Equinix Inc (EQIX) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Equinix Second Quarter Earnings Conference Call. (Operator Instructions) Also, today's conference is being recorded. (Operator Instructions)

下午好，歡迎參加 Equinix 第二季度收益電話會議。 （操作員指示）另外，今天的會議正在錄製中。 （操作員說明）

I would now like to turn the call over to Chip Newcom, Senior Director of Investor Relations. Thank you, sir. You may begin.

我現在想將電話轉給投資者關係高級總監 Chip Newcom。謝謝你，先生。你可以開始了。

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, and 10-Q filed May 5, 2023. 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 Regulations 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.

下午好，歡迎參加今天的電話會議。在開始之前，我想提醒大家，我們今天將發表的一些聲明本質上是前瞻性的，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，並且可能受到我們在今天的新聞稿中確定的風險以及我們向SEC 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 表格和10- Q 於 2023 年 5 月 5 日提交。Equinix 不承擔任何義務，也不打算更新或評論本次電話會議中所做的前瞻性陳述。此外，根據公平披露法規，Equinix 的政策是不對本季度的財務指引發表評論，除非通過明確的公開披露來進行。

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公認會計原則措施。我們在今天的新聞稿中，在 www.equinix.com 的 Equinix 投資者關係頁面上提供了這些指標與最直接可比的 GAAP 指標的調節表，以及公司使用這些指標的原因列表。我們在網站的 IR 頁面上提供了旨在配合本次討論的演示文稿，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信息。

With us today are Charles Meyers, Equinix' 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.

今天與我們在一起的有 Equinix 首席執行官兼總裁 Charles Meyers；和首席財務官基思·泰勒。在我們準備好的發言之後，我們將接受賣方分析師的提問。為了在一小時內結束這次電話會議，我們希望這些分析師將任何後續問題限制為一個。

At this time, I'll turn the call over to Charles.

這個時候，我會把電話轉給查爾斯。

Thank you, Chip. Good afternoon, and welcome to our second quarter earnings call. As reflected in our results, Equinix continues to enjoy momentum in our business as digital transformation accelerates the pace of innovation and changes the way business is done. By 2026, IDC is forecasting that 40% of revenue from G2000 companies will come from digital products, services and experiences, a dynamic that is reshaping the basis of competition in nearly every industry and making digital an unprecedented force for economic growth.

謝謝你，奇普。下午好，歡迎參加我們的第二季度財報電話會議。正如我們的業績所反映的，隨著數字化轉型加快了創新步伐並改變了業務開展方式，Equinix 的業務繼續保持強勁勢頭。 IDC 預測，到 2026 年，G2000 公司 40% 的收入將來自數字產品、服務和體驗，這一動態正在重塑幾乎所有行業的競爭基礎，並使數字化成為經濟增長的前所未有的力量。

These secular drivers, combined with an accelerating appetite for companies to rapidly integrate AI into their operations are driving increased demand for data center capacity as a broad range of service providers extend and scale their global infrastructure to support the clear enterprise commitment to hybrid and multi-cloud as the IT architecture of choice.

這些長期驅動因素，再加上企業將人工智能快速集成到其運營中的需求不斷增加，正在推動對數據中心容量的需求不斷增加，因為眾多服務提供商擴展和擴展其全球基礎設施，以支持企業對混合和多元的明確承諾。云作為首選的 IT 架構。

Equinix remains exceptionally well positioned to respond to this demand environment, delivering against the need for infrastructure that is more distributed, more cloud connected, more sustainable and more ecosystem-centric than ever before. Against this backdrop, we had a great second quarter with solid gross and net bookings, very strong pricing dynamics, excellent pipeline conversion and healthy new logo growth. We continue to drive disciplined sales execution at scale with more than 4,100 deals in the quarter across more than 3,100 customers, demonstrating the continued strength of our unmatched go-to-market machine and approach.

Equinix 仍然能夠很好地應對這種需求環境，滿足對比以往更分佈式、更多雲連接、更可持續和更以生態系統為中心的基礎設施的需求。在此背景下，我們第二季度表現出色，總預訂量和淨預訂量穩定，定價動態強勁，渠道轉換出色，新標識健康增長。我們繼續大規模推動嚴格的銷售執行，本季度與 3,100 多家客戶達成了 4,100 多筆交易，這證明了我們無與倫比的上市機制和方法的持續優勢。

Turning to our results, as depicted on Slide 3, revenues for Q2 were $2.02 billion, up 14% year-over-year driven by strong recurring revenue growth, power price increases and timing of xScale fees. Adjusted EBITDA was up 7% year-over-year, and AFFO was again better than our expectations due to strong operating performance. These growth rates are all on a normalized and constant currency basis. With customers deployed in all 3 regions now representing approximately 2/3 of our recurring revenues, we continue to invest behind the scale and reach of our data center services portfolio. We now have 53 major projects underway across 40 metros in 24 countries, including 11 xScale builds that we expect will deliver approximately 90 megawatts of capacity once opened.

轉向我們的結果，如幻燈片 3 所示，第二季度收入為 20.2 億美元，同比增長 14%，這得益於強勁的經常性收入增長、電價上漲和 xScale 費用的安排。調整後 EBITDA 同比增長 7%，AFFO 由於強勁的經營業績再次好於我們的預期。這些增長率均以標準化和恆定貨幣為基礎。目前，部署在所有 3 個地區的客戶約占我們經常性收入的 2/3，我們將繼續投資於數據中心服務組合的規模和覆蓋範圍。目前，我們在 24 個國家/地區的 40 個地鐵站中有 53 個重大項目正在進行，其中包括 11 個 xScale 項目，我們預計這些項目一旦投入運營將提供約 90 兆瓦的發電量。

This quarter, we added 12 new projects, including new data center builds in Lisbon, Monterrey, Mumbai and our first build in Kuala Lumpur, Malaysia. Over the past several years, we have seen Malaysia emerge as an increasingly important location for digital infrastructure. By expanding Platform Equinix in Johor and Kuala Lumpur, the 2 most strategic markets in Malaysia, we will enable local and global businesses to leverage our trusted platforms to bring together and interconnect the foundational digital infrastructure that will power their success. Additionally, we are delighted with the recently announced results of Singapore's data center call for application, where Equinix was 1 of a very limited set of participants selected to build incremental data center capacity in the critical Singaporean market.

本季度，我們增加了 12 個新項目，包括在里斯本、蒙特雷、孟買建設的新數據中心以及在馬來西亞吉隆坡建設的第一個數據中心。在過去幾年中，我們看到馬來西亞成為數字基礎設施日益重要的地點。通過在柔佛州和吉隆坡（馬來西亞兩個最具戰略意義的市場）擴展Equinix 平台，我們將使本地和全球企業能夠利用我們值得信賴的平台來整合和互連基礎數字基礎設施，從而推動他們的成功。此外，我們對最近公佈的新加坡數據中心申請結果感到高興，Equinix 是被選中在關鍵的新加坡市場建設增量數據中心容量的非常有限的參與者之一。

Equinix is honored to have this opportunity to strengthen Singapore's digital capabilities, delivering sustainable infrastructure that will fuel the economy, cultivate critical ecosystems and aligned to Singapore's green plan. Multi-region customer wins this quarter included Cogent Communications, a U.S. multinational ISP using Equinix' robust ecosystem and interconnection platform to optimize and enhance their global services and Apcela, a provider of software-defined cloud optimized networks for digitally transforming global enterprises as they leverage Equinix Fabric and other digital services for low-latency network and cloud connectivity.

Equinix 很榮幸有機會加強新加坡的數字能力，提供可持續的基礎設施，以推動經濟發展、培育關鍵生態系統並與新加坡的綠色計劃保持一致。本季度贏得的多區域客戶包括Cogent Communications（一家美國跨國ISP，使用Equinix 強大的生態系統和互連平台來優化和增強其全球服務）和Apcela（一家為全球企業進行數字化轉型的軟件定義雲優化網絡提供商） Equinix Fabric 和其他用於低延遲網絡和雲連接的數字服務。

Our global interconnection franchise continues to thrive with over 456,000 total interconnections on our platform. In Q2, interconnection revenue stepped up 11% year-over-year on a normalized and constant currency basis, driven by healthy pricing, increasing traffic levels and strong gross adds. Net interconnection adds remain on the lower side at 4,100 due to continued grooming activity and consolidation into higher bandwidth connections, but the number of unique interconnection relationships across our platform continues to expand with over 110,000 unique pairs, reflecting the exceptional value of our scaled digital ecosystems.

我們的全球互連特許經營權繼續蓬勃發展，我們平台上的互連總數超過 456,000 個。第二季度，在健康的定價、不斷增長的流量水平和強勁的總增長的推動下，按標準化和固定匯率計算，互連收入同比增長 11%。由於持續的疏導活動和整合到更高帶寬連接，網絡互連數量仍處於4,100 個較低水平，但我們平台上獨特互連關係的數量繼續擴大，超過110,000 個獨特對，反映了我們規模化數字生態系統的非凡價值。

Equinix Fabric had another strong quarter with total virtual connections passing 50,000 for the first time and the addition of new capabilities to support data-intensive workloads like AI and cloud migration. Beginning in the third quarter, Fabric customers will be able to provision virtual connections to cloud providers with bandwidth up to 50 gig per second with Google Cloud as the first cloud partner to support this capability. Internet exchange saw strength in our EMEA and APAC markets with peak traffic up 4% quarter-over-quarter and 25% year-over-year to nearly 32 terabits per second.

Equinix Fabric 季度表現再次強勁，虛擬連接總數首次超過 50,000，並且增加了支持人工智能和雲遷移等數據密集型工作負載的新功能。從第三季度開始，Fabric 客戶將能夠向雲提供商提供虛擬連接，帶寬高達每秒 50 GB，而 Google Cloud 是第一個支持此功能的雲合作夥伴。歐洲、中東和非洲 (EMEA) 和亞太地區 (APAC) 市場的互聯網交換錶現強勁，峰值流量環比增長 4%，同比增長 25%，達到每秒近 32 太比特。

Key interconnection customer wins this quarter included a gaming and entertainment company, expanding interconnection across all 3 regions to optimize the gamer experience and Pier 1 a Brazilian telco leveraging Platform Equinix to establish its digital presence through network hubs, beginning with South America and Miami.

本季度贏得的主要互連客戶包括一家遊戲和娛樂公司，該公司在所有3 個地區擴展互連以優化遊戲玩家體驗，而Pier 1 是一家巴西電信公司，利用Equinix 平台通過網絡中心建立其數字業務，從南美洲和邁阿密開始。

Turning to our xScale portfolio. We continue to see strong overall demand as cloud adoption remains a driving force in digital transformation. In Q2, we leased 10 megawatts of capacity in our Osaka 2 asset with cumulative xScale leasing now over 200 megawatts globally, and we have a strong funnel of additional xScale opportunities for the back half of the year. We also won 3 new native cloud on-ramps this quarter in Bogotá, Madrid and Toronto, further strengthening our cloud ecosystem, which represents nearly 15% of total interconnection on our platform. Key enterprise to cloud ecosystem wins this quarter, included one of the largest auto insurers in the U.S., continuing to expand interconnections on our platform to optimize its networks and multi-cloud connectivity and a leading European automotive company deploying at Equinix to support reliable and scalable connectivity to the cloud worldwide.

轉向我們的 xScale 產品組合。我們繼續看到強勁的整體需求，因為雲採用仍然是數字化轉型的驅動力。第二季度，我們在 Osaka 2 資產中租賃了 10 兆瓦的容量，目前全球累計 xScale 租賃量已超過 200 兆瓦，並且我們在今年下半年擁有強大的額外 xScale 機會。本季度我們還在波哥大、馬德里和多倫多贏得了 3 個新的本地雲入口，進一步加強了我們的雲生態系統，該生態系統占我們平台上總互連的近 15%。本季度關鍵企業到雲生態系統的勝利，包括美國最大的汽車保險公司之一，繼續擴大我們平台上的互連以優化其網絡和多雲連接，以及一家領先的歐洲汽車公司在Equinix 部署以支持可靠和可擴展連接到全球雲。

As businesses increasingly look to consume their digital infrastructure at software speed, we're continuing to enhance our platform strategy and expand our partnerships. In Q2, we announced our expanded partnership with Hewlett Packard Enterprise for pre-provisioned HPE GreenLake for Private Cloud Enterprise and HPE GreenLake for Private Cloud Business Edition, both available on demand at select Equinix IBX data centers.

隨著企業越來越希望以軟件速度使用其數字基礎設施，我們將繼續增強我們的平台戰略並擴大我們的合作夥伴關係。第二季度，我們宣布擴大與Hewlett Packard Enterprise 的合作夥伴關係，以預配置適用於私有云企業版的HPE GreenLake 和適用於私有云商業版的HPE GreenLake，這兩種版本均可在選定的Equinix IBX 數據中心按需提供。

These new offerings in 7 metros around the globe will help businesses expand their hybrid, multi-cloud strategies, while providing greater agility, control and predictability of workload costs and data. Additional key digital services wins this quarter included Bionexo in Brazil, a health tech company that offers digital solutions for managing health care processes, using fabric and network edge for seamless connections with partners and customers, while reducing complexity and cost. Antenna, a global mobile network infrastructure provider using Platform Equinix to facilitate its marketplace for cellular connectivity among its customers. Our channel program delivered another strong quarter, accounting for 40% of bookings and nearly 60% of new logos.

這些遍布全球 7 個城市的新產品將幫助企業擴展其混合、多雲戰略，同時提供更高的敏捷性、工作負載成本和數據的控制力和可預測性。本季度贏得的其他關鍵數字服務包括巴西的Bionexo，這是一家健康科技公司，提供用於管理醫療保健流程的數字解決方案，使用結構和網絡邊緣與合作夥伴和客戶實現無縫連接，同時降低複雜性和成本。 Antenna 是一家全球移動網絡基礎設施提供商，使用 Platform Equinix 來促進其客戶之間的蜂窩連接市場。我們的渠道計劃再次實現了強勁的季度業績，佔預訂量的 40% 和新徽標的近 60%。

We continue to see growth from partners like Accenture, Avant, Dell, Cisco and HPE with wins across a wide range of industry verticals and digital-first use cases. Key wins this quarter included partnering with Kyndryl to support a large American health insurance provider with their network and application modernization efforts, featuring the deployment of cloud adjacent infrastructure and interconnection to the health care ecosystem.

我們繼續看到埃森哲、Avant、戴爾、思科和 HPE 等合作夥伴的增長，他們在廣泛的行業垂直領域和數字優先用例中取得了勝利。本季度的主要成果包括與 Kyndryl 合作，支持一家大型美國健康保險公司的網絡和應用程序現代化工作，其中包括部署雲鄰近基礎設施以及與醫療保健生態系統的互連。

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，介紹本季度的業績。

Thanks, Charles, and good afternoon, everyone. I hope you're all doing well and enjoying the summer months. I must say it was great to be back in New York City spending time with many of you at our June Analyst Day in person. As you might have guessed, we were excited to share with you our views on the expanding market opportunity. Our continued ability to manage through this dynamic and complex global environment, while working to maximize the value of our business. And perhaps, most importantly, share our thoughts on how we believe we can deliver durable shareholder value.

謝謝查爾斯，大家下午好。我希望你們一切順利並享受夏季。我必須說，很高興回到紐約，在我們的六月分析師日與你們中的許多人共度時光。正如您可能已經猜到的，我們很高興與您分享我們對不斷擴大的市場機會的看法。我們有能力持續管理這個動態且複雜的全球環境，同時努力實現業務價值最大化。也許最重要的是，分享我們對如何提供持久股東價值的想法。

Now as you can see from our Q2 earnings report, we again delivered solid results, while addressing many of the complexities affecting our business. We had solid gross and net bookings and positive pricing dynamics reflecting the continued momentum we see in the market. Overall, we continue to focus on driving a higher yield on both our new and existing investments. On a constant currency basis, including our net positive pricing actions, Global MRR per cabinet was up $39 quarter-over-quarter to $21.56 per cabinet.

現在，正如您從我們的第二季度收益報告中看到的那樣，我們再次取得了堅實的業績，同時解決了影響我們業務的許多複雜問題。我們擁有穩定的總預訂量和淨預訂量以及積極的定價動態，反映出我們在市場上看到的持續勢頭。總體而言，我們繼續致力於提高新投資和現有投資的收益率。在固定貨幣基礎上，包括我們的淨積極定價行動，每個機櫃的全球 MRR 環比增長 39 美元，達到每個機櫃 21.56 美元。

Now given the tight supply environment across many of our metros and the high utilization levels across our portfolio, we remain very focused on our strategy of putting the right customer with the right application into the right IBX. Also, we're being particularly selective at backfilling space in certain constrained markets, focusing on high price points and increased power densities. As a result, the timing of these deployments may create some fluctuations in our quarterly net cabinet billing metric, an outcome we're actively managing across all 3 regions. This is positively offset by strong stabilized asset growth, higher MRR per cabinet and better returns on our invested capital.

現在，鑑於我們許多地鐵的供應環境緊張以及我們產品組合的高利用率，我們仍然非常專注於將具有正確應用程序的正確客戶放入正確的 IBX 中。此外，我們在某些受限市場的回填空間方面特別有選擇性，重點關注高價位和增加的功率密度。因此，這些部署的時間可能會對我們的季度淨機櫃計費指標造成一些波動，這是我們在所有 3 個地區積極管理的結果。這被強勁穩定的資產增長、每個機櫃更高的 MRR 以及更好的投資資本回報所抵消。

Turning to some of the macro factors affecting our business. We remain pleased with how the organization has mitigated the impacts of energy price volatility across our business and with our customers. Concessions and distributes remain low and our cash collections are in line with historical trends. As it relates to our foreign operating currencies, we continue to hedge where appropriate to dampen the volatility attributed to the actions of many central banks to adjust interest rates. Also, we made some modest FX adjustments to our 2023 outlook, largely attributable to the recent devaluation of the Nigerian Naira and the weaker Japanese yen, 2 of the currencies that we do not hedge.

轉向影響我們業務的一些宏觀因素。我們對該組織如何減輕能源價格波動對我們業務和客戶的影響感到滿意。優惠和分配仍然很低，我們的現金回收符合歷史趨勢。由於它與我們的外國經營貨幣有關，我們繼續在適當的情況下進行對沖，以抑制許多央行調整利率的行動造成的波動。此外，我們對 2023 年前景進行了一些適度的外匯調整，這主要是由於尼日利亞奈拉最近貶值和日元走弱（我們不對沖這兩種貨幣）。

Now let me cover the highlights from the quarter. Note that all comments in this section are on a normalized and constant currency basis. As depicted on Slide 4, global Q2 revenues were $2.018 billion, up 14% over the same quarter last year due to strong recurring revenues, power price increases and the timing of xScale nonrecurring fees. As we've noted before, nonrecurring revenues, particularly those attributable to our xScale business and certain custom installation works are inherently lumpy. Hence, NRR was down quarter-over-quarter as planned. But given our significant xScale pipeline, we expect to see a meaningful step-up in NRR in the second half of the year. Q2 revenues, net of our FX hedges, included a $3 million FX headwind when compared to our prior guidance rates.

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恆定貨幣為基礎。如幻燈片 4 所示，由於強勁的經常性收入、電價上漲以及 xScale 非經常性費用的時機，第二季度全球收入為 20.18 億美元，比去年同期增長 14%。正如我們之前指出的，非經常性收入，特別是那些歸因於我們的 xScale 業務和某些定制安裝工作的收入本質上是不穩定的。因此，NRR 按計劃季度環比下降。但考慮到我們重要的 xScale 管道，我們預計下半年 NRR 將出現有意義的提升。與我們之前的指導率相比，扣除外匯對沖後的第二季度收入包括 300 萬美元的外匯逆風。

Global Q2 adjusted EBITDA was $901 million or 45% of revenues, up 7% over the same quarter last year due to strong operating performance, including an $11 million one-off software expense related to our Americas managed services business and higher variable salaries and benefit costs. Also, Q2 saw certain EMEA energy contracts reset at higher average rates resulting in increased net utility costs as forecasted. Q2 adjusted EBITDA, net of our FX hedges included a $2 million FX headwind when compared to our prior guidance rates and $3 million of integration costs.

全球第二季度調整後EBITDA 為9.01 億美元，佔收入的45%，比去年同期增長7%，這得益於強勁的運營業績，其中包括與美洲託管服務業務相關的1100 萬美元一次性軟件費用以及更高的可變工資和福利成本。此外，第二季度某些歐洲、中東和非洲能源合同以更高的平均費率重置，導致淨公用事業成本如預期增加。第二季度調整後的 EBITDA 扣除我們的外匯對沖後，與我們之前的指導率和 300 萬美元的整合成本相比，包括 200 萬美元的外匯逆風。

Global Q2 AFFO was $754 million, above our expectation due to strong business performance and lower net interest expense. Q2 AFFO included a $1 million FX headwind when compared to our prior guidance rates. Global Q2 MR churn was 2.3%. For the full year, we continue to expect MR churn to average at the lower half of our 2% to 2.5% quarterly guidance range. Turning to our regional highlights, whose full results are covered on Slides 5 through 7.

由於強勁的業務表現和較低的淨利息支出，第二季度全球 AFFO 為 7.54 億美元，高於我們的預期。與我們之前的指導率相比，第二季度 AFFO 包括 100 萬美元的外匯逆風。第二季度全球 MR 流失率為 2.3%。就全年而言，我們繼續預計 MR 流失率將在我們 2% 至 2.5% 季度指導範圍的下半部分。轉向我們的區域亮點，幻燈片 5 至 7 涵蓋了其完整結果。

On a year-over-year normalized and constant currency basis, EMEA and APAC were our fastest-growing regions at 21% and 16%, respectively. Although when excluding the impact of the benefit attributed to the power price increases, EMEA and APAC region growth rates were 8% and 11%, respectively, while the Americas region grew 7% year-over-year. The Americas region had another solid quarter with continued strong pricing trends, solid momentum from our channel and public sector teams and healthy exports across the global platform. We had strong activity in Boston, Chicago and Culpeper Metros and the Canadian business.

按同比標準化和固定匯率計算，歐洲、中東和非洲和亞太地區是我們增長最快的地區，分別增長了 21% 和 16%。儘管排除電價上漲帶來的收益影響，歐洲、中東和非洲地區和亞太地區的增長率分別為8%和11%，而美洲地區同比增長7%。美洲地區又一個強勁的季度表現，定價趨勢持續強勁，我們的渠道和公共部門團隊保持強勁勢頭，全球平台的出口也健康發展。我們在波士頓、芝加哥和庫爾佩珀都會區以及加拿大業務開展了強勁的活動。

Our EMEA business delivered a solid quarter with firm pricing, continued lower churn and a healthy step-up in deal volume. Revenue was down slightly due to the timing of large NRR deals between quarters. We had strength come from our Amsterdam, Dublin and Frankfurt metros, while booking a substantial space and power deal in Lagos, Nigeria with a large multinational energy company, highlighting the momentum across our platform, including our main 1 assets. And finally, the Asia Pacific region had a strong quarter with record net bookings and firm deal pricing as well as strong imports to our Mumbai, Osaka and Singapore markets. And as evidenced by the number of new expansions, Chennai, Jakarta, Johor, Kuala Lumpur, customer interest in expanding their footprints into new Asian markets is high, and we're investing behind this demand.

我們的歐洲、中東和非洲業務季度表現穩定，定價堅挺，客戶流失率持續降低，交易量健康增長。由於季度之間發生大型 NRR 交易，收入略有下降。我們的實力來自阿姆斯特丹、都柏林和法蘭克福地鐵，同時與一家大型跨國能源公司在尼日利亞拉各斯預訂了大量空間和電力交易，凸顯了我們平台的勢頭，包括我們的主要 1 資產。最後，亞太地區季度表現強勁，淨預訂量創歷史新高，交易定價堅挺，孟買、大阪和新加坡市場進口強勁。正如欽奈、雅加達、柔佛、吉隆坡的新擴張數量所證明的那樣，客戶對將業務擴展到新的亞洲市場的興趣很高，我們正在為這種需求進行投資。

And now looking at our capital structure, please refer to Slide 8. Our balance sheet increased slightly to approximately $31.6 billion, including an unrestricted cash balance of over $2.3 billion. As expected, our cash balance decreased slightly quarter-over-quarter due to our investment in growth CapEx and a quarterly cash dividend, offset by our strong operating cash flows. Our net leverage remains low at 3.6x our annualized adjusted EBITDA. And as mentioned previously, we plan to opportunistically raise additional debt capital and reduce rate environments where we currently operate. This will create both incremental debt capital to fund our growth and place a natural hedge into these markets.

現在看看我們的資本結構，請參閱幻燈片 8。我們的資產負債表略有增加，達到約 316 億美元，其中包括超過 23 億美元的不受限制的現金餘額。正如預期的那樣，由於我們對增長資本支出的投資和季度現金股息，我們的現金餘額環比略有下降，但被我們強勁的運營現金流所抵消。我們的淨槓桿率仍然很低，為年化調整後 EBITDA 的 3.6 倍。正如前面提到的，我們計劃機會主義地籌集額外的債務資本並降低我們目前運營的利率環境。這將創造增量債務資本來為我們的增長提供資金，並對這些市場進行自然對沖。

Additionally, during the quarter, we executed about $200 million of ATM forward sale transactions, which will be settled in early 2024 to help fund our 2024 growth plans alongside our other sources of capital.

此外，在本季度，我們執行了約 2 億美元的 ATM 遠期銷售交易，這些交易將於 2024 年初結算，以幫助為我們的 2024 年增長計劃以及我們的其他資本來源提供資金。

Turning to Slide 9. For the quarter, capital expenditures were $638 million, including a recurring CapEx of $40 million. Since our last earnings call, we opened 7 retail projects across both the Americas and EMEA regions and 2 xScale projects in Frankfurt and Tokyo. Revenue from owned assets increased to 64% of our recurring revenues for the quarter. We expect this trend to continue with over 85% of our expansion CapEx spend on owned or long-term ground leased properties, including 100% of our 16 builds in the Americas.

轉向幻燈片 9。本季度的資本支出為 6.38 億美元，其中包括 4000 萬美元的經常性資本支出。自上次財報電話會議以來，我們在美洲和歐洲、中東和非洲地區開設了 7 個零售項目，並在法蘭克福和東京開設了 2 個 xScale 項目。本季度自有資產收入占我們經常性收入的 64%。我們預計這一趨勢將持續下去，我們超過 85% 的擴張資本支出用於自有或長期地面租賃物業，其中包括 100% 位於美洲的 16 棟建築。

Our capital investments delivered strong returns as shown on Slide 10. Our now 174 stabilized assets increased revenues by 10% year-over-year on a constant currency basis. Taking out the benefit attributed to the power price increases, stabilized assets increased 7% year-over-year. Our stabilized assets are collectively 85% utilized and generate a 27% cash-on-cash return on the gross PP&E invested.

我們的資本投資帶來了強勁的回報，如幻燈片 10 所示。按固定匯率計算，我們現有 174 項穩定資產的收入同比增長了 10%。扣除電價上漲收益，穩定資產同比增長7%。我們的穩定資產總共得到 85% 的利用率，並為 PP&E 投資總額帶來 27% 的現金回報率。

And finally, please do 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 2023, we're maintaining our underlying revenue outlook with expected top line growth of 14% to 15% or 9% to 10%, excluding the impact of par cost pass-through to our customers, a reflection of our continued strong execution. We're raising our underlying 2023 adjusted EBITDA guidance by $20 million, primarily due to favorable operating costs and lower integration spend. And we're raising our underlying AFFO guidance by $28 million to now grow between 11% and 14% compared to the previous year. AFFO per share is now expected to grow between 9% and 11%.

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摘要。請注意，所有增長率均以標準化和恆定貨幣為基礎。對於 2023 年全年，我們維持基本收入前景，預計收入增長 14% 至 15% 或 9% 至 10%，不包括平價成本轉嫁給客戶的影響，這反映了我們持續執行力強。我們將 2023 年調整後 EBITDA 的基本指導提高了 2000 萬美元，這主要是由於有利的運營成本和較低的整合支出。我們將 AFFO 的基本指導提高了 2800 萬美元，目前與上一年相比增長了 11% 至 14%。目前預計 AFFO 每股將增長 9% 至 11%。

CapEx is expected to range between $2.7 billion and $2.9 billion, including approximately $120 million of on balance sheet xScale spend, which we expect to be reimbursed as we transfer assets into the JV later this year or early next year and about $220 million of recurring CapEx spend.

資本支出預計在27 億至29 億美元之間，其中包括約1.2 億美元的資產負債表xScale 支出（我們預計將在今年晚些時候或明年初將資產轉移到合資企業時得到補償）以及約2.2億美元的經常性資本支出花費。

So let me stop here, and I'll turn the call back to Charles.

那麼讓我在這裡停下來，我會把電話轉回給查爾斯。

Thanks, Keith. In closing, we had a strong first half of the year and continue to see a robust demand environment as key secular drivers positively influence buying behavior even in the face of a challenging macro climate. The relevance of Platform Equinix continues to grow as service providers scale out their global infrastructure in response to growing enterprise demand for hybrid and multi-cloud as the architecture of choice and the associated need for hybrid infrastructure to deliver its performance, agility, scalability and sustainability.

謝謝，基思。最後，我們上半年表現強勁，並且繼續看到強勁的需求環境，因為即使面對充滿挑戰的宏觀環境，關鍵的長期驅動因素也會對購買行為產生積極影響。隨著服務提供商擴展其全球基礎設施，以滿足企業對混合雲和多云作為首選架構的日益增長的需求，以及對混合基礎設施提供其性能、敏捷性、可擴展性和可持續性的相關需求，Platform Equinix 的相關性持續增長。

In this context, we believe Equinix remains uniquely positioned and highly differentiated and will continue to drive disciplined execution of our strategy with a focus on extending our market leadership, driving operating leverage, expanding our platform capabilities to fuel sustained growth and delivering superior returns on capital, all of which we are confident will translate to distinctive and durable value for our customers, and sustained performance for you, our investors, with a keen focus on AFFO per share as our lighthouse metric.

在此背景下，我們相信Equinix 仍保持獨特的定位和高度差異化，並將繼續嚴格執行我們的戰略，重點是擴大我們的市場領導地位、提高運營槓桿、擴大我們的平台能力，以推動持續增長並提供卓越的資本回報，我們相信所有這些都將為我們的客戶轉化為獨特且持久的價值，並為您（我們的投資者）帶來持續的業績，並重點關注每股AFFO 作為我們的燈塔指標。

So let me stop there and open it up for questions.

那麼讓我就此打住並提出問題。

(Operator Instructions) Our first question comes from Aryeh Klein with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO 資本市場的 Aryeh Klein。

Maybe on the AI front and as it relates to xScale, there are some exceptionally large leases being done with the vast majority of those in the U.S. where xScale doesn't have a presence. How are you thinking about potentially entering the market capture some of that demand?

也許在人工智能方面，因為它與 xScale 相關，所以與絕大多數在 xScale 沒有業務的美國的租賃公司簽訂了一些特別大的租賃合同。您如何考慮進入市場並抓住部分需求？

Yes. We've talked about this in a few different forms. I do think that our posture has probably evolved a little bit in terms of our thinking around xScale in the Americas broadly and in the U.S. specifically. And I think AI is part of that. And so it's not the only factor, but I do think we had already been thinking about certain markets where we believe that -- what we see, as I said around the world, is that the markets where we have the full portfolio xScale retail digital services at scale really perform best. I mean you can argue a little bit of whether it's chicken or egg there in terms of what's driving what. But it's -- what we do see is that when we have the full portfolio, we're able to address a broader set of customer demands. And so I think as we looked at that, we do think that there are markets in the U.S. that we would like to have an xScale presence. And so we're -- I think we're looking at how we would do that and potentially through a combination of organic and potentially inorganic pursuits.

是的。我們已經以幾種不同的形式討論過這個問題。我確實認為，就我們在美洲地區（尤其是美國）對 xScale 的思考而言，我們的態度可能已經發生了一些變化。我認為人工智能是其中的一部分。因此，這不是唯一的因素，但我確實認為我們已經在考慮某些市場，我們相信，正如我在世界各地所說的那樣，我們所看到的是，我們擁有完整的xScale 零售數字產品組合的市場大規模的服務確實表現最好。我的意思是，你可以就到底是先有雞還是先有蛋的問題來爭論一下。但我們確實看到，當我們擁有完整的產品組合時，我們就能夠滿足更廣泛的客戶需求。因此，我認為，當我們考慮這一點時，我們確實認為我們希望在美國的某些市場擁有 xScale 的業務。所以我們——我認為我們正在研究如何做到這一點，並可能通過有機和潛在無機追求的結合來做到這一點。

So I do think that AI is a part of that, but really only a part. And I think that the continued demand for cloud services and the commitment to cloud adoption, I think, continues at pace with the enterprise, all of that driving really a strong pipeline across the world and it does lead us to believe that thinking about how to solve for xScale in Americas is something that is on our mind.

所以我確實認為人工智能是其中的一部分，但實際上只是一部分。我認為，對雲服務的持續需求和對雲採用的承諾，我認為，與企業同步發展，所有這些都推動了全球範圍內真正強大的管道，並且它確實使我們相信，思考如何我們正在考慮解決美洲的xScale 問題。

And then just the Americas and EMEA saw cabinet decline. It sounds like maybe there was some timing and churn potentially there. Can you provide some color on some of the moving pieces? And maybe give us a sense of the size of the backlog?

然後，只有美洲和歐洲、中東和非洲地區的內閣人數有所下降。聽起來可能存在一些時機和潛在的混亂。你能為一些移動的部件提供一些顏色嗎？也許能讓我們了解積壓的規模？

Sure. Yes. I mean I'd start with the backlog question and tell you that backlog continues to be very healthy. We do see -- as we've said over the years, billable cabs can really be a pretty volatile metric, and it can swing meaningfully both due to timing of installs and therefore, backlog and in particular, churn activity. Undoubtedly, we recognize that billable cab has to grow over time to fuel the business. But we do see short-term fluctuations in that metric as we really optimize the platform. So if you look at it, as you noted, we've always encouraged people to really look at rolling forward quarter averages because of that volatility.

當然。是的。我的意思是，我將從積壓問題開始，告訴您積壓仍然非常健康。我們確實看到——正如我們多年來所說的那樣，計費出租車確實是一個相當不穩定的指標，它可能會由於安裝時間、積壓，特別是客戶流失活動而發生有意義的波動。毫無疑問，我們認識到計費出租車必須隨著時間的推移而增長，以推動業務發展。但隨著我們真正優化平台，我們確實看到該指標出現短期波動。因此，如果您仔細觀察，正如您所指出的，我們一直鼓勵人們真正考慮向前滾動季度平均值，因為這種波動性。

If you look at Americas is running about 90%, the rolling fourth quarter is about 90% of what it's been for the last 3 years, typically. EMEA is actually -- its rolling fourth quarter average is actually meaningfully ahead of what the 3-year average is and APAC is lower with 3 consecutive quarters of really lower cab ads, but it's a bit of a unique dynamic in APAC related to some of the capacity constraints in Asia particularly Singapore, which is why we are so excited to have been able to announce the allocation of capacity to Equinix in the Singaporean market. So we -- I think that we're comfortable there. There is some churn activity that I think is in the markets and some backlog that I think is going to roll through.

如果你看看美洲地區的運行率約為 90%，那麼第四季度的運行率通常約為過去三年的 90%。歐洲、中東和非洲地區實際上——其第四季度的滾動平均水平實際上明顯領先於三年平均水平，而亞太地區則較低，連續三個季度的出租車廣告確實較低，但這在亞太地區是一種獨特的動態，與一些相關的亞洲尤其是新加坡的產能限制，這就是為什麼我們非常高興能夠宣佈在新加坡市場向 Equinix 進行產能分配。所以我們——我認為我們在那裡很舒服。我認為市場上存在一些客戶流失活動，並且我認為一些積壓訂單將會得到解決。

And so I think we'll -- when we look at that on a rolling 4-quarter basis, I think we'll see those things normalize a bit. But let me -- and we knew this would be a kind of issue. So I want to maybe give you a little more concrete insight into the billable cabs. If you look at it specifically on the churn side, over the past 5 quarters, we've had about 37 deployments of meaningful size churn. And 85% of that total cab volume coming from those churns are what we would consider favorable churn.

所以我認為，當我們以滾動的四個季度為基礎來看時，我認為我們會看到這些事情稍微正常化。但是讓我來說一下——我們知道這將是一個問題。因此，我可能想讓您對計費出租車有更具體的了解。如果您專門關注流失方面，在過去 5 個季度中，我們已經部署了大約 37 次有意義的流失規模。出租車總運輸量中的 85% 來自這些流失，我們認為這是有利的流失。

Basically, cabs that are in constrained markets where we really welcome the additional capacity and consolidate a very positive mark-to-market. And given the trajectory right now that we're seeing in the market on pricing, on power density, on interconnection, as we refill those cabs at prevailing prices and power densities, we actually expect uplifts on those 3 -- about the -- 85% of those cabs in the 50% to 70% MRR uplift range. So that's just a reflection of kind of the kinds of actions that we're taking to optimize the platform that have impacts on billable cabs but really positive impacts and upside in terms of -- because we look at it, and we believe we're going to get millions of dollars of extra MRR by sort of turning those cabinets over or tens of millions on an annual basis with 0 CapEx.

基本上，出租車市場受到限制，我們非常歡迎額外的運力，並鞏固非常積極的市場營銷。考慮到我們現在在市場上看到的定價、功率密度和互連的軌跡，當我們以現行價格和功率密度重新填充這些出租車時，我們實際上預計這 3 個方面的價格上漲 - 大約 - 85這些出租車的百分比處於50% 至70% MRR 提升範圍內。因此，這只是我們為優化平台而採取的各種行動的反映，這些行動對計費出租車產生了影響，但確實產生了積極的影響和上行空間——因為我們審視了它，我們相信我們正在通過翻轉這些機櫃可以獲得數百萬美元的額外MRR，或者每年以0 資本支出獲得數千萬美元的額外MRR。

And so that's some of the dynamic that you're seeing there, and I think it will move around a bit as we identify that. Now there's not that many of those out there. And so that's -- but that is a dynamic that is -- has impacted the billable cabs a bit over the last couple of quarters.

這就是你在那裡看到的一些動態，我認為當我們確定這一點時，它會發生一些變化。現在這樣的人已經不多了。因此，這是一種動態，在過去幾個季度對計費出租車產生了一些影響。

Our next question comes from Michael Rollins with Citi.

我們的下一個問題來自花旗銀行的邁克爾·羅林斯。

Curious if you can unpack a bit more of the stabilized constant currency growth without the power price increases that I think was cited at 7% year-over-year, in the quarter. And as you look at the opportunities that you were just describing in terms of re-leasing opportunities and the current environment, what's your -- is there an updated view of what stabilized organic growth should look like for Equinix over the next few years?

我很好奇，在沒有電力價格上漲的情況下，您是否能在穩定的貨幣恆定增長中獲得更多的收益，我認為本季度電力價格同比上漲 7%。當您審視您剛剛描述的再租賃機會和當前環境方面的機會時，您對 Equinix 未來幾年穩定的有機增長有何最新看法？

Yes. It's a good question, Mike. I do think that we had guided to a range lower than certainly that 7% that we're seeing, absent the PPIs. Obviously, PPIs are having a major impact there and reflected in as reported at 10%, but I think that's not really a valid number because that will bounce around a little bit, and we'll -- based on what's happening with power pricing. But I do think that 7%, obviously, is a very attractive level. I do think that we're seeing that pricing right now is very firm. We are raising -- we've raised prices on our underlying colo products and on interconnection meaningfully and continue to see strong demand and stable churn. And so I think that's going to be a positive factor.

是的。這是個好問題，邁克。我確實認為，在沒有 PPI 的情況下，我們的指導範圍肯定低於我們所看到的 7%。顯然，PPI 在那裡產生了重大影響，並反映在 10% 的報告中，但我認為這並不是一個真正有效的數字，因為它會稍微反彈，我們會根據電價的情況進行調整。但我確實認為 7% 顯然是一個非常有吸引力的水平。我確實認為我們現在的定價非常堅挺。我們正在提高基礎託管產品和互連產品的價格，並且繼續看到強勁的需求和穩定的客戶流失。所以我認為這將是一個積極因素。

The other one that I just mentioned in the previous conversation, a little bit about billable cabs is power densities. Power densities are definitely on the rise. And so some of the churn activity that I just talked about there -- those 37 deployments were -- many of them are in stabilized assets. And so you're going to see uplift there as you turn some of that over. So long answer or non-answer to your question in terms of what is the right range. Obviously, I think we have been talking about 3 to 5, 7 is obviously nicely above that. I would certainly hope that -- I do think the current dynamic of pricing in the market is a major driver. And so we'll just track that and see how we -- but obviously, we love being above that guided top end. And if we feel like that's a sustained trajectory, we'll come back and look at that.

我在之前的談話中剛剛提到的另一個關於計費出租車的問題是功率密度。功率密度肯定在上升。因此，我剛才談到的一些流失活動——這 37 個部署——其中許多都是穩定資產。因此，當你翻轉其中一些內容時，你會看到那裡的提升。就什麼是正確的範圍而言，對您的問題的回答或不回答很長。顯然，我認為我們一直在談論 3 到 5，7 顯然遠遠高於此。我當然希望——我確實認為當前市場的定價動態是一個主要驅動因素。因此，我們將跟踪這一點，看看我們如何 - 但顯然，我們喜歡高於引導的高端。如果我們覺得這是一個持續的軌跡，我們就會回來看看。

And if I could just follow up with one other. You mentioned the variability of the power side of the equation. And as you're looking at the pricing environment for power specifically, any updates of how power pricing and power revenues and those surcharges might look for 2024?

如果我能跟進另一位就好了。您提到了等式冪方的可變性。當您具體研究電力定價環境時，2024 年電力定價和電力收入以及這些附加費可能會如何更新？

Yes. I figured that might come up, too, Mike. So the -- what I'd say is that we are -- obviously, we're just a little over halfway through the year. We've been hedging into our positions. And in some markets, hedging in at rates that are below where we had been previously, and in some cases, a bit -- somewhat materially below that, obviously, we still have a significant portion of our hedging positions yet to fill. And there's a lot of the year left. And so it's impossible, I think, for us to predict exactly what will happen. So I don't want to be too concrete on this matter. But I would think that there might be some markets if current course continues, where we will hedge into a rate '24 that is below what it was in '23.

是的。我想這也可能會出現，邁克。所以，我想說的是，顯然，我們今年剛剛過半。我們一直在對沖我們的頭寸。在某些市場，對沖利率低於我們之前的水平，在某些情況下，略低於這一水平，顯然，我們仍有很大一部分對沖頭寸尚未填補。今年還剩下很多時間。因此，我認為我們不可能準確預測將會發生什麼。所以我不想對這個問題說得太具體。但我認為，如果當前的進程繼續下去，可能會有一些市場，我們將對沖利率“24”低於“23”的水平。

And as we said to our customers, and I think as we've communicated to our customers, they really sort of embraced and understood the benefits that our hedging program provides and we've told them if that is -- would occur, we would pass that through to you as well. And so I think how many markets that might occur in, not sure. But as we said when we provided the guide and when we provided at Analyst Day and in other forums, we said, look, we're -- this sort of assumes nothing relative to power price increases or decreases, and we'll adjust that accordingly or sort of normalize it out because what's really important from our perspective is the underlying performance of the business. And while we do recognize that power price, for example, has some impact on the optics of margin, I think it really isn't an underlying fundamental sort of impact on the business.

正如我們對客戶所說的那樣，我認為，正如我們與客戶溝通的那樣，他們確實接受並理解了我們的對沖計劃提供的好處，我們已經告訴他們，如果這種情況發生，我們會也將其傳遞給您。所以我認為這可能會出現在多少個市場，不確定。但正如我們在提供指南時以及在分析師日和其他論壇上提供的那樣，我們說，看，我們——這種假設與電價上漲或下跌無關，我們將對此進行調整相應地或將其標準化，因為從我們的角度來看，真正重要的是業務的基本績效。例如，雖然我們確實認識到電價對利潤率有一定影響，但我認為這實際上並不是對業務的根本性影響。

And so we'll let you know. A shorter answer would be, I do think that we may see some markets in which see a PD or a price decrease next year and others that we would see it flat and perhaps others would see it go up. But still more work to do in terms of hedging into our positions, and we'll keep you updated as we know more.

所以我們會讓您知道。更簡短的答案是，我確實認為我們可能會看到一些市場明年的 PD 或價格下降，而其他市場我們會看到它持平，也許其他市場會看到它上漲。但在對沖我們的頭寸方面還有更多工作要做，我們會及時向您通報最新情況。

Our next question comes from Jon Atkin with RBC.

我們的下一個問題來自加拿大皇家銀行的喬恩·阿特金。

Yes, a couple of questions. I was curious just about decision timeframes by customers closing rates, book-to-bill, that sort of thing? And then if you look at stabilized gross margins, it looks like that was down and I forgot if you might have mentioned this earlier, but why the pressure on stabilized gross margins?

是的，有幾個問題。我很好奇客戶的成交率、訂單到賬單之類的決策時間範圍？然後，如果你看看穩定的毛利率，看起來是下降了，我忘了你之前是否提到過這一點，但是為什麼穩定的毛利率會受到壓力呢？

Yes. I'll let Keith tackle the second one. I'll give you the first one, I'll give you a little color on the quarter. Really solid quarter from a bookings perspective. And I think we saw even though I think there are some customers who continue to be cautious in the overall environment, what we saw in Q1, as we told you, we saw a little more deal slippage from Q1 into Q2, but we had said that close rates were pretty consistent. In Q2, we saw the same thing, we saw -- we had actually very good pipeline conversion, and we saw sales cycles not really extended very much in line with our historical norms. And we saw the push rate from quarter-to-quarter actually come -- bounce back to where it had been previously.

是的。我會讓基思解決第二個問題。我會給你第一個，我會給你第二個季度的一點顏色。從預訂的角度來看，這個季度確實很穩健。我認為我們看到，儘管我認為有一些客戶對整體環境繼續保持謹慎態度，但我們在第一季度看到的情況，正如我們告訴你的那樣，我們看到從第一季度到第二季度的交易下滑更多，但我們說過收盤價相當一致。在第二季度，我們看到了同樣的事情，我們看到 - 我們實際上有非常好的管道轉換，並且我們看到銷售週期並沒有真正按照我們的歷史標準延長很多。我們看到每個季度的推動率實際上都反彈到了之前的水平。

So I would say overall, a very solid quarter. I do think the dynamic that we described previously, which is some customers just being cautious about how much capacity they're buying, obviously, negotiating hard, which is a norm for us those kind of dynamics. And then in some cases, going back and if they have more capacity than they need coming back and having a dialogue with us about whether we want to take some of that back. And as I said, that is a bit of the dynamic coloring some of our -- because we see opportunities that look very favorable for us to do that, we'll take advantage of and that's some of what's impacting the billable cabs numbers.

所以我想說，總的來說，這是一個非常穩定的季度。我確實認為我們之前描述的動態，即一些客戶只是對他們購買的容量持謹慎態度，顯然，他們在努力談判，這對我們來說是這種動態的常態。然後在某些情況下，如果他們的能力超出了他們的需要，就會回來並與我們對話，討論我們是否想收回其中的一部分。正如我所說，這是我們的一些動態色彩——因為我們看到了看起來非常有利於我們這樣做的機會，我們將利用這一點，這就是影響計費出租車數量的一些因素。

So overall, though, I would say, I feel good about the quarter from a sales execution standpoint and from an overall customer sentiment standpoint and also feel good about where we are in terms of overall funnel for the second half of the year. So obviously, we have a big hill to climb every quarter in terms of a lot of deals. 4,100 deals in a quarter, you got to do a lot of selling, but our team, I think, had a really strong Q2 and our -- and based on my customer visits and time with the sales teams, I think there's a lot of optimism for the second half of the year.

因此，總的來說，我想說，從銷售執行的角度和整體客戶情緒的角度來看，我對本季度感覺良好，並且對我們下半年的整體漏斗狀況也感覺良好。顯然，就大量交易而言，我們每個季度都有一座大山需要攀登。一個季度內有 4,100 筆交易，你必須進行大量銷售，但我認為我們的團隊在第二季度表現非常強勁，而且根據我的客戶訪問和與銷售團隊相處的時間，我認為有很多下半年前景樂觀。

Jon, relating to the second part of the question, just no surprise. You've seen that -- you'll see that sort of the margin erosion across a number of the key metrics, whether it's on a total basis, whether it's in Europe or whether it's in the stabilized assets, it's primarily related to the reset of the energy contracts. As you look at the first quarter, we had the benefit, if you will, of contracts -- the power contracts where they were. But as they reset, there was a meaningful step up in the second quarter, and that was felt throughout a number of our core metrics.

喬恩，關於問題的第二部分，這並不奇怪。你已經看到了——你會看到許多關鍵指標的利潤率侵蝕，無論是在總體基礎上，無論是在歐洲還是在穩定資產中，它主要與重置有關能源合同。當你看第一季度時，如果你願意的話，我們受益於合同——電力合同。但隨著他們的重置，第二季度出現了有意義的進步，我們的許多核心指標都感受到了這一點。

And as they look forward, most of that is now going to stabilize, which is the good part. And that was all factored into the pricing sort of structure that we had when we started the year. We anticipated what the price points were going to be on an average basis, and that was the rate at which we pass through to our customers.

當他們展望未來時，大部分現在都會穩定下來，這是好的部分。這一切都已納入我們年初時的定價結構中。我們預計平均價格點是多少，這就是我們傳遞給客戶的價格。

And then lastly, I wonder if you're seeing any tailwinds in segments of your cost connect business that you would attribute to AI given that you might expect a little bit of an uptick in connectivity requirements as these training models get spun up. Are you seeing that at all or not?

最後，我想知道您是否在成本連接業務的各個部分看到了任何可以歸因於人工智能的順風車，因為您可能預計隨著這些培訓模型的啟動，連接需求會略有上升。你到底看到了還是沒有看到？

We've seen specific instances of interconnect to support AI. In fact, we had a pretty significant win this quarter in the AI realm with an AI as a service provider that really put their core network nodes with us to really drive interconnection to the multi-cloud connectivity and really to support the inference and interconnection to the cloud. And so we did see that -- I wouldn't say that's likely shown up. In fact, that hasn't shown up in our results yet because we just booked a deal. But I think that's indicative of some of what's going on there, it's probably a little tough to tell.

我們已經看到了支持人工智能的互連的具體實例。事實上，本季度我們在人工智能領域取得了相當重大的勝利，人工智能即服務提供商真正將他們的核心網絡節點與我們一起真正推動了多雲連接的互連，並真正支持了推理和互連雲端。所以我們確實看到了——我不會說這可能會出現。事實上，這還沒有出現在我們的結果中，因為我們剛剛預訂了一筆交易。但我認為這表明了那裡正在發生的一些事情，可能有點難以判斷。

Interestingly, on interconnect, Jon, what I would say is that we've seen really strong gross add activity, and it's really in line with our 9 quarter averages. And so that's, I think, a really encouraging sign. And in fact, interconnect to cloud at the end is up meaningfully year-over-year. It was moderated a little by the financial ecosystem, which was a little down year-over-year in terms of gross adds, but we're very stable on the intersect side in terms of gross adds. And so -- and I'm sure that some of that is attributable to AI.

有趣的是，喬恩，在互連方面，我想說的是，我們看到了非常強勁的總增加活動，而且它確實與我們 9 個季度的平均水平相符。我認為這是一個非常令人鼓舞的跡象。事實上，最終與雲的互連量逐年顯著增長。金融生態系統的影響有所緩和，金融生態系統的總增加量同比略有下降，但就總增加量而言，我們在交叉方面非常穩定。所以——我確信其中一些可歸因於人工智能。

And then -- but then on the churn side, we are seeing a little bit more -- you're also seeing a little more churn activity with cloud at the end, but more between service provider types, cloud to cloud, cloud to network, et cetera. And so -- and that's, I think, a lot of grooming, a lot of 10 to 100 migration and some M&A activity. So I gave you a little more there than you were looking for on interconnect. But I do think that we're -- you're going to see a lot of data transfer happening. And I think we're just really well positioned on that in terms of our multi-cloud connectivity and the sort of more advanced nature of fabric in terms of being more agile to that demand over time.

然後 - 但在流失方面，我們看到了更多 - 最後你還看到雲的流失活動更多了，但更多的是服務提供商類型、雲到雲、雲到網絡之間的流失活動等等。我認為，這就是大量的培訓、大量 10 到 100 人的遷移以及一些併購活動。因此，我為您提供的內容比您在互連方面所尋求的要多一些。但我確實認為我們——你會看到大量的數據傳輸發生。我認為，就我們的多雲連接而言，我們在這方面確實處於有利位置，而且隨著時間的推移，我們的結構更先進，可以更靈活地滿足這一需求。

So we're excited about that opportunity, and that certainly is coming up a lot out there in the market as people are talking about it. And really, I think more -- a lot on the service provider side, but also enterprise is really talking about the things they're doing to bring AI into their operations.

因此，我們對這個機會感到興奮，而且當人們談論它時，市場上肯定會出現很多這樣的機會。事實上，我認為更多的是服務提供商方面，而且企業也確實在談論他們正在做的將人工智能引入其運營的事情。

And our next question is from Simon Flannery from Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納里。

You talked about the power density requirements a couple of times. So how are you thinking about that strategically? Are there redesigns or retrofitting you're thinking about doing to your IBXs? And how does that impact the xScale that you've built so far and that you might build from here? I know people like Meta have been reconsidering data center design.

您多次談到功率密度要求。那麼您如何從戰略角度考慮這一點？您是否正在考慮對 IBX 進行重新設計或改造？這對您迄今為止構建的以及可能從這裡構建的 xScale 有何影響？我知道像 Meta 這樣的人一直在重新考慮數據中心的設計。

Yes. Yes. And we certainly are actively thinking about what our -- the evolution of our design and ensuring that it's evolving and keeping pace with the market. In our retail space, we do have the -- what's really nice about the retail business is when you serve a very broad range of customers with differing density requirements, you're able to sort of dense up and extract more from the system over time. And we've really, I think, benefited from that. When you in more of the hyperscale or xScale type arena it's a little more challenging. I think you have to just be -- because you allocate all that power out typically to a single customer or maybe 2 in a facility, and it's a little bit different.

是的。是的。我們當然正在積極思考我們的設計的演變，並確保它不斷發展並與市場保持同步。在我們的零售領域，我們確實擁有——零售業務的真正好處是，當您為具有不同密度要求的廣泛客戶提供服務時，您能夠隨著時間的推移進行密集化並從系統中提取更多內容。我認為我們確實從中受益。當您處於更多超大規模或 xScale 類型的領域時，就會更具挑戰性。我認為你必須這樣做——因為你通常將所有的電力分配給單個客戶，或者設施中的兩個客戶，這有點不同。

And so do think average density -- design densities are going to need to be going up. I think that also your ability to cooling is often the constraint. And I think there are -- we are actively looking at, in fact, in our innovation center. In D.C., we're actively looking at and testing liquid cooling as a way to get more out of our current designs as well as implement as a more standard feature in our go-forward designs. And so I do think we're going to -- you're going to be seeing design densities going up and you're also going to be seeing us use technologies to augment existing facilities to get more out of them.

因此，平均密度——設計密度也需要提高。我認為你的冷卻能力也常常是一個限制。我認為事實上，我們正在我們的創新中心積極研究。在華盛頓，我們正在積極研究和測試液體冷卻，以此作為從當前設計中獲得更多收益的一種方式，並在我們的未來設計中將其作為更標準的功能實施。所以我確實認為我們將會——你會看到設計密度不斷上升，你也會看到我們使用技術來增強現有設施，以充分利用它們。

Our next caller is Eric Luebchow with Wells Fargo.

我們的下一個來電者是富國銀行的 Eric Luebchow。

One for Keith. I think you mentioned the nonrecurring side of the business would see a material step-up in the back half. And so maybe you could provide us a little more color on that. Is that more custom install work, xScale fees, maybe just the right run rate to think about for NRR as we look out the remainder of the year?

一張是給基思的。我認為您提到業務的非經常性方面將在後半段看到實質性的提升。也許你可以為我們提供更多的信息。當我們展望今年剩餘時間時，更多的定制安裝工作、xScale 費用、也許只是 NRR 需要考慮的正確運行率？

Yes, Eric, as you can tell from the guidance we delivered and we've said -- Charles has mentioned a few times, the recurring aspect of our business is performing exceedingly well. The nonrecurring, a lot of what you experienced, particularly with the step-ups and the step downs, it relates to the xScale fees. As you're wholly aware, there's 2 nonrecurring xScale fees and there's 2 recurring xScale. As it relates to the nonrecurring, it's really the sales and marketing fee that has the biggest impact to our business.

是的，埃里克，正如您從我們提供的指導中可以看出的那樣，我們已經說過 - 查爾斯多次提到，我們業務的經常性方面表現得非常好。您所經歷的很多非經常性的事情，特別是升級和降級，都與 xScale 費用有關。如您所知，有 2 項非經常性 xScale 費用和 2 項經常性 xScale 費用。由於涉及非經常性費用，因此對我們業務影響最大的是銷售和營銷費用。

So as we said, the pipeline is very deep. There's a lot of opportunity that's right in front of us. And so we anticipate that there will be a very large set of fees that get earned over the second half of the year. Right now, we're targeting that to be in the fourth quarter. I guess there's always a scenario where it could be the third quarter, but it's really -- it's a second half anticipated close. And so with that, that's what we've got in the guidance.

正如我們所說，管道非常深。有很多機會就在我們面前。因此，我們預計今年下半年將賺取大量費用。目前，我們的目標是在第四季度。我想總有一種情況可能是第三季度，但實際上，這是預計的下半年結束。這就是我們在指南中得到的內容。

And then on top of that, of course, the recurring part of our business is still -- you're seeing a nice meaningful step-up on that and you just have to go to the midpoint of the guidance over the rest of the year. And you can see that one of those quarters is going to be 1 of the largest step-up you've ever seen in our history. But part of that, of course, is driven from the nonrecurring fees.

當然，最重要的是，我們業務的經常性部分仍然是——你會看到在這方面有一個有意義的進步，你只需要在今年剩下的時間里達到指導的中點。您可以看到，其中一個季度將是我們歷史上見過的最大的進步之一。但當然，其中一部分是由一次性費用驅動的。

Great. And just 1 follow-up. If I look at churn, it ticked up a little bit to 2.3%. Just wanted to confirm, is that related to some of the volatility you're seeing with cabinet build metrics you mentioned earlier in the call, some of the network grooming on cross-connects? Any way to think about how we should think about churn going forward, still in the lower end of the 2% range? Or will it be a little more variable based on what you said earlier?

偉大的。並且只有 1 個後續行動。如果我看一下客戶流失率，會發現它略有上升，達到 2.3%。只是想確認一下，這是否與您在電話會議之前提到的機櫃構建指標中看到的一些波動有關，以及交叉連接上的一些網絡梳理？有什麼方法可以考慮我們應該如何考慮未來的客戶流失率（仍處於 2% 範圍的下限）？還是會根據您之前所說的內容有更多的變化？

Yes. And that's so much related to the interconnection because that does -- on a net basis, probably not having -- not a huge driver on the churn metric. But it is related in part to those deployments that I talked about when I was giving color on the billable cabs that related to churns that we view as favorable. Again, those 37 deployments, the 85% of those cabs are going to have mark-to-market that are in the 50% to 70% positive range. And so that's -- we're -- we'll take those when we can get them. And so -- and several of those in Singapore. And so we will -- even with our additional allocation, that's out there in the future in terms of build. And so it's a precious resource to have capacity in the Singaporean market, particularly capacity that has the kind of characteristics that we do in terms of cloud proximity and sort of network density and ability to drive the performance, et cetera.

是的。這與互連有很大關係，因為從網絡角度來看，互連可能不是流失指標的巨大驅動因素。但這在一定程度上與我在對計費出租車進行顏色描述時談到的那些部署有關，這些出租車與我們認為有利的客戶流失有關。同樣，在這 37 個部署中，其中 85% 的出租車的市場定價將在 50% 到 70% 的正值範圍內。所以，當我們能得到它們時，我們就會接受它們。等等——其中有幾個是在新加坡。因此，即使有額外的分配，我們也會在未來的建設中實現這一目標。因此，在新加坡市場擁有容量是一種寶貴的資源，特別是具有我們在雲鄰近性、網絡密度和驅動性能的能力等方面的特徵的容量。

And so we'll take that capacity. And those are some of the things that led to us seeing a little bit of an uptick there. But as we said in the prepared remarks, we're comfortable that we, on average, for the year, will end in sort of the lower part of our guided range. And you may see a little spikes in there like we did a little bit higher this quarter, but that generally is probably more attributable to favorable type churn activity.

所以我們將利用這個能力。這些是導致我們看到那裡有一點上升的一些因素。但正如我們在準備好的發言中所說，我們很高興今年平均而言，我們將在指導範圍的較低部分結束。您可能會看到其中出現了一些峰值，就像我們本季度的表現有點高一樣，但這通常可能更多地歸因於有利的類型流失活動。

And Eric just maybe just add 1 other thing. As we look forward, and Charles alluded to it earlier on, as we think about some of the negotiations we have to get back capacity in some highly constrained assets and markets, part of that is Singapore. And so we are working on 1 thing that clearly we'll identify it if we come to an appropriate negotiated outcome. But suffice to say, those are the examples of things that cause those small blips, but we're going to -- we'll sort of call it out for you.

埃里克也許只是添加另一件事。當我們展望未來時，查爾斯早些時候提到過，當我們考慮一些談判時，我們必須恢復一些高度受限的資產和市場的產能，其中一部分是新加坡。因此，我們正在研究一件事，如果我們達成適當的談判結果，我們將明確確定它。但我只想說，這些都是導致這些小現象的例子，但我們會——我們會為你指出來。

Our next caller is David Barden with Bank of America.

我們的下一個來電者是美國銀行的大衛·巴登。

I guess Charles, when you look at the kind of the global landscape and you start extrapolating the dynamic that we've started to see in places like Northern Virginia, or Toronto, Mexico City, Silicon Valley. How do -- how should we, as investors, think about the P versus the V equation as power availability kind of constricts V and how do you think about your ability to ramp the P on the price to kind of monetize that scarcity element of the business that you're in?

我想查爾斯，當你觀察全球格局時，你開始推斷我們在北弗吉尼亞、多倫多、墨西哥城、矽谷等地看到的動態。作為投資者，我們應該如何考慮 P 與 V 等式，因為電力可用性會限制 V，以及您如何看待您提高價格 P 的能力，以將稀缺因素貨幣化你從事什麼行業？

Yes, there's a lot in that question. On the -- on P times D or Q or whichever you prefer, it's -- I think we're definitely seeing a firm pricing environment. And I think that's true of the data capacity industry at large. But I think that we see -- we obviously operate in the retail side of the business at a very different price point than the prevailing broader industry, which I think is -- centers more around a wholesale or hyperscale type price point. But both are on the rise, and I think that's going to continue to be the case for a bit of time here.

是的，這個問題有很多內容。在 - P 乘以 D 或 Q 或您喜歡的任何一個上，我認為我們肯定會看到一個堅定的定價環境。我認為整個數據容量行業都是如此。但我認為我們看到——我們顯然在零售方面以與流行的更廣泛行業截然不同的價格點運營，我認為——更多地以批發或超大規模類型的價格點為中心。但兩者都在上升，我認為這種情況將持續一段時間。

I think in terms of volumes, I think volumes are also going to grow. The question of whether or not power availability would constrain supply is an interesting question. I think that it could in market by market, but I think that -- on our side, we feel very comfortable that our relationships and our visibility to power allocations are going to allow us to continue to execute on the build plan that we have in place.

我認為就數量而言，我認為數量也會增長。電力供應是否會限制供應是一個有趣的問題。我認為它可以逐個市場地進行，但我認為，就我們而言，我們感到非常放心，我們的關係和我們對權力分配的可見性將使我們能夠繼續執行我們的建設計劃地方。

On the xScale side, I think it's a little more challenging, but we are actively working with the folks to make sure they identify that. And we're also actively looking at alternatives. And for example, things like on-site power generation, I think, are probably more of a reality in some of those -- in that market over time. So we've done that in certain markets. In fact, our recent Dublin facility has on-site power generation with fuel cells, natural gas-based fuel cells as a primary source of power. We actually use Bloom Energy fuel cells in Silicon Valley, not as a primary source, but as a -- but I think that's -- I think we're going to continue to see trends in that area.

在 xScale 方面，我認為這更具挑戰性，但我們正在積極與人們合作，以確保他們認識到這一點。我們也在積極尋找替代方案。例如，我認為，隨著時間的推移，現場發電之類的事情可能在其中一些市場中更加成為現實。所以我們在某些市場已經這樣做了。事實上，我們最近的都柏林工廠已採用燃料電池進行現場發電，天然氣燃料電池作為主要動力來源。我們實際上在矽谷使用布魯姆能源燃料電池，不是作為主要來源，而是作為——但我認為——我認為我們將繼續看到該領域的趨勢。

So I don't -- and I also think that you're going to see that if necessary, the positioning of certain forms of data center capacity, particularly in the hyperscale area and some of AI training may adapt to simply go where the power is. And so I think that you may see some of that movement as well. So I don't think quantity is going to be material constrained -- materially constrained in our retail business by power availability, but it is something that I think we, as an industry, need to continue to grapple with.

所以我不——而且我也認為，如果有必要的話，你會看到某些形式的數據中心容量的定位，特別是在超大規模領域，並且一些人工智能培訓可能會適應簡單的去哪裡的權力是。所以我認為你也可能會看到其中的一些變化。因此，我認為數量不會受到物質上的限制——在我們的零售業務中，電力供應會受到物質上的限制，但我認為，作為一個行業，我們需要繼續努力解決這個問題。

And as a follow-up to that -- specifically to that point about going to where the power is, do you see a shift in your CapEx allocation into kind of, let's just call it, more novel land bank development opportunities? Obviously, we've seen reports that Meta, for instance, is looking to do a gigawatt in Wisconsin or other places like this that would not tend to be in the traditional geography of data centers?

作為後續行動 - 特別是關於去權力所在的這一點，您是否認為您的資本支出分配發生了轉變，讓我們稱之為更新穎的土地儲備開發機會？顯然，我們已經看到有報導稱，例如，Meta 正在尋求在威斯康星州或其他類似的地方生產千兆瓦的電力，而這些地方往往不會出現在傳統的數據中心地理位置中？

Yes. Short answer is not yet. And in fact, obviously, the vast majority of our demand and our revenue and our profitability is sourced from sort of our large campus environments around the world, and that's where the bulk of our land has been. You're seeing the rise in our sort of owned asset revenue because we're continuing to build now on owned land and owned facilities around the world. And so the bulk of our land bank is really still going towards that. That doesn't mean we'd necessarily be opposed to that. I think that would more likely be xScale type thing, which would probably run through the JV, but I do think those are the kinds of things that we have to be thinking about.

是的。簡短的回答是還沒有。事實上，顯然，我們的絕大多數需求、我們的收入和我們的盈利能力都來自於我們在世界各地的大型園區環境，而這正是我們大部分土地所在的地方。您會看到我們自有資產收入的增長，因為我們現在繼續在世界各地的自有土地和自有設施上進行建設。因此，我們的大部分土地儲備實際上仍在朝著這個方向發展。這並不意味著我們一定會反對。我認為這更有可能是 xScale 類型的事情，這可能會貫穿合資企業，但我確實認為這些是我們必須考慮的事情。

I do think in terms of more -- some of our xScale though, I think, is going to be more proximate to our campus locations in those areas where we think we can support that. But I don't think it's out of the question we do that. But right now, the shorter answer to the question is no, that's not really yet part of our equation.

我確實認為，我們的一些 xScale 會更靠近我們認為我們可以支持的地區的校園位置。但我不認為我們這樣做是不可能的。但現在，這個問題的簡短答案是否定的，這還不是我們方程式的一部分。

David, I just probably note just on the number of projects that we have underway across 40 markets today. Again, we're in we're actually spreading our capital far and wide to capture the opportunity in most of the sort of the major centers around the globe. And as a result, that's going to be, I think, more of the emphasis going forward, smaller bite sizes that make sense, and particularly those ones that are adjacent or contiguous with their existing facilities. And that's just what you're seeing. And then you heard us talk a little bit about, at least in the prepared remarks, the new markets that we're sort of entering into.

David，我可能只是注意到我們今天在 40 個市場正在進行的項目數量。再說一次，我們實際上正在廣泛地分散我們的資本，以抓住全球大多數主要中心的機會。因此，我認為，未來將更加重視、有意義的更小的規模，特別是那些與現有設施相鄰或鄰近的設施。這就是你所看到的。然後你聽到我們談論了一點，至少在準備好的發言中，我們正在進入的新市場。

And so we'll continue to push our advantages in our -- in the markets that we have today, but also go to markets where others are less likely to go and we get to enjoy the sort of the experiences of the retail business versus just focusing on hyperscale.

因此，我們將繼續在我們今天擁有的市場中發揮我們的優勢，但也會進入其他人不太可能進入的市場，我們可以享受零售業務的體驗，而不僅僅是零售業務專注於超大規模。

Our next caller is Brett Feldman with Goldman Sachs.

我們的下一個來電者是高盛公司的布雷特·費爾德曼。

Keith, I want to come back to some of the comments you made in your prepared remarks about dealing with some stresses in the supply chain. Obviously, you've been grappling with that to some degree for a number of years now. I'm just curious how broad-based is it? Is it concentrated in the market? Is it around certain elements that go into development? And then just to clarify, is that distinct to the quite literal physical supply chain? Or were you embedding within that challenges associated with power procurement improvement?

基思，我想回顧一下您在準備好的評論中就應對供應鏈中的一些壓力發表的一些評論。顯然，多年來您一直在某種程度上解決這個問題。我只是好奇它的基礎有多廣泛？是否集中於市場？是圍繞某些進入開發的元素嗎？然後澄清一下，這與字面上的物理供應鏈不同嗎？或者您是否面臨與電力採購改進相關的挑戰？

Yes, Brett, just generally speaking, given the demand for data centers and all things surrounded, to that industry, the supply chains continue to be constricted. And I think even at the Analyst Day, Charles made a reference to the fact that generator -- 3-megawatt generator today has roughly 120-week timeline. So it gives you a sense of how far out you have to start thinking and planning. And so 1 of the things that we tried to emphasize at the Analyst Day was we look at all our markets, all of the projects and determine exactly what we need where and then we have a very sophisticated procurement team that focuses on making sure we work with the larger providers and get availability either to production capacity or a slot in the production line or available capacity from the inventories.

是的，布雷特，一般來說，考慮到對數據中心和周圍所有事物的需求，對於該行業來說，供應鏈繼續受到限制。我認為即使在分析師日，查爾斯也提到了這樣一個事實：發電機——今天的 3 兆瓦發電機大約有 120 週的時間表。因此，它讓您了解您必須開始思考和計劃到什麼程度。因此，我們在分析師日試圖強調的一件事是，我們關注所有市場、所有項目，並準確確定我們在哪裡需要什麼，然後我們擁有一支非常成熟的採購團隊，專注於確保我們的工作與較大的供應商合作，並獲得可用的生產能力或生產線的槽位或庫存的可用能力。

And I just think that's something that we prudently do. We manage ourselves, and it's something that's going to be very important on a look-forward basis as well. And you have to tie that back into the comments Charles made about power. In the end, you have to have the available power, you have the available cooling and making sure that you have the appropriate kit to roll out the data centers in a fair way that you can deliver the capacity to the need. And again, a lot of work is done on that.

我只是認為這是我們謹慎做的事情。我們管理自己，從長遠來看，這也非常重要。你必須將其與查爾斯對權力的評論聯繫起來。最後，您必須擁有可用的電力，擁有可用的冷卻，並確保擁有適當的套件來以公平的方式推出數據中心，從而可以提供滿足需求的容量。再說一次，我們在這方面做了很多工作。

The team -- the construction -- the design, construction, procurement, sourcing teams are all working together in tandem, and we look out 5 years. And in some cases, as I said, we'll go out as far as 10 or 15 years like the London market where we see a broad future opportunity as well.

團隊——施工——設計、施工、採購、採購團隊都在齊心協力，我們期待 5 年。在某些情況下，正如我所說，我們會像倫敦市場一樣走出長達 10 或 15 年，在那裡我們也看到了廣闊的未來機會。

Yes. Brett, I'd add that I do think that 1 thing I did mention previously I'll put in there now is that I think one of the really critical factors in ensuring availability for what is inevitably going to be a somewhat constrained resource on power in places around the world is to bring forward really thoughtful approach to sustainability. So -- and that was one of the driving forces, I believe, in terms of our successfully getting an allocation in Singapore. And so similarly, I think our ability to work closely with -- and I've been on the phone with utility CEOs in the recent past talking about these topics in terms of how to put our heads together and try to solve for some of these things and sustainability has to be, I think, part of that picture.

是的。布雷特，我想補充一點，我確實認為我之前提到的一件事我現在要放在那裡，我認為確保不可避免地會受到電力資源限制的可用性的真正關鍵因素之一世界各地的目標是提出真正深思熟慮的可持續發展方法。因此，我相信，這是我們在新加坡成功獲得分配的驅動力之一。同樣，我認為我們有能力與公用事業公司的首席執行官密切合作，最近我一直在與公用事業公司首席執行官通電話，討論這些話題，如何集思廣益並嘗試解決其中一些問題我認為，事物和可持續性必須成為這幅圖景的一部分。

And so I do think that that's something we're going to bring to the table. We're going to lean in and really continue our market-leading emphasis on sustainability, not only for our customers but in tandem with our partners on the utility side as well. And so I think those are other factors that I think come into play when we really think about the power issue.

所以我確實認為這是我們要討論的問題。我們將努力並真正繼續我們對可持續發展的市場領先重視，不僅是為了我們的客戶，而且也與我們在公用事業方面的合作夥伴一起。因此，我認為當我們真正考慮電力問題時，這些因素也會發揮作用。

Our next caller is Matt Niknam with Deutsche Bank.

我們的下一個來電者是德意志銀行的馬特·尼克南 (Matt Niknam)。

Just a couple of like housekeeping ones for me. First, if you can comment on what drove the slight increase. I think it was about $10 million increase of recurring CapEx. And then also, I noticed DSO stepped up somewhat modestly. I think accounts receivable is about a headwind of $100 million in the quarter. Just wondering if there's anything that you'd call out beyond typical 2Q seasonality?

對我來說只有幾個類似家政服務的。首先，您能否評論一下推動這一小幅增長的原因。我認為經常性資本支出增加了約 1000 萬美元。然後，我還注意到 DSO 有所進步。我認為本季度的應收賬款逆風約為 1 億美元。只是想知道除了典型的第二季度季節性之外，您是否還有什麼需要指出的？

Yes. On the first one, just recurring CapEx is when you look at it year-over-year, Q2 tends to be -- Q1 is our lowest spend on a seasonal basis, Q2 we're sort of right on line with where we thought would be 2% and that was consistent with last year. And then you see over the next 2 quarters, we step it up even further. So part of it is just timing and making sure we do the work that we need to based on the needs inside the different buildings. And as a result, it'll move around by quarter, but we can sort of massage at times into different quarters. But I would just say nothing meaningfully has caused that. It was an $18 million step up quarter-over-quarter just to be exact about it.

是的。第一個，只是經常性資本支出，當你逐年查看時，第二季度往往是——第一季度是我們季節性支出最低的，第二季度我們與我們的預期相符為2%，與去年一致。然後你會看到在接下來的兩個季度，我們會進一步加大力度。因此，其中一部分只是時間安排，並確保我們根據不同建築物內的需求完成我們需要的工作。因此，它會按季度移動，但我們有時可以按摩到不同的季度。但我想說的是，沒有任何有意義的原因導致了這種情況。準確地說，這一數字比上一季度增加了 1800 萬美元。

As it relates to DSOs, as I said in the prepared remarks, our DSOs, our recovery has gone up a little bit. But what I would tell you is some of the things that we've been working on with our customers, as you can appreciate, as I said there's not -- there's certainly some discussion around the power price increases. And although we're ahead of what we anticipated, there's still some negotiations. And as a result, our DSOs had moved up a bit. Customers weren't -- some of the customers weren't paying their entire bill, instead of just disputing what the power price increase was, the whole bill was being held back. And some of those have since been made in the July timeframe. And so DSO, I think you're going to see that step back down to a more traditional level.

就 DSO 而言，正如我在準備好的發言中所說，我們的 DSO，我們的複蘇有所上升。但我要告訴你的是我們一直在與客戶合作的一些事情，正如你所理解的，正如我所說，沒有——肯定有一些圍繞電價上漲的討論。儘管我們的進展超出了預期，但仍然存在一些談判。結果，我們的 DSO 有所上升。客戶卻沒有——一些客戶沒有支付全部賬單，而不是僅僅爭論電價上漲的金額，整個賬單被扣留。其中一些是在七月份完成的。因此，DSO，我認為您會看到這種情況退回到更傳統的水平。

But overall, I'd just say you've got liquidity in the business, the cash we're generating and the collections you'll get some seasonality. We're running ahead of what we anticipated we'd be for the third quarter already. And as I said, I think DSO is an average days delinquent and will go down.

但總的來說，我想說的是，你的業務有流動性，我們產生的現金和你會得到一些季節性的收藏品。我們已經超出了第三季度的預期。正如我所說，我認為 DSO 的平均拖欠天數將會下降。

Keith, just to clarify, it was more on the guide for recurring CapEx. I think that stepped up $10 million relative to the prior guide for the year. So I was just wondering if there's anything notable to be aware of there?

Keith，只是為了澄清一下，這更多的是關於經常性資本支出的指南。我認為，與今年之前的指導相比，這增加了 1000 萬美元。所以我想知道有什麼值得注意的地方嗎？

I'm sorry, I misunderstood your question then. As it relates -- no, there's a little bit more recurring CapEx. When we have capacity and we look across the portfolio and think what can we do based on the capacities we have. And so sometimes when we work with Rob Abdel's organization said, we have capacity to put a little bit more recurring CapEx into the year. And so what you could do is pull it forward from 1 year and put it into the year prior. And so that's what you've just seen. We have -- we felt we had a little bit more capacity to invest in some recurring CapEx this year. That really takes away that obligation for next year.

抱歉，我當時誤解了你的問題。正如它所涉及的——不，經常性資本支出要多一些。當我們有能力時，我們會審視整個產品組合，並根據我們擁有的能力思考我們可以做什麼。因此，有時當我們與 Rob Abdel 的組織合作時，我們有能力在一年中投入更多的經常性資本支出。因此，您可以做的是將其從 1 年向前拉並放入前一年。這就是你剛才看到的。我們覺得今年我們有更多的能力投資一些經常性資本支出。這確實消除了明年的義務。

Our last question comes from Nick Del Deo with MoffettNathanson.

我們的最後一個問題來自 Nick Del Deo 和 MoffettNathanson。

Charles, on the interconnection front, are you still expecting an improvement in ads as we move through the year like you communicated previously? Or do you think these headwinds are a bit stiffer than expected?

Charles，在互聯方面，您是否仍然期望我們在這一年中廣告有所改善，就像您之前傳達的那樣？或者您認為這些阻力比預期的要嚴重一些？

Yes. Great question, Nick. I'd tell you, in all honesty, I had expected we would have seen a bit of a moderation back up towards prior levels by now. But there's a lot of factors in play there. I think that the short answer is I do believe we're going to see that because when I look at it, the gross adds continue to be really strong. So overall demand for interconnection is persistent. And as I said, even growing with cloud as of the end.

是的。好問題，尼克。我想告訴你，老實說，我原以為我們現在會看到一些溫和的回升至之前的水平。但其中有很多因素在起作用。我認為簡短的答案是我確實相信我們會看到這一點，因為當我看到它時，總增加量仍然非常強勁。所以整體互聯需求是持續的。正如我所說，甚至到最後都與雲一起成長。

And so I think that, that is the most encouraging to me. When we really unpack what is suppressed the net adds, it's clearly on the churn side. And so we've unpacked that in great depth, as you might imagine. And it really is almost all from the service provider side in terms of where we're seeing the elevated churn over normal levels. And as we unpack it further, you see there is definitely 10 to 100 migration. And I think that has accelerated a bit more than we expected just because -- and maybe we should have anticipated this, but as the cost of electronics goes down, it is more broadly available to people who have a sufficient number of interconnects to really justify that.

所以我認為這對我來說是最鼓舞人心的。當我們真正解開網絡添加的被抑制的內容時，它顯然是在流失方面。正如您可能想像的那樣，我們已經對其進行了深入的分析。就我們看到的客戶流失率高於正常水平而言，這幾乎全部來自服務提供商方面。當我們進一步解壓時，您會發現肯定有 10 到 100 次遷移。我認為這比我們預期的要快一些，因為——也許我們應該預料到這一點，但隨著電子產品成本的下降，擁有足夠數量互連的人們可以更廣泛地使用它，以真正證明其合理性那。

And so we did see continued uptick. And so it seems almost like what you're seeing is 10 to 100 migration was led by the most sophisticated customers with the most at stake and then you see another blip as sort of the broader population begins to sort of integrate that. But again, it's not going to be relevant for everybody. You have to have some level of concentration to routes to really make it an economically viable proposition. So you're seeing 10 to 100 partially impacted there. Then you saw -- you see some M&A activity. And that's true in the CDN space and in the network space. Those are finite things. They work their way through, and then you go back to some sort of a normal.

所以我們確實看到了持續上升。因此，你所看到的似乎是 10 到 100 次遷移是由最成熟、風險最大的客戶主導的，然後你會看到另一個現象，因為更廣泛的人群開始整合這一點。但同樣，它並不適合每個人。您必須對路線有一定程度的關注，才能真正使其成為經濟上可行的主張。所以你會看到 10 到 100 人受到部分影響。然後你看到了一些併購活動。在 CDN 領域和網絡領域也是如此。這些都是有限的事情。他們會慢慢地度過難關，然後你就會回到某種正常狀態。

And then I would say the third area is just a more aggressive inventory management, particularly from the network space, where as you -- many of you know better than we do, there's some real overall business challenges where people are looking to aggressively tighten their belt in any way they can. And so I think those dynamics -- several of those dynamics are finite in nature, and which is why I kind of fully had expected that we would return. And I don't know whether we get all the way back to our previously guided range, but I think we'll see -- potentially see some lift back there. But independent of all that, even at our current level of ads, we're seeing -- one, we're seeing very strong pricing and that is driving -- and we're seeing a migration towards higher port speeds on offerings that are priced by speed. And so that mix is helping.

然後我想說，第三個領域只是更積極的庫存管理，特別是從網絡空間來看，你們中的許多人比我們更了解，存在一些真正的整體業務挑戰，人們希望積極收緊他們的庫存管理。以任何方式帶。所以我認為這些動態——其中一些動態本質上是有限的，這就是為什麼我完全期望我們會回來。我不知道我們是否會一路回到之前的指導範圍，但我認為我們會看到——可能會看到一些回升。但除此之外，即使在我們目前的廣告水平上，我們也看到——第一，我們看到非常強勁的定價，這是推動因素——而且我們看到產品正在向更高的端口速度遷移，按速度定價。所以這種混合是有幫助的。

And as a result, I think you're going to continue to see very healthy revenue growth. So we'll track that. It's certainly my hope that we will see some elevation through the back half of the year, but we'll just have to see how that plays out.

因此，我認為您將繼續看到非常健康的收入增長。所以我們會追踪這一點。我當然希望我們能在今年下半年看到一些提升，但我們只需要看看結果如何。

Okay. Okay. Great. And then in Singapore, obviously, great to see the 20-megawatt allocation you got. How long before you can actually bring that online? And then about how long will 20 megawatts last you?

好的。好的。偉大的。顯然，在新加坡，很高興看到您獲得 20 兆瓦的配額。多久才能真正將其上線？那麼 20 兆瓦的電量大約可以持續多久？

Well, we can't speak to the actual size of the allocation. So I don't doubt there is information out there, but I can't confirm or deny anything relative to the size of the allegation. I would simply say that we're very excited about what we got. We're very excited about the opportunity to build incremental capacity in that market. And we believe it will give us some really solid runway in an incredibly important market. And in the meantime, we're continuing to sort of very opportunistically harvest capacity to continue to meet the demands of our customers and to drive very superior returns in that market.

好吧，我們無法談論分配的實際大小。因此，我不懷疑那裡有信息，但我無法確認或否認與指控規模相關的任何內容。我只想說我們對我們所得到的感到非常興奮。我們對有機會在該市場建立增量產能感到非常興奮。我們相信，這將為我們在一個極其重要的市場中提供真正堅實的跑道。與此同時，我們將繼續抓住機會收穫產能，以繼續滿足客戶的需求，並在該市場帶來非常豐厚的回報。

Thank you, everyone. This concludes our Q2 earnings call.

謝謝大家。我們的第二季度財報電話會議到此結束。

Good bye. And this concludes today's conference. Thank you for participating. You may disconnect at this time, and have a great rest of your day.

再見。今天的會議到此結束。感謝您的參與。此時您可以斷開連接，並好好休息一天。