Equinix Inc (EQIX) 2023 Q1 法說會逐字稿

Welcome, and thank you all for standing by. Welcome to the Equinix First Quarter Earnings Conference Call.

歡迎，並感謝大家的支持。歡迎來到 Equinix 第一季度收益電話會議。

(Operator Instructions) Also, today's call is being recorded.

（操作員說明）另外，今天的通話正在錄音中。

(Operator Instructions) I would now like to turn the call over to Chip Newcom, Senior Director of Investor Relations. Thank you, you may begin.

（操作員說明）我現在想把電話轉給投資者關係高級總監 Chip Newcom。謝謝，可以開始了。

Good afternoon, and welcome to today's conference call. Before we get started, I would like to remind everyone that some of the statements that we will be making today are forward-looking in nature and involve risks and uncertainties. Actual results may vary significantly from those statements and may be affected by the risks we've identified in today's press release and those identified in our filings with the SEC, including our most recent Form 10-K filed February 17, 2023.

下午好，歡迎來到今天的電話會議。在我們開始之前，我想提醒大家，我們今天將要發表的一些聲明具有前瞻性，涉及風險和不確定性。實際結果可能與這些聲明有很大差異，並可能受到我們在今天的新聞稿中確定的風險以及我們在向美國證券交易委員會提交的文件中確定的風險的影響，包括我們於 2023 年 2 月 17 日提交的最新 10-K 表格。

Equinix assumes no obligation and does not intend to update or comment on forward-looking statements made on this call. In addition, in light of Regulation Fair Disclosure, it is Equinix's policy not to comment on its financial guidance during the quarter unless it's done through an explicit public disclosure.

Equinix 不承擔任何義務，也不打算更新或評論在此次電話會議上所做的前瞻性陳述。此外，根據公平披露法規，Equinix 的政策是不對其本季度的財務指導意見發表評論，除非通過明確的公開披露來完成。

In addition, we will provide non-GAAP measures on today's conference call. We provide a reconciliation of those measures to the most directly comparable GAAP measures and a list of the reasons why the company uses these measures in today's press release on the Equinix Investor Relations page at www.equinix.com. We've made available on the IR page of our website a presentation designed to accompany this discussion, along with certain supplemental financial information and other data. We would also like to remind you that we post important information about Equinix on the IR page from time to time and encourage you to check our website regularly for the most current available information.

此外，我們將在今天的電話會議上提供非 GAAP 措施。在 www.equinix.com 的 Equinix 投資者關係頁面上的今天的新聞稿中，我們提供了這些措施與最直接可比的 GAAP 措施的對賬，並列出了該公司使用這些措施的原因。我們在我們網站的 IR 頁面上提供了專為配合本次討論而設計的演示文稿，以及某些補充財務信息和其他數據。我們還想提醒您，我們會不時在 IR 頁面上發布有關 Equinix 的重要信息，並鼓勵您定期查看我們的網站以獲取最新的可用信息。

With us today are Charles Meyers, Equinix's CEO and President; and Keith Taylor, Chief Financial Officer. Following our prepared remarks, we'll be taking questions from sell-side analysts. In the interest of wrapping this call up in 1 hour, we'd like to ask these analysts to limit any follow-on questions to one. At this time, I'll turn the call over to Charles.

今天和我們在一起的有 Equinix 的首席執行官兼總裁 Charles Meyers；和首席財務官 Keith Taylor。在我們準備好的評論之後，我們將接受賣方分析師的提問。為了在 1 小時內結束此電話會議，我們希望這些分析師將任何後續問題限制為一個。這時候，我會把電話轉給查爾斯。

Thank you, Chip. Good afternoon, and welcome to our first quarter earnings call.

謝謝你，奇普。下午好，歡迎來到我們的第一季度財報電話會議。

We had a strong start to the year, delivering quarterly revenues right at $2 billion, with adjusted EBITDA and AFFO above the top end of our expectations. Despite a challenging macro environment, customers remain committed to their digital transformation journeys, driving 4,000 deals in the quarter across more than 3,000 customers, highlighting the scale and diversity of our go-to-market engine and the broad-based demand that continues to propel the business. We continue to see enterprises and service providers build out their IT infrastructure on Platform Equinix. And that infrastructure is more distributed, more cloud connected and more hybrid than ever before.

我們今年開局良好，季度收入達到 20 億美元，調整後的 EBITDA 和 AFFO 超出了我們預期的上限。儘管宏觀環境充滿挑戰，但客戶仍然致力於他們的數字化轉型之旅，在本季度推動了 3,000 多家客戶的 4,000 筆交易，突顯了我們進入市場引擎的規模和多樣性以及繼續推動的廣泛需求這生意。我們繼續看到企業和服務提供商在 Platform Equinix 上構建他們的 IT 基礎設施。而且該基礎架構比以往任何時候都更加分佈式、更加雲連接和更加混合。

And while some customers are appropriately cautious about the timing of their investments given macro conditions, Equinix continues to be a critical partner in their efforts to advance hybrid architectures, unlock digital performance gains and optimize cloud and network spend. As a result, our deal win rates remain steady compared to historical trends, and we continue to see a robust pricing environment across all 3 regions.

儘管一些客戶在宏觀條件下對其投資時機持謹慎態度，但 Equinix 仍然是他們努力推進混合架構、釋放數字性能收益以及優化雲和網絡支出的重要合作夥伴。因此，與歷史趨勢相比，我們的交易獲勝率保持穩定，並且我們繼續看到所有 3 個地區的定價環境強勁。

Turning to power. We're very pleased with how the organization has navigated a volatile energy market and we remain in a strong position, significantly mitigating the impacts of this volatility for our business and for our customers. As previously discussed, we raised pricing in January to more than 7,000 customers across 16 countries, generating approximately $90 million of incremental revenue in the quarter, fully offsetting the impact of higher power costs. Thanks to timely and transparent communications, concessions and disputes are low and our days of sales outstanding remain in line with historical trends.

轉向權力。我們對該組織如何應對動蕩的能源市場感到非常滿意，我們仍然處於強勢地位，顯著減輕了這種波動對我們的業務和客戶的影響。如前所述，我們在 1 月份向 16 個國家/地區的 7,000 多家客戶提高了定價，在本季度產生了約 9,000 萬美元的增量收入，完全抵消了更高電力成本的影響。由於及時和透明的溝通，讓步和爭議很少，我們的銷售天數與歷史趨勢保持一致。

On the sustainability front, we are committed to responsible growth and continue to advance our bold future first sustainability agenda. Sustainability is increasingly becoming a board-level issue, and Gartner estimates that by 2026, 75% of organizations will seek to increase business with IT vendors that have demonstrable sustainability goals and timelines, and we'll seek to replace those who don't.

在可持續發展方面，我們致力於負責任的增長，並繼續推進我們大膽的未來首個可持續發展議程。可持續性越來越成為一個董事會層面的問題，Gartner 估計，到 2026 年，75% 的組織將尋求增加與具有可證明的可持續性目標和時間表的 IT 供應商的業務，我們將尋求取代那些沒有的。

We recently published our eighth annual CSR report. And in 2022, we extended our industry leadership with 96% renewable energy coverage, making our fifth consecutive year with over 90% coverage. We're also progressing well on our science-based targets, with a 23% reduction in operational emissions across Scope 1 and Scope 2 from our 2019 baseline.

我們最近發布了第八份年度企業社會責任報告。到 2022 年，我們以 96% 的可再生能源覆蓋率擴大了行業領先地位，這也是我們連續第五年達到 90% 以上的覆蓋率。我們在基於科學的目標方面也取得了良好進展，範圍 1 和範圍 2 的運營排放量比 2019 年基線減少了 23%。

Additionally, Equinix continues to evolve its power procurement portfolio to increase the quality of its renewable energy purchases. This year, we signed new long-term power purchase agreements for solar projects in Spain totaling 345 megawatts of capacity, bringing Equinix's contracted renewable energy PPA portfolio to 715 megawatts globally once fully operational.

此外，Equinix 繼續發展其電力採購組合，以提高其可再生能源採購的質量。今年，我們為西班牙的太陽能項目簽署了新的長期購電協議，總裝機容量為 345 兆瓦，一旦全面投入運營，Equinix 在全球範圍內簽訂的可再生能源 PPA 組合將達到 715 兆瓦。

Looking forward, where feasible, we'll continue to prioritize projects that create new sources of clean energy directly in the grids where we operate and support a healthy renewable energy coverage mix.

展望未來，在可行的情況下，我們將繼續優先考慮直接在我們運營的電網中創造新清潔能源的項目，並支持健康的可再生能源覆蓋組合。

Turning to our results. As depicted on Slide 3, revenues for Q1 were $2 billion, up 16% year-over-year, driven by strong recurring revenue growth. Adjusted EBITDA was up 18% year-over-year, and AFFO was better than our expectations due to strong operating performance. These growth rates are all on a normalized and constant currency basis. Our unmatched scale and reach continues to differentiate our data center services portfolio, and the tremendous strength of our balance sheet positions us to sustain our investment in new capacity to support a robust demand environment. We currently have 50 major projects underway across 37 metros in 25 countries, including 10x scale projects that will deliver more than 90 megawatts of capacity once opened.

轉向我們的結果。如幻燈片 3 所示，在強勁的經常性收入增長的推動下，第一季度的收入為 20 億美元，同比增長 16%。調整後的 EBITDA 同比增長 18%，由於強勁的經營業績，AFFO 好於我們的預期。這些增長率均以標準化和恆定的貨幣為基礎。我們無與倫比的規模和影響力繼續使我們的數據中心服務組合脫穎而出，我們資產負債表的巨大優勢使我們能夠維持對新容量的投資，以支持強勁的需求環境。目前，我們在 25 個國家/地區的 37 個地鐵中開展了 50 個重大項目，其中包括 10 倍規模的項目，這些項目一旦開放將提供超過 90 兆瓦的容量。

This quarter, we added new data center builds in Lagos, Frankfurt and Rio de Janeiro. Revenues from multi-region and 3 region customers increased 1% quarter-over-quarter to an impressive 76% and 65%, respectively. Key multi-region wins in the quarter included a Fortune 500 manufacturing conglomerate, expanding its Performance Hub deployments across all 3 regions to assist with business unit divestiture; and a cloud-native zero trust cybersecurity company using Equinix Metal to expand its business across all 3 regions. Our platform remains the logical point of nexus for hybrid and multi-cloud deployments, and hyperscalers continue to look to Equinix as a critical infrastructure provider and a valued go-to-market partner.

本季度，我們在拉各斯、法蘭克福和里約熱內盧增加了新的數據中心建設。來自多區域和 3 個區域客戶的收入環比增長 1%，分別達到令人印象深刻的 76% 和 65%。本季度在多地區取得的主要勝利包括一家財富 500 強製造企業集團，將其 Performance Hub 部署擴展到所有 3 個地區，以協助剝離業務部門；一家云原生零信任網絡安全公司使用 Equinix Metal 擴展其在所有 3 個地區的業務。我們的平台仍然是混合雲和多雲部署的邏輯連接點，超大規模企業繼續將 Equinix 視為關鍵基礎設施提供商和重要的上市合作夥伴。

This quarter, we won 5 new cloud on-ramps across Melbourne, Mumbai, Muscat, Tokyo and Warsaw as we continue to enjoy a strong leadership position in multi-cloud connectivity compared to our closest competitors. We're also seeing the unique breadth of our product portfolio across retail colo, interconnection services, ex scale and digital services resonate strongly with customers as they embrace rapidly emerging opportunities in AI. We've closed several key AI wins over the past few quarters and are seeing a growing pipeline of new opportunities directly and with key partners for both training and inference use cases that benefit from the unique performance characteristics and multi-cloud proximity of our platform.

本季度，我們在墨爾本、孟買、馬斯喀特、東京和華沙贏得了 5 個新的雲入口，因為與最接近的競爭對手相比，我們在多雲連接方面繼續享有強大的領導地位。我們還看到我們的產品組合在零售託管、互連服務、擴展和數字服務方面的獨特廣度在客戶中產生強烈共鳴，因為他們正在擁抱 AI 中迅速出現的機會。在過去的幾個季度中，我們已經完成了幾項關鍵的 AI 勝利，並且直接看到了越來越多的新機會，並與主要合作夥伴一起進行培訓和推理用例，這些用例受益於我們平台的獨特性能特徵和多雲鄰近性。

In our xScale portfolio, we continue to see strong overall demand. In Q1, we pre-leased our entire Frankfurt 16 asset, representing 14 megawatts of capacity, taking us to over 75% leased or pre-leased across our nearly 260 megawatts of operational and announced xScale facilities. And we have a strong funnel of additional xScale opportunities in the coming quarters. Enterprise to cloud wins this quarter included a leading consumer products company, leveraging Equinix's robust ecosystems for their private multi-cloud connectivity needs; and the Hearst Corporation, a diversified media company deploying on Platform Equinix to execute its cloud-first strategy, including the deployment of Network Edge for their network aggregation.

在我們的 xScale 產品組合中，我們繼續看到強勁的整體需求。在第一季度，我們預租了整個法蘭克福 16 號資產，代表 14 兆瓦的容量，使我們在近 260 兆瓦的運營和宣布的 xScale 設施中租賃或預租超過 75%。在接下來的幾個季度中，我們還有大量額外的 xScale 機會。本季度企業到雲的勝利包括一家領先的消費品公司，利用 Equinix 強大的生態系統滿足其私有多雲連接需求； Hearst Corporation 是一家多元化的媒體公司，在 Platform Equinix 上部署以執行其云優先戰略，包括為其網絡聚合部署 Network Edge。

Turning to our industry-leading interconnection business. We now have over 452,000 total interconnections on our platform. In Q1, interconnection revenue stepped up 12% year-over-year on a normalized and constant currency basis, and we added an incremental 5,300 interconnections for the quarter. We saw some continued grooming activity and consolidation into higher bandwidth VCs on Fabric, but both moderated from the prior quarter. While gross adds remain strong, pricing is firm and the diversity of our customer interconnection continues to expand. As global data volumes continue to accelerate, Internet Exchange saw peak traffic up 3% quarter-over-quarter and 26% year-over-year to greater than 30 terabits per second for the first time.

轉向我們行業領先的互連業務。現在，我們的平台上總共有超過 452,000 個互連。在第一季度，互連收入按標準化和固定匯率計算同比增長 12%，本季度我們增加了 5,300 個互連。我們看到一些持續的修飾活動和整合到 Fabric 上更高帶寬的 VC，但兩者都比上一季度有所緩和。雖然總增加量仍然強勁，但定價堅挺，我們的客戶互連的多樣性也在不斷擴大。隨著全球數據量的持續增長，Internet Exchange 的峰值流量環比增長 3%，同比增長 26%，首次超過每秒 30 太比特。

And as enterprises continue to embrace hybrid and multi-cloud as their architecture of choice, they are increasingly seeking the security, performance and convenience of Equinix Fabric to connect to their choice of cloud and IT services across the broader digital ecosystem. One example is Cisco, whose multiple edge-delivered services now rank among the leading end destinations on Fabric. Customer wins included Caixa, Brazil's federal financial services company, partnering with Equinix to accelerate its business by optimizing and securing its network core via Fabric.

隨著企業繼續將混合雲和多云作為他們選擇的架構，他們越來越尋求 Equinix Fabric 的安全性、性能和便利性，以連接到他們在更廣泛的數字生態系統中選擇的雲和 IT 服務。一個例子是思科，其多個邊緣交付服務現在躋身於 Fabric 的領先終端目的地之列。贏得的客戶包括巴西聯邦金融服務公司 Caixa 與 Equinix 合作，通過 Fabric 優化和保護其網絡核心來加速其業務。

We also continue to enhance our platform with our digital services portfolio and saw strong new user growth for our Equinix Metal offering as we cultivate product-like growth. Wins this quarter included a Japanese video game company utilizing Equinix Metal in all 3 regions to support a new product launch; and Restack, an Australian SaaS integrator and managed services provider, utilizing Equinix Fabric and our edge services to optimize their solution offerings.

我們還繼續通過我們的數字服務組合來增強我們的平台，並且在我們培養類似產品的增長時，我們的 Equinix Metal 產品的新用戶增長強勁。本季度的勝利包括一家日本視頻遊戲公司在所有 3 個地區使用 Equinix Metal 來支持新產品發布；澳大利亞 SaaS 集成商和託管服務提供商 Restack 利用 Equinix Fabric 和我們的邊緣服務來優化他們的解決方案產品。

Our channel program delivered another strong quarter, accounting for roughly 35% of bookings and 60% of new logos. Wins were across a wide range of industry verticals and digital first use cases with strong engagement across the hyperscalers and continued momentum with partners like AT&T, Dell, Cisco, HPE, Orange Business and Zenlayer. Key wins included a digital modernization win with Entel, our largest local partner in Chile. On behalf of Empresa Nacional del Petroleo, a Chilean oil and gas company, Entel is delivering a fully managed SD-WAN solution based upon Cisco technology while leveraging Equinix data center and interconnection services, demonstrating how local partners can help deliver value to clients in new Equinix markets.

我們的渠道計劃帶來了另一個強勁的季度，約佔預訂量的 35% 和新徽標的 60%。勝利跨越了廣泛的垂直行業和數字第一用例，與超大規模企業的密切合作以及與 AT&T、戴爾、思科、HPE、Orange Business 和 Zenlayer 等合作夥伴的持續發展勢頭。關鍵勝利包括與我們在智利最大的當地合作夥伴 Entel 的數字現代化勝利。 Entel 代表智利石油和天然氣公司 Empresa Nacional del Petroleo 提供基於思科技術的完全託管的 SD-WAN 解決方案，同時利用 Equinix 數據中心和互連服務，展示本地合作夥伴如何幫助在新環境中為客戶創造價值易昆尼克斯市場。

Now let me turn the call over to Keith to cover the results for the quarter.

現在讓我把電話轉給基思來報導本季度的結果。

Thanks, Charles, and good afternoon to everyone.

謝謝，查爾斯，大家下午好。

As highlighted by Charles, we had an outstanding start to the year. As you can see from our financial results, the team delivered on multiple fronts in the quarter with record net bookings, including power price increases. Excluding those power price increases, our net bookings performance was solid, the result of again, net positive pricing actions across each of our regions and lower MRR churn. Global MRR per cabinet yield increased by $124 per cabinet on an as-reported basis or about $27 per cabinet adjusting for prior price increases and other one-offs. And as we highlighted on the last earnings call, we completed our efforts to strengthen our balance sheet, raising both debt and equity in the quarter and remaining well-funded to meet our future growth expectations.

正如 Charles 強調的那樣，我們今年的開局非常出色。正如您從我們的財務結果中看到的那樣，該團隊在本季度的多個方面取得了創紀錄的淨預訂量，包括電價上漲。排除那些電價上漲，我們的淨預訂量表現穩健，這再次是我們每個地區的淨積極定價行動和較低的 MRR 流失的結果。全球每個機櫃的 MRR 收益率在報告的基礎上增加了 124 美元/機櫃，或者根據之前的價格上漲和其他一次性調整調整為每個機櫃約 27 美元。正如我們在上次財報電話會議上強調的那樣，我們完成了加強資產負債表的努力，在本季度增加了債務和股本，並保持充足的資金來滿足我們未來的增長預期。

Now as you would expect, despite the continued strength of our business, we remain highly focused on the broader market dynamics. But as we've stated before, during periods of disruption, Equinix thrives, given our high-quality and diverse set of customers, who view Equinix as a mission-critical partner to place their ecosystem-driven digital infrastructure, whether it be a cloud on-ramp, a networking node, a cable landing station or a trading platform. As you'll remember, 90% of our quarterly bookings come from those existing customers as they expand their current environment or maybe move to more markets or simply buy more services.

現在正如您所料，儘管我們的業務持續強勁，但我們仍然高度關注更廣泛的市場動態。但正如我們之前所說，在中斷期間，Equinix 蓬勃發展，因為我們擁有高質量和多樣化的客戶群，他們將 Equinix 視為關鍵任務合作夥伴，以部署其生態系統驅動的數字基礎設施，無論是雲入口匝道、網絡節點、電纜登陸站或交易平台。您會記得，我們 90% 的季度預訂來自那些現有客戶，因為他們擴展了當前的環境，或者可能轉移到更多市場，或者只是購買了更多服務。

Finally, our strong liquidity position, low dividend to AFFO payout ratio and reduced debt leverage allows us to continue to invest to extend our product portfolio and expand our global footprint, in both cases driving top line growth. Simply put, we're in a strong, fully-funded financial position, allowing us to meet all of our capital needs while maintaining the strategic and operational flexibility we need to grow and scale the business.

最後，我們強大的流動性狀況、較低的股息與 AFFO 支付比率和較低的債務槓桿使我們能夠繼續投資以擴展我們的產品組合併擴大我們的全球足跡，在這兩種情況下都推動收入增長。簡而言之，我們處於強大、資金充足的財務狀況，使我們能夠滿足我們所有的資本需求，同時保持我們發展和擴展業務所需的戰略和運營靈活性。

Now let me cover the highlights from the quarter. Note that all comments in this section are on a normalized and constant currency basis.

現在讓我介紹一下本季度的亮點。請注意，本節中的所有評論均以標準化和固定貨幣為基礎。

As depicted on Slide 4, our global Q1 revenues were $1.998 billion, up 16% over the same quarter last year and above the top end of our guidance range due to strong recurring revenues and the timing of xScale nonrecurring fees. As we've noted before, nonrecurring revenues, particularly those revenues attributed to our xScale business and custom installation works, are inherently lumpy. And given the momentum we're seeing in our xScale business across all 3 regions, nonrecurring revenues could fluctuate meaningfully over the next 3 quarters of the year. Q1 revenues, net of our FX hedges, included a $2 million tailwind when compared to our prior guidance rates due to a weaker U.S. dollar in the quarter. Global Q1 adjusted EBITDA was $944 million or 47% of our revenues, up 18% over the same quarter last year, and again above the top end of our guidance range due to strong operating performance, including flat quarter-over-quarter SG&A spend.

如幻燈片 4 所示，我們的全球第一季度收入為 19.98 億美元，比去年同期增長 16%，高於我們指導範圍的上限，這是由於強勁的經常性收入和 xScale 非經常性費用的時機。正如我們之前所指出的，非經常性收入，尤其是那些歸因於我們的 xScale 業務和定制安裝工程的收入，本質上是不穩定的。鑑於我們在所有 3 個地區的 xScale 業務中看到的勢頭，非經常性收入在今年接下來的 3 個季度可能會出現顯著波動。由於本季度美元走軟，與我們之前的指導利率相比，第一季度的收入（扣除我們的外匯對沖）包括 200 萬美元的順風。全球第一季度調整後的 EBITDA 為 9.44 億美元，占我們收入的 47%，比去年同期增長 18%，由於強勁的運營業績（包括 SG&A 支出環比持平）再次高於我們的指導範圍上限。

As expected, Q1 adjusted EBITDA benefited from lower seasonal power consumption and favorable energy hedge rates, which will reset higher starting in Q2 as anticipated, resulting in increased net utility spend over the next 3 quarters of the year. Q1 adjusted EBITDA, net of our FX hedges, included a $2 million FX benefit when compared to our prior guidance range and $5 million of integration costs.

正如預期的那樣，第一季度調整後的 EBITDA 受益於較低的季節性電力消耗和有利的能源對沖率，這將如預期的那樣從第二季度開始重置更高，從而導致今年未來 3 個季度的淨公用事業支出增加。第一季度調整後的 EBITDA（扣除我們的外匯對沖）包括與我們之前的指導範圍相比 200 萬美元的外匯收益和 500 萬美元的整合成本。

Global Q1 AFFO was $802 million, above our expectations due to strong business performance, including lower net interest expense and income taxes. As expected, we had seasonally lower recurring CapEx spend, consistent with prior years. Q1 FFO included a $2 million FX benefit when compared to our prior guidance rates. Global Q1 MRR churn was 2%, a continued reflection of our disciplined sales strategy. For the full year, we expect MRR churn to average at the low end of 2% to 2.5% of our quarterly range.

全球第一季度 AFFO 為 8.02 億美元，高於我們的預期，原因是業務表現強勁，包括較低的淨利息支出和所得稅。正如預期的那樣，我們的經常性資本支出季節性下降，與往年一致。與我們之前的指導率相比，第一季度 FFO 包括 200 萬美元的外匯收益。全球第一季度 MRR 流失率為 2%，繼續反映了我們嚴格的銷售策略。對於全年，我們預計 MRR 流失率平均在我們季度範圍的 2% 至 2.5% 的低端。

Turning to our regional highlights, whose full results are covered on Slides 5 through 7. On a year-over-year normalized basis, EMEA was our fastest-growing region at 28% due to our significant power increases. Excluding the benefit attributed to those price increases, EMEA growth was 14%. Our APAC and Americas region growth rates were 15% and 9%, respectively. The Americas region had another solid quarter, with strong performance from our public sector team and continued favorable pricing trends. We saw strong momentum in our Chicago, Culpeper, Seattle metros and a Brazilian business. Our EMEA business delivered a great quarter, successfully executing on our price increase program while also seeing lower-than-expected MRR churn.

轉向我們的區域重點，幻燈片 5 到 7 涵蓋了其全部結果。在同比標準化的基礎上，由於我們的顯著功率增加，EMEA 是我們增長最快的區域，達到 28%。剔除這些價格上漲帶來的好處，歐洲、中東和非洲地區的增長率為 14%。我們的亞太地區和美洲地區增長率分別為 15% 和 9%。美洲地區又迎來了一個穩健的季度，我們的公共部門團隊表現強勁，價格趨勢持續有利。我們在芝加哥、Culpeper、西雅圖地鐵和巴西業務中看到了強勁勢頭。我們的 EMEA 業務在本季度表現出色，成功執行了我們的提價計劃，同時 MRR 流失率也低於預期。

In the quarter, we saw bookings strength in our Amsterdam, Dublin and Manchester metros. And finally, the Asia Pacific region had a solid quarter led by our Mumbai, Tokyo and Singapore markets, with strong new logo additions and firm pricing. Now while Singapore remains capacity constrained as part of our IBX optimization efforts, we continue to proactively negotiate with certain customers with larger deployments to recover capacity which we anticipate to be backfilled at much higher rates, although it could affect our in-quarter MRR churn and net cabinets billing metric.

本季度，我們看到阿姆斯特丹、都柏林和曼徹斯特地鐵的預訂量強勁。最後，亞太地區在我們的孟買、東京和新加坡市場的帶動下取得了穩健的季度表現，新標識的添加量強勁且定價堅挺。現在，儘管作為我們 IBX 優化工作的一部分，新加坡的容量仍然受到限制，但我們繼續積極與某些部署更大規模的客戶進行談判，以恢復容量，我們預計這些容量將以更高的速度回填，儘管這可能會影響我們的季度 MRR 流失和淨機櫃計費指標。

And now looking at the capital structure, please refer to Slide 8. Our balance sheet increased to approximately $31.3 billion, including an unrestricted cash balance of $2.6 billion. Our cash balance increased quarter-over-quarter due to strong operating cash flow while we also raised approximately $580 million of yen-denominated debt and closed at the prior year's forward sales from our ATM program. Our net leverage remains low at 3.4x our adjusted EBITDA, with 96% of our outstanding debt being fixed with no near-term maturities.

現在看看資本結構，請參閱幻燈片 8。我們的資產負債表增至約 313 億美元，其中包括 26 億美元的不受限制現金餘額。由於強勁的運營現金流，我們的現金餘額環比增加，同時我們還籌集了約 5.8 億美元的日元計價債務，並從我們的 ATM 計劃中獲得了上一年的遠期銷售額。我們的淨槓桿率仍然很低，為調整後 EBITDA 的 3.4 倍，我們 96% 的未償還債務是固定的，沒有短期到期。

Given the global nature of our business, we continue to look to raise additional debt capital in reduced rate countries where we intend to expand, creating both incremental debt capital to fund our growth and placing natural hedges into these markets.

鑑於我們業務的全球性，我們繼續尋求在我們打算擴張的低利率國家籌集額外的債務資本，創造增量債務資本來為我們的增長提供資金，並在這些市場中進行自然對沖。

Turning to Slide 9. For the quarter, capital expenditures were $530 million, including seasonally lower recurring CapEx of $22 million. Since our last earnings call, we opened 4 retail projects in Frankfurt, Paris, Singapore and Sydney. We also purchased land for development in Calgary and Madrid. Revenues from owned assets were 63% of our recurring revenues for the quarter.

轉到幻燈片 9。本季度，資本支出為 5.3 億美元，其中包括季節性較低的經常性資本支出 2200 萬美元。自上次財報電話會議以來，我們在法蘭克福、巴黎、新加坡和悉尼開設了 4 個零售項目。我們還在卡爾加里和馬德里購買了土地用於開發。自有資產收入佔本季度經常性收入的 63%。

Our capital investments delivered strong returns, as shown on Slide 10. Our now 171 stabilized assets increased revenues by 11% year-over-year on a constant currency basis. Taking out the benefit attributed to power price increases, stabilized assets increased 7% year-over-year. Consistent with prior years, in Q1, we completed the annual refresh of our IBX categorization exercise. Our stabilized asset count increased by a net 13 IBXs. Now stabilized assets are collectively 85% utilized and generate a 27% cash-on-cash return on the gross PP&E invested.

如幻燈片 10 所示，我們的資本投資帶來了可觀的回報。我們現在的 171 項穩定資產的收入按固定匯率計算同比增長 11%。剔除電價上漲利好，穩定資產同比增長7%。與往年一樣，在第一季度，我們完成了 IBX 分類工作的年度更新。我們的穩定資產數量淨增加了 13 個 IBX。現在，穩定資產的總利用率為 85%，並產生 27% 的 PP&E 總投資現金回報率。

And finally, please refer to Slides 11 through 15 for our updated summary of 2023 guidance and bridges. Do note, all growth rates are on a normalized and constant currency basis. For the full year, we're raising our revenue guidance by $30 million and adjusted EBITDA guidance by $20 million, primarily due to favorable FX rates and lower integration costs. This guidance implies a revenue growth rate of 14% to 15%, inclusive of power price increases, or 9% to 10%, excluding the power cost pass-through, and adjusted EBITDA margins of 45%, excluding integration costs. We now expect to incur $33 million of integration costs in 2023. And we're raising 2023 AFFO guidance by $44 million to now grow between 10% and 13% compared to the previous year, and AFFO per share is now expected to grow 8% to 11%. 2023 CapEx is expected to range between $2.7 billion and $2.9 billion, including approximately $150 million of on-balance sheet xScale spend, which we expect to be reimbursed as we transfer assets into the JVs, about $205 million of recurring CapEx spend.

最後，請參閱幻燈片 11 至 15，了解我們對 2023 年指南和橋樑的更新總結。請注意，所有增長率均以標準化和恆定的貨幣為基礎。對於全年，我們將收入指引提高了 3000 萬美元，並將 EBITDA 指引提高了 2000 萬美元，這主要是由於有利的匯率和較低的整合成本。該指引意味著收入增長率為 14% 至 15%，包括電價上漲，或 9% 至 10%，不包括電力成本轉嫁，調整後的 EBITDA 利潤率為 45%，不包括整合成本。我們現在預計 2023 年將產生 3300 萬美元的整合成本。我們將 2023 年 AFFO 指導提高了 4400 萬美元，與上一年相比現在增長 10% 到 13%，AFFO 每股現在預計增長 8%到 11%。 2023 年資本支出預計在 27 億美元至 29 億美元之間，其中包括約 1.5 億美元的資產負債表 xScale 支出，我們預計在將資產轉移到合資企業時將得到償還，約 2.05 億美元的經常性資本支出。

So let me stop here. I'm going to turn the call back to Charles.

所以讓我在這裡停下來。我要把電話轉回給查爾斯。

Thanks, Keith. In closing, we had a solid start to the year. While we remain vigilant to the challenges in the broader macro economy, our Q1 results were strong and our outlook remains positive, with the overall demand for digital transformation fueling our conviction around the long-term secular drivers of our business. We look forward to our upcoming Analyst Day in June, where we will further outline the significant opportunity ahead and discuss our strongly differentiated position in capturing this opportunity as we enable our customers to access all the right places, partners and possibilities. We also look forward to diving more deeply into our evolving platform capabilities, our industry-leading go-to-market engine, and sharing expectations of how all of this will translate into durable and differentiated value creation for our investors, our customers and the communities in which we operate. So let me stop there and open it up for questions.

謝謝，基思。最後，我們今年開局良好。儘管我們對更廣泛的宏觀經濟的挑戰保持警惕，但我們的第一季度業績強勁，我們的前景依然樂觀，數字化轉型的總體需求增強了我們對業務長期長期驅動力的信心。我們期待著 6 月即將到來的分析師日，屆時我們將進一步概述未來的重大機遇，並討論我們在抓住這一機遇方面的差異化定位，因為我們使我們的客戶能夠訪問所有合適的地方、合作夥伴和可能性。我們還期待更深入地研究我們不斷發展的平台能力、我們行業領先的上市引擎，並分享對所有這些將如何為我們的投資者、客戶和社區創造持久和差異化的價值的期望我們經營的地方。所以讓我停在那裡並打開它來提問。

(Operator Instructions) Our first caller is Matt Niknam with Deutsche Bank.

（操作員說明）我們的第一個來電者是德意志銀行的 Matt Niknam。

Just two quick ones, if I could. First, on bookings trends. Can you comment at all in terms of linearity and whether you saw any potential slowdown going to some of the macro choppiness that really picked up in March? We've heard maybe a similar theme from some others across tech. And then just the second one, on cap allocation, specifically just related to potential inorganic opportunities. Just wondering what you're seeing in terms of opportunities, both domestically and abroad, whether seller expectations have become more reasonable just in the context of leverage now sitting just shy of 3.5 turns.

如果可以的話，只是兩個快速的。首先，關於預訂趨勢。你能否就線性方面發表評論，以及你是否看到任何潛在的放緩會導致 3 月份真正回升的一些宏觀動盪？我們從科技界的其他一些人那裡聽說過類似的主題。然後是第二個，關於上限分配，特別是與潛在的無機機會有關。只是想知道您在國內和國外的機會方面看到了什麼，賣家的期望是否在現在略低於 3.5 轉的槓桿背景下變得更加合理。

Thanks, Matt. Yes. Look, I think overall, as we said in the script, I think we continue to feel good about the demand level. I think definitely, customers are feeling tighter budgets, looking to stretch their dollars. But I think their commitment to digital is strong, and I think how they're using us in terms of looking to capture savings in a variety of areas. And again, long-term digital transformation equipments are driving pretty solid activity levels.

謝謝，馬特。是的。看，我認為總體而言，正如我們在劇本中所說，我認為我們對需求水平繼續感覺良好。我肯定地認為，客戶感到預算緊張，希望增加資金。但我認為他們對數字化的承諾很堅定，而且我認為他們如何利用我們來尋求在各個領域節省開支。再一次，長期的數字化轉型設備正在推動相當穩固的活動水平。

So I think the overall, we did about 4,000 deals in the quarter of 3,000 customers, very much in line with kind of what we've done in prior quarters. Linearity was pretty good. And so we probably saw a few more deals slip into the following quarter than we would have in previous quarters. And then on sales cycle, just to give you more of a concrete data point to hang your hat on, we usually see about 45% -- I'm sorry, about 40% of our deals extend beyond the 90-day sales cycle. And that rose in this last quarter to about 45%. So a little bit of an increase, but not particularly material. And as we saw a little bit of slippage, actually our linearity in Q2 is already looking pretty good. So we started with a little bit richer funnel and so we're off to a good start in Q2.

所以我認為總體而言，我們在 3,000 個客戶的季度中完成了大約 4,000 筆交易，這與我們在前幾個季度所做的非常一致。線性非常好。因此，與前幾個季度相比，下個季度我們可能會看到更多的交易。然後在銷售週期上，只是為了給你更多具體的數據點來掛起你的帽子，我們通常看到大約 45%——對不起，我們大約 40% 的交易超過了 90 天的銷售週期。在上個季度，這一比例上升至約 45%。所以增加了一點點，但不是特別重要。正如我們看到的一點點下滑，實際上我們在第二季度的線性度看起來已經相當不錯了。所以我們從一個更豐富的漏斗開始，所以我們在第二季度有了一個良好的開端。

So again, I think that clearly, you're feeling a little bit of caution in the macro market, but overall, I think in terms of what people are -- how they're thinking about digital, how they're thinking about Equinix in that context, we continue to see a pretty good overall environment.

所以，我再次認為，很明顯，你在宏觀市場上感到有點謹慎，但總的來說，我認為就人們的情況而言——他們如何看待數字，他們如何看待 Equinix在這方面，我們繼續看到相當不錯的整體環境。

Relative to your second question on capital allocation, look, our balance sheet, thanks to our team's efforts, is in a really good place. And as I've said in a number of settings, I do think there's going to be opportunities for us, both organically and inorganic. I don't think we're -- we're starting to see, I think, some softening in multiples. And I think that's likely to continue depending on kind of overall sort of recessionary sort of dynamics and that kind of thing. And so we'll keep an eye on that. I do think as a market leader, and we've got a long track record of being able to unlock value from M&A, and we're definitely positioned to do that if the right things come along. And so I do think that we probably expect some capital allocation towards that. And I think our balance sheet puts us in a really good position.

關於你關於資本配置的第二個問題，看，由於我們團隊的努力，我們的資產負債表處於一個非常好的位置。正如我在許多情況下所說的那樣，我確實認為我們會有機會，無論是有機的還是無機的。我不認為我們 - 我認為我們開始看到倍數有所軟化。而且我認為這可能會繼續下去，這取決於整體經濟衰退的動態和類似的事情。因此，我們會密切關注這一點。我確實認為作為市場領導者，我們在能夠從併購中釋放價值方面有著悠久的記錄，如果出現正確的事情，我們絕對有能力做到這一點。所以我確實認為我們可能期望為此分配一些資本。而且我認為我們的資產負債表使我們處於非常有利的位置。

Keith, anything to add there?

基思，有什麼要補充的嗎？

Yes, Matt, if I can just maybe add a couple of quick points to what Charles said. The other part about the leverage being a little bit lower than we typically run at, part just because of the money that we raised and the opportunity we sort of went for us to go into the market and draw on some -- particularly on the debt capital in Japan, that put more cash on our balance sheet. And so that cash is going to get consumed, but one of the things I wanted certainly you and the rest of the listeners to walk away with is that we do have the cash. We have the flexibility, both operationally and structurally, but we're going to consume the cash.

是的，馬特，如果我可以對查爾斯所說的話補充幾點。另一部分是關於槓桿率比我們通常運行的要低一點，部分原因是我們籌集了資金，以及我們有機會進入市場並利用一些資金——尤其是債務在日本的資本，使我們的資產負債表上有更多現金。因此，現金將被消耗掉，但我當然希望你和其他聽眾能夠離開的一件事是我們確實有現金。我們在運營和結構上都有靈活性，但我們會消耗現金。

And in many ways, we're paying today for, one, we're fully funded for all that we see, but you look forward in time and say, well, what are we going to do in '24 and what are we going to do in '25? And so you're already -- we're already thinking ahead and hence my comments that we want to continue to raise capital because we know our dividend, our dividend is going to grow. We know we're going to continue to spend capital and the like. And we want to have that flexibility that Charles sort of alludes to, when things shake themselves free, if it makes sense for us, then we would certainly strike, and we need a good strong balance sheet.

在很多方面，我們今天付出的是，一個，我們為我們所看到的一切提供了充足的資金，但你期待時間並說，好吧，我們在 24 年要做什麼，我們要做什麼25 年做什麼？所以你已經 - 我們已經在思考未來，因此我的評論是我們希望繼續籌集資金，因為我們知道我們的股息，我們的股息將會增長。我們知道我們將繼續花費資本等。我們希望擁有查爾斯提到的那種靈活性，當事情擺脫困境時，如果對我們來說有意義，那麼我們肯定會罷工，我們需要一個良好的強大資產負債表。

All that said, at the end of the day, we're going to consume the cash, we're going to consume it into our growth cycles. And our leverage is actually going to go up because we're measuring it on a net debt basis. And again, I just think we all like the flexibility and the liquidity we have as a company, and we can use that to our fullest advantage going forward.

話雖如此，歸根結底，我們將消耗現金，將其消耗到我們的增長周期中。我們的槓桿率實際上會上升，因為我們是在淨債務的基礎上衡量的。再一次，我只是認為我們都喜歡我們作為一家公司所擁有的靈活性和流動性，我們可以在未來充分利用它。

Our next caller is Jon Atkin with RBC.

我們的下一位來電者是 RBC 的喬恩·阿特金 (Jon Atkin)。

Got a couple of questions. One on Slide 10, where you have the stabilized growth, 11% top line, I think that's a record. And I just wanted to get a sense as to what was driving that. And then another metrics question, just the Americas cabinet equivalents actually was down sequentially and MRR [gift to bid] in APAC and in EMEA, the cabinets billing number didn't grow at all. The footnote referenced timing of installs and churn, and I wonder if you can kind of drill down on that a bit.

有幾個問題。幻燈片 10 上的一個，你有穩定的增長，11% 的頂線，我認為這是一個記錄。我只是想了解是什麼驅動了它。然後是另一個指標問題，只是美洲機櫃當量實際上連續下降，而亞太地區和歐洲、中東和非洲的 MRR [投標禮品]，機櫃開單數量根本沒有增長。腳註提到了安裝和流失的時間，我想知道您是否可以深入了解一下。

Yes. Great question, Jon. So on stabilized growth, obviously, incredible results fueled, obviously, in part by PPI, on power price increase. So 11% is definitely really high. If you take out the effects of power price increase, that still takes you down to about 7%, so really attractive. And if you take out the new stabilized assets, which are obviously less mature and probably growing faster than others, take -- would take it down to about 5% from the previous sort of portfolio of stabilized assets. So that's still at the high end of the 3% to 5% that we've been talking about. But this is pretty typical of the dynamic. As you very well know, when you add in sort of a new set of stabilized assets, sort of sawtooths the growth a little bit up. And then as you increase utilization and sort of tap out that growth, it might tend to sort of come back down a little bit. And then ROIC goes a little bit in the opposite direction. It's sort of impaired by the fact that these are less mature, but then I think would tend to rise back. And so overall, we feel really good about stabilized assets. And I think they are a reflection of the strength of the business model.

是的。好問題，喬恩。因此，在穩定增長的情況下，顯然，令人難以置信的結果顯然部分是由 PPI 推動的，電價上漲。所以 11% 絕對是非常高的。如果你去掉電價上漲的影響，你仍然會下降到 7% 左右，這真的很有吸引力。而且，如果你去掉新的穩定資產，這些資產顯然不太成熟，而且可能比其他資產增長得更快，那麼——將把它從以前的穩定資產組合中降低到大約 5%。所以這仍然處於我們一直在談論的 3% 到 5% 的高端。但這是非常典型的動態。眾所周知，當你添加一組新的穩定資產時，增長會有點鋸齒狀。然後，當您提高利用率並逐步實現增長時，它可能會有所回落。然後 ROIC 向相反的方向發展了一點。這些不太成熟的事實有點削弱了，但我認為之後會回升。總的來說，我們對穩定資產感覺非常好。我認為它們反映了商業模式的實力。

Billable cabs, yes, for sure, definitely good solid quarter in Americas. APAC is coming off a really strong quarter last quarter and so it was flat this one. EMEA actually had sort of no meaningful adds the last couple of quarters. And I know that creates a little sort of mental dissonance for people to see a couple of quarters without billable cabs. But I think it's important to remember that really the dynamics of the business as such, in EMEA, actually, if you look at 8 quarter, 12 quarter trend, we've actually had a lot of strength there in terms of cabinet adds and you get into a situation where essentially you start seeing high utilization rates in certain markets. Therefore, you're probably going to see a little less large footprint and then you actually start sort of a cycle of looking for good churn to try to make room. And that kind of -- can lead to some flat spots, I think, from billable cabs. But we will always encourage people to really look at a longer-term trend. We clearly will grow, can, will and need to grow billable cabs across all 3 regions. And with the size of the development pipeline that we have, that will happen.

計費出租車，是的，當然，在美洲絕對是一個不錯的穩定季度。亞太地區上個季度表現非常強勁，因此本季度表現平平。 EMEA 在過去幾個季度實際上沒有什麼有意義的增加。而且我知道這會讓人們看到幾個季度沒有計費出租車會產生一種心理上的不和諧。但我認為重要的是要記住，在歐洲、中東和非洲，業務本身的動態，實際上，如果你看看第 8 季度、第 12 季度的趨勢，我們實際上在增加內閣方面有很大的優勢，你進入這樣一種情況，基本上你開始看到某些市場的高利用率。因此，您可能會看到較小的足跡，然後您實際上開始了一種尋找良好流失以嘗試騰出空間的循環。我認為，那種 - 可能會導致計費出租車出現一些平坦的地方。但我們將始終鼓勵人們真正關注長期趨勢。我們顯然會、能夠、願意並且需要在所有 3 個地區發展計費出租車。並且隨著我們擁有的開發管道的規模，這將會發生。

But let me give you just a data point on -- in Europe, one of the things -- this happened in Europe, and it gives -- I think it's something to sort of hang your hat on and really reinforce why we talk so much about our strategy and maintaining discipline in our strategy because we could turn ourselves into cabinet flingers and that's really not what we want. And so if you look at Europe, we actually had a churn this quarter in a market that is very tight, about 440 cabs. And that was -- it was a pretty low dense implementation from a power density standpoint and not really well interconnected. And so we were getting a cabinet yield there well below our average.

但是讓我給你一個數據點——在歐洲，其中一件事——這件事發生在歐洲，它給出了——我認為這是一種讓你放心的東西，並且真正強化了我們為什麼談論這麼多關於我們的戰略並在我們的戰略中保持紀律，因為我們可能會把自己變成內閣逃犯，而這真的不是我們想要的。因此，如果你看看歐洲，本季度我們實際上在一個非常緊張的市場中發生了流失，大約有 440 輛出租車。那就是——從功率密度的角度來看，它是一個非常低密度的實現，並且沒有真正很好地互連。因此，我們在那裡獲得的內閣收益率遠低於我們的平均水平。

When we go to resell that, we will likely resell that in significantly more small to midsized deals than sort of one big footprint. And when you look at what's likely to happen there, we're probably going to increase the revenue and therefore, the yield per cabinet,. When you get more interconnection, higher power density and a higher price point, we'll probably increase the revenue from those 440 cabs 50% from that capacity, when all is said and done. And so the significant growth with no billable -- essentially 0 increase in billable cabs and no incremental CapEx.

當我們轉售它時，我們可能會以更多的中小型交易來轉售它，而不是一個大的足跡。當你看看那裡可能發生的事情時，我們可能會增加收入，因此，每個機櫃的產量。當你獲得更多的互連、更高的功率密度和更高的價格點時，我們可能會將這 440 輛出租車的收入從該容量中增加 50%，總而言之。因此，在沒有計費的情況下實現了顯著增長——計費出租車的增長基本上為 0，並且沒有增加資本支出。

And so this is why when you hear us talk constantly about right customer, right application, right assets, and that's more than just a sort of a clever thing for the earnings call, that's a way of life here in terms of how we drive our sales team. And I think that gives you kind of a good reflection. So you will see the billable cab growth, but I think right now, you're seeing good healthy growth across those because I think we're playing every lever, power density, price point, interconnection, and I think it's really driving health in the business.

這就是為什麼當你聽到我們不斷談論正確的客戶、正確的應用程序、正確的資產時，這不僅僅是收益電話會議上的一種聰明的事情，就我們如何推動我們的發展而言，這是一種生活方式銷售團隊。我認為這給了你一種很好的反思。所以你會看到計費出租車的增長，但我認為現在，你看到了這些方面的良好健康增長，因為我認為我們正在發揮每一個槓桿，功率密度，價格點，互連，我認為它確實在推動健康這生意。

And then if I can follow up on AI. You mentioned some wins there. And what are we seeing in terms of rough sizes? Are they -- do they tend to be very cost connect rich or more density rich, or what -- how should we kind of qualify and characterize the AI demand you're seeing so far?

然後我是否可以跟進 AI。你在那裡提到了一些勝利。我們在粗略尺寸方面看到了什麼？他們是 - 他們往往是成本非常高還是密度更高，或者 - 我們應該如何確定和描述你目前看到的 AI 需求？

Yes. I think it's a little early to tell, but we have seen -- it's interesting because ChatGPT has created a media frenzy around AI. But the reality is we've seen AI-related opportunities in our pipeline for the last several years. And for those that are familiar with the story and out on the investor circuit with us, you've heard me talk about that. And I think that most typically, it is people thinking about how to use their data and where to place their data. And what we're seeing is actually a trend towards people saying, we want to take our data and place it sort of inter cloud. We want to have control of that data. We want to intersect it with other data sources and we want to be able to move it into and out of clouds as appropriate for these things. And so we have seen some large training -- model training opportunities. Those are partially economically driven, just it's actually cheaper to do on sort of dedicated hardware if you have sort of a sustained commitment to doing AI training. And so we've seen some of those.

是的。我認為現在下結論還為時過早，但我們已經看到——這很有趣，因為 ChatGPT 圍繞 AI 引發了媒體狂熱。但現實情況是，在過去的幾年裡，我們已經在我們的管道中看到了與人工智能相關的機會。對於那些熟悉這個故事並與我們一起進行投資者巡迴演出的人，您已經聽過我談論過。我認為最典型的是人們在考慮如何使用他們的數據以及將他們的數據放在哪裡。我們所看到的實際上是人們說的一種趨勢，我們希望獲取我們的數據並將其放置在雲端。我們想控制這些數據。我們希望將其與其他數據源相交，並且我們希望能夠根據這些情況將其移入和移出雲。因此，我們看到了一些大型培訓——模型培訓機會。這些部分是經濟驅動的，只是如果你對進行 AI 培訓有某種持續的承諾，那麼在某種專用硬件上做實際上更便宜。所以我們已經看到了其中的一些。

And then inference deals, which I think are going to be a bit more interconnected, are where people are actually deploying inference, AI inference use cases that are sort of -- and I think where we're going to be uniquely well suited is when insights are both, one, when data sets are dynamic and they're updated frequently, and they're taking in a lot of new data. And secondly, where insights are real-time and mission-critical. I think -- and that really doesn't sort of fit the profile of the way current large language models like ChatGPT are being used. But we do think that what's going to happen is people are going to build vertically oriented sort of AI use cases on top of foundational models that are going to be sort of cloud-centric. And I think that we're going to be well suited to responding to some of those opportunities. So I think it's going to be a mix.

然後是推理交易，我認為這會更加相互關聯，這是人們實際部署推理的地方，AI 推理用例有點——我認為我們將特別適合的地方是什麼時候當數據集是動態的並且它們經常更新並且它們正在吸收大量新數據時，洞察力是兩者之一。其次，洞察力是實時的和關鍵任務的。我認為——這確實不符合當前使用 ChatGPT 等大型語言模型的方式。但我們確實認為，將會發生的事情是人們將在以雲為中心的基礎模型之上構建垂直方向的人工智能用例。我認為我們將非常適合應對其中的一些機會。所以我認為這將是一個混合體。

I actually think some of the training stuff, Jonathan, is going to be more suited to our xScale portfolio. And I think some of the inference stuff is probably going to land in the retail portfolio at the digital edge. And so that's sort of the current dynamic, but early days, but I think an exciting incremental opportunity, and we're going to talk a little bit more about that at Analyst Day.

Jonathan，我實際上認為一些培訓內容將更適合我們的 xScale 產品組合。而且我認為一些推理的東西可能會落在數字邊緣的零售組合中。所以這是當前的動態，但還處於早期階段，但我認為這是一個令人興奮的增量機會，我們將在分析師日對此進行更多討論。

The next caller is Nick Del Deo with MoffettNathanson.

下一位來電者是 MoffettNathanson 的 Nick Del Deo。

First, Keith, I thought some of your comments about Singapore and the opportunities to monetize that space are pretty interesting. I mean is the plan to just move those customers across the strait to Johor or some other market, or are they going to be let go? How impactful do you think this might be over time and when might it re: your results? And are there other markets where this might come into play or is Singapore kind of a unique situation?

首先，基思，我認為你對新加坡的一些評論以及通過該空間獲利的機會非常有趣。我的意思是計劃只是將這些客戶轉移到海峽對岸的柔佛或其他市場，還是會放手？隨著時間的推移，您認為這可能會產生多大影響，什麼時候會影響您的結果？是否還有其他市場可能會發揮作用，或者新加坡是一種獨特的情況？

Well, first, it dovetails nicely the point that Charles was really talking about in the European theater, where you have a tight market, you make some decisions about looking to optimize the environment. And with that, sometimes customers move out some of the large deployments. As it relates specifically to Singapore, my reference was no different really than again, what Charles is talking about. But we do see an opportunity. There happens to be a larger installation related to a customer. And it maybe it does move to a different market for us, and that would be fine. But the real focus is getting capacity in the Singapore market, getting a price uplift and again, going back to what Charles talked about, that we are sort of maybe with the bread crumbs that we see something that we're looking at right now that is going to be upsized. And of course, when we do that, it has an impact on the net cabinets billing. And of course, it has an impact on our churn metric. I maintain, though, our word churn is going to be at the lower end of our range for the year. So I'm not worried about that. But this billing cabinet metric is the one that we're always sort of looking at, causes us a little bit of discomfort because we know we're doing the right thing for the business and yet it presents itself maybe a little bit unfairly to us. And so the bottom line is that's an initiative that we would embark upon.

好吧，首先，它很好地吻合了查爾斯在歐洲劇院真正談論的觀點，那里市場緊張，你做出一些關於尋求優化環境的決定。因此，有時客戶會搬出一些大型部署。因為它具體涉及新加坡，所以我的參考與查爾斯所說的並沒有什麼不同。但我們確實看到了機會。恰好有一個與客戶相關的更大的安裝。也許它確實會為我們轉移到不同的市場，那會很好。但真正的重點是在新加坡市場獲得產能，提高價格，然後再回到查爾斯所說的，我們可能會看到麵包屑，我們看到了我們現在正在看的東西將被放大。當然，當我們這樣做時，它會對淨機櫃計費產生影響。當然，它會影響我們的流失指標。不過，我堅持認為，我們的詞語流失率將處於今年範圍的低端。所以我對此並不擔心。但是這個計費櫃指標是我們一直在關注的指標，這讓我們有點不舒服，因為我們知道我們正在為企業做正確的事情，但它對我們來說可能有點不公平.因此，最重要的是，這是我們將著手實施的一項舉措。

And Singapore is not the only market, any place that we see that opportunity. And again, I refer back to Charles' comment, where we don't need -- where we can get an uplift, an optimization of the asset. We don't have to put more capital to work and you're driving value into the equation. And so that's just a real good outcome for us. And if we can do that in places we are tight and there is the demand, we'll make sure that we do it.

新加坡並不是我們看到這個機會的唯一市場，任何地方。再一次，我提到查爾斯的評論，我們不需要 - 我們可以在那裡獲得提升，資產優化。我們不必投入更多的資金來運作，而您正在為等式帶來價值。所以這對我們來說是一個非常好的結果。如果我們能夠在我們緊張且有需求的地方做到這一點，我們將確保我們做到這一點。

Yes. Nick, I'd offer a little bit more color in that saying, we have a few examples where I think we have footprints that probably would have been better suited to xScale facilities had we had them at the time that we took them, that now we are sort of saying, hey, that we would really need that capacity for -- to fuel the retail footprint. And obviously, in Singapore, where there's a broader sort of capacity constraint concern, it's really critical that we recapture those.

是的。尼克，我會在這句話中提供更多顏色，我們有幾個例子，我認為我們的足跡可能更適合 xScale 設施，如果我們在使用它們時擁有它們，現在我們有點在說，嘿，我們真的需要這種能力來推動零售足跡。顯然，在新加坡，那裡存在更廣泛的容量限制問題，我們重新獲得這些問題非常重要。

And so -- but there are other markets where I think we see some of that opportunity and other markets in which some of these capacity constraints might come into play. And it's also one of the reasons why I think we have to continue to lean in on sustainability. And the connection between those things is, I think, for us to make sure that we're going to be in line to get the power allocations needed, the permits needed, et cetera, to continue to drive capacity in markets where jurisdictions are quite reasonably looking at how to manage their energy needs. I think it's going to be important that we are able to say, hey, we're the responsible party to partner with to continue to be a digital leader but be that in a really very responsible way. So a lot of sort of interconnections between those various thoughts and threads.

所以——但我認為我們在其他市場看到了一些機會，而在其他市場中，其中一些產能限制可能會發揮作用。這也是我認為我們必須繼續依靠可持續性的原因之一。我認為，這些事情之間的聯繫是，我們要確保我們將獲得所需的電力分配、所需的許可等，以繼續推動司法管轄區相當的市場容量合理地考慮如何管理他們的能源需求。我認為重要的是我們能夠說，嘿，我們是負責任的合作方，可以繼續成為數字領導者，但要以一種非常負責任的方式做到這一點。因此，這些不同的想法和線程之間存在很多相互聯繫。

That's great. That's great. Charles, can I ask one on interconnection. You talked about bit how adds came back in Q1 versus Q4, still below trend, though. Can you share any updated expectations regarding when we should see that grooming dynamic abate and get adds back to more normal levels?

那太棒了。那太棒了。查爾斯，我可以問一個關於互連的問題嗎？你談到了第一季度與第四季度的增加情況，但仍低於趨勢。關於我們什麼時候應該看到修飾動態減弱並恢復到更正常的水平，你能分享任何更新的期望嗎？

Absolutely. Yes, as I noted, there's a few on the last call and in the script, there's a few factors that play out interconnection. Overall, one thing I'd say is traffic levels continue to be really attractive. You're seeing that in Exchange. You're seeing that in terms of in Fabric overall provision capacity. It's a little tougher for us to tell on physical cross-connects exactly how much traffic is flowing because we don't [light] the electronics on those things. But it's fair to say that I think what you're seeing is a trend towards significantly higher speeds to support higher and higher traffic. And by the way, I think AI is going to only add fuel to that fire. So gross adds have been strong. That's one of the things that we really look at is, say, how many gross adds are there. And I think that's a primary indicator of health, and those have been very much in line with the 4 quarter averages.

絕對地。是的，正如我所指出的，在最後一次通話和腳本中有一些因素，有一些因素會影響互連。總的來說，我要說的一件事是流量水平仍然非常有吸引力。您會在 Exchange 中看到這一點。您在 Fabric 整體供應能力方面看到了這一點。我們很難準確判斷物理交叉連接上有多少流量在流動，因為我們不會 [點亮] 這些東西上的電子設備。但可以公平地說，我認為您看到的是一種趨勢，即顯著提高速度以支持越來越高的流量。順便說一下，我認為人工智能只會火上澆油。所以總增加量一直很強勁。這是我們真正關注的事情之一，比如說，有多少總增加量。我認為這是健康的主要指標，並且與 4 個季度的平均值非常一致。

There is some grooming activity. As I said last quarter, we thought that would moderate. It did moderate to some degree, but was still there at an elevated level. I do think people are going to run out of low-hanging fruit on that one. And so I think that we'll eventually see more moderation there and that will help the net adds further. I think this trend towards higher speeds, though, is a more sustained trend. And so I think we're just going to have to look at kind of how -- where things settle out. We've seen this in the past where traffic is sort of catching up to provision capacity a little bit. And so -- but again, I think the long-term trend here is very high degrees of traffic flow, higher degrees of interconnection.

有一些美容活動。正如我上個季度所說，我們認為這會緩和。它確實在某種程度上有所緩和，但仍處於較高水平。我確實認為人們會在那個問題上用盡唾手可得的果實。所以我認為我們最終會在那裡看到更多的節制，這將有助於網絡進一步增加。不過，我認為這種向更高速度發展的趨勢是一種更持久的趨勢。所以我認為我們只需要看看事情是如何解決的。我們在過去看到過這種情況，流量有點趕上供應能力。所以——但是，我認為這裡的長期趨勢是交通流量非常高，互聯程度更高。

The diversity we're seeing in the interconnection system and ecosystem is increasingly rich. So more A to Z in sort of unique connections. And overall, just the strength is good. So 12% revenue growth, a little lighter on the unit side. I do think we'll see some more moderation of the grooming per se, but I do think that, that will be offset, that we'll still see a little bit more in terms of fewer higher speed circuits. And so we'll just -- we'll continue to track that.

我們在互連繫統和生態系統中看到的多樣性越來越豐富。所以更多的 A 到 Z 有點獨特的聯繫。而且總的來說，只是實力不錯。所以 12% 的收入增長，在單位方面稍微輕一些。我確實認為我們會看到更多的修飾本身，但我確實認為，這將被抵消，我們仍然會在更少的高速電路方面看到更多一點。因此，我們將 - 我們將繼續跟踪它。

But I'll give you the punchline here. Interconnection is well north of a $1 billion business for us, growing at 12% at very, very attractive returns on capital. And I think that the opportunity for us to continue to sort of lean into that and grow that business, particularly as we grow Fabric and as we think about what the bigger cloud networking opportunity looks like and what our role in it is, is -- continues to be a big part of the Equinix story.

但我會在這裡給你重點。對我們來說，互連業務遠遠超過 10 億美元的業務，以 12% 的速度增長，資本回報率非常非常有吸引力。而且我認為我們有機會繼續專注於此並發展該業務，特別是在我們發展 Fabric 以及我們思考更大的云網絡機會是什麼樣子以及我們在其中的作用時，是 -仍然是 Equinix 故事的重要組成部分。

Our next caller is Simon Flannery with Morgan Stanley.

我們的下一位來電者是摩根士丹利的 Simon Flannery。

I wonder if you could talk a little bit more about pricing outside of the power price increases. We certainly heard a lot on the hyperscale side of prices firming, and you referenced some of the capacity constraints in the market. So what are you seeing both in xScale and then also just in your core business around the opportunities to continue to take price, both on new business and on renewals? And then maybe a little bit on Metal, both in terms of customer adoption and in terms of your continuing to roll out the product across your footprint?

我想知道你是否可以多談談電價上漲之外的定價問題。我們當然聽到了很多關於價格堅挺的超大規模方面的消息，你提到了市場上的一些容量限制。那麼，您在 xScale 以及您的核心業務中看到了什麼，圍繞著繼續採取價格的機會，無論是在新業務還是在續訂方面？然後可能在客戶採用方面和您繼續在您的足跡中推出產品方面對 Metal 有一點了解？

Lots in there. So let me try to hit them all. So yes, pricing is definitely firm. Obviously, PPIs have gotten a lot of airtime, but I think perhaps an even more important trend is our ability to sort of sustain pricing power on sort of the broader portfolio of service offerings. And so we have elevated our costs on space, power and interconnection from a list price perspective across all our markets. And so I think you're going to see that continuing to sort of roll into the business. xScale pricing has definitely firmed in -- across the world. And so I think we're seeing attractive price points and good solid cash and cash returns on the product projects that we're underwriting. And as we said, we got a very high degree of pre-leasing there. And so -- and again, we've raised pricing both on the retail side, space, power and on the interconnection units.

裡面有很多。因此，讓我嘗試將它們全部擊中。所以是的，定價絕對是堅定的。顯然，PPI 已經獲得了很多播放時間，但我認為也許更重要的趨勢是我們有能力在更廣泛的服務產品組合上維持定價權。因此，從我們所有市場的標價角度來看，我們提高了空間、電力和互連的成本。所以我認為你會看到它繼續進入業務。 xScale 的定價在全球範圍內已經確定。因此，我認為我們在承保的產品項目上看到了有吸引力的價格點和良好的穩定現金和現金回報。正如我們所說，我們在那裡獲得了很高程度的預租。因此——我們再次提高了零售方面、空間、電力和互連單元的價格。

So we have -- and then you have the escalators and we are -- our escalators are also going up. And so in some cases, we're doing CPI or other index-based escalators, but then more broadly, if we're doing fixed escalators, they are much higher than they have been in the past. And so I think we're seeing all of that roll through as a clear dynamic in the business in terms of and you're seeing it show up in MRR per cab, right? I mean we gave you a headline stat there in Keith's script about how MRR per cab is increasing. Yes, a big chunk of it due to PPI. But even absent that, I think our yield per cab, which is an absolutely critical metric for us, continues to rise.

所以我們 - 然後你有自動扶梯，我們 - 我們的自動扶梯也在上升。因此，在某些情況下，我們正在做 CPI 或其他基於指數的自動扶梯，但更廣泛地說，如果我們正在做固定自動扶梯，它們會比過去高得多。因此，我認為我們看到所有這些都作為業務中的一個明顯動態而滾動，並且您看到它顯示在每輛出租車的 MRR 中，對嗎？我的意思是，我們在 Keith 的腳本中給了你一個關於每輛出租車的 MRR 如何增加的標題統計數據。是的，其中很大一部分是由於 PPI。但即使沒有這一點，我認為我們的每輛出租車產量（這對我們來說是一個絕對關鍵的指標）仍在繼續上升。

So -- and then on Metal, we talked a couple -- about a couple of really nice wins. We are really cultivating early users in what is more of a product-led growth motion that's probably a little bit more typical of SaaS providers. And so we're cutting our teeth on that, to be candid, but we're getting the hang of it. And we are seeing some uptake from developers and from sort of digitally native service providers. And we're also seeing some pretty big opportunities in our funnel about more traditional service providers or large enterprises looking to reduce the pain of managing the technology life cycle, and Metal really helps with that. So we'll probably talk more about that at the Analyst Day as well. But good -- continue to feel good about the underlying drivers of that business and kind of why we did that acquisition in the first place.

所以——然後在 Metal 上，我們談到了一些——關於一些非常好的勝利。我們實際上是在培養早期用戶，更多的是以產品為主導的增長運動，這可能是 SaaS 提供商更典型的一點。因此，坦率地說，我們正在努力解決這個問題，但我們正在掌握它。我們看到開發人員和某種數字原生服務提供商有所採用。我們還在我們的漏斗中看到了一些相當大的機會，更多的傳統服務提供商或大型企業希望減少管理技術生命週期的痛苦，而 Metal 確實在這方面提供了幫助。因此，我們也可能會在分析師日上更多地討論這一點。但很好——繼續對該業務的潛在驅動力以及我們最初進行收購的原因感到滿意。

Our next caller is David Barden with Bank of America.

我們的下一位來電者是美國銀行的 David Barden。

I guess, Keith, I just want to make sure we all have the right jumping off point. So thank you for the waterfall for the 2Q EBITDA guide. And I just wanted to understand the combination of forces of the kind of impact of the roll-off of the hedges and the kind of increased usage as they kind of merged together to kind of create this $43 million kind of move down at the midpoint. And then assuming that that's the right jumping off point, that these hedges are the right levels for the rest of the year, it implies about a $14 million sequential EBITDA growth in 3Q and 4Q to get to the midpoint of the full year guide. Could you talk a little bit about what the drivers of that will look like? Is it going to be kind of a steady cost structure with pretty much volume and price being the drivers of the margin? Any color there would be super helpful.

基思，我想我只是想確保我們都有正確的起點。因此，感謝您提供第二季度 EBITDA 指南的瀑布。我只是想了解對沖下降的影響力和使用量增加的力量的結合，因為它們合併在一起，在中點形成了這種 4300 萬美元的下跌。然後假設這是正確的起點，這些對沖是今年剩餘時間的正確水平，這意味著第 3 季度和第 4 季度的 EBITDA 連續增長約 1400 萬美元，以達到全年指南的中點。你能談談它的驅動程序是什麼樣的嗎？它是否會成為一種穩定的成本結構，而數量和價格將成為利潤率的驅動因素？那裡的任何顏色都會非常有幫助。

Sure. Well. Thanks, David, and thanks for sort of laying it out there. And I think, first, if you start on the red line and you look at sort of the quarter-over-quarter movement, the first thing you notice is that it is not an overly substantial increase quarter-over-quarter coming off such a big number from Q1 relative to Q4 last quarter. But one of the things you'll appreciate, and I know it was hand sort of built into my comments in my script, nonrecurring revenue is moving around quite a bit. And right now, we're making the underlying assumption that it's not hitting in any specific quarter. And so what you're seeing is a meaningful step down in nonrecurring revenue between Q1 and Q2. So that's the first thing. And so you feel that in many different ways, but you certainly do feel it on the EBITDA line as well.

當然。出色地。謝謝，大衛，謝謝你把它放在那裡。我認為，首先，如果你從紅線開始，你會看到某種程度的環比變化，你首先註意到的是，這樣的環比增長並不過分相對於上一季度的第四季度，第一季度的數字很大。但是你會欣賞的一件事，我知道它是我在腳本中的評論中手工構建的，非經常性收入正在發生相當大的變化。而現在，我們正在做一個基本假設，即它不會在任何特定季度發生。因此，您所看到的是第一季度和第二季度之間非經常性收入的有意義的下降。所以這是第一件事。所以你會以多種不同的方式感受到這一點，但你肯定也會在 EBITDA 線上感受到它。

The second thing is sort of attached to that is xScale, we are -- as Charles alluded to in his script, we sold out one complete asset in Frankfurt, and we are very active in some -- across all 3 regions of the world, and we anticipate a lot more xScale activity. And so you'll see that play itself out into the year or throughout the rest of the year. Right now, our NRR trends about 5% of revenue for the year. I think it's probably going to be roughly 5% of revenue. But the range is going to be somewhere between 4.2% and about 7% and between the next 3 quarters. And we don't know exactly where, so we haven't really guided as well as we maybe would want to given the set of circumstances.

第二件事是 xScale，正如查爾斯在他的劇本中提到的那樣，我們在法蘭克福賣掉了一項完整的資產，我們在世界所有 3 個地區的一些資產中非常活躍，我們預計會有更多的 xScale 活動。所以你會看到它會在今年或今年餘下的時間裡發揮作用。目前，我們的 NRR 趨勢約為全年收入的 5%。我認為這可能大約佔收入的 5%。但這個範圍將介於 4.2% 和大約 7% 之間，並且在接下來的 3 個季度之間。而且我們不知道確切的位置，所以我們並沒有真正按照我們可能想要的情況提供指導。

And then the last piece, I'd just say, look, there's an element of conservatism built into our model here, for obvious reasons. And again, we're trying to be very prudent about what we look at. We give you -- we know what we did for the first quarter. We're running a little bit ahead. That was, again, associated with xScale, the xScale fees. But as we look forward, we really just wanted, to at this stage of the game, give you the FX and then continue to look at what's going on in the business.

然後最後一塊，我只想說，看，我們的模型中有一個保守主義元素，原因很明顯。再一次，我們試圖對我們所看到的內容非常謹慎。我們給你 - 我們知道我們在第一季度做了什麼。我們跑得有點快了。這再次與 xScale 相關聯，即 xScale 費用。但當我們展望未來時，我們真的只是想在遊戲的這個階段給你 FX，然後繼續看看業務中發生了什麼。

As it relates specifically to the power and the power costs, again, no surprise. We've been very thoughtful about the power dynamics for this year and the power price increases. And we had to factor in and look exactly what was the cost going to be for the year, including when do the hedges roll off and when do some others start and what's going on, and in the regulatory -- the regulated environment. And then there are some other markets that we are going to be putting price increases through effective on May 1, and that's Hong Kong and Tokyo. So looking at all of that, more specifically, our costs are going up. And so you're going to feel that throughout the rest of the year. It's baked into the guide already. It was baked into the original guide. So this isn't a shift, and what you should see is really EBITDA profitability continue to increase throughout the rest of the year.

由於它特別與電力和電力成本有關，因此也就不足為奇了。我們對今年的電力動態和電價上漲進行了深思熟慮。我們必須考慮並確切地了解今年的成本是多少，包括對沖何時開始，其他對沖何時開始以及發生了什麼，以及監管 - 監管環境。然後還有一些其他市場，我們將在 5 月 1 日生效，即香港和東京。因此，從所有這些方面來看，更具體地說，我們的成本正在上升。所以你會在今年餘下的時間裡感受到這一點。它已經融入指南中。它被烘焙到原始指南中。所以這不是一個轉變，你應該看到的是 EBITDA 盈利能力在今年剩餘時間裡繼續增長。

So again, I think we've got the making of a really good plan here, but we're going to -- we're sort of holding firm on what we hopefully shared with you when we started the year, knowing that one other thing that's really working in our favor is currency. And again, we get a little bit of currency, but we're all sort of reading the same thing. If you look at what the U.S. dollar could do anywhere between now and the next 12 months, some are calling for a 5% depreciation, some are calling as high as a 15% depreciation of the U.S. dollar. And 60% of our revenues reside outside of the U.S., and you don't have to go very far to figure out what is the implication of that,. If 60% of our revenues move 5% or 15% before taking into consideration the hedges, you have a really substantial move on top line and on bottom line, and that drives a lot of value on a per share basis.

所以，我認為我們已經在這裡制定了一個非常好的計劃，但我們將 - 我們將堅定地堅持我們希望在今年開始時與您分享的內容，了解彼此真正對我們有利的是貨幣。再一次，我們得到了一點貨幣，但我們都在閱讀同樣的東西。如果你看看美元從現在到未來 12 個月之間的任何地方會發生什麼，一些人要求美元貶值 5%，一些人則要求美元貶值高達 15%。我們 60% 的收入來自美國境外，您無需走很遠就能弄清楚這意味著什麼。如果我們 60% 的收入在考慮對沖之前移動了 5% 或 15%，那麼您在收入和利潤方面都會有一個非常大的變化，這會在每股基礎上帶來很多價值。

So hopefully, that gives you sort of a full look at all the things we're thinking about and are trying to share with you. But at this point, we felt really comfortable just sort of holding firm on our guide and just give you a little bit of FX and some operating performance coming out of Q1.

所以希望這能讓您全面了解我們正在考慮並試圖與您分享的所有事情。但在這一點上，我們感覺真的很舒服，只是堅持我們的指南，只是給你一點外彙和第一季度的一些經營業績。

Yes. Maybe Dave, a little bit of more color is that I think -- I will tell you that we are also focused on every element of the business model. So if you look at the revenue line, say, P x Q, we feel very good about P, continue to feel good about Q and we're going to continue to work the heck out of that. I would say that at the next sort of a click down on cost of goods, we're continuing to drive efficiency sort of projects across the business to try to improve cost of goods and gross margin. Then when you look down further, I also think, just given the broader [amount], we're going to continue to be diligent on spend. We did spend -- we opened up the wallet a bit to make sure we can add some more headcount when we're trying to bring them up to productivity as quickly as possible. But you saw flat SG&A spend quarter-over-quarter, and we're going to continue to be very disciplined about that as well. And so we're going to work every element of the model and continue to do what we need to do to try to deliver the long-term performance.

是的。也許戴夫，我想多一點色彩——我會告訴你，我們也專注於商業模式的每一個元素。所以如果你看一下收入線，比如說，P x Q，我們對 P 感覺很好，繼續對 Q 感覺很好，我們將繼續努力解決這個問題。我想說的是，在下一次降低商品成本時，我們將繼續推動整個企業的效率項目，以試圖提高商品成本和毛利率。然後，當你進一步向下看時，我也認為，鑑於更廣泛的 [amount]，我們將繼續努力支出。我們確實花了錢——我們稍微打開了錢包，以確保在我們試圖盡快提高他們的生產力時，我們可以增加更多的員工人數。但是你看到 SG&A 的支出環比持平，我們也將繼續對此保持嚴格的紀律。因此，我們將處理模型的每個元素，並繼續做我們需要做的事情，以嘗試提供長期績效。

Next caller is Michael Elias with TD Cowen.

下一位來電者是 TD Cowen 的 Michael Elias。

Just first, you talked about organic and inorganic opportunities. Just wondering if you could give us a sense of the markets that you're prioritizing or perhaps regions that you're prioritizing from that perspective. And then also, there were some press reports out earlier today suggesting that Equinix is exploring the sale of its Hong Kong data center assets. Maybe without commenting on that specifically, just at a high level, do you view capital recycling this year as a likely option?

首先，您談到了有機和無機機會。只是想知道您是否可以讓我們了解您正在優先考慮的市場，或者從這個角度來看您正在優先考慮的地區。此外，今天早些時候有一些新聞報導暗示 Equinix 正在探索出售其香港數據中心資產。也許沒有具體評論，只是在高層次上，你認為今年的資本回收是一個可能的選擇嗎？

While we -- I'll take the first one and then Keith can comment on the second one there relative to Hong Kong. But on M&A, as I said, I do think there's opportunities for us. We've talked about where some of those markets might be. I think Southeast Asia is going to continue to be an area of opportunity, we believe, over time, and there are several key markets there that I think we've got our eyes on. We've actually done a couple of organic projects already in Indonesia and Malaysia, and we're going to continue to stay sort of eyes very wide open in terms of opportunities for us in that area.

而我們——我將接受第一個，然後 Keith 可以評論第二個與香港有關的問題。但正如我所說，在併購方面，我確實認為我們有機會。我們已經討論了其中一些市場可能在哪裡。我認為東南亞將繼續成為一個充滿機遇的地區，我們相信，隨著時間的推移，我認為我們已經關注了幾個關鍵市場。實際上，我們已經在印度尼西亞和馬來西亞完成了幾個有機項目，我們將繼續密切關注我們在該領域的機會。

India, we've announced a new build in Chennai, but I do think there's a lot of opportunity in India, and I think that could be a combination over time of organic and inorganic. And I think that we also -- I think one of the things that we have not done a lot of -- or we haven't done any of it yet, but I think that could be on radar is thinking about opportunities from an xScale perspective in partnership with our partners. All of those probably represent some level of opportunity for us in M&A. And I think as we look at some of the dynamics and opportunities in the market, including AI, I think that could be -- those could be all very relevant for us. So that's the first question, and then I'll kick it over to Keith and he can talk a bit about this capital recycling question.

印度，我們已經宣佈在金奈建立新的建築，但我確實認為印度有很多機會，而且我認為隨著時間的推移，有機和無機的結合。而且我認為我們也 - 我認為我們還沒有做很多的事情之一 - 或者我們還沒有做任何事情，但我認為這可能是在考慮 xScale 的機會與我們的合作夥伴合作的觀點。所有這些可能代表了我們在併購方面的某種程度的機會。我認為，當我們審視市場中的一些動態和機會時，包括人工智能，我認為這可能——這些都可能與我們非常相關。所以這是第一個問題，然後我會把它交給基思，他可以談談這個資本回收問題。

Yes. Thanks, Charles. So Michael, I'd say a few things. First and foremost, we typically are not a recycler of assets. I think you have to step back, and we said this actually in one of the Analyst Days, I think it was -- might have been the last one, we're -- basically we're a platform and all assets are very important to the platform. And in particular, Hong Kong is a very important asset to us and something that is important to our platform. So we don't think about the business as selling assets, but we do also -- we do think about ways -- innovative ways to allow us to scale and grow the business. And an example of that is our Jakarta business, where we recently entered into a partnership with a large conglomerate so that we go into that market in tandem. And it just -- it's an innovative way to actually to raise capital. And so overall, we're not in the business of selling assets, but we're always looking across our portfolio and trying to figure out how to optimize the capital structure. And I think that sort of best reflects our view that the platform, the Equinix platform is critically important to all the different assets that we have in our portfolio.

是的。謝謝，查爾斯。邁克爾，我想說幾句。首先，我們通常不是資產回收商。我認為你必須退後一步，我們實際上是在其中一個分析師日說過的，我認為這是 - 可能是最後一次，我們 - 基本上我們是一個平台，所有資產都非常重要到平台。特別是，香港對我們來說是非常重要的資產，對我們的平台來說也很重要。因此，我們不認為業務是出售資產，但我們也這樣做——我們確實在考慮方法——創新的方法來使我們能夠擴展和發展業務。這方面的一個例子是我們的雅加達業務，我們最近與一家大型企業集團建立了合作夥伴關係，以便我們一起進入該市場。它只是 - 這是一種實際籌集資金的創新方式。因此，總的來說，我們不從事出售資產的業務，但我們一直在審視我們的投資組合，並試圖弄清楚如何優化資本結構。我認為這最好地反映了我們的觀點，即 Equinix 平台對我們投資組合中的所有不同資產都至關重要。

And our next caller is Michael Rollins with Citi.

我們的下一位來電者是花旗銀行的邁克爾羅林斯。

A couple of questions. First, and I realize it's still somewhat early in the year, but as you're looking forward and trying to manage power costs, what's your sense of where these power price increases or maybe future decreases are heading from what you see across the market portfolio for 2024?

幾個問題。首先，我意識到今年還有些早，但是當你展望未來並試圖管理電力成本時，你對這些電價上漲或未來可能下跌的方向與你在整個市場組合中看到的情況有何看法2024 年？

And then just secondly, as we take a step back and the market tries to contemplate the forward growth opportunity for Equinix, is it helpful to consider the company's position on 3 vectors, the percentage coverage of core global market, the percent penetration of key customer cohorts and where the wallet level is, especially when you break out past the top 50 customers? And is that something that you can give us a bit of an update on today?

其次，當我們退後一步，市場試圖考慮 Equinix 的前瞻性增長機會時，考慮公司在 3 個向量上的位置是否有幫助，核心全球市場的覆蓋率百分比，關鍵客戶的滲透率百分比人群和錢包水平在哪裡，尤其是當您突破前 50 名客戶時？您今天可以向我們介紹一些最新情況嗎？

Sure. I'll start and Keith can jump in here. Obviously, very hard for us, we can't predict anything on power. I would say that I would expect, in general, more volatility rather than less, right? I think we're living in a volatile world. I think there's a lot of still dynamics at play in terms that could impact power pricing, broadly speaking. And now the good news is, is that I think that, again, we've -- this opportunity for us over the last almost a year to really educate our customers about how we go about energy procurement and what it means and how it dampens volatility and why that's good for them and why it gives them budget predictability, et cetera, are all things that I think have been really good for us. Obviously, you look at in sort of deregulated markets where we can hedge, we're going to dampen that volatility out. And so -- and again, we don't know -- there definitely have been markets that have come down in price over the last several months, but recognize that customers were enjoying a very different price point than what was the spot was at in sort of the latter part of '22 and early '23. And so they were really -- that was a huge benefit to them.

當然。我會開始，Keith 可以插進來。顯然，對我們來說非常困難，我們無法預測任何功率。我會說，總的來說，我預計波動性會更大而不是更少，對吧？我認為我們生活在一個動蕩的世界中。從廣義上講，我認為在可能影響電價方面仍有很多動態因素在起作用。現在好消息是，我認為，在過去將近一年的時間裡，我們再次有機會真正教育我們的客戶了解我們如何進行能源採購以及它意味著什麼以及它如何抑制波動性以及為什麼這對他們有好處以及為什麼它給了他們預算可預測性等等，這些都是我認為對我們真正有利的事情。顯然，你看看我們可以對沖的某種解除管制的市場，我們將抑制這種波動。因此——再一次，我們不知道——在過去的幾個月里肯定有一些市場價格下降了，但要認識到客戶享受的價格與現貨價格截然不同有點像 22 世紀末和 23 年初。所以他們真的 - 這對他們來說是一個巨大的好處。

And now some markets have moderated substantially. And some people predict that they will continue to moderate further. But I think others predict, particularly in Europe, that unless we get some sort of resolution to the conflict in Ukraine, that we likely have more volatility. And even I think the fact that we -- that an energy transformation is underway in Europe under any circumstance that is going to be a decade-long -- multi-decade long in nature, I'd expect more volatility rather than less.

現在一些市場已經大幅放緩。並且有人預測他們將繼續進一步緩和。但我認為其他人預測，尤其是在歐洲，除非我們能以某種方式解決烏克蘭衝突，否則我們可能會更加動盪。甚至我認為，事實上我們——在任何情況下歐洲都在進行能源轉型，這將持續十年——本質上長達數十年，我預計波動會更大而不是更少。

And I think our approach to the market and how we've approached hedging, et cetera, provides real benefit, so -- but we'll continue to sort of monitor that. I do think in some cases, we're seeing some benefits in terms of power prices being a little lower than we expected in some places. We are going to have some of the hedges roll off in Q2, and we talked about that in the script. So you're going to see some elevation there. And so that shouldn't be a surprise in the quarter. But I definitely think it's going to continue to be a volatile overall market. Before I go to the other question, you wanted to add anything on power?

而且我認為我們對市場的方法以及我們如何處理對沖等等提供了真正的好處，所以 - 但我們將繼續對其進行監控。我確實認為在某些情況下，我們看到了一些好處，電價比我們在某些地方的預期要低一些。我們將在第二季度取消一些對沖，我們在劇本中談到了這一點。所以你會在那裡看到一些海拔。因此，這在本季度應該不足為奇。但我絕對認為這將繼續是一個動蕩的整體市場。在我回答另一個問題之前，您想添加任何有關電源的內容嗎？

The only thing I would add, Michael, to Charles' comments, the other aspect of it is operationally, we are highly focused on running the business more efficiently. We're very renewable and sustainability focused. And as a business, we want to continue to make sure we drive down the overall cost of the business. And so that's going to be an important aspect on a go-forward basis. And Charles also made the comments in his prepared remarks around PPAs and our desire to go into contractual arrangement with, whether it's wind or solar, developers and create capacity for the market. And we see that as a bigger part of our business going forward as well.

邁克爾，我唯一要補充的是查爾斯的評論，它的另一方面是運營，我們高度關注更有效地運營業務。我們非常注重可再生能源和可持續性。作為一家企業，我們希望繼續確保降低企業的總體成本。因此，這將成為前進基礎上的一個重要方面。查爾斯還在他準備好的關於 PPA 的評論中發表了評論，以及我們希望與開發商簽訂合同安排，無論是風能還是太陽能，並為市場創造容量。我們也將其視為我們未來業務的重要組成部分。

I think it sort of -- it taps down some of the volatility because it's predictable over an extended period of time, at least those arrangements are. But overall, it's the combination of all those things and our commitment to 100% renewable, just that's a critical aspect of our energy strategy as well.

我認為它有點——它降低了一些波動性，因為它在很長一段時間內是可以預測的，至少那些安排是這樣。但總的來說，它是所有這些東西和我們對 100% 可再生能源的承諾的結合，這也是我們能源戰略的一個關鍵方面。

Yes. And then Mike, on the other one, I think -- I don't want to steal any of my thunder for Analyst Day, but I would say that I think we've always talked about multiple revenue -- multiple growth drivers and levers in our business. Geographic expansion is one of those. So we're covering more markets. What's a core market, that evolves and changes over time. Obviously, we continue to get a huge chunk of our bookings and profits from these sort of scale markets. But what you see is a market start to break into that group. They mature to a certain level, and I think we're going to continue to see that dynamic. The nature of distributed infrastructure continues to drive that. And so you're seeing hyperscalers expand their edge or their presence in both their edge and their core. And we want to be a partner to them in that. And so I think you'll expect -- you should expect us to see continued investment to align with that. And where the digital edge is, it is continuing to evolve. But I do think our commitment is to continue to be that best manifestation. And so I think we're going to continue to see geographic expansion as a driver.

是的。然後邁克，我想在另一個問題上——我不想在分析師日搶走我的風頭，但我想說的是，我認為我們一直在談論多重收入——多重增長動力和槓桿在我們的業務中。地理擴張就是其中之一。所以我們正在覆蓋更多市場。什麼是核心市場，它會隨著時間的推移而發展和變化。顯然，我們繼續從這類規模市場中獲得大量預訂和利潤。但你看到的是市場開始進入該群體。他們成熟到一定程度，我認為我們將繼續看到這種動態。分佈式基礎設施的性質繼續推動著這一點。因此，您會看到超大規模企業擴大了他們的優勢，或者擴大了他們在邊緣和核心的存在。我們希望在這方面成為他們的合作夥伴。所以我認為你會期望——你應該期望我們看到持續的投資與此保持一致。數字優勢在哪裡，它就在不斷發展。但我確實認為我們的承諾是繼續成為最好的體現。因此，我認為我們將繼續將地域擴張視為驅動力。

And then in terms of wallet share, I think it's -- one, we are -- we're sort of a -- we're an underlying provider to these companies as they scale their infrastructure. And I think that is allowing us to play in a very significant way, but then also capturing net new markets. I think if you look at service providers, for example, the number of service providers and the life cycle from a small service provider to a scaled service provider is changing in this sort of more cloud-centric world. And so I think we're going to continue to have opportunities against both new market expansion, product line extension and new customer growth. All of those things, I think, are going to be drivers of growth for us over time.

然後就錢包份額而言，我認為這是——一個，我們是——我們有點——我們是這些公司擴展其基礎設施時的基礎供應商。我認為這讓我們能夠以非常重要的方式發揮作用，同時也可以佔領淨新市場。我認為，如果你看一下服務提供商，例如，在這種以雲為中心的世界中，服務提供商的數量和從小型服務提供商到規模化服務提供商的生命週期正在發生變化。因此，我認為我們將繼續有機會應對新市場擴張、產品線擴展和新客戶增長。我認為，隨著時間的推移，所有這些都將成為我們增長的驅動力。

And our next caller is Brett Feldman with Goldman Sachs.

我們的下一位來電者是高盛的布雷特費爾德曼。

Keith, it was good to hear in your comments, your expectation that you're going to continue to see full year churn towards the low end of the range that you targeted. I think to a casual observer that would sound very surprising, like it's sort of a broadly difficult macro environment, we hear about slowdowns in spending on cloud. And obviously, you pushed through some pretty significant price increases recently. And so I was hoping you can maybe elaborate on what gives you confidence that you're going to continue to see low churn. And then just maybe remind us, when you do see churn, what is driving it? And has that shifted at all from what you've historically seen?

基思，很高興在您的評論中聽到您的期望，即您將繼續看到全年流失率接近您的目標範圍的低端。我認為對於一個不經意的觀察者來說，這聽起來非常令人驚訝，就像這是一個普遍困難的宏觀環境，我們聽說云支出放緩。很明顯，你們最近推動了一些相當顯著的價格上漲。所以我希望你能詳細說明是什麼讓你有信心繼續看到低流失率。然後提醒我們，當您確實看到客戶流失時，是什麼在驅動它？這與您以往所見有什麼不同嗎？

Yes. I think -- first and foremost, it's a great question. And our confidence really comes from the fact that the team does a deep analysis into our customers. And no surprise to you when you look at our top 10 customers, again, it's on the charts, but top 10 customers represent about 18% of our revenues. The top 50 represent about 38 -- or 37%, 38% of our revenues. We have a really long tail. So we have great visibility into -- particularly into our larger customers and what they're doing. So that's the first thing.

是的。我認為 - 首先，這是一個很好的問題。我們的信心真正來自團隊對我們的客戶進行深入分析這一事實。當您查看我們的前 10 大客戶時，您不會感到驚訝，它再次出現在圖表上，但前 10 大客戶約占我們收入的 18%。前 50 名約佔 38 名或 37%，占我們收入的 38%。我們有一條很長的尾巴。因此，我們對 - 特別是對我們的大客戶及其正在做的事情有很好的了解。所以這是第一件事。

The second thing is it's critical infrastructure. And it's not to suggest that companies don't struggle financially or there's consolidation or they choose to bifurcate their infrastructure or even just choose to do something completely different. But overall, when the majority of our growth comes from the installed base and we continue to deliver very high-quality assets with a very high operational standard around the world, we just tend not to suffer the same level of churn that we had previously. And from my point of view, it's the deep analysis that the team has done and the visibility into what we see going forward that gives us confidence that we're not going to see any meaningful churn beyond what we've guided to.

第二件事是它的關鍵基礎設施。這並不是說公司不會在財務上陷入困境或沒有整合，或者他們選擇將其基礎架構分叉，甚至只是選擇做一些完全不同的事情。但總的來說，當我們的大部分增長來自安裝基礎並且我們繼續在全球範圍內以非常高的運營標準提供非常高質量的資產時，我們往往不會像以前那樣遭受同樣程度的客戶流失。從我的角度來看，正是團隊所做的深入分析以及對我們所看到的未來的可見性讓我們有信心我們不會看到任何超出我們指導範圍的有意義的流失。

And Brett, now the other -- I think the last thing I would just say that if there's visibility to something that comes in size, we're going to telegraph that anyway. But there's just no indication that, that exists, and it goes back to what is the customer fundamentally doing inside our business and can we grow and scale. And that's what we're seeing, it's those customers continue to buy more services, enter into new services. And then as we introduce new service offerings, I think it's just an enhancement or even a limiter to the amount of churn that we're going to experience as a company because we provide alternatives. So we're not a one-trick pony. So that would give -- that sort of gives you, I guess, the overall sense, and let me leave it there.

布雷特，現在是另一個——我想我最後要說的是，如果能看到某種規模的東西，我們無論如何都會發出電報。但沒有跡象表明存在這種情況，它可以追溯到客戶在我們的業務中從根本上做了什麼，以及我們能否發展壯大。這就是我們所看到的，這些客戶繼續購買更多服務，進入新服務。然後，當我們推出新的服務產品時，我認為這只是對我們作為一家公司將經歷的客戶流失量的一種增強，甚至是一種限制，因為我們提供了替代方案。所以我們不是只會一招的小馬。所以這會給 - 我想這會給你整體感覺，讓我把它留在那裡。

Charles, would you add anything?

查爾斯，你能補充點什麼嗎？

No. I mean I think we're -- in terms of character of the churn, I think there's a certain amount of our that is more frictional churn associated with people evolving their footprint, how they're serving end customers. That's particularly true in network providers and some other service provider types. I think that -- I think you are seeing -- you are going to continue to see some level of cloud migration. Workloads that are well adapted to the cloud ought to go there. I keep sort of reiterating that. And so I think we see some level of that. But more -- most typically, that is in the context of sort of an evolution towards a long-term hybrid multi-cloud architecture state that really plays to our strengths.

不，我的意思是我認為我們 - 就流失的特徵而言，我認為我們有一定數量的摩擦流失與人們不斷發展他們的足跡，他們如何為最終客戶提供服務有關。在網絡提供商和其他一些服務提供商類型中尤其如此。我認為——我認為你正在看到——你將繼續看到某種程度的雲遷移。非常適合雲的工作負載應該去那裡。我一直在重申這一點。所以我認為我們看到了某種程度的。但更多 - 最典型的是，這是在向真正發揮我們優勢的長期混合多雲架構狀態演變的背景下。

And last comment I would make is that we keep -- we always say this with regard to churn, the best defense against churn is getting the right opportunities to begin with. And so sales discipline and executing, as I talked about earlier and in the script, that's really central to sort of maintaining that churn. And I think our teams have done a great job on that.

我最後要說的是，我們一直在說——關於流失，我們總是這麼說，防止流失的最好方法就是從一開始就獲得正確的機會。因此，正如我之前在劇本中談到的那樣，銷售紀律和執行對於維持這種流失來說確實至關重要。我認為我們的團隊在這方面做得很好。

And interestingly, I guess the last category I'd give you,- when we do M&A, you find that there's often sort of a churn tail that comes from that because people underwrite to a different sort of an approach. And so you saw that in Verizon, and you look at the -- we now are reaping the other side of that as we sort of managed through that. And I'd tell you, that transaction is looking super attractive, right? And so I think you see some of that, that comes on the back end of M&A transactions. So that's a sort of a third category.

有趣的是，我想我要給你的最後一個類別——當我們進行併購時，你會發現通常會有一種流失的尾巴，因為人們承保了一種不同的方法。所以你在 Verizon 看到了這一點，你看到了——我們現在正在收穫它的另一面，因為我們通過它進行了一些管理。我會告訴你，這筆交易看起來超級有吸引力，對吧？所以我認為你看到了其中的一些，它出現在併購交易的後端。所以這是第三類。

Thank you, everyone. This concludes our Q1 earnings call.

謝謝大家。我們的第一季度財報電話會議到此結束。

And this concludes today's conference. Thank you for participating. You may disconnect at this time.

今天的會議到此結束。感謝您的參與。此時您可以斷開連接。