛在數據引力趨勢。或者從數據中心的角度來看，它更像是傳統的超大規模數據中心在歐洲擁有或被低估的功能？

Look, we have focused on just key markets in Europe, right? So -- and we've been able to get really nice scale in the markets and the campuses we have. And so for us, when a customer can continuously grow on the same campus, you've just got a better position than if you're in another part of town or not on the same campus.

看，我們只關注歐洲的主要市場，對嗎？所以 - 我們已經能夠在我們擁有的市場和校園中獲得非常好的規模。所以對我們來說，當一個客戶可以在同一個園區不斷成長時，你就比在城鎮的另一個地方或不在同一個園區時處於更好的位置。

So we're seeing the growth, because I think coming into Europe, which we did just a couple of years ago, we were able to focus on scale and data gravity. I can't really tell you what's driving the hyperscalers up -- exactly what's driving their demand, but I do know that there is significant demand in the markets that we happen to be in.

所以我們看到了增長，因為我認為進入歐洲，就像我們幾年前所做的那樣，我們能夠專注於規模和數據引力。我真的無法告訴你是什麼推動了超大規模企業的發展——究竟是什麼推動了他們的需求，但我知道我們恰好所在的市場存在巨大的需求。

And the conversations we're having with these hyperscalers, like John said earlier, they're not conversations about the next 12 to 24 months. We're having conversations about the next many, many years. And so -- and the conversations we're having are around our key markets. And so we expect that to continue.

正如約翰之前所說，我們與這些超大規模企業的對話不是關於未來 12 到 24 個月的對話。我們正在就未來許多年進行對話。因此——我們正在進行的對話圍繞著我們的主要市場展開。因此，我們希望這種情況會繼續下去。

This concludes our question-and-answer session. I would like to turn the conference back over to David Ferdman for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給大衛·費德曼，聽取任何閉幕詞。

Thank you, Anthony, and everyone, for participating on the call. Before we go, I'd like to reiterate how excited we are about the industry and about the consistent execution of the company. We remain well positioned to meet the needs of our customers, and our team is focused on delivering solutions in both the U.S. and Europe. We look forward to talking with you on the next earnings call.

感謝 Anthony 和大家參加電話會議。在我們離開之前，我想重申我們對這個行業和公司的一貫執行力感到多麼興奮。我們仍然能夠很好地滿足客戶的需求，我們的團隊專注於在美國和歐洲提供解決方案。我們期待在下一次財報電話會議上與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。