Cyxtera Technologies Inc (CYXT) 2022 Q3 法說會逐字稿

Hello, everyone, and welcome to the Cyxtera Third Quarter 2022 Earnings Call. My name is Daisy, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加Cyxtera 2022年第三季財報電話會議。我是Daisy，今天將由我來主持本次電話會議。 （操作說明）

I would now like to hand the call over to your host, Kwang Edeker, Senior Director of Finance, to begin. Sir Kwang, please go ahead.

現在我將把電話交給主持人，財務高級總監鄺埃德克先生，請他開始。鄺先生，請開始。

Thank you, Daisy. Good morning, and welcome to our third quarter 2022 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website at ir.cyxtera.com. We are joined here today by Nelson Fonseca, President and CEO; and Carlos Sagasta, our CFO. After prepared remarks, we'll open up the lines for Q&A.

謝謝黛西。早安，歡迎參加我們2022年第三季財報電話會議。今天的會議內容將參考我們投資人關係網站ir.cyxtera.com上的資料。今天出席會議的有總裁兼執行長納爾遜·豐塞卡先生和財務長卡洛斯·薩加斯塔先生。在兩位發言結束後，我們將開放問答環節。

Before we begin, I would like to remind you that today's earnings materials contain forward-looking statements, including statements regarding our future expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the Safe Harbor language on Slide 2 of our presentation, and our SEC filings for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations to these measures in our supplemental financial information.

在正式開始之前，我想提醒各位，今天的盈利報告包含前瞻性陳述，包括關於我們未來預期的一些陳述。所有前瞻性陳述均受風險和不確定性因素的影響。請參閱今天的獲利報告、簡報第二頁的「安全港」條款以及我們提交給美國證券交易委員會（SEC）的文件，以了解可能導致我們實際業績與前瞻性陳述存在差異的主要風險因素。此外，我們在列報財務績效時使用了若干非公認會計準則（非GAAP）指標。這些指標的調節表已包含在我們的補充財務資訊中。

With that, I'll turn the call over to Nelson.

接下來，我將把電話交給納爾遜。

Thank you, Kwang. Good morning, everyone, and thank you for joining us for our third quarter 2022 earnings call. We have a lot to cover on today's call, so let's get started.

謝謝Kwang。大家早安，感謝各位參加我們2022年第三季財報電話會議。今天我們要討論的內容很多，那我們就開始吧。

Cyxtera completed another solid quarter as we continue to execute on our 2022 priorities. Demand for our products and services remained robust, with annualized core bookings increasing 20% sequentially and delivering our 11th consecutive quarter of positive net bookings. This solid sales performance is a result of our unique global platform of highly interconnected data centers, our innovative approach to cloud-like colocation, our strong and diversified customer base and our unwavering focus on providing value to customers.

Cyxtera 又完成了一個穩健的季度，我們正持續推進 2022 年的各項重點工作。市場對我們產品和服務的需求依然強勁，核心業務年度預訂量較上季成長 20%，實現了連續第 11 季淨預訂量為正。這項穩健的銷售表現得益於我們獨特的全球互聯資料中心平台、我們創新的類雲託管解決方案、我們強大且多元化的客戶群，以及我們始終堅持為客戶創造價值的理念。

Evidence of this sales momentum can be seen throughout many areas of the company. We had another strong quarter of channel sales and new logo bookings. Q3 channel performance was ahead of our expectations, more than doubling year-over-year and growing 9% sequentially. The channel accounted for nearly 25% of our core bookings in the quarter, representing the second best channel quarter in company history.

公司各方面都體現了這一銷售動能。通路銷售和新客戶預訂量在本季再次表現強勁。第三季通路業績超出預期，較去年同期成長超過一倍，較上季成長9%。該季度通路銷售額佔核心訂單總額的近25%，創下公司歷史上通路業績第二佳的季度紀錄。

In addition, the strength of our ecosystem continues to attract new customers to our global platform, adding 32 new logos in Q3, a 33% increase from the prior quarter. The strength of our ecosystem is a strategic priority at Cyxtera, and we continue to focus on innovative solutions that help our customers transform, grow and rapidly scale their digital business. This focus has led to a continued increase in the adoption of our Digital Exchange platform.

此外，我們強大的生態系統持續吸引新客戶加入我們的全球平台，第三季新增32個客戶，較上一季成長33%。建立強大的生態系統是Cyxtera的策略重點，我們將繼續專注於創新解決方案，幫助客戶轉型、發展並快速擴展其數位化業務。這項策略重點也促使我們的數位交易平台用戶數量持續成長。

This quarter, we closed our 2 largest Digital Exchange deals in company history. Both deals supported digital transformation initiatives, with a combination of Enterprise Bare Metal, SmartCabs and Interconnection solutions, and will provide both customers the financial and operational flexibility of cloud with the control, performance and security of enterprise-grade colocation and dedicated infrastructure.

本季，我們完成了公司史上規模最大的兩筆數位交換交易。這兩筆交易均支援數位轉型計劃，結合了企業級裸機、智慧機櫃和互聯解決方案，將為客戶提供雲端的財務和營運靈活性，以及​​企業級託管和專用基礎設施的控制力、性能和安全性。

I am also proud to say we have received 2 new patents on our Digital Exchange network fabric due to our continued focus on innovation and providing our customers with intelligently automated, deeply connected and cloud-like solutions in the data center.

我還要自豪地宣布，由於我們持續專注於創新，並為客戶提供資料中心中智慧自動化、深度連接和雲端化的解決方案，我們的數位交換網路架構獲得了 2 項新專利。

The first patent applies to Cyxtera's IP Connect service, which enables organizations to instantly provision and dynamically adjust Internet connectivity via self-service through our API or customer portal. The second patent covers the Digital Exchange network fabric itself and the ability for customers to not only self-manage existing interconnectivity but to also create new, on-demand connections to their various hybrid IT environments, other customers, Cyxtera-delivered services or partner-delivered services via the Cyxtera Marketplace.

第一項專利適用於Cyxtera的IP Connect服務，該服務使企業能夠透過我們的API或客戶入口網站自助服務，即時設定並動態調整網路連線。第二項專利涵蓋數位交換網路架構本身，以及客戶不僅可以自助管理現有互連，還可以透過Cyxtera Marketplace按需創建新的連接，連接到其各種混合IT環境、其他客戶、Cyxtera提供的服務或合作夥伴提供的服務。

The results of our differentiated offerings and strong sales momentum can be seen in our continued revenue growth. During the quarter, total revenue increased by $9.5 million or 5.4% year-over-year. As you know, due to the global scale of our data center footprint, the strengthening of the U.S. dollar weighs on our reported financials. Excluding the impact of foreign exchange, total revenue increased by $14.1 million or 8% year-over-year.

我們差異化的產品和服務以及強勁的銷售勢頭，體現在我們持續的營收成長上。本季度，總營收年增950萬美元，增幅達5.4%。如您所知，由於我們的資料中心遍布全球，美元走強對我們的財務表現造成了一定影響。剔除匯率影響後，總營收年增1,410萬美元，增幅達8%。

Core revenue increased by $11.8 million or 7.3% year-over-year while Interconnection revenue grew to nearly 12% of total revenue. The overall pricing environment remains strong across the board. Our stabilized occupancy increased 480 basis points year-over-year, and we saw an increase in our revenue per cabinet. All these indicators highlight the quality of our data center platform and our strong momentum in the market.

核心業務收入年增 1,180 萬美元，增幅 7.3%；互聯業務收入佔總收入的比例接近 12%。整體定價環境依然強勁。我們的穩定機房佔用率年增 480 個基點，單機櫃收入也有所成長。所有這些指標都凸顯了我們資料中心平台的卓越品質以及我們在市場上的強勁發展勢頭。

Transaction adjusted EBITDA in the quarter grew 0.8% year-over-year. Like revenue, transaction adjusted EBITDA was negatively impacted by FX. On a constant currency basis, our transaction adjusted EBITDA grew nearly 5% year-over-year. As we anticipated and previously discussed, utility costs continue to rise, but the power pass-through process that we put in place is yielding the intended results. Carlos will discuss power costs in greater detail later on the call.

本季經交易調整後的 EBITDA 年成長 0.8%。與收入一樣，經交易調整後的 EBITDA 也受到匯率波動的負面影響。以固定匯率計算，我們的經交易調整後的 EBITDA 年成長近 5%。正如我們之前預期和討論的那樣，公用事業成本持續上漲，但我們實施的電力成本轉嫁機制正在取得預期效果。卡洛斯將在稍後的電話會議上更詳細地討論電力成本問題。

As a result of our strong Q3 performance and go-to-market momentum and despite the expectation for continued FX volatility and rising utility costs, we are affirming our 2022 guidance and expect revenue growth to be between 4% and 8%, with transaction adjusted EBITDA growth of 3% to 8%. Before I pass the call on to Carlos, I would like to briefly address a few additional topics.

鑑於我們第三季強勁的業績表現和市場拓展勢頭，儘管預計外匯市場將持續波動且公用事業成本將不斷上漲，我們仍維持2022年業績指引不變，預計營收成長4%至8%，交易調整後EBITDA成長3%至8%。在將電話會議交給卡洛斯之前，我想簡要地談談其他幾個方面。

First, we continue to make progress on our Silicon Valley expansion and expect contribution from our SFO4-B project in Q4 of this year. Second, we previously announced the Board approval of our REIT conversion, and we continue to make progress on that initiative. And third, we remain fully committed to strong governance and our ESG objectives as an organization.

首先，我們在矽谷的擴張計畫持續推進，預計SFO4-B計畫將於今年第四季開始貢獻收益。其次，我們先前已宣布董事會批准了我們的房地產投資信託基金（REIT）轉型計劃，目前該計劃也正在穩步推進。第三，我們始終致力於完善公司治理，並全力實現我們的ESG目標。

We want to empower customers and partners to build sustainable businesses, minimizing our own environmental footprint, fostering diverse and connected communities and increasing trust and transparency. In Q3, we released our inaugural ESG Fact Sheet, which provides information on our initiatives and impact across environmental, social and governance matters. We also implemented our supplier and business partner Code of Conduct this quarter.

我們希望賦能客戶和合作夥伴，協助他們打造永續發展的業務，同時最大限度地減少自身的環境足跡，促進多元互聯的社區發展，並提升信任度和透明度。第三季度，我們發布了第一份ESG概況介紹，其中詳細介紹了我們在環境、社會和治理（ESG）領域的各項舉措及其影響。此外，本季我們也實施了供應商和業務合作夥伴行為準則。

In summary, our Q2 results reflect a robust demand for our global platform of highly interconnected data centers and our innovative approach to cloud-like colocation. We remain committed to the long-term success of Cyxtera and are confident that our current trajectory positions us well to achieve our long-term objectives.

總而言之，我們第二季的業績反映了市場對我們全球高度互聯資料中心平台以及我們創新的類雲端託管解決方案的強勁需求。我們始終致力於Cyxtera的長期成功，並堅信我們目前的發展軌跡將使我們能夠順利實現長期目標。

With that, I will turn the call over to Carlos.

接下來，我將把電話交給卡洛斯。

Thank you, Nelson. Good morning, everyone, and thank you for joining us for our third quarter 2022 earnings call.

謝謝你，納爾遜。大家早安，感謝各位參加我們2022年第三季財報電話會議。

Cyxtera's team once again delivered solid financial results in the third quarter as we move through the second half of the year. The fundamentals of our business remain healthy, including strong constant currency revenue growth, low churn rates and resilient demand across our key markets. We believe this positive momentum, along with the strong (inaudible) in our industry, position us well to mitigate some of the challenging macroeconomic trends that we're experiencing including increasing utility costs, higher interest rates and FX volatility.

隨著我們進入下半年，Cyxtera團隊在第三季再次取得了穩健的財務表現。我們業務的基本面依然良好，包括強勁的固定匯率收入成長、較低的客戶流失率以及主要市場強勁的需求。我們相信，這種積極的發展勢頭，加上我們所在行業的強勁增長（聽不清楚），使我們能夠更好地應對一些具有挑戰性的宏觀經濟趨勢，例如不斷上漲的公用事業成本、更高的利率和匯率波動。

Going a little deeper into the financials now, let's turn to Slide 9. You can see total revenue for the quarter increased by $9.5 million or 5.4% year-over-year to $186.6 million while recurring revenue increased by $8.8 million or 5.2% year-over-year to $178.1 million, reflecting robust demand and continued growth of our installed customer base. With that in mind, Q3 Interconnection revenue represented almost 12% of total revenue for the quarter and grew 12% year-over-year. Growth was primarily driven by incremental demand and further pricing power in the markets we operate.

現在讓我們更深入地分析一下財務數據，請看第9張投影片。可以看到，本季總營收年增950萬美元，增幅5.4%，達到1.866億美元；經常性營收年增880萬美元，增幅5.2%，達到1.781億美元，這反映了強勁的需求和我們現有客戶群的持續成長。考慮到這一點，第三季互聯業務收入佔本季總營收的近12%，較去年同期成長12%。成長主要得益於我們營運市場中新增的需求和定價能力的提升。

As you can see on Slide 13, we continue to experience an elevated level of FX volatility, with the stronger U.S. dollar reducing total revenue by more than 2.5 points in Q3. Remember, fluctuations in foreign currency do not have an impact in our cash flow, the impact is just translational.

正如您在第13頁幻燈片中看到的，我們持續面臨較高的外匯波動，美元走強導致第三季總收入下降超過2.5個百分點。請記住，外匯波動不會影響我們的現金流，影響僅限於匯率轉換。

Average monthly core churn of 0.8% for the third quarter was 10 basis points -- was a 10 basis point increase sequentially and year-over-year, respectively. Year-to-date core churn is 0.8%. We continue to expect these low levels of churn given the strength of our diversified customer base and the mission-critical nature of the deployments across our platform.

第三季平均每月核心客戶流失率為0.8%，較上季和年比分別上升10個基點。年初至今的核心客戶流失率為0.8%。鑑於我們多元化的客戶基礎以及平台上部署的關鍵任務性質，我們預計流失率將繼續保持在較低水準。

We also have minimal exposure to the SMB market, with an overwhelming majority of our customers considered large enterprises, which lends stability to our portfolio. Churn models are in line with historical trends and centered predominantly around consolidation driven by M&A among our customers.

我們涉足中小企業市場的風險敞口極小，絕大多數客戶均為大型企業，這為我們的業務組合帶來了穩定性。客戶流失模式與歷史趨勢相符，主要集中在客戶併購推動的整合。

Lastly, we continue to see very positive demand dynamics in Singapore while supply remains constrained across the market. To better serve our customers in this market, we're in the process of moving customers from our SIN1 data center in Singapore to our larger site, SIN2. For reference, SIN1 is approximately 5 megawatts while SIN2 is 10 megawatts. This added 10 basis points to churn in Q3. It would have been 0.7% without it.

最後，我們持續看到新加坡市場需求強勁，而整個市場的供應仍然緊張。為了更好地服務該市場的客戶，我們正在將客戶從位於新加坡的SIN1資料中心遷移到規模更大的SIN2資料中心。 SIN1的容量約為5兆瓦，而SIN2的容量為10兆瓦。此次遷移導致第三季客戶流失率增加了10個基點。如果沒有此次遷移，客戶流失率將為0.7%。

Given the positive momentum in net bookings that Nelson mentioned, we saw stabilized occupancy expand 480 basis points year-over-year to 73.7%. I would point out that occupancy expanded even more, an additional 180 basis points compared to last year, when adjusted for customer deals that closed in the last days of the quarter that are not reflected in our Q3 occupancy numbers. Sequentially, occupancy declined 50 basis points but increased 130 basis points when adjusted.

鑑於納爾遜提到的淨預訂量成長勢頭良好，我們看到穩定入住率年增480個基點，達到73.7%。需要指出的是，如果剔除季度末最後幾天完成的客戶交易（這些交易未反映在第三季入住率數據中），入住率的增幅更大，比去年同期增加了180個基點。環比來看，入住率下降了50個基點，但經調整後增加了130個基點。

Core revenue, as shown on Slide 10, increased by $11.8 million or 7.2% year-over-year to $172.8 million. Looking at Slide 11, gross margin was 46.2%, a year-over-year decrease of 100 basis points, primarily attributable to higher power costs, which I will address in a few moments.

如投影片10所示，核心營收年增1,180萬美元，增幅7.2%，達到1.728億美元。投影片11顯示，毛利率為46.2%，年減100個基點，主要原因是電力成本上升，我稍後會詳細解釋。

Transaction adjusted EBITDA increased by $0.4 million or 0.8% year-over-year to $58.5 million. Transaction adjusted EBITDA margin of 31.4% declined by approximately 140 basis points year-over-year, primarily reflecting the increased power costs. On a constant currency basis, transaction adjusted EBITDA increased by $2.8 million or 4.9% year-over-year.

經交易調整後的 EBITDA 年成長 0.8%，達到 5,850 萬美元，增加 0.40 萬美元。經交易調整後的 EBITDA 利潤率為 31.4%，年減約 140 個基點，主要反映了電力成本的增加。以固定匯率計算，經交易調整後的 EBITDA 年成長 4.9%，增加 280 萬美元。

As detailed on Slide 15, core MRR, excluding FX, increased by 4.1% -- sorry, $4.1 million or 8.4% to $52.8 million, primarily due to net installations. Our MRR per cabinet increased 1% year-over-year and 3% sequentially as contracted ramps start to flow through the calculation and price increases have been additive to growth.

如投影片15所示，不計匯率影響的核心月經常性收入（MRR）成長了4.1%－抱歉，應該是410萬美元，增幅為8.4%，達到5,280萬美元，主要得益於淨新增裝置。隨著合約規定的增幅開始計入計算，且價格上漲也促進了成長，我們的單機櫃MRR年增1%，季增3%。

As I mentioned previously, our cost of revenue has been negatively impacted by the increased power cost the data center industry has been faced with. The increase in power costs we have experienced in the first 9 months of the year is expected to continue to weigh on all of our data centers across the industry.

正如我之前提到的，資料中心產業面臨的電力成本上漲對我們的收入成本產生了負面影響。今年前九個月的電力成本上漲預計將持續對整個產業的資料中心帶來壓力。

We have the contractual flexibility to pass through increases in power costs, but we consider the power pass-through activity very carefully because we understand that this is a real impact to our customers. And for us, this is a cost recovery exercise, which does not create incremental profitability for Cyxtera.

我們擁有合約賦予的彈性，可以將電力成本上漲轉嫁給客戶，但我們會非常謹慎地考慮電力成本轉嫁事宜，因為我們深知這會對客戶造成切實的影響。對我們而言，這只是一項成本回收措施，並不會為Cyxtera帶來額外的利潤。

While we have established a cost recovery process that successfully passes through over 90% of the increased cost to our customers, there is an approximate 90-day lag for this process. As a reminder, further utility cost increase that are not recovered in the fiscal year are expected to be recovered at a 90%-plus percent that came in, in 2023.

雖然我們已建立成本回收流程，能夠成功地將超過 90% 的新增成本轉嫁給客戶，但該流程大約存在 90 天的延遲時間。需要提醒的是，本財年未能回收的後續公用事業成本成長預計將在 2023 年以超過 90% 的比例回收。

As you can see on Slide 17, approximately 45% of our total power cost in Q3 was in domestic deregulated markets, which have experienced a 23% increase year-over-year. While our exposure to international markets is more limited, our power cost in those markets have also increased 18% year-over-year.

如投影片17所示，第三季我們約45%的電力總成本來自國內非管制市場，這些市場的成本較去年同期成長了23%。雖然我們對國際市場的投資相對有限，但我們在這些市場的電力成本也比去年同期成長了18%。

We have mitigated a portion of the risk associated with increased utility costs through greater use of forward purchases. In our deregulated markets as well as some international markets, we have addressed approximately 50%, which has helped us to offset some of the dramatic increases impacting the broader data center industry.

我們透過更多地使用遠期購買來降低公用事業成本上漲帶來的部分風險。在我們已解除管制的市場以及部分國際市場，我們已應對了約50%的風險，這有助於我們抵消影響整個資料中心產業的部分成本大幅上漲的影響。

On Slide 19, we have provided a breakdown of our capital investments. Overall, CapEx is up on the back of a higher expansion activity around key markets, particularly Silicon Valley. Maintenance CapEx came in at 1.8% of revenue in Q3, down 140 basis points year-over-year. Year-to-date, maintenance CapEx is 2.6% of revenue, generally in line with our long-term guidance of approximately 3%.

在第19頁投影片中，我們詳細列出了資本投資情況。整體而言，資本支出成長主要得益於重點市場（尤其是矽谷）的擴張活動增加。第三季維護性資本支出佔營收的1.8%，年減140個基點。今年迄今，維護性資本支出佔收入的2.6%，基本上符合我們約3%的長期預期。

During the remainder of 2022, we continue to expect growth CapEx to increase significantly from the year-ago levels due to ongoing construction of SFO4-B in Silicon Valley and to meet the strong demand currently reflected in our backlog and near-term [sales file].

在 2022 年剩餘的時間裡，我們預計成長資本支出將比去年同期大幅增加，因為矽谷 SFO4-B 的建設仍在進行，並且為了滿足目前在我們的積壓訂單和近期銷售文件中反映出的強勁需求。

Now turning to Slide 20 for an update on our balance sheet and capital markets activity. We continue to improve our leverage position during Q3, with the net financial leverage declining 10 basis points year-over-year and 20 basis points sequentially to 3.6x. On a lease-adjusted basis, our leverage held steady at 6.2x.

現在請看第20張投影片，了解我們資產負債表和資本市場活動的最新情況。第三季度，我們的槓桿狀況持續改善，淨財務槓桿年減10個基點，季減20個基點，至3.6倍。經租賃調整後，我們的槓桿率維持在6.2倍不變。

Turning to the balance sheet. As of September 30, our contractual debt outstanding, net of cash and cash equivalents, was $1.74 billion. But our financial net debt, excluding all capital leases, was $820 million. At the end of Q3, Cyxtera had liquidity of $159 million, including cash and cash equivalents, and borrowings available under our revolver.

接下來看一下資產負債表。截至9月30日，扣除現金及現金等價物後，我們的未償合約債務為17.4億美元。但扣除所有融資租賃後，我們的財務淨債務為8.2億美元。第三季末，Cyxtera的流動資金為1.59億美元，包括現金及現金等價物以及循環信貸項下的可用借款。

Although our current capital [structure] is entirely of fluid rate debt, we have managed the floating rate debt well and have insulated our exposure through our LIBOR selection in the second half of the year. During the quarter, we closed an accounts receivable securitization facility of $37.5 million with PNC Bank committed for a term of 3 years. This new facility is another important component of our overall liquidity and financing strategy, and we are very pleased with the terms as it provides us with greater flexibility and a low-cost source of capital.

儘管我們目前的資本結構完全由浮動利率債務構成，但我們對浮動利率債務管理良好，並透過下半年選擇LIBOR利率有效規避了風險敞口。本季度，我們與PNC銀行達成了一項3,750萬美元的應收帳款證券化融資協議，期限為3年。這項新的融資安排是我們整體流動性和融資策略的另一個重要組成部分，我們對協議條款感到非常滿意，因為它為我們提供了更大的靈活性和低成本的資金來源。

As it relates to our successful equipment sale and leaseback strategy, in Q3, we completed 3 transactions with cash proceeds from the sale of critical power and cooling equipment of approximately $20 million. The term length was 5 years and the weighted average interest rate was 7.53%.

就我們成功的設備售後回租策略而言，第三季我們完成了3筆交易，出售關鍵電力和冷卻設備所得現金約2,000萬美元。租期為5年，加權平均利率為7.53%。

Our cost of debt was 100 to 150 basis points lower than companies of similar credit rating who were consummating sale and leasebacks at the time due to the equipment lending market's appetite for the data center space. The criticality of the underlying assets to our delivery and the overall equipment lendings community familiarity with Cyxtera and our continued ability to service our debt were key inputs in that decision.

由於設備租賃市場對資料中心領域的需求旺盛，我們的債務成本比當時進行售後回租交易的同等信用評級公司低100至150個基點。基礎資產對我們業務交付的重要性、設備租賃市場對Cyxtera的整體認知度以及我們持續償債的能力，都是促成這項決定的關鍵因素。

In (inaudible), we have financed more than $240 million of equipment. Equipment financing is a foundational element of our overall liquidity strategy as it enable us to preserve working capital and improve cash. As it relates to our capital structure and future refinancing opportunities, we believe we have enough runway ahead of us with our term loan maturing in 2024. We continue to evaluate all possible avenues that make the most sense to support our business model and growth plans in the future.

在（聽不清楚）期間，我們已為超過2.4億美元的設備提供了融資。設備融資是我們整體流動性策略的基礎要素，因為它使我們能夠保留營運資金並改善現金流。就我們的資本結構和未來的再融資機會而言，我們相信，由於我們的定期貸款將於2024年到期，我們有足夠的資金儲備。我們將持續評估所有可能的途徑，以期找到最能支持我們未來業務模式和成長計畫的方案。

As Nelson mentioned, we're pleased to refer our 2022 guidance for revenue, transaction adjusted EBITDA and CapEx. Despite an unpredictable macroeconomic environment and the very volatile capital markets, we continue to believe that the fundamentals of the industry as Cyxtera remains solid, and we'll continue to support the strong performance of the business in the future.

正如Nelson所提到的，我們很高興重申我們對2022年營收、交易調整後EBITDA和資本支出的預期。儘管宏觀經濟環境難以預測，資本市場波動劇烈，但我們仍相信Cyxtera所在的產業基本面依然穩固，我們將持續支持公司未來的強勁業績。

With that, thank you all for your continued support and for joining us today to discuss our third quarter results. Operator, please open the line for questions.

在此，感謝各位一直以來的支持，也感謝各位今天蒞臨現場，與我們共同探討第三季業績。接線員，請接通提問環節。

(Operator Instructions) Our first question is from Frank Louthan from Raymond James.

（操作說明）我們的第一個問題來自 Raymond James 的 Frank Louthan。

Great. Can you give us a little bit more color on the shifts in the available space, particularly what was going with Singapore? And is that going to bounce back up as you move to Singapore 2? Is this some sort of a trend? And then can you give us a status update on the status of the new Santa Clara facility and when you think you'll be in that? I apologize if you addressed that on the call, but I missed it.

好的。您能否更詳細地介紹一下可用空間的變化情況，特別是新加坡的情況？隨著你們搬遷到新加坡二期，可用空間是否會回升？這是否是一種趨勢？另外，您能否更新一下聖克拉拉新設施的進展情況，以及您預計何時能夠啟用？如果您在電話會議中已經談到了這一點，我深表歉意，但我錯過了。

Frank, thanks for the questions. I think Singapore, I think, is a unique situation where we felt it was best to move the customers that we had in that space to Singapore 2. It's a larger facility, so I wouldn't read into that in any sort of trend.

弗蘭克，謝謝你的提問。我認為新加坡的情況比較特殊，我們覺得最好把原先在新加坡的客戶轉移到新加坡2號店。那裡的設施更大，所以我不認為這會成為某種趨勢。

The real takeaway there is because of that move, there was an increase in churn in this quarter that, without that, it would have been at 0.7%, which, I think, highlights how well we're doing with our customers. I did address SFO4-B briefly in my comments, and we do expect that to start contributing to our results in the fourth quarter.

真正的關鍵在於，由於這項舉措，本季客戶流失率有所上升，而如果沒有這項舉措，流失率本應為0.7%。我認為這凸顯了我們與客戶關係維繫得多麼出色。我在發言中簡要地提到了SFO4-B，我們預計它將在第四季度開始對業績產生影響。

All right. Great. And then just a quick follow-up. Anything from the SEC or IRS that gives you any concerns on the REIT conversion being delayed? Or does everything look like it's a go from here?

好的，太好了。還有一個後續問題。美國證券交易委員會（SEC）或美國國稅局（IRS）有沒有發布任何關於房地產投資信託基金（REIT）轉換延遲的通知？還是一切看起來都很順利？

No, look, we're working through the process. We don't have any concerns at the moment. And so we're -- as I mentioned in my remarks, just working through the process as it's laid out, and no concerns at this point.

不，你看，我們正在按部就班地進行。目前我們沒有任何顧慮。正如我剛才所說，我們正在按照既定流程推進，目前沒有任何問題。

Our next question is from John Hodulik from UBS.

我們的下一個問題來自瑞銀集團的約翰‧霍杜利克。

Great. And thanks for all the information on the higher power costs. And I see that you called out that it hit the margins for about 100 basis points this quarter. Can you talk about how you expect that to play out throughout the rest of the year and into next year? I mean, should we -- obviously, you guys have the ability to raise prices. But given the cadence and the delay you said in recouping those prices, do you expect additional pressure on gross margins as we look into '23? That's number one.

太好了。非常感謝您提供的關於電力成本上漲的資訊。我注意到您提到，這導致本季利潤率下降了約100個基點。您能否談談您預計這種情況會在今年剩餘時間和明年如何發展？我的意思是，我們是否應該——當然，你們有能力提高價格。但考慮到您提到的漲價節奏和成本回升的延遲，您預計到2023年毛利率會面臨更大的壓力嗎？這是我們最關心的問題。

And then any comments on the pricing backdrop? A number of your competitors have said that, given supply constraints in the industry outside of the power issues, the pricing environment has improved dramatically over the last 12 months. Just anything you're seeing on that front would be great.

那麼，您對價格環境有何看法？您的一些競爭對手錶示，鑑於電力問題以外的行業供應限制，過去12個月的價格環境已顯著改善。如果您能分享一下這方面的情況，那就太好了。

John, let me address the pricing, and then I'll pass it on to Carlos for a little bit more color on the power. Yes, I think the pricing environment is solid for us right now. I think it's solid across the industry. We have a very good available inventory across our platform, which puts us in a great position to take advantage of that opportunity. So we're seeing a very similar, strong pricing environment across the board.

約翰，我先來說說定價問題，然後我會把麥克風交給卡洛斯，讓他更詳細地談談功率方面。是的，我認為我們目前的定價環境非常穩健。我認為整個產業的定價環境都很穩健。我們平台上的庫存非常充足，這讓我們能夠很好地把握這個機會。所以，我們看到的是整體上非常相似且強勁的定價環境。

Carlos, I don't know if you want to address that?

卡洛斯，我不知道你是否想談談這件事？

Yes. I think, John, it's going to depend a little bit on where do we see some stabilization on pricing of energy, right? I think pricing is not linear, up or down, and so some -- you're going to see some volatility across quarters. Typically, Q3 is a tougher quarter because that's where the bulk of the summer tends to fall from a financial perspective. I would expect some moderation in Q4, which allows -- which will allow us to catch up a little bit. So I would expect Q4 to be more stable.

是的。約翰，我認為這在一定程度上取決於能源價格何時趨於穩定，對吧？我認為價格走勢並非線性，不是非漲即跌，所以各季度之間都會有一些波動。通常來說，第三季比較難熬，因為從經濟角度來看，夏季的消費大多集中在第三季。我預計第四季度情況會有所緩和，這將使我們能夠稍微彌補先前的不足。所以我預計第四季會更加穩定。

But obviously, we don't have a crystal ball as to what's going to happen with energy prices to the extent that they keep going up. You're going to see some sequential pressure on gross margin percentage. Gross margin dollars, we're catching up to the cost. And so I feel better on that front, but you might see some pressure on gross margin percentage.

但很顯然，我們無法預知能源價格的走勢，尤其是在價格持續上漲的情況下。毛利率可能會面臨一些持續的壓力。毛利方面，我們正在努力追趕成本。因此，我對這方面感到比較放心，但毛利率可能會受到一些影響。

Our next question is from Michael Rollins from Citigroup.

我們的下一個問題來自花旗集團的邁克爾·羅林斯。

If I could start with a focus on the revenue guidance. So the unchanged guidance, midpoint 6% growth year-over-year from '21, can you unpack for like the full year guidance impact? Like what the headwind is from currency for the full year? Any potential benefits that you're getting from the energy pass-throughs? And then you can help use those numbers to frame how the organic performance has evolved over the course of the year at the midpoint of the range.

如果可以的話，我想先重點談談營收預期。假設預期與2021年持平，即年增6%（中位數），您能否分析一下這對全年預期的影響？例如匯率波動對全年業績的不利影響是什麼？能源成本轉嫁有哪些潛在效益？然後，您能否利用這些數據，分析一下在預期區間中位數附近，公司全年有機成長的變化？

Mike, so let me, I guess, address the big picture, what I see from a revenue perspective. I think the takeaway, overall, is that we're seeing kind of strong demand, and we're hitting those revenue numbers despite some of the challenges from FX. And so from our perspective, we're seeing the strong bookings momentum, the lower churn, and that translates into the revenue growth.

麥克，那我就從整體上談談收入方面的情況吧。總的來說，我認為我們看到了強勁的需求，儘管受到外匯波動的影響，我們仍然實現了收入目標。因此，從我們的角度來看，預訂量成長勢頭強勁，客戶流失率降低，這些都轉化為收入成長。

And so if you take into account the fact that our revenue has been impacted significantly from an FX perspective and the fact that we can continue to be at the midpoint of that guidance speaks to the strength of where we are from a revenue perspective. I think we put a slide in there on our constant currency analysis of how our revenue growth would have been 8% year-over-year with constant currency, and I think that's the best indicator of how the business is performing at this stage.

因此，考慮到匯率波動對我們的收入造成了顯著影響，我們仍能維持先前預期目標的中點，足以說明我們目前的營收狀況仍然強勁。我們在先前的分析中也提到，如果以固定匯率計算，我們的營收年增率將達到8%，我認為這是目前衡量公司績效的最佳指標。

Carlos, I don't know if there's anything in there you can add.

卡洛斯，我不知道你還能不能補充一些內容。

And so Mike, what I would say is, 8% was in the third quarter, 7% year-over-year growth year-to-date on a constant currency basis. There's no question that, particularly in Q3, FX had a very significant move in the market, probably even bigger than what we saw in Q2. We expect to see some moderation.

所以麥克，我想說的是，第三季成長了8%，以固定匯率計算，今年迄今年增了7%。毫無疑問，尤其是在第三季度，外匯市場波動非常劇烈，可能比第二季還要劇烈。我們預期波動幅度會有所緩和。

And so you're right, we didn't change guidance because the core performance of the business, it's very robust. And it's a combination of higher demand, better occupancy. And yes, at the top line, you're having that impact of power pass-throughs, which is also helping us get a bigger revenue number.

所以你說得對，我們沒有調整業績預期，因為公司的核心業務表現非常強勁。這得歸功於更高的需求和更高的入住率。當然，在營收方面，電力成本轉嫁也起到了一定的作用，幫助我們實現了更高的營收目標。

But I would say, power pass-throughs is not the only reason why we're maintaining guidance or we feel that the business is performing at the right level. It's really that increase in occupancy and market dynamics that we're seeing that really sustain that number.

但我認為，電力轉嫁並非我們維持業績指引或認為公司績效處於合理水準的唯一原因。真正支撐這一數字的是入住率的成長和市場動態。

And then just one other question, if I could. So you mentioned that the utilization exiting the quarter, if adjusting for some deals at the very end of the quarter, would be about, I think, 75.5% if you make those adjustments. And just curious, as you're looking at where the utilization sits, how is that relative to the original multiyear plan? And how does that utilization level relate to what the financial expectations would be in that plan when you arrived at this type of utilization level?

還有一個問題，可以嗎？您提到，如果考慮到季度末的一些交易，季度末的產能利用率大約是75.5%。我很好奇，當您分析產能利用率時，它與最初的多年計劃相比如何？這個產能利用率水準與您在計畫中預期達到的財務目標之間又有什麼關係？

Thanks, Mike. So let's talk a little bit about how utilization kind of translates into revenue. So the way we -- the way this works is once we sell a deal, right, it takes a couple of days. That's why Carlos mentioned that in the last couple of days of the quarter, which is great, where we finished the quarter strong. But we had some deals that would have increased occupancy further if they would have been closed a week before, and that's just the nature of our automated systems.

謝謝，麥克。那我們就來聊聊利用率是如何轉化為收入的。我們這套系統的運作方式是，一旦成交，通常需要幾天。這就是為什麼卡洛斯提到，在季度末的最後幾天，我們的業績表現非常出色，最終以強勁的勢頭結束了季度。但如果有些交易能在一週前完成，入住率還會進一步提高，這就是我們自動化系統的特性。

But keep in mind that once we have it in occupancy, once we sell the deal, it doesn't immediately become revenue. It becomes backlog. And so we have -- all of that revenue that's coming from that increased occupancy is not on the books yet and doesn't go onto the books until it gets deployed in our standard waterfall. So I think that's point number one.

但請記住，一旦我們實現了入住率，一旦我們完成了交易，它並不會立即轉化為收入。它會成為待處理訂單。因此，所有因入住率提高而產生的收入尚未計入帳簿，只有在按照我們的標準流程進行分配後才計入帳簿。所以，我認為這是第一點。

And I think the way we view it is we're right on track with what we've said previously on the expectations from revenue and financial performance from that occupancy, right? We wanted to get to that 80% level, and we continue to work towards that goal.

我認為，就我們先前對收入和財務表現的預期而言，我們目前進展順利，對吧？我們希望達到80%的入住率，並且我們將繼續朝著這個目標努力。

The only pressure on EBITDA from that original plan is, obviously, FX is pressured and power costs is pressured. So you see that impacting EBITDA somewhat. But if you take a step back and look at what we were -- what we thought about from a long-term vision when we launched the company and where we are on the current occupancy rates, we feel good about that performance.

顯然，原計劃對 EBITDA 的唯一壓力來自匯率波動和電力成本上漲。因此，這些因素對 EBITDA 產生了一定影響。但如果回顧我們創立公司之初的長期願景，以及我們目前的入住率，我們對目前的業績感到滿意。

Carlos, anything that you want to add there?

卡洛斯，你還有什麼要補充的嗎？

No. I would say that, versus the original plan, I'd say we're slightly ahead of plan, if that's what you mean, but without contemplating the macro environment. And as we said before, FX and power are things that are driving that down. So in the balance, we're probably on target with a few things going better and a few things going not as well as we thought.

不。如果指的是與原計劃相比，我認為我們略微超前於計劃，但前提是沒有考慮宏觀環境因素。正如我們之前所說，外匯和電力市場是導致超前的一些因素。所以總的來說，我們可能基本上符合目標，有些方面進展順利，有些方面則不如預期。

Our next question is from Jonathan Atkin from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的喬納森·阿特金。

I was wondering if you could talk a little bit about your capital priorities for next year. What types of projects that you anticipate pursuing based on some projects underway, based on demand that you're seeing from customers? And then secondly, how you would propose -- maybe just the puts and takes around different financing options to fund the CapEx given some of your debt obligations and current liquidity.

我想請您談談明年的資本支出重點。根據正在進行的專案以及客戶需求，您預計會推進哪些類型的專案？其次，考慮到您的債務和目前的流動資金狀況，您會如何提出——或許可以簡單談談——不同的融資方案，以籌集資本支出資金的利弊。

So John, let me start, and I'll pass it on to Carlos for additional -- for some additional color. As we've been pretty consistent since day 1, our expansion is really focused on those key markets. So Silicon Valley, we're finishing up SFO4-B. We're doing great in that market, and so we would continue to look for opportunities to expand. And SFO4-B, we've also talked about London and Chicago with markets that we're very interested in expanding in because we're seeing great performance there.

約翰，我先來，然後我把麥克風交給卡洛斯，讓他補充一些細節。從一開始，我們的擴張策略就非常穩定，主要集中在幾個關鍵市場。例如矽谷，我們正在完成SFO4-B的建造。我們在這個市場做得非常出色，所以我們會繼續尋找擴張的機會。除了SFO4-B，我們也討論過倫敦和芝加哥，這兩個市場我們非常感興趣，因為我們看到它們的表現非常出色，所以很想在那裡擴張。

So I think those priorities from an expansion perspective have not changed. I would also point out that we still have available inventory in a lot of those key markets, and so we're in no rush per se to have to expand. We're always looking for opportunities to expand in the best way possible for the business.

所以我認為從擴張的角度來看，這些優先事項並沒有改變。我還想指出，我們在許多關鍵市場仍然有庫存，因此我們並不急於擴張。我們始終在尋找最有利於業務發展的擴張機會。

From a capital perspective, Carlos can chime in, but we're always looking at the best way to fund any one of those individual projects that makes the most sense for us at that time. Carlos, I don't know if there's anything that you want to add there?

從資金角度來看，卡洛斯可以補充一些意見，但我們始終在尋找最適合當時情況的、能夠為各個項目提供最佳資金的方式。卡洛斯，你還有什麼要補充的嗎？

Yes. Maybe I would say that, obviously, those are the key markets in which we intend to expand, but we follow our customers. And so markets like Toronto, for example, which has proven to be a very strong market, or Atlanta will be markets that we would consider because we listen to our customers, and we were using that intelligence to continue to expand in a very cost-effective and occupancy-effective work.

是的。或許我會說，顯然，這些是我們計畫拓展的關鍵市場，但我們始終以客戶的需求為導向。例如，像多倫多這樣已被證明非常強勁的市場，或者像亞特蘭大這樣的市場，我們也會考慮進入，因為我們傾聽客戶的意見，並利用這些資訊以極具成本效益和高效利用空間的方式持續擴張。

When it comes to funding options, obviously, we need to address our debt stack that matures in 2024. We've been working on it for quite some time. The market hasn't been as supportive as we would have hoped, but we'll still find a way to manage it in an appropriate time. We always say that we wanted to be a bit strategic in how we thought about it but opportunistic in the sense of hitting the right window.

談到融資方案，顯然，我們需要解決2024年到期的債務問題。我們為此已經努力了相當長一段時間。市場支持力道不如預期，但我們仍會在適當的時機找到解決方案。我們一直強調，我們希望在思考這個問題時既要具有一定的戰略眼光，又要抓住時機，把握最佳時機。

But I think, as we showcased a little bit this quarter, a lot of the CapEx that we need to put into a facility relate to critical mechanical, electrical and power. And we have found a stable of really supportive financing partners that allow us to do that at good terms and good interest rates. And so that probably will be our primary source even after we do our full refinancing of the debt stack that we have.

但我認為，正如我們本季略有展示的那樣，我們需要投入設施建設的大量資本支出都與關鍵的機械、電氣和電力設備有關。我們已經找到了一群非常支持我們的融資夥伴，他們能夠以優惠的條款和利率幫助我們實現這些目標。因此，即使在我們完成現有債務的全面再融資之後，這可能仍將是我們的主要資金來源。

Our next question is from Sami Badri from Credit Suisse.

下一個問題來自瑞士信貸的薩米·巴德里。

My first question is kind of just hitting the topic of pricing. And I think the one thing a lot of people in the data center investor base are just trying to understand is, how much has the effect of price increases and power cost-through? How much of that has already been executed and being seen on the income statement and some of the drivers of your financial statement? So that's kind of the first question. And maybe just an expectation for what you expect to see from a price increase perspective for 4Q '22 and also into 2023. That's my first question.

我的第一個問題是關於定價的。我認為資料中心投資人群中很多人都想了解的是，價格上漲和電力成本上漲究竟會產生多大的影響？其中有多少已經反映在損益表和其他財務報表驅動因素中？這就是我的第一個問題。另外，您能否預測2022年第四季以及2023年的價格上漲趨勢？這就是我的第一個問題。

And then my second question has a lot to do with where you believe your cash position will be at the end of 4Q of '22, just so we can understand how to model cash position, liquidity and any other kind of moving parts in the financial model.

我的第二個問題與您認為 2022 年第四季末的現金狀況密切相關，這樣我們才能了解如何對現金狀況、流動性以及財務模型中的任何其他變動因素進行建模。

Thank you, Sami. So as we've mentioned, right, there's a number of aspects to pricing. So let's talk about the power pass-through. I think we've been consistent in the way we pass through power cost increases to our customers. We're going to recover 90% of that, but it's going to take 90 days.

謝謝薩米。正如我們剛才提到的，定價涉及很多方面。那我們來談談電力成本轉嫁。我認為我們在將電力成本上漲轉嫁給客戶方面一直保持一致。我們將收回其中的90%，但這需要90天的時間。

So by definition, power costs that we've experienced in the last kind of 30 days, we will receive that. But we will be able to pass that through and get that as revenue over the next 90 days, right? And so because we don't know what the -- how the power market is going to evolve, it's very hard to say what that power increase is going to be. It is that kind of 90-day window or that 90-day slide for recouping pricing from a power cost perspective.

所以，根據定義，過去30天左右我們經歷的電力成本，我們都會收到。但我們可以在接下來的90天內把這部分成本轉嫁出去，轉化為收入，對吧？由於我們無法預測電力市場的發展趨勢，所以很難說電價會上漲多少。這90天的時間窗口，或者說這90天的電價回落期，就是從電力成本的角度來彌補價格上漲的部分。

But that isn't -- the way a customer views a power cost pass-through is an increase in price, right? They're paying more for what they have. That's one aspect of it. We're seeing a good power situation and environment for cross-connects, right, in the markets that we're in, so there's an ability to raise prices there. We've also increased prices just on our base book. So as new logos come in, pricing for those new logos is higher.

但事實並非如此——客戶看待電力成本轉嫁的方式是價格上漲，對吧？他們為現有服務支付了更多費用。這是一方面。在我們所在的市場，電力供應和互聯互通的環境良好，因此我們有能力提高價格。我們也提高了基礎套餐的價格。所以，隨著新客戶的加入，這些新客戶的定價也會更高。

And then because a lot of our -- the vast majority of our customers are on kind of a 3-year contract window, as we renew those customers, we're also seeing a very stable pricing environment. Remember, unlike maybe wholesale or hyperscale providers that have longer-term contracts, where a renewal only comes once or once in a long period of time, our sales motion includes renewals all the time, right? It's part of what we do. And so we're seeing a healthy pricing environment as we renew customers.

而且，由於我們絕大多數客戶都簽訂了三年期的合同，在續約過程中，我們也看到了非常穩定的定價環境。要知道，與那些簽訂長期合約的批發商或超大規模供應商不同，他們的續約可能只發生一次，或者間隔很長時間才發生一次，而我們​​的銷售流程中始終包含續約環節，對吧？這是我們業務的一部分。因此，在客戶續約過程中，我們看到了健康的定價環境。

So power pass-through is one lever on price, but it's not the only lever, right? That's more of a cost recovery item that we do for our customers. But overall, and in general, the pricing environment is very strong.

所以，電力轉嫁是影響價格的因素，但並非唯一因素，對吧？這更多的是我們為客戶提供的成本回收服務。但整體而言，目前的定價環境非常強勁。

I don't know, Carlos, if you want to address Sami's question on the cash.

卡洛斯，我不知道你是否想回答薩米關於現金的問題。

On liquidity, yes. I would, say without any changes to current sale and leaseback activity, we would expect to end the year around $75 million.

關於流動性，是的。我認為，在目前的售後回租活動不發生任何變化的情況下，我們預計年底流動性約為7500萬美元。

Got it. One other question, if I may. Is the reconversion on track from a timing perspective? I believe you're targeting something in the not-too-distant future for completion. And then maybe once you are -- once you become a REIT, what is the kind of strategic, I guess, like, the game plan, right?

明白了。如果可以的話，我還有一個問題。從時間安排來看，轉換工作進展順利嗎？我相信你們的目標是在不久的將來完成。然後，一旦你們成為房地產投資信託基金（REIT），你們的策略規劃是什麼？

Is one of the main objectives to kind of be more comparable to other equity companies? Is it almost a fundraising benefit that you guys see as something that's viable? Could you just kind of give us the merits for why strategically and financially converting into a REIT right now at the right time is the right move for Cyxtera?

你們的主要目標之一是讓公司更像其他股權投資公司嗎？你們認為這在融資方面是否有優勢？能否簡要說明一下，為什麼從戰略和財務角度來看，在合適的時機將公司轉型為房地產投資信託基金（REIT）對Cyxtera來說是正確的選擇？

Yes. So Sami, I think I mentioned in my remarks that the process for the REIT is ongoing, and it's going according to plan, right? So as we first mentioned, there's a lot of things that we need to do. We're working through all of them, but we feel good about where we are with that conversion, understanding that we're not done, right? And there's still steps that we need to complete. We feel that being a REIT is good for the company, both short term and really more long term, right? It will make us more comparable to our peers.

是的。薩米，我想我在演講中提到過，REIT的流程正在進行中，而且進展順利，對吧？正如我們之前提到的，還有很多事情要處理。我們正在逐一推進，但我們對目前的進展感到滿意，當然我們也明白這還沒完成，對吧？還有一些步驟要完成。我們認為，成為REIT對公司有利，無論從短期或長期來看都是如此，對吧？這將使我們更能與同行相提並論。

And look, we have strong demand for our capabilities. We're seeing that everywhere across the footprint for our digital exchange. And so being a REIT could help us for fundraising in the future. And I think there's no lack of opportunities for us to deploy capital, right? So I think those are 2 of the main reasons that we feel that being a REIT is good for the company.

而且，我們自身的能力也得到了市場的強勁需求。我們遍布各地的數位交易平台都體現了這一點。因此，成為房地產投資信託基金（REIT）有助於我們未來的融資。我認為我們並不缺乏資本部署的機會，對吧？所以，我認為這就是我們認為成為REIT對公司有利的兩個主要原因。

Carlos, anything that you want to add there?

卡洛斯，你還有什麼要補充的嗎？

No. I think those 2 are the tenets of the decision. And Sami, if I may. I made a comment before, when I talked about the market maybe not being as supportive, I really was referring more to the volatility that we've seen in the debt and equity market more than anything else, right? It's just been a very unstable market backdrop, but that's what I was referring to.

不，我認為這兩點就是這項決定的核心原則。薩米，如果可以的話，我想說，我之前提到市場可能不太支持，我主要指的是債務和股票市場的波動，而不是其他因素，對吧？市場環境一直非常不穩定，但我指的就是這個。

Our next question is from Michael Elias from Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Michael Elias。

Great. A few, if I may. First, just relating to the REIT conversion. I was just wondering if there's any framework that you could provide for us a as we think about potential dividend moving forward and then also potential magnitude for any E&P purge related to the reconversion. That's my first question, and then I have a follow-up after.

好的。如果可以的話，我想問幾個問題。首先，關於房地產投資信託基金（REIT）的轉換。我想知道，在我們考慮未來潛在的股息以及與轉換相關的任何勘探與生產資產（E&P）剝離的潛在規模時，您能否提供一些框架？這是我的第一個問題，之後我還有一個後續問題。

I'll start with the E&P because that's an easy one. We don't expect to have any earnings purge as part of this process. That's a conclusion that we reached with our advisers, so we're pretty solid on that.

我先從勘探與生產（E&P）業務說起，因為這部分比較簡單。我們預計在此過程中不會出現任何獲利削減的情況。這是我們和顧問共同得出的結論，所以我們對此很有把握。

And Nelson?

納爾遜呢？

Yes. Look, on the dividend, we're working through finalizing the reconversion and kind of our position on dividend timing, amount, and those things are part of that part of that work. And so as we know more and as we complete that process, we'll provide more information on that front.

是的。關於股息，我們正在敲定股息轉換方案，以及股息發放的時間、金額等事宜，這些都是這項工作的一部分。隨著我們掌握更多信息，完成相關流程，我們會及時提供更多相關資訊。

All right. Cool. And then just a follow-up, just talking about the broader demand environment. I mean, you've seen record leasing or strong leasing, rather, the last 2 quarters. Just as we think of your pipeline, how would you describe the depth and breadth of it versus what you saw entering the third quarter? And as part of that also, any areas or pockets of incremental weakness that you're seeing?

好的，沒問題。接下來我想問一個整體需求環境的問題。我的意思是，過去兩季租賃市場表現強勁，創下歷史新高。就我們目前所了解的在建工程而言，您如何評價其深度和廣度，與第三季初相比有何變化？此外，您是否觀察到任何領域或局部出現疲軟跡象？

Well, look, Michael, it's a very good question. Honestly, we have not seen any negative impact to the pipeline. It's been consistent for us now for a number of quarters. I pointed out in my remarks our success with the Digital Exchange platform. And so obviously, as customers, we have large enterprises as customers with global needs.

嗯，邁克爾，你問得很好。說實話，我們沒有看到任何對業務流程的負面影響。過去幾個季度以來，我們的業務一直都很穩定。我在演講中也提到了我們在數位交易平台上的成功。顯然，我們的客戶包括許多有全球需求的大型企業。

As they look for ways to become more efficient to grow their business, we do so in a flexible and cost-efficient way. I think the market is coming to us, right? We have a very diverse platform so we can meet customers' need on multiple locations in all the top 10 markets. Not every provider has that capability. They're highly connected facilities so they can get all the business partners they want in those facilities.

當他們尋求提高效率以拓展業務的方法時，我們以靈活且經濟高效的方式滿足他們的需求。我認為市場正在向我們靠攏，對吧？我們擁有非常多元化的平台，因此能夠滿足前十大市場中多個地點客戶的需求。並非所有供應商都具備這種能力。他們的設施高度互聯，因此能夠在這些設施中吸引所有他們想要的商業夥伴。

And frankly, the investments we've made in developing the software to allow our customers to get what they need in a very rapid and flexible environment is paying dividends. And so we are a very good choice for those large enterprises to continue to grow their businesses and scale it, and I don't see any reason for that to change.

坦白說，我們在軟體開發方面的投入，讓客戶能夠在快速且靈活的環境中獲取所需資源，如今已初見成效。因此，對於大型企業而言，我們是其業務持續成長和規模化發展的理想選擇，而且我認為這一點不會改變。

In fact, I think it's going to continue because I believe the market is coming to us from that perspective. So we don't see any weakness in any of the pipeline. We're very pleased with the progress that we're making on that front.

事實上，我認為這種趨勢還會持續下去，因為我相信市場會從這個角度看待我們。所以我們目前沒有任何產品線出現問題。我們對這方面的進展非常滿意。

Perfect. And if I could squeeze one more in. You talked about the better pricing environment. I was just wondering if you could help translate that for us into what you're seeing on a GAAP and cash renewal spread basis.

太好了。如果可以的話，我還想問一個問題。您剛才提到了更優惠的定價環境。我想請您幫忙，從GAAP和現金續約價差的角度，分析一下您觀察到的情況。

I mean GAAP and cash for us is basically the same because we don't have these long-term contracts that you see with some of the guys that we don't do wholesale and we don't do hyperscale. So GAAP to cash for us tends to be the same thing. And so there's no spread there. If you're asking about what we're seeing on renewal spreads, what I think we would say is that we're seeing a growing trend of positive pricing spreads at the time of renewal.

我的意思是，對我們來說，GAAP 和現金價格基本上相同，因為我們不像某些公司那樣簽訂長期合同，而且我們不做批發，也不做超大規模資料中心。所以對我們來說，GAAP 和現金價格往往是一樣的。因此，這方面沒有價差。如果你問的是續約價差，我認為我們可以說，我們看到續約時價格價差呈現上升趨勢。

Nelson, do you like to [validate] that?

納爾遜，你願意證實這一點嗎？

Yes, I think it's -- I tried to comment a little bit on it. I think it was Sami that asked the question, Michael.

是的，我覺得——我試著稍微評論了一下。邁克爾，我想是薩米問的這個問題。

Look, because renewals are part of our business, we go through renewals all the time. We're very cognizant that our customers are going through a lot of pressures, right? So price increases are difficult for them, and existing customers are 80% of our bookings.

你看，續約是我們業務的一部分，我們一直在處理續約事宜。我們非常清楚客戶面臨很大的壓力，對吧？所以價格上漲對他們來說很困難，而且現有客戶占我們預訂量的80%。

That being said, the pricing environment for us is very healthy. So as we get to renewals, renewals, for us -- I can't speak to other types of providers in the industry, but renewals for us are a good time to address the need for increasing price, right?

也就是說，我們目前的定價環境非常健康。所以，到了續約的時候——我無法代表業內其他類型的供應商發言，但對我們來說，續約是解決價格上漲問題的良機，對吧？

And so as we go through renewals, again, I'll remind everyone, it's -- we have an average 3-year contract. So think about it as, every year, 1/3 or so, 30%, 25% of our customer base renews. So we have the ability to address pricing at that time. And so what we're seeing is, it's good discussions and a healthy environment when we engage with customers at that point.

因此，在續約過程中，我再次提醒大家，我們的合約平均為期三年。也就是說，每年大約有三分之一、30%或25%的客戶會續約。所以我們可以在續約時調整價格。我們發現，在續約階段與客戶溝通，往往能營造良好的氛圍，並促進雙方的良性交流。

(Operator Instructions) Our next question is from James Breen from William Blair.

（操作說明）我們的下一個問題來自威廉布萊爾公司的詹姆斯布林。

Just in terms of your customer activity, can you talk about customers who are taking space from your multiple locations? And has that changed at all over the last several months? And then with regard to the REIT, any sort of preliminary view in terms of what amount of your revenue and cash flow could fit into the REIT versus taxable entity?

就客戶活動而言，您能否談談在多個地點租用空間的客戶狀況？過去幾個月裡，這種情況是否有改變？另外，關於房地產投資信託基金（REIT），您能否初步評估一下，您的收入和現金流量中，有多少適合納入REIT，又有多少適合作為應稅實體？

Let me talk about the customers, and then I'll let Carlos address that REIT question. Look, I think one of our big differentiators as a company is the fact that we have global scale. We're not a regional provider, and were in all of the top 10 markets. And so just like we've had many of our customers in multiple locations, that trend continues -- that continues for us.

我先談談客戶，然後讓卡洛斯來回答關於房地產投資信託基金（REIT）的問題。你看，我認為我們公司的一大優勢在於我們的全球規模。我們不是區域性供應商，而是在全球前十大市場都有業務。就像我們許多客戶遍布多個地區一樣，這種趨勢仍在繼續——對我們來說也是如此。

And frankly, even when customers only need one location for a given workload, the fact that we can provide them additional locations in the future, or frankly, give them portability for that workload, if their needs change and all of a sudden instead of wanting to be in London, they want to be in New Jersey, that's a core part of our differentiation and a key aspect of our go-to-market. So that continues strong for us, and will be something that will continue to drive good solid sales momentum for us in the future.

坦白說，即使客戶目前只需要一個辦公地點來處理特定的工作量，但我們未來可以為他們提供更多辦公地點，或者更確切地說，如果他們的需求發生變化，比如突然間他們不想待在倫敦，而是想待在新澤西，我們可以為他們提供靈活的辦公地點選擇，這正是我們核心的差異化優勢，也是我們市場策略的關鍵所在。因此，這項優勢依然強勁，並將繼續在未來推動我們穩健的銷售成長。

I don't know, Carlos, if you want to address the...

卡洛斯，我不知道你是否想談談…

Yes. We're not fully [final] on that, James. But I would expect the TRS part of the [construct] to represent less than 5% of our current revenues, right? There's only a couple of business lines that we're going to put into that TRS entity, and it's really not going to be very [mutual].

是的，詹姆斯，我們還沒有完全最終確定。但我預計TRS部分在目前的營收中佔比不會超過5%，對吧？我們只會把幾個業務線納入TRS實體，而且它實際上不會是互惠互利的。

We have no further questions. So this concludes today's call. I hope everyone has a lovely day, and you may disconnect your lines now.

我們沒有其他問題了。今天的通話到此結束。祝大家今天愉快，現在可以掛斷電話了。

Thank you.

謝謝。

Thank you.

謝謝。