Equinix Inc (EQIX) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the Equinox third quarter earnings conference call. (Operator Instructions) Also, today's conference is being recorded. If anyone has objections, please disconnect at this time.

下午好，歡迎參加 Equinox 第三季財報電話會議。（操作員指示）另外，今天的會議正在錄製中。如果有人有異議，請此時斷開連接。

I'd now like to turn the call over to Chip Newcom, Senior Director of Investor Relations. You may begin.

我現在想將電話轉給投資者關係高級總監 Chip Newcom。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 as well as those identified in our filings with the SEC, including our most recent Form 10-K, filed February 16, 2024, and our most recent Form 10-Q.

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2024 年2 月16 日提交的最新10-K 表格，以及我們最新的 10-Q 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本次電話會議中的前瞻性聲明。此外，根據公平揭露法規，Equinix 的政策是不對本季的財務指引發表評論，除非透過明確的公開揭露進行評論。

On today's conference call, we will provide non-GAAP measures. 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.

在今天的電話會議上，我們將提供非公認會計準則措施。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較的 GAAP 指標的調節表，以及公司使用這些指標的原因清單。

We 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 of our website from time to time and encourage you to check our website regularly for the most current available information.

我們在網站的投資者關係頁面上提供了旨在配合本次討論的簡報以及某些補充財務資訊和其他數據。我們還想提醒您，我們會不時在我們網站的 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 Adaire Fox-Martin, Equinix's CEO and President; and Keith Taylor, Chief Financial Officer. Following our prepared remarks, we will be taking questions from sell-side analysts. In the interest of wrapping this call up in one hour, we would like to ask these analysts to limit any follow-on questions to one.

今天與我們在一起的有 Equinix 執行長兼總裁 Adaire Fox-Martin；和財務長基斯·泰勒。在我們準備好的發言之後，我們將回答賣方分析師的問題。為了在一小時內結束這次電話會議，我們想請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 Adaire.

此時，我會將電話轉給阿代爾。

Thank you, Chip, good afternoon and welcome to our third-quarter earnings call. We had an outstanding quarter. We delivered record gross bookings with strong performance across each of our three regions. We had solid deal conversion rates and pricing remains robust.

謝謝奇普，下午好，歡迎參加我們第三季的財報電話會議。我們度過了一個出色的季度。我們在三個地區均實現了創紀錄的總預訂量，且表現強勁。我們的交易轉換率穩定，定價也依然強勁。

Cabinets billing increased meaningfully, All of this translated into our 87th quarter of consecutive revenue growth with attractive AFFO per share profitability, highlighting the scale and differentiation that reinforces our market position. Importantly, given the robust demand for digital infrastructure to enable AI capabilities across industries and regions, our forward-looking pipeline remains strong with healthy pre-sales activity supporting our momentum in Q4 and beyond.

機櫃帳單顯著增加，所有這些都轉化為我們連續第 87 個季度的收入成長，以及具有吸引力的 AFFO 每股獲利能力，凸顯了鞏固我們市場地位的規模和差異化。重要的是，鑑於對數位基礎設施的強勁需求，以實現跨行業和地區的人工智慧功能，我們的前瞻性管道仍然強勁，健康的預售活動支持我們在第四季度及以後的發展勢頭。

Turning to our strategy, as I discussed last quarter, Equinix has developed a differentiated and successful business over the last 2.5 decades, creating exceptional value for our customers and our shareholders. Our strength is underpinned by our position as the world's leading digital infrastructure company, our truly global footprint and scale, our neutrality, and our singular value proposition around interconnection.

談到我們的策略，正如我上季度討論的那樣，Equinix 在過去 2.5 年裡開發了差異化且成功的業務，為我們的客戶和股東創造了非凡的價值。我們作為世界領先的數位基礎設施公司的地位、我們真正的全球足跡和規模、我們的中立性以及我們圍繞互連的獨特價值主張支撐著我們的優勢。

However, we recognize that our industry landscape is dynamic and increasingly complex. Customer requirements and data center designs are evolving rapidly. Energy constraints and long-term development cycles pose challenges to our industry's ability to serve customers effectively.

然而，我們認識到我們的行業格局是動態且日益複雜的。客戶需求和資料中心設計正在迅速發展。能源限制和長期的開發週期對我們行業有效服務客戶的能力提出了挑戰。

Equinix is particularly well positioned to address these challenges as an industry leader, to seize the significant opportunities ahead, and drive future growth. To this end, we will focus on three strategic areas built on the tenants I shared on last quarter's earnings call of clarity, simplicity, and focus.

身為產業領導者，Equinix 尤其有能力應對這些挑戰，抓住未來的重大機遇，推動未來成長。為此，我們將重點放在三個策略領域，這些策略領域建立在我在上季度財報電話會議上分享的清晰、簡單和專注的租戶基礎上。

First, we will start outside-in with our customers. We will focus on enhancing how we engage with our customers at every milestone in our relationship with them. Our goal is to be the partner of choice for our customers' most critical infrastructure workloads. To achieve this, we intend to evolve our go-to-market engine in a structured and coordinated manner to deliver a frictionless customer experience that is segment appropriate. We have already seen the benefit of solution and segment focus in our record Q3 gross bookings outcome.

首先，我們將從外向內與客戶一起開始。在我們與客戶關係的每一個里程碑上，我們將專注於加強與客戶的互動方式。我們的目標是成為客戶最關鍵基礎設施工作負載的首選合作夥伴。為了實現這一目標，我們打算以結構化和協調的方式發展我們的上市引擎，以提供適合細分市場的無摩擦客戶體驗。我們已經在創紀錄的第三季總預訂結果中看到了解決方案和細分市場重點的好處。

Second, we will deliver integrated solutions that make it easier for our customers and partners to deploy and consume solutions at our clinics. Our initial efforts will focus on developing smarter solutions that extend our core colocation and interconnection offerings. This is where we have the right to win and the right to lead. In support of this, we have brought together our data center services team and our digital services team into a single business area led by Jon Lin.

其次，我們將提供整合解決方案，使我們的客戶和合作夥伴更容易在我們的診所部署和使用解決方案。我們最初的努力將集中在開發更聰明的解決方案，以擴展我們的核心託管和互連產品。這就是我們有獲勝權和領導權的地方。為了支持這一目標，我們將資料中心服務團隊和數位服務團隊合併為一個由 Jon Lin 領導的業務領域。

Third, we have been innovating in data center design and our approach to data center construction. We are fortunate to have industry-leading procurement, design, and construction teams. We intend to build for the future and accelerate our development of differentiated campuses that support the broad range of our customers' needs. Essentially, this means moving from many smaller bills with phased capacity delivery to fewer larger bills, balancing location with access to power on campuses that can service the full range of our customers' needs from SMEs to hypers scanners.

第三，我們在資料中心設計與資料中心建置方式上不斷創新。我們很幸運擁有業界領先的採購、設計和施工團隊。我們打算面向未來，加速發展差異化園區，以滿足客戶的廣泛需求。從本質上講，這意味著從分階段容量交付的許多較小的賬單轉向更少的較大賬單，平衡位置與校園內的電力供應，可以滿足從中小企業到超級掃描儀的全方位客戶需求。

At the same time, we will remain focused on delivering industry-leading investment returns by continuing to meet the evolving needs of our customers, placing the right application into the right footprint for the best business outcome. Taken together, I believe these strategic moves which are about doing less so that we can deliver more will drive significant long-term value for our customers, partners, and shareholders.

同時，我們將繼續專注於提供業界領先的投資回報，繼續滿足客戶不斷變化的需求，將正確的應用程式放置在正確的足跡中，以獲得最佳業務成果。總而言之，我相信這些「少做多做」的策略性舉措將為我們的客戶、合作夥伴和股東帶來顯著的長期價值。

We continue to invest in the market opportunities we believe lie ahead. Earlier this month, we announced our plans to nearly triple the investment capital of our xScale program with the agreement to form a greater than $15 billion joint venture with the CPP Investment Board and GIC. With the capital raised through this new JV, Equinix expects to build a new, state-of-the-art xScale facilities on multiple campuses across the US, each with the capacity of multiple hundreds of megawatts.

我們繼續投資我們認為未來的市場機會。本月早些時候，我們宣布計劃將 xScale 計劃的投資資本增加近兩倍，並同意與 CPP 投資委員會和 GIC 組建一家價值超過 150 億美元的合資企業。透過這家新合資企業籌集的資金，Equinix 預計將在美國多個園區建造全新、最先進的 xScale 設施，每個設施容量達數百兆瓦。

As discussed previously, we've already closed on land and power for a 240-megawatt xScale campus in Atlanta, which we expect to contribute to this new JV. We are currently in active diligence to secure power and land in additional US markets and look forward to providing more details in the coming quarters.

正如之前所討論的，我們已經關閉了亞特蘭大 240 兆瓦 xScale 園區的土地和電力，我們預計將為這家新合資企業做出貢獻。我們目前正在積極努力，以確保在其他美國市場獲得電力和土地，並期待在未來幾季提供更多詳細資訊。

Since our last earnings call, in our established JVs, we have leased an incremental 20 megawatts in our Seoul 2 data center. This brings total xScale leasing to 385 megawatts globally with nearly 90% of our operational and under-construction capacity leased. We believe Equinox is uniquely positioned to innovate with and for hyperscalers, and we are excited about the opportunities ahead.

自上次財報電話會議以來，我們在已成立的合資企業中，在首爾 2 號資料中心租賃了 20 兆瓦的增量電量。這使得全球 xScale 租賃總量達到 385 兆瓦，其中近 90% 的營運和建造容量已出租。我們相信，Equinox 具有獨特的優勢，可以與超大規模企業一起進行創新，並為超大規模企業提供創新服務，我們對未來的機會感到興奮。

Enterprise demand is steadily building for AI-related workloads. We remain the preferred location for server provider on ramps supporting the data ingestion and distribution requirements of AI workloads. Equinix customers can enjoy low latency access to native hyperscaler on-ramps in 47 metros across 25 countries. This includes 12 metros with on-ramps to five or more providers. This is six times the coverage of our nearest competitor.

企業對人工智慧相關工作負載的需求正在穩定成長。我們仍然是支援人工智慧工作負載的資料攝取和分發要求的伺服器提供者的首選地點。Equinix 客戶可以在 25 個國家的 47 個城市享受對當地超大規模入口的低延遲訪問。這包括 12 條地鐵，設有通往 5 家或更多提供者的入口。這是我們最接近的競爭對手覆蓋範圍的六倍。

Recent key service provider wins and production use cases include Nebius, a full-stack AI infrastructure provider. Their new deployment in Paris will be among the first in Europe to offer NVIDIA H200 tensor core GPU sin support of providing essential resources for customer AI journeys. Sakura Internet, a Japanese cloud service provider is actively involved in the development of large-scale cloud services for generative AI and aims to enhance its GPU-based cloud services to explore new business opportunities in Asia.

最近贏得的關鍵服務提供者和生產用例包括全端人工智慧基礎設施提供者 Nebius。他們在巴黎的新部署將成為歐洲首批提供 NVIDIA H200 張量核心 GPU 的部署之一，為客戶 AI 之旅提供必要的資源。日本雲端服務供應商Sakura Internet積極參與開發大規模生成式AI雲端服務，旨在增強其基於GPU的雲端服務，以探索亞洲的新商機。

For enterprise AI, Equinix is supporting a Fortune 200 shipping and logistics company, who deployed at Equinox to unlock predictive capabilities in logistics and build intelligent, data-driven supply chains. We are also supporting a leading med-tech company, who is leveraging AI algorithms to analyze endoscopic images in real time. This will save lives through enhancing diagnostic precision.

對於企業人工智慧，Equinix 正在為一家財富 200 強航運和物流公司提供支持，該公司在 Equinox 進行部署，以釋放物流預測能力並建立智慧、數據驅動的供應鏈。我們也支持一家領先的醫療技術公司，該公司利用人工智慧演算法即時分析內視鏡影像。這將透過提高診斷精度來挽救生命。

Our unique business model enables us to serve the full spectrum of our customers' AI requirements. Our retail footprint is well positioned to serve the inferencing and private AI workloads of enterprises of varying sizes. Our rapidly expanding xScale offering can meet the significant requirements of hyperscalers and service providers. Our ability to satisfy these needs fortifies our resilience in capturing upside and managing potential downside in a highly dynamic and evolving AI landscape.

我們獨特的商業模式使我們能夠滿足客戶全方位的人工智慧需求。我們的零售業務能夠很好地服務於不同規模企業的推理和私有人工智慧工作負載。我們快速擴展的 xScale 產品可以滿足超大規模企業和服務提供者的重大需求。我們滿足這些需求的能力增強了我們在高度動態和不斷發展的人工智慧環境中捕捉優勢和管理潛在劣勢的彈性。

Turning to our results as depicted on slide 3, Q3 revenues were $2.2 billion, up 7% over the same quarter last year, driven by strong recurring revenue growth and xScale fees. Adjusted EBITDA was up 12% year over year with solid AFFO per share profitability. Interconnection revenues increased 10% year over year with continued strength from Equinix Fabric. These growth rates are all on a normalized and constant currency basis.

轉向投影片 3 所示的結果，在強勁的經常性收入成長和 xScale 費用的推動下，第三季營收為 22 億美元，比去年同期成長 7%。調整後 EBITDA 年成長 12%，AFFO 每股獲利能力強勁。由於 Equinix Fabric 的持續強勁，互連收入較去年同期成長 10%。這些成長率均以標準化和恆定貨幣為基礎。

Fueling our industry-leading global interconnection franchise, we now have 478,000 total interconnections deployed across our footprint. Gross interconnection additions remain strong and pricing continues to trend favorably. Net interconnection additions improved to 5,700 due to strong increase in hyperscale cross connects and the continued diversification of our ecosystems.

為了推動我們行業領先的全球互連專營權的發展，我們目前已在整個業務範圍內部署了 478,000 個互連。總互連增加仍然強勁，定價持續呈有利趨勢。由於超大規模交叉連接的強勁增長和生態系統的持續多樣化，淨互連數量增加至 5,700 個。

Equinox Fabric saw continued solid growth and is now operating at an annual revenue run rate of greater than USD250 million with an attached rate of approximately 40% across our global customer base. Our fabric business grew thanks to 100 gigabit port editions and higher bandwidth virtual connections. Equinix's internet exchange saw peak traffic surpass 40 terabits per second for the first time.

Equinox Fabric 持續穩健成長，目前年收入運行率超過 2.5 億美元，我們全球客戶群的附加率約為 40%。我們的結構業務的成長得益於 100 Gb 連接埠版本和更高頻寬的虛擬連線。Equinix 的互聯網交換峰值流量首次超過每秒 40 太比特。

In August, we opened our first data center in Johannesburg to support the growing digital infrastructure and connectivity needs of enterprises and service providers in the rapidly growing African continent. We also opened the first phases of our New York 3 and Tokyo 15 IBXs this quarter, easing capacity constraints in two of our key metros.

8 月，我們在約翰內斯堡開設了第一個資料中心，以支援快速發展的非洲大陸企業和服務供應商不斷增長的數位基礎設施和連接需求。我們還在本季開設了紐約 3 號和東京 15 號 IBX 的第一期工程，緩解了我們兩個大城市的容量限制。

Customers taking advantage of our expanding global footprints include PubMatic, a digital advertising firm, who expanded their partnership with Equinix to leverage AI-powered predictive analytics for their ad campaigns. SaaS provider, Zoho chose Equinox so they could better support their customers in complying with the European data sovereignty requirements.

利用我們不斷擴大的全球足跡的客戶包括數位廣告公司 PubMatic，該公司擴大了與 Equinix 的合作夥伴關係，利用人工智慧驅動的預測分析來開展廣告活動。SaaS 供應商 Zoho 選擇 Equinox，以便他們能夠更好地支援客戶遵守歐洲資料主權要求。

Our channel program delivered another solid quarter contributing approximately 50% of new logos. We continued to see growth from partners like Avant, Dell, Orange business, and WWT with wins across a wide range of industry segments and use cases including AI. Q3 wins include a data center modernization project with AT&T. Together we helped a customer experience technology company blend cloud and private infrastructure resources enable multi-cloud networking and accelerate AI and automated enhancements for customer interactions.

我們的通路計畫又一個穩定的季度貢獻了約 50% 的新商標。我們繼續看到 Avant、戴爾、Orange Business 和 WWT 等合作夥伴的成長，他們在廣泛的行業領域和用例（包括人工智慧）中取得了勝利。第三季的勝利包括與 AT&T 合作的資料中心現代化專案。我們共同幫助一家客戶體驗科技公司融合雲端和私有基礎設施資源，實現多雲網路並加速客戶互動的人工智慧和自動化增強。

We believe this quarter is a testament to the trust our customers place in us and the value they realize from partnering strategically with us. With that, I'll turn it over to Keith to cover the quarter's financials.

我們相信，本季證明了客戶對我們的信任以及他們透過與我們的策略合作所實現的價值。有了這個，我將把它交給基斯來報道本季的財務狀況。

Thanks, Adaire, and good afternoon to everyone. Let me start by saying we once again delivered another strong quarter. The business continues to execute against its short-term goals, another step in our journey, while setting the stage for the years ahead. We finished the quarter with record gross bookings with each of our regions at or very near their all-time highs.

謝謝阿代爾，大家下午好。首先我要說的是，我們再次實現了另一個強勁的季度。該業務繼續執行其短期目標，這是我們旅程中的又一步，同時為未來幾年奠定基礎。本季結束時，我們每個地區的總預訂量均達到或非常接近歷史最高水準。

Our net bookings were also very strong with net megawatts sold in our core business up 60% over the previous quarter, a reflection of the growth and density of our bookings activity. Additionally, we pre-sold a meaningful amount of future capacity, which is neither included in our bookings nor our backlog metrics.

我們的淨預訂量也非常強勁，核心業務的淨兆瓦銷量比上一季成長了 60%，這反映了我們預訂活動的成長和密度。此外，我們預售了大量的未來產能，這既不包含在我們的預訂中，也不包含在我們的積壓指標中。

We closed more than 4,100 deals with more than 3,200 customers. And our adjusted EBITDA and AFFO were at the high-end of our expectations, the result of solid revenue growth and disciplined cost management.

我們與 3,200 多名客戶達成了 4,100 多筆交易。我們調整後的 EBITDA 和 AFFO 處於我們預期的高端，這是穩健的收入成長和嚴格的成本管理的結果。

As it relates to our non-financial metrics, we saw meaningful improvements across net billable cabinets and interconnections and higher ARR per cabinet. Net billable cabinet stepped up by 3,100 globally driven by strong bookings and capacity openings in certain key markets. Given our record Q3 gross bookings and our elevated backlog of cabinets sold but not yet installed, we expect our net billable cabinet additions to remain strong through the end of the year.

由於它與我們的非財務指標相關，我們看到了淨計費機櫃和互連方面的有意義的改進以及每個機櫃更高的 ARR。由於某些主要市場的強勁預訂和運能空缺，全球淨計費機櫃數量增加了 3,100 個。鑑於我們第三季的總預訂量創紀錄，以及已售出但尚未安裝的機櫃積壓量增加，我們預計我們的淨計費機櫃增量將在年底前保持強勁。

Net interconnection edition had a healthy step up as our gross interconnection activity remains at its highest level. Interconnection revenues increased to 19% of recurring revenues.

由於我們的總互連活動保持在最高水平，網路互連版本有了健康的進步。互連收入佔經常性收入的比例增至 19%。

Our [MRR] per cabinet metric continues to trend favorably increasing 6% year over year on a normalized and constant currency basis to over $2,300 per cabinet driven by favorable pricing environments and increasing power densities. In the quarter, the average cabinet booked had an average density of 6.2 kilowatts per cabinet, while the density of our turn cabinets was 4 kilowatts per cabinet.

在有利的定價環境和不斷增加的功率密度的推動下，我們的每機櫃 [MRR] 指標在標準化和恆定貨幣基礎上繼續呈逐年增長 6% 的趨勢，達到每機櫃超過 2,300 美元。本季度，預訂的平均機櫃平均密度為每個機櫃 6.2 千瓦，而我們的轉機櫃密度為每個機櫃 4 千瓦。

As Adaire highlighted, we're excited about the next phase of our xScale initiative. The announcement of our greater than $15 billion joint venture with CPPIB and GIC is another milestone for Equinix. We continue to believe this off-balance-sheet joint venture structure will enable us to serve the significant needs of our largest customers for both traditional cloud and emerging AI workloads while delivering significant value to our investors on a per share basis.

正如 Adaire 所強調的那樣，我們對 xScale 計劃的下一階段感到興奮。我們宣布與 CPPIB 和 GIC 成立價值超過 150 億美元的合資企業，這是 Equinix 的另一個里程碑。我們仍然相信，這種表外合資企業結構將使我們能夠滿足最大客戶對傳統雲端和新興人工智慧工作負載的重大需求，同時為我們的投資者帶來每股可觀的價值。

Bottom line, given the strength of our balance sheet including our low debt leverage and strategic and operational liquidity, alongside the xScale partnerships, we believe that Equinix represents the best opportunity to create value in the digital infrastructure space.

最重要的是，考慮到我們的資產負債表實力，包括我們的低債務槓桿以及策略和營運流動性，再加上xScale 合作夥伴關係，我們相信Equinix 代表了在數位基礎設施領域創造價值的最佳機會。

Now let me cover the highlights from the quarter. Note that all growth rates in this section are on a normalized and constant currency basis. I depicted on slide 4 global Q3 revenues were $2.201 billion up 7% over the same quarter last year at the midpoint of our guidance range due to the deferral of planned xScale fees into 2025. For Q4, our revenue guidance implies a meaningful step up in non-recurring revenues related to xScale fit-out activities and other sales activity.

現在讓我介紹一下本季的亮點。請注意，本節中的所有成長率均以標準化和恆定貨幣為基礎。我在投影片 4 中描述，由於計劃的 xScale 費用推遲到 2025 年，第三季度全球收入為 22.01 億美元，比去年同期增長 7%，處於我們指導範圍的中點。對於第四季度，我們的營收指引意味著與 xScale 裝修活動和其他銷售活動相關的非經常性收入將出現有意義的成長。

Net of our FX hedges, there was a minimal FX impact when compared to our prior guidance. Global Q3 adjusted EBITDA was 1.048 billion or approximately 48% of revenues up 12% over the same quarter last year at the top end of our guidance range due to strong operating performance. Q3 adjusted EBITDA net of our FX hedges included a $1 million FX headwind when compared to our prior guidance rates and included $2 million of integration costs.

扣除我們的外匯對沖後，與我們先前的指導相比，外匯影響很小。由於強勁的經營業績，第三季全球調整後 EBITDA 為 10.48 億美元，約佔營收的 48%，比去年同期成長 12%，處於我們指引範圍的上限。與我們先前的指導率相比，第三季調整後的 EBITDA 扣除我們的外匯對沖後，包括 100 萬美元的外匯逆風，並包括 200 萬美元的整合成本。

Global Q3 FFO was $866 million up 12% over the same quarter last year, better than our expectation due to strong operating performance, favorable net interest expense, and the timing of our Singapore six land lease payment. Q3 AFFO included a minimal FX impact when compared to our prior guidance rates.

全球第三季 FFO 為 8.66 億美元，比去年同期成長 12%，優於我們的預期，因為強勁的營運業績、有利的淨利息支出以及我們新加坡六塊土地租賃付款的時間。與我們之前的指導率相比，第三季度 AFFO 的外匯影響很小。

Global Q3 MRR churn was lower than planned due to the deferral of forecasted MRR churn from late September into early October. As such, when we average the expected quarterly churn over the second half of the year, we expect MRR turn to be in the middle of our 2% to 2.5% quarterly guidance range.

由於預測的 MRR 流失從 9 月底推遲到 10 月初，全球第三季 MRR 流失低於計畫。因此，當我們對下半年的預期季度流失率進行平均時，我們預計 MRR 將位於 2% 至 2.5% 季度指導範圍的中間。

Turning to our regional highlights whose full results are covered on slides 5 through 7, on a year-over-year normalized basis, APAC was the fastest growing region at 15% followed by the Americas and EMEA regions growing at 6% and 3% respectively.

至於我們的區域亮點，幻燈片5 至7 涵蓋了全部結果，在標準化基礎上，亞太地區是成長最快的地區，成長率為15%，其次是美洲和歐洲、中東和非洲地區，成長率分別為6% 和3% 。

Excluding the impact of power price actions, APAC grew 17% and EMEA grew 5%. The Americas region delivered very strong bookings across many of our Tier 1 metros including Dallas, New York, Silicon Valley, and Washington DC. Demand continues to outpace supply in top markets, driving a favorable pricing environment.

排除電價波動的影響，亞太地區成長了 17%，歐洲、中東和非洲地區成長了 5%。美洲地區的許多一級都市的預訂量非常強勁，包括達拉斯、紐約、矽谷和華盛頓特區。頂級市場的需求繼續超過供應，推動了有利的定價環境。

And finally, the Asia-Pacific region had a great quarter with near-record gross bookings and strong inter-region activity resulting in quarterly revenues reaching the $500 million milestone for the very first time. We experienced continued momentum in our Hong Kong, Osaka, Singapore, and Tokyo markets, including significant AI demand in Japan for service provider, enterprise, and government use cases.

最後，亞太地區度過了一個出色的季度，總預訂量接近歷史最高紀錄，區域間活動強勁，導致季度收入首次達到 5 億美元的里程碑。我們在香港、大阪、新加坡和東京市場經歷了持續的成長勢頭，其中包括日本對服務提供者、企業和政府用例的龐大人工智慧需求。

And now looking at our capital structure, please refer to slide 8. Our balance sheet increased to approximately $35.4 billion, including elevated cash and short-term investments of $3.2 billion, ahead of our $1 billion maturing bond payment in November. In the quarter, we issued more than 750 million in senior green bonds across our euro and Swiss franc offerings as we continue to align our financings across our investing markets while supporting our future for sustainability strategy. Today, Equinix has issued approximately $5.6 billion of green bonds making our company one of the top 10 largest US investment-grade corporate issuers in the green bond market.

現在來看看我們的資本結構，請參閱投影片 8。我們的資產負債表增至約 354 億美元，其中包括增加的現金和 32 億美元的短期投資，隨後我們在 11 月支付了 10 億美元的到期債券。本季度，我們透過歐元和瑞士法郎發行了超過 7.5 億美元的高級綠色債券，我們繼續調整整個投資市場的融資，同時支持我們未來的永續發展策略。如今，Equinix 已發行約 56 億美元的綠色債券，使我們公司成為綠色債券市場上美國十大投資級企業發行人之一。

Additionally, we settled both forward and spot ATM activity of approximately $975 million in the quarter. We plan to continue to take a balanced and opportunistic approach to accessing the capital market as and when market conditions are favorable to fund our future growth including future capital commitment purchases.

此外，我們在本季結算了約 9.75 億美元的遠期和即期 ATM 活動。我們計劃在市場條件有利於為我們未來的成長（包括未來的資本承諾購買）提供資金時，繼續採取平衡和機會主義的方式進入資本市場。

Turning to slide 9, for the quarter, capital expenditures were $724 million including recurring CapEx of $69 million, a $24 million increase over the prior quarter as planned. We have 57 major projects underway in 35 markets across 22 countries including 13 xScale projects. This represents more than 22,000 cabinets of retail and more than 100 megawatts at xScale capacity to be delivered through 2025.

轉向幻燈片 9，本季資本支出為 7.24 億美元，其中經常性資本支出為 6,900 萬美元，按計劃比上一季增加 2,400 萬美元。我們在 22 個國家的 35 個市場中有 57 個重大專案正在進行，其中包括 13 個 xScale 專案。這意味著到 2025 年將交付超過 22,000 個零售櫃子和超過 100 兆瓦的 xScale 容量。

We opened seven major projects in the quarter across seven metros including new data centers in Johannesburg, Istanbul, New York, and Tokyo. We also purchased a lab for development in Amsterdam and Bangkok as we continue to expand our footprint across Southeast Asia. More than 85% of our current retail expansion spend is on our own land, our own buildings with long-term ground leases.

我們在本季在七個城市開設了七個主要項目，包括約翰內斯堡、伊斯坦堡、紐約和東京的新資料中心。隨著我們繼續擴大在東南亞的足跡，我們也在阿姆斯特丹和曼谷購買了一個開發實驗室。我們目前超過 85% 的零售擴張支出是在我們自己的土地上，以及我們擁有長期土地租賃的自己的建築物上。

Our capital investments delivered strong returns as shown on slide 10. Our 180 stabilized assets increased revenues by 4% year over year on a constant currency basis, excluding the impact of power price actions. Stabilized assets are collectively 84% utilized and generated a 26% 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。以固定匯率計算，我們的 180 項穩定資產收入年增 4%（不包括電價波動的影響）。穩定資產總共得到了 84% 的利用，並產生了 PP&E 總投資的 26% 的現金回報率。

And finally, please refer to slides 11 through 15 for an updated summer of 2024 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 $36 million and our adjusted EBITDA guidance by $10 million due to strong bookings performance and favorable FX rates.

最後，請參閱投影片 11 至 15，以了解 2024 年夏季更新的指南和橋樑。請注意，所有成長率均以標準化和恆定貨幣為基礎。由於強勁的預訂表現和有利的匯率，我們將全年營收指引提高了 3,600 萬美元，調整後 EBITDA 指引提高了 1,000 萬美元。

This guidance implies a top-line growth rate of 7% to 8%. Adjusted EBITDA margins are expected to be about 47%, which includes the acceleration of certain costs into Q3 and Q4. We're also raising our full-year AFFO guidance by $18 million and now 11% to 13% increase over the previous year, primarily due to operating performance and favorable net interest expense and does include the acceleration of costs into Q3 and Q4.

該指導意味著收入增長率為 7% 至 8%。調整後的 EBITDA 利潤率預計約為 47%，其中包括某些成本加速進入第三季和第四季。我們還將全年AFFO 指導提高了1800 萬美元，比上一年增加了11% 至13%，這主要是由於經營業績和有利的淨利息支出，並且確實包括第三季度和第四季度的成本加速。

AFFO per share is expected to now grow between 9% and 10% at the top-end of our guidance range. And finally, our full-year CapEx is expected to range between $2.8 billion and $3.1 billion, including about $240 million of recurring CapEx spend.

目前，AFFO 每股預計將成長 9% 至 10%，處於我們指導範圍的上限。最後，我們的全年資本支出預計在 28 億美元至 31 億美元之間，其中包括約 2.4 億美元的經常性資本支出。

So let me stop here, and I'm going to turn the call back to Adaire.

那麼，讓我在這裡停下來，我將把電話轉回給阿代爾。

Thank you, Keith. In closing, we had a great third quarter, achieving record gross bookings and delivering robust performance across key financial and non-financial metrics. We are more committed than ever to seizing the vast and evolving opportunities in AI. We will nearly triple the investment capital of our xScale program once our latest joint venture is fully realized.

謝謝你，基斯。最後，我們的第三季表現出色，預訂總額創歷史新高，並在關鍵財務和非財務指標上實現了強勁的業績。我們比以往任何時候都更加致力於抓住人工智慧領域巨大且不斷發展的機會。一旦我們最新的合資企業完全建成，我們的 xScale 計劃的投資資本將增加近兩倍。

But xScale is more than an investment vehicle for Equinix. Our xScale program is a force multiplier. Only Equinox is positioned to offer integrated infrastructure at scale across the spectrum of workload requirements from hyperscalers to enterprises to SMEs. Only Equinox can offer this globally. Only Equinix can provide this in an interconnection-rich architecture.

但 xScale 不僅僅是 Equinix 的投資工具。我們的 xScale 計劃是一個力量倍增器。只有 Equinox 能夠大規模提供整合基礎設施，涵蓋從超大規模企業到企業再到中小企業的各種工作負載需求。全球範圍內只有 Equinox 能夠提供此服務。只有 Equinix 能夠在豐富互連的架構中提供這一點。

The combination of these elements marks Equinox as unique amongst our industry peers. The future of Equinix and the digital infrastructure industry is incredibly bright. I firmly believe our relentless customer focus, ability to execute effectively and highly differentiated market position will continue to drive significant long-term value for our customers, our partners, our employees, and our shareholders.

這些元素的結合標誌著 Equinox 在我們的行業同行中獨一無二。Equinix 和數位基礎設施產業的未來非常光明。我堅信，我們堅持以客戶為中心、有效執行的能力以及高度差異化的市場地位將繼續為我們的客戶、合作夥伴、員工和股東帶來巨大的長期價值。

With that, I'll stop here and open it up to questions.

說到這裡，我將停在這裡並提出問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks and good afternoon. Maybe Adaire, you talked a little bit about the shifting strategic focus to large campuses. Can you talk a little bit about some of the benefits you would expect from that? And does that change the value proposition of any of your existing markets in any way?

謝謝，下午好。也許阿代爾，您談到了將策略重點轉向大型校園的問題。您能談談您期望從中獲得的一些好處嗎？這是否會以任何方式改變您現有市場的價值主張？

Hi, thank you. Thank you very much for the question. And this is a key part of the strategy that we put together with our team recently. We have already got a long pipeline of builds that are committed and construction projects that are underway -- as Keith mentioned 57 major programs under work at this point in time. And of course, as we look through that we will work through that and look at the opportunity to accelerate some of these builds and some of their phases into an earlier timeframe so that we can deliver this capacity to our customers and to the market.

你好，謝謝。非常感謝你的提問。這是我們最近與團隊制定的策略的關鍵部分。我們已經有一長串承諾的建設和正在進行的建設項目——正如基思所提到的，目前有 57 個主要項目正在進行中。當然，當我們仔細研究時，我們將解決這個問題，並尋找機會將其中一些構建及其某些階段加速到更早的時間範圍內，以便我們能夠向我們的客戶和市場提供這種能力。

As we look at the intention to build fewer and larger campuses, this is really a multifaceted approach that enables us to look at this through the lens of securing the power that's necessary to execute in these campuses, doing so in the context of a location that is adjacent to the metros that we operate in, and allowing us to offer, which I think is unique in the industry, the entire spectrum of our product continuum to customers that range from hyper scalers with their requirements to enterprises, with their large footprint requirements all the way through to our retail business and customers who require interconnection-rich capabilities in our environment. So this is, I think, something that will augment our approach to our strategy around design and construction and how we deliver capacity to the market to enable us to continue on our growth trajectory.

當我們考慮建造更少和更大的園區的意圖時，這實際上是一種多方面的方法，使我們能夠透過確保這些園區執行所需的權力的視角來看待這一問題，並在一個位置的背景下這樣做毗鄰我們運營的地鐵，我認為這在行業中是獨一無二的，我們可以向客戶提供我們的整個產品系列，從滿足其要求的超大規模企業到滿足其大佔地面積要求的企業一直到我們的零售業務和在我們的環境中需要豐富互連功能的客戶。因此，我認為，這將增強我們圍繞設計和施工的策略方法，以及我們如何向市場提供產能，使我們能夠繼續保持成長軌跡。

Ari, if I may just add one thing -- one other comment to Adaire's comment, you also have to appreciate there's certain economies of scale. If you sort of talk about Ralph with this global design and construction team, there's just too many small phases that we do along the process, and it's -- the stage of where we are in the industry is just -- is inherently inefficient. And the average size of the deals that we're seeing today are much larger.

阿里，如果我可以添加一件事——對阿代爾評論的另一條評論，你還必須認識到存在一定的規模經濟。如果你談論 Ralph 的這個全球設計和施工團隊，我們在整個過程中要做的小階段太多了，而且我們所處的產業階段本質上效率很低。我們今天看到的交易平均規模要大得多。

And so as Adaire says, it just makes sense to aggregate into the major metros in which we focus -- through the extension of those major metros into other markets as well and do it in scale and size. And so we get an outsized return relative to where we were and you sort of service the customer with a larger set of capacity available for them.

因此，正如阿代爾所說，透過將這些主要都市擴展到其他市場，並在規模和規模上進行整合，聚合到我們關注的主要都市是有意義的。因此，相對於我們之前的情況，我們獲得了巨大的回報，並且您可以為客戶提供更大的可用容量。

Thanks. And there may be somewhat of a follow-up on the development side. It looks like you're adding a significant number of cabinets specifically in the DC market, including DC 16 Phase two and three, essentially back to back.

謝謝。開發方面可能會有一些後續行動。看起來您專門在 DC 市場添加了大量機櫃，包括 DC 16 第二階段和第三階段，基本上是背對背的。

Is there something specific you're seeing in that market? Does that go to that shift to two larger campuses? And just even more broadly in the Americas, you have a large amount of cabinets expected to come online over the next 12 to 18 months? Is that to be backlogged, or are you pre-empting the inference demand in any way, or is there something else?

您在該市場上看到了什麼具體的東西嗎？這是否意味著轉移到兩個更大的校園？更廣泛地說，在美洲，預計未來 12 到 18 個月內將有大量機櫃上線？這是要積壓的，還是你要以任何方式搶佔推理需求，或者還有其他什麼？

Well, I think we're in the very unfortunate position that market-wise, demand outstrips the supply at the moment. And that is particularly true, I think, in the North American and theater of operation. So we are looking forward to having the opportunity to release this capacity into the market where we know that we will not only be able to serve the needs of our customers but also command a price premium in this robust pricing environment for the cabs that we release.

嗯，我認為我們處於非常不幸的境地，從市場角度來看，目前需求超過了供應。我認為，在北美和戰區尤其如此。因此，我們期待有機會將這種產能釋放到市場中，我們知道我們不僅能夠滿足客戶的需求，而且還能在我們發布的計程車的強勁定價環境中獲得溢價。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Great. Good evening. Keith, I wanted to just come back to revenue growth. I think the underlying adjusted for power pass-through growth this year is 7% to 8%. Could we revisit the Investor Day last year? I think you talked about this being something of a transition year, but longer term, you saw 8% to 10% growth. And Adaire was just talking about the strong demand and pricing. So how do we think about that as we head into '25 with the bookings backlog and how that relates to CapEx, especially given some of your new plans on expansion? Thanks.

偉大的。晚安.基思，我想回到收入成長的話題。我認為今年電力傳遞成長的基本調整為 7% 至 8%。我們可以回顧去年的投資人日嗎？我認為您談到今年是過渡年，但從長遠來看，您看到了 8% 到 10% 的成長。阿代爾剛剛談到了強勁的需求和定價。那麼，當我們進入 25 年時，預訂積壓以及這與資本支出有何關係，特別是考慮到你們的一些新擴張計劃，我們如何看待這一點？謝謝。

Thanks for the question, Simon. I might just jump in first and maybe just comment on some of the dynamics that we saw in the market in Q3 and then pass over to Keith to address some of the specificity of the question that you raised there. I think when we look at the first half of this year, we certainly saw some headwinds, even though I believe that our performance was solid during the first half of the year.

謝謝你的提問，西蒙。我可能會先介入，也許只是評論我們在第三季市場上看到的一些動態，然後交給基斯來解決您在那裡提出的問題的一些特殊性。我認為，當我們回顧今年上半年時，我們確實看到了一些阻力，儘管我相信我們上半年的表現很穩健。

And it would be fair to say that whilst in Q3 some of these headwinds still persist, we saw incredible improvement in our bookings trajectory. And there are some underpinning reasons why I believe that to be the case. First of all, we are, as we know, in a very strong demand environment, but our sales teams executed with precision on our pipeline. And we had phenomenal execution that led to this record gross bookings, which, of course, facilitates the growth in our backlog.

公平地說，雖然在第三季度，一些不利因素仍然存在，但我們的預訂軌跡取得了令人難以置信的改善。我相信情況確​​實如此，有一些根本原因。首先，正如我們所知，我們處於非常強勁的需求環境中，但我們的銷售團隊在我們的管道上精確執行。我們出色的執行力創造了創紀錄的總預訂量，這當然也促進了我們積壓訂單的成長。

And we did that in a way that means that our forward-looking pipeline is also strong. So there were no major pulls forward into our Q3 outcomes as a result of the wonderful execution of the sales team.

我們這樣做的方式意味著我們的前瞻性管道也很強大。因此，由於銷售團隊的出色執行，我們第三季的業績並沒有重大推動。

We also focused on some sales plays that cornered in particular conversations for us with our customers, enabling us to deliver solutions in very particular context that meet requirements for customers right across the spectrum of the market. And we also adopted an approach where we began to demand shape. So how we could look at capacity that existed in our Tier-2 metros and demand-shape the workload in concurrence with the customer so that we were actually utilizing the capacity in these non-Tier 1 metros. And it's interesting to see that the megawatts landing in our non-Tier 1 metros were 80% up Q-on-Q.

我們也專注於一些銷售策略，這些策略特別適合我們與客戶的對話，使我們能夠在非常特定的背景下提供解決方案，滿足整個市場範圍內客戶的需求。我們也採取了一種開始要求形狀的方法。那麼，我們如何查看二級城市中存在的容量，並根據客戶的要求調整工作負載，以便我們真正利用這些非一級城市中的容量。有趣的是，我們的非一級城市的兆瓦容量較上季成長了 80%。

So this, coupled with this very strong pipe -- and Keith alluded to it in his opening remarks where we have already undertaken some pre-sale activity that I think de-risks both Q4 and future quarters -- enables us to look forward in a positive way. We've delivered in Q3 some critical capacity into the market. Pricing continues to be robust. As you heard, our interconnection adds are strong. Power density is rising. So whilst we've had some puts and takes, for us, Q4 will be about focusing on delivering another great quarter so that we have a strong exit into '25.

因此，再加上這個非常強大的管道——基思在他的開場白中提到了這一點，我們已經開展了一些預售活動，我認為這些活動可以降低第四季度和未來幾個季度的風險— —使我們能夠展望未來積極的方式。我們在第三季向市場交付了一些關鍵產能。定價持續強勁。正如您所聽到的，我們的互連功能非常強大。功率密度不斷上升。因此，雖然我們做出了一些調整和調整，但對我們來說，第四季度將專注於交付另一個出色的季度，以便我們能夠強勢退出 25 年。

So Simon, maybe just adding on to Adaire's comments, which I think really hit the mark in so many different ways. But as you can appreciate, our business is very geographically dispersed. As Adaire said, there's demand shaping into markets and that effect; that has some impact on pricing -- the price points.

西蒙，也許只是補充一下阿代爾的評論，我認為這些評論在很多方面都擊中了要害。但正如您所知，我們的業務在地理位置上非常分散。正如阿代爾所說，需求正在塑造市場並產生影響；這對定價（價格點）有一些影響。

That all said, the number of core markets that we are currently constrained in something that has caused us to reflect on how we're going to grow and build the platform. And so hence, why we're going to build bigger in particularly the markets that are the most important ones. And so that is something that I think that you'll continue to hear us talk about.

總而言之，我們目前受到的核心市場數量的限制，促使我們反思如何發展和建立平台。因此，這就是為什麼我們要在特別是最重要的市場上擴大規模。因此，我認為您會繼續聽到我們談論這一點。

There's the cross currents that we referred to at the beginning part of the year and still exist today. But we're seeing -- thankfully, we're seeing the gross activity that more than outweighs these cross currents. The cross currents are really about optimization. You've heard us speak about previously, particularly around network companies as they optimize their -- whether it's their cross-connect or other services, whether it's DDN providers and the like that tend to be very cross-connect ends. So those are some of the things I think that are at the forefront of our mind.

我們在年初就提到這種逆流，至今仍然存在。但我們看到——值得慶幸的是，我們看到的總活動量遠遠超過了這些橫流。交叉流實際上與優化有關。您之前已經聽過我們談論過，尤其是網路公司優化其交叉連接或其他服務，無論是 DDN 提供者等往往是高度交叉連接的終端。我認為這些是我們最關心的一些事情。

That all said, we've set ourselves up for what we believe is going to be a really good Q4. That's going to be a strong indication coming off a record Q3. What does Q4 look like? And then what is the ability of the matrix -- sorry, our xScale 2.0 initiative look like as we look into 2025 as well? So it's the combination of those things, I think, that will allow or give us the confidence that we think we're going to have a very strong exit rate to the business.

話雖如此，我們已經為我們相信第四季的表現做好了準備。這將是創紀錄的第三季的一個強烈跡象。Q4 是什麼樣子的？那麼矩陣的能力是什麼——抱歉，我們的 xScale 2.0 計劃在我們展望 2025 年時會是什麼樣子？因此，我認為，正是這些因素的結合，讓我們有信心，我們認為我們的業務將會有非常高的退出率。

And maybe just a last couple of points. One of the things we said in our prepared remarks was interconnection revenues had increased. Not only do we see a nice year-over-year growth rate of 10%, but the average price point is moving up on a per cross-connect basis.

也許只是最後幾點。我們在準備好的發言中所說的一件事是互連收入增加了。我們不僅看到 10% 的同比增長率，而且每個交叉連接的平均價格也在上漲。

And so you're seeing increased density, increased pricing, and the componentry of that relative to the size of our total revenue base has been increasing. And so it's the combination of those matters as well that we think that will influence our growth rate as we look into 2025 and beyond.

因此，你會看到密度的增加、定價的增加，以及相對於我們總收入基礎規模的組成部分一直在增加。因此，我們認為這些因素的結合將影響我們展望 2025 年及以後的成長率。

Jonathan Atkin, RBC.

喬納森·阿特金，加拿大皇家銀行。

Thanks. So I have a balance sheet question. Just with the $2.8 billion in cash, 3.5 times net leverage and just given the operating trends that you've talked about, what would you potentially have in -- and how do you plan to use some of the cash going forward, whether it might be like land acquisitions or tuck-in or other data center acquisitions? And then I have a follow-up. Thanks.

謝謝。所以我有一個資產負債表問題。憑藉 28 億美元的現金、3.5 倍的淨槓桿，並考慮到您所談論的營運趨勢，您可能會擁有什麼——以及您計劃如何使用未來的部分現金，無論是就像土地收購、塞入或其他資料中心收購一樣？然後我有一個後續行動。謝謝。

Well, Jon, you know the business really well. So with the short-term investments, which are very -- as you can appreciate -- are very liquid, the cash on the balance sheet at September 30 was $3.2 billion cash and short-term investments. We're going to use $1 billion of that to pay down our debt in November. And so on a pro forma basis, we clearly got -- we have a smaller balance than you're probably anticipating.

好吧，喬恩，你非常了解這個行業。因此，如你所知，短期投資的流動性非常強，截至 9 月 30 日，資產負債表上的現金為 32 億美元現金和短期投資。我們將用其中的 10 億美元來償還 11 月的債務。因此，在預計的基礎上，我們顯然得到了——我們的餘額比您可能預期的要小。

That all said, given the capital plans that we have, the closure of the Philippines acquisition, the dividend, we're probably going to end the year around $1.5 billion of cash. And as you and the other analysts and investors are aware, we have a really meaningful capital appetite looking forward into 2025 but maybe even more so in '26 and '27 as the growth opportunity presents itself.

話雖如此，考慮到我們的資本計劃、菲律賓收購的完成以及股息，我們可能會在年底獲得約 15 億美元的現金。正如您和其他分析師和投資者所知，展望 2025 年，我們有非常有意義的資本胃口，但隨著成長機會的出現，在 26 和 27 年可能更是如此。

And then you tie that into also our xScale 2.0 initiative with CPPIB and GIC, we're going to be a 25% partner to a $15 billion-plus venture. And so we're going to have to fund that as well. And we're already seeing the initial sort of cash demands from that initiative, both in what we need to do with the power generator, the utility provider as well as the long lead items with the partners and the vendors. And it's really around the MEP, all the mechanical and electric and plumbing equipment and the like.

然後，將其與我們與 CPPIB 和 GIC 合作的 xScale 2.0 計劃結合起來，我們將成為一家價值超過 150 億美元的企業的 25% 的合作夥伴。所以我們也必須為此提供資金。我們已經看到了該計劃的初始​​現金需求，無論是我們需要與發電機、公用事業提供者合作，還是與合作夥伴和供應商合作的長期專案。它確實圍繞著環境保護部，所有機械、電氣和管道設備等。

So that's also a big consumer of cash on our balance sheet as we anticipate what will happen in the future, which is a lot of revenue coming from those investments. But again, we have to get ahead of them today. And so we need the cash on the balance sheet to certainly fund that future growth, pay the dividend, and continue to scale the business.

因此，這也是我們資產負債表上現金的一大消耗者，因為我們預計未來會發生什麼，這些投資將帶來大量收入。但同樣，我們今天必須領先他們。因此，我們需要資產負債表上的現金來為未來的成長提供資金、支付股息並繼續擴大業務規模。

Thanks, Keith. We're very focused on getting that capital into capacity as quickly as possible, right?

謝謝，基斯。我們非常注重盡快將資金投入使用，對吧？

Yeah. And the leverage is -- the net leverage number, Jon, as you know, is 3.5 time levered, which is great for the industry. But we do carry a little bit more cash. As you know -- but that all said, when you look at it, we still have a tremendous amount of strategic flexibility in our balance sheet. And so we'll continue to -- we're going to go raise more debt capital. We already have our sights on parts of the world. We're going to raise the next tranches of debt capital.

是的。槓桿是——淨槓桿數，喬恩，如你所知，是 3.5 倍槓桿，這對這個行業來說是很好的。但我們確實攜帶了更多的現金。如您所知，但總而言之，當您看到它時，我們的資產負債表仍然具有巨大的策略靈活性。因此，我們將繼續籌集更多債務資本。我們已經把目光投向了世界部分地區。我們將籌集下一批債務資本。

We've been very efficient with our ATM program. We can put more leverage on the books with great comfort without putting ourselves in harm's way with any of the rating agencies. And so we have a lot of strategic flexibility there. So I think suffice it to say, we are in a very enviable position vis-a-vis the liquidity and strategic flexibility we have and the partners we're engaging with to continually to scale the business in the -- and sort of the xScale franchise.

我們的 ATM 計劃非常有效率。我們可以放心地在帳簿上施加更多的槓桿作用，而不會讓我們自己受到任何評級機構的傷害。因此，我們在那裡有很大的戰略靈活性。因此，我認為可以這麼說，我們擁有的流動性和戰略靈活性，以及​​我們正在合作的合作夥伴，處於非常令人羨慕的地位，可以不斷擴大業務規模——以及某種xScale特許經營權。

Thank you. My follow-up just relates to digital. And I might have missed -- you talked about attach rates. I think that might have been for fabric. But can you just update us on metal and Network Edge and what the plans are going forward to how you see those businesses progressing or not? Thanks.

謝謝。我的後續行動只與數字有關。我可能錯過了——你談到了附加費率。我認為這可能是針對布料的。但是您能否向我們介紹一下金屬和網路邊緣的最新情況以及未來的計劃以及您如何看待這些業務的進展？謝謝。

Sure. Thank you for the question. I think from an overall digital services portfolio, Equinix has certainly demonstrated some success and some very strong success in the products that are natively digitally enabled such as fabric and such as Network Edge.

當然。謝謝你的提問。我認為，從整體數位服務組合來看，Equinix 在原生數位化產品（例如 Fabric 和 Network Edge）方面確實取得了一些成功，並且取得了非常巨大的成功。

Fabric achieved a greater than $250 million annual revenue run rate with a 40% attach. This 40% attach number is a focus point for us. Moving forward into Q4 and next year, we think there's the opportunity to increase that attach rate. The growth in fabric was underpinned by solid 1 gigabyte port additions. And we continue to see the potential in fabric almost diversifying as an exchange where we have almost 4,000 customers who are connecting to 1,300 cloud and network destinations. Underpinning fabric is obviously Fabric Cloud Router, which is available in 61 of our metros. And of course, all of the key cloud providers are part of this fabric infrastructure.

Fabric 的年收入運行率超過 2.5 億美元，成長率為 40%。這個 40% 的附加數字是我們關注的焦點。進入第四季和明年，我們認為有機會提高附加率。結構的成長得益於穩定的 1 GB 連接埠增加。我們繼續看到結構作為交換的潛力，幾乎多樣化，我們有近 4,000 名客戶連接到 1,300 個雲端和網路目的地。支撐結構顯然是 Fabric Cloud Router，它在我們的 61 個城市中可用。當然，所有關鍵的雲端供應商都是該結構基礎設施的一部分。

Network Edge, 450-plus customers at the moment using this service. It is yet not a meaningful revenue contributor for us at this time, but we do believe that it drives ecosystem magnetism for us and is an evolving part of our business and one that we are focusing on under our digital services portfolio.

Network Edge，目前有 450 多名客戶使用這項服務。目前它對我們來說還不是一個有意義的收入貢獻者，但我們確實相信它為我們帶來了生態系統的吸引力，並且是我們業務不斷發展的一部分，也是我們數位服務組合下重點關注的部分。

Overall, for us, as it relates to the products in this portfolio, we're really looking to ensure that we enhance the customer experience that we deliver improved digital interactions for our customers. That includes the portal capabilities through which the customers connect with us. That includes the API footprint that partners can use to deploy their solutions into our environment, and that will include capabilities like absorbability, providing that view to our customers. Our get-started position though, our first focus for our digital services portfolio will be around our interconnection product portfolio and continuing to evolve and grow that great franchise.

總的來說，對於我們來說，由於它與該產品組合中的產品相關，我們確實希望確保增強客戶體驗，為客戶提供改進的數位互動。這包括客戶與我們聯繫的入口網站功能。這包括合作夥伴可以用來將其解決方案部署到我們的環境中的 API 足跡，並且包括可吸收性等功能，為我們的客戶提供該視圖。不過，我們的起步位置是，我們數位服務產品組合的首要重點將是圍繞我們的互連產品組合，並繼續發展和發展這一偉大的特許經營權。

Anything on metal then to kind of round out the discussion?

那麼有什麼關於金屬的東西可以讓討論更加圓滿嗎？

Not at this point. Let me just give you a general -- maybe another general comment, Jon, that when we look at digital services, they represent just under 8% of our revenues. Metal in and of itself represents 1.25% of our revenues and has been relatively flat quarter over quarter.

目前還沒有。讓我給你一個一般性的——也許是另一個一般性的評論，喬恩，當我們審視數位服務時，它們占我們收入的不到 8%。金屬本身占我們收入的 1.25%，季度環比相對持平。

Jim Schneider, Goldman Sachs.

吉姆·施奈德，高盛。

Good afternoon. Thanks for taking my question. It was encouraging to see your new xScale joint venture with CPP and GIC. Can you maybe talk about the pace of new capacity additions you expect from that joint venture? Could we see anything by the first half of 2027? Or is that too early? And how should we expect sort of the ratability of that capacity to come on through the 2029 timeframe?

午安.感謝您提出我的問題。看到你們與 CPP 和 GIC 成立新的 xScale 合資企業，真是令人鼓舞。您能否談談您期望該合資企業新增產能的步伐？到 2027 年上半年我們還能看到什麼嗎？還是說太早了？我們該如何期望這種能力在 2029 年的時間範圍內實現？

Yes. We're very excited as well about the opportunity that this represents for us and really does allow us to serve the needs of our customers right across the spectrum that we engage. So we agree with you in terms of the enthusiasm here.

是的。我們也對這為我們帶來的機會感到非常興奮，並且確實使我們能夠在我們參與的各個領域滿足客戶的需求。因此，我們同意您的熱情。

This is a transaction that will close shortly. And as soon as that transaction closes, given that we have already closed Atlanta and that we will move the Atlanta campus into the JV, this is where we will begin our work using the model that we have redefined in our design process for our data centers.

這是一項即將結束的交易。一旦交易完成，鑑於我們已經關閉了亞特蘭大，並且我們將把亞特蘭大園區遷入合資企業，我們將在這裡開始我們的工作，使用我們在資料中心設計流程中重新定義的模型。

So in terms of timeframe, it's hard to give you the specificity of that right now. I believe that we are probably looking at a 12- to 18-month cycle to introduce this capacity into our footprint. But we are working to ensure that we can bring capacity on as quickly as possible, and that's part of the process that will kick in following the formal close of this transaction.

因此，就時間範圍而言，現在很難向您提供具體情況。我相信我們可能會考慮以 12 到 18 個月的周期將這種產能引入我們的足跡。但我們正在努力確保能夠盡快恢復產能，這是交易正式結束後啟動的流程的一部分。

And Jim, I'll just elaborate a little bit further. We've already placed a number of orders for the long lead items as it relates to the Atlanta and the next campus. So two campuses out. We're currently negotiating with the local power provider in Atlanta. There's multiple other sites in the US that we're working alongside different power producers to enter into an agreement.

吉姆，我將進一步詳細說明。我們已經為與亞特蘭大和下一個校區相關的長週期項目下了一些訂單。所以有兩個校區。我們目前正在與亞特蘭大當地的電力供應商進行談判。我們正在與美國的其他多個發電站與不同的電力生產商合作達成協議。

And so the combination of all those would probably allow you to make the assumption that the delivery of value will start much sooner than 2029. But still a little bit premature to give you exact dates, but suffice it to say, we're getting ready to start preparing the land in Atlanta, and that will put us in a pretty good position to deliver something much sooner than the 2029 timeframe.

因此，將所有這些因素結合起來，您可能會做出這樣的假設：價值的交付將比 2029 年早得多。但現在給你確切的日期還為時過早，但我只想說，我們正準備開始在亞特蘭大準備土地，這將使我們處於一個非常有利的位置，可以比2029 年的時間表更快地交付一些東西。

Great. Thank you. And then maybe as a follow-up, it was encouraging to see the resumption in growth in your new cabinet additions in this quarter. Maybe would love to get a sense of your confidence that the momentum in either the growth rate or the number of cabinets can continue to accelerate from here. And maybe talk about some of the underlying drivers of that. Thank you.

偉大的。謝謝。也許作為後續行動，看到本季新增內閣成員恢復成長是令人鼓舞的。也許您希望了解您對成長率或機櫃數量的勢頭可以從這裡繼續加速的信心。也許可以談談一些潛在的驅動因素。謝謝。

Yes, thank you. Yes, we were also very happy about how this measure showed up in Q3. The volume that came through for us was quite impressive. And I think despite the continuation of the power density gap that we've been highlighting over previous quarters, underpinning the net billable cabinets, we saw strong bookings. We had lower churn, and we had capacity opening up in some of our key metros, which all contributed to that 3,100 number.

是的，謝謝。是的，我們也對第三季這項措施的表現感到非常高興。我們收到的數量非常令人印象深刻。我認為，儘管我們在前幾個季度一直強調的功率密度差距持續存在，支撐著淨計費機櫃，但我們看到了強勁的預訂。我們的客戶流失率較低，而且我們在一些主要城市開放了運力，這些都促成了 3,100 個數字。

As we look forward, we think based on the backlog of what's been sold but not been installed that this will remain solid into Q4 and into early '25. And so yes, we're very happy with, as I said, how this showed up, even given the increasing power density, which allowed us to have a churn or 4-kilowatt per cab but to sell it at 6.2 [kv] a cab.

展望未來，我們認為，根據已售出但未安裝的積壓情況，這種情況將持續到第四季和 25 年初。And so yes, we're very happy with, as I said, how this showed up, even given the increasing power density, which allowed us to have a churn or 4-kilowatt per cab but to sell it at 6.2 [kv] a計程車.

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys, thanks so much for taking the question. So I just want to follow up on Jim's question. So Keith, no good deed goes unpunished. So slide 22, footnote 2, you highlight that you've made some adjustments to the cabinet disclosure by making a cabinet equivalent. And we talked about this, I think, for several quarters.

嘿，夥計們，非常感謝您提出這個問題。所以我只想跟進吉姆的問題。所以基思，任何善行都會受到懲罰。因此，在投影片 22、註腳 2 中，您強調您已透過製作內閣等效項對內閣披露進行了一些調整。我想我們已經討論了好幾個季度了。

Could you elaborate a little bit on what is the adjustment? How does this affect -- is it equal adjustments in each region? You didn't make any adjustments in Asia. Does it affect the MRR per cabinet closures? I mean it would be helpful to have this conversation. I think and then if I could -- I'll just let you go, and then I have a question for Adaire.

能詳細說明一下調整的內容嗎？這有何影響——每個地區的調整是否相同？你們沒有在亞洲做任何調整。它會影響每個機櫃關閉的 MRR 嗎？我的意思是進行這次對話會很有幫助。我想，如果可以的話，我會讓你走，然後我有一個問題要問阿代爾。

Yeah. No, it's a fair question. So this -- again, for those that aren't -- maybe haven't looked at the notes similar to how David has looked at them, this really is more about available cabinet capacity given the demand profile and the density of certain deployments relative to where the power exists today.

是的。不，這是一個公平的問題。因此，對於那些沒有看過這些註釋的人來說，可能沒有像 David 所看到的那樣查看註釋，這實際上更多的是關於可用機櫃容量，考慮到需求概況和某些部署相對的密度到今天權力存在的地方。

And so we take -- and this is something from the beginning of time as we continue to -- again, for those that have walked through a data center, you walk through a data center, and you'll see that beside a very dense cage, there could be idle capacity, at least from an infrastructure perspective. And largely, that's because a prior customer has taken the infrastructure that would support that environment. And so we adjust the net cabinets.

所以我們採取——這是從一開始我們就繼續做的事情——再次，對於那些走過數據中心的人來說，你走過一個數據中心，你會看到它旁邊有一個非常密集的數據中心。這在很大程度上是因為先前的客戶已經採用了支援該環境的基礎設施。所以我們調整網櫃。

This is really about us creating that visibility to you, knowing that as density goes up, absent the augmentation of power in certain markets, that we will take some of the inventory out. And of course, it adjusts the net utilization. But of course, because you increase density, you're increasing your price points, and the volume of revenue going through that cabinet. And again, as I've said publicly in many a venue, we price to yield. So we price on a kilowatt basis. And so where they use 1 cabinet or 1,000 cabinets, depending on how much infrastructure you use, that's the revenue that we would earn from the business.

這實際上是為了讓我們為您創造可見性，因為我們知道，隨著密度的增加，如果某些市場的實力沒有增強，我們將去除一些庫存。當然，它會調整淨利用率。但是，當然，因為增加了密度，所以您的價格點也隨之增加，並且通過該機櫃的收入量也隨之增加。再次強調，正如我在許多場合公開所說的那樣，我們根據收益率定價。所以我們以千瓦為單位定價。因此，他們使用 1 個機櫃或 1,000 個機櫃，具體取決於您使用的基礎設施數量，這就是我們將從業務中賺取的收入。

So again, there's nothing meaningful here other than to say that given the density factor of some of the deals that we're doing and some of the AI workloads that we're winning, it's adjusting basically the available physical cabinet of capacity that's available. And that offsets some of the builds that we basically brought to market this past quarter. So let me stop there, David, and see if I answered your question or whether there's anything else you'd like us to touch on there.

再說一次，除了說考慮到我們正在做的一些交易的密度因素以及我們正在贏得的一些人工智慧工作負載之外，這裡沒有任何意義，它基本上是在調整可用的實體機櫃容量。這抵消了我們上個季度推向市場的一些構建。那麼，大衛，讓我就此打住，看看我是否回答了你的問題，或者你是否還有什麼需要我們談的。

So I just want to clarify. So the comments that Adaire was making about 4 kws as traditional and kind of 6.2 is incremental, are each of these new cabinets being considered a 1.5 cabinet?

所以我只想澄清一下。因此，阿代爾提出的評論是，大約 4 千瓦為傳統功率，而 6.2 千瓦是增量功率，這些新機櫃中的每一個是否都被視為 1.5 千瓦機櫃？

Well, it depends on the configuration and what the specifications were for the data center. Again, we measure this down to the asset level, as you would appreciate. And Ralph and his team do a great job of allocating the available energy across the floor plate depending on the consumption parameters of the customer.

嗯，這取決於資料中心的配置和規格。正如您所理解的，我們再次將其衡量到資產水平。拉爾夫和他的團隊在根據客戶的消耗參數在地板上分配可用能源方面做得非常出色。

And so all that to say is some -- I suppose a network data center like Silicon Valley 1 or DC 2, the kilowatt per cabinet is much lower than it is in some of the newer builds. And so that's just us modifying it. But it's really more about, what is that new deployment?

所以要說的就是一些 - 我認為像矽谷 1 或 DC 2 這樣的網路資料中心，每個機櫃的千瓦比一些較新的建築要低得多。所以這只是我們修改它。但更重要的是，新部署是什麼？

But let me give an example. If a customer took a cabinet that was now consuming 20 kilowatts per cabinet, obviously, that has a much more material impact on cabinets we take out of available capacity versus something -- if that was in a network data center versus a cloud data center. So those are the things that we think about, but it's really about optimization of the asset. Ralph and his team manage it specifically.

但讓我舉個例子。如果客戶採用的機櫃現在每個機櫃消耗 20 千瓦，顯然，這對我們從可用容量中取出的機櫃產生的實質影響要大得多——如果是在網路資料中心而不是雲端資料中心。這些是我們考慮的事情，但實際上是關於資產的優化。拉爾夫和他的團隊專門管理它。

We also put things on hold in anticipation of introducing -- as you know, we do additional power blocks. We are building more phases. There's a lot of things that go into this. And so if there's something that happened in a given environment, that just might be temporary, because we bring things in and out of availability depending on where we are with our power utilization statistics.

我們也擱置了一些事情，以期引入——如你所知，我們做了額外的電源塊。我們正在建設更多階段。這牽涉到很多事情。因此，如果在給定環境中發生了一些事情，那可能只是暫時的，因為我們根據我們的用電統計數據來確定是否可用。

And so just my final question on that. I'm sorry to kind of -- thank you, Keith, for sharing all the insights. So if I'm going to do an MRR per cabinet, then is the denominator the cabinet, or is it the cabinet equivalent, which would be a larger denominator? And so what I'm looking at is more of a normalized MRR cabinet as opposed to a (multiple speakers) MRR cabinet?

這是我的最後一個問題。我很抱歉——謝謝你，基思，分享了所有的見解。因此，如果我要對每個機櫃進行 MRR，那麼分母是機櫃，還是機櫃等效值（哪個是更大的分母）？那麼我所看到的更多的是標準化的 MRR 機櫃，而不是（多個揚聲器）MRR 機櫃？

Yeah. We've always measured things out of what we call a cab e basis, a cabinet equivalent, because you might have a scenario where you sell a cage, but you have fewer cabinets, and there are a lot of other infrastructure that's gone into the cage. So we always measure on a cab e basis.

是的。我們總是根據所謂的「cab e basic」（相當於一個機櫃）來衡量事物，因為您可能會遇到這樣的情況：您出售一個籠子，但您的機櫃較少，而且還有很多其他基礎設施投入使用。所以我們總是以出租車為基礎進行測量。

Okay. Good. And then, Adaire, -- sorry -- if I could -- I apologize. Adaire, thank you for the time. So maybe it's just me, but it was interesting to read through the prepared remarks and listen to the prepared remarks, because we talked maybe 50% of the time about the xScale program and all the investments and the balance sheet management, and it's 1% of revenue.

好的。好的。然後，阿代爾，對不起，如果可以的話，我道歉。阿代爾，謝謝你抽出時間。所以也許只有我這麼認為，但閱讀準備好的評論並聆聽準備好的評論很有趣，因為我們可能有 50% 的時間談論 xScale 計劃以及所有投資和資產負債表管理，而只有 1%的收入。

Is this an effort to change the narrative about Equinix being a part of this kind of AI training? Because I feel like the old regime worked really hard to convince people that this was not where Equinix was. Then it was all about inference was about the future, but we're talking a lot about it, and I'm not sure why.

這是為了改變 Equinix 參與此類人工智慧培訓的說法嗎？因為我覺得舊政權非常努力地讓人相信這不是 Equinix 所在的地方。然後一切都是關於未來的推論，但我們談了很多，我不知道為什麼。

Okay. That's a great question. Thank you for the opportunity to answer it for you. As we've navigated our xScale journey, I think as we've gained momentum, it has become clear to us that xScale is an opportunity to be a multiplier for our core retail colocation business. And let me explain why I say that and how I mean that.

好的。這是一個很好的問題。感謝您給我機會為您解答。在我們的 xScale 之旅中，我認為隨著我們獲得了動力，我們已經清楚 xScale 是一個機會，可以成為我們核心零售託管業務的倍增器。讓我解釋一下我為什麼這麼說以及我的意思。

First of all, I see it very much as a business where we have a huge opportunity to maintain our already high degree of relevance in the supply chain for construction and design. And as Keith has already alluded to, we manage a whole series of very strategic suppliers to enable us to build as quickly as possible and deliver revenue as quickly as possible for all of our new builds. Having our xScale has a benefit in ensuring that as we're building at this kind of scale and this kind of size, supply chain position and stature remains for Equinix where it is now, which is in the top quadrant.

首先，我認為這是一項業務，我們有巨大的機會來保持我們在建築和設計供應鏈中本已高度相關的地位。正如基思已經提到的，我們管理一系列非常具有戰略意義的供應商，使我們能夠盡快建造所有新建築並儘快交付收入。擁有 xScale 的好處是，當我們以這種規模和規模進行建設時，Equinix 的供應鏈地位和地位仍然保持在當前位置，即位於頂部象限。

The second element around the narrative around xScale is that we have recognized that with the xScale footprint, we have a complete product set that addresses the evolving needs of our customers. So I feel that our process and our approach is very balance orientated and very -- about xScale being an and to our existing business instead of an or.

圍繞 xScale 敘述的第二個要素是，我們已經認識到，透過 xScale 足跡，我們擁有完整的產品集，可以滿足客戶不斷變化的需求。所以我覺得我們的流程和方法非常注重平衡，並且 xScale 是我們現有業務的“與”，而不是“或”。

First off, with hyperscalers, we are able, obviously, to capture the training workloads and the large data store requirements of the hyperscaler community. xScale gives us the facility and the ability to do that. For service providers, it also gives us the opportunity perhaps to unlock some large footprint. We've seen large footprint demand even for our enterprise customers increase over the course of the last period of time.

首先，對於超大規模，我們顯然能夠捕捉超大規模社群的訓練工作負載和大型資料儲存需求。 xScale 為我們提供了做到這一點的設施和能力。對於服務提供者來說，它也為我們提供了釋放一些大足跡的機會。我們發現，在過去一段時間裡，即使是我們的企業客戶，佔地面積的需求也在增加。

And this enables us to be able to provide that capability to enterprises who are looking to perhaps do private AI with Equinix, who are looking to operate with Equinix at scale across a number of geographic locations. We gave some examples of customers that are enterprise-based and who are using Equinix capabilities in order to underpin their AI strategies. So I really believe that this full and rich product continuum from hyperscalers, serving enterprises, and our retail-rich colocation facility is actually the winning strategy, because the landscape continues to evolve, and we now have an opportunity to be able to respond to how that landscape evolves over time.

這使我們能夠為那些希望透過 Equinix 進行私人 AI 的企業提供這種能力，這些企業希望透過 Equinix 在多個地理位置進行大規模營運。我們提供了一些基於企業且正在使用 Equinix 功能來支援其 AI 策略的客戶範例。因此，我真的相信，來自超大規模企業、為企業提供服務的完整而豐富的產品連續體以及我們零售豐富的託管設施實際上是製勝策略，因為格局正在不斷發展，我們現在有機會能夠應對如何這種景觀隨著時間的推移而演變。

So please see this as an and, not an or. We want to very clearly articulate that for us, this is about being balanced in our approach to the opportunity and that whilst training workloads have dominated the total kilowatts leased at this particular point -- moment in time, we see significant opportunity as customers move through the stages of AI adoption at a much more accelerated pace than they move through the stages of cloud adoption.

所以請將此視為“與”，而不是“或”。我們想要非常清楚地闡明，對我們來說，這是關於我們抓住機會的方法的平衡，雖然培訓工作量在這一特定時刻的租賃總千瓦數中占主導地位，但隨著客戶的通過，我們看到了巨大的機會人工智慧採用階段的速度比雲端採用階段要快得多。

And we are actually talking to our customers not just about AI projects but about AI-enabled strategies. And when you speak about AI-enabled strategies, there's a thoughtful process that one needs to consider around how you integrate in a hybrid and multi-cloud architecture, where you store your data, et cetera, et cetera, et cetera.

實際上，我們與客戶談論的不僅是人工智慧項目，還有人工智慧支援的策略。當您談論人工智慧支援的策略時，需要考慮一個深思熟慮的過程，圍繞如何整合到混合和多雲架構中，在哪裡儲存資料等等。

So please, for us, this is very much clearly an and motion. And as we've understood more about our momentum and the opportunity in xScale, we see that it allows us to provide a full and rich product continuum, serving customers across the spectrum.

所以，對我們來說，這是一個非常明確的動議。隨著我們對 xScale 的動力和機會有了更多了解，我們發現它使我們能夠提供完整且豐富的產品連續體，為各個領域的客戶提供服務。

Maybe speaking just a little bit financially on what it means, because it's not lost to me the comment that you made about it being small relative to the size of the business. One of the things we historically said -- and it goes back to 2018, that xScale would be 1% to 2% of revenues and 3% to 5% accretive to our AFFO. As Adaire said, we're going to triple the size of that now. And the fact of the matter is the value accretion from xScale today is probably greater than it was previously, particularly given the new price points -- the yields one can derive from that type of investment.

也許只是從財務角度來談談它的含義，因為我並沒有忘記你所說的相對於業務規模來說它很小的評論。我們過去說過的一件事——可以追溯到 2018 年，xScale 將佔收入的 1% 到 2%，並為我們的 AFFO 帶來 3% 到 5% 的增值。正如阿代爾所說，我們現在要將其規模擴大三倍。事實上，如今 xScale 的價值增值可能比以前更大，特別是考慮到新的價格點——人們可以從此類投資中獲得的收益。

So what you're going to see over time is, I think, a larger contributor to the cash flow and the business, not only directly but indirectly through the joint venture structure as well. And we're just at the front edge of it today.

因此，我認為，隨著時間的推移，你將看到現金流和業務的更大貢獻者，不僅是直接的，而且還透過合資企業結構間接地做出貢獻。今天我們正處於它的前沿。

We get a fee stream, the non-recurring fee stream. You've seen us -- we talk about that periodically. But that's not what's going to drive the consistent and recurring value for our franchise. It's the recurring fees and the performance of the JV and our ownership of that JV or JVs that will make a difference to the cash flow and the AFFO that you'll enjoy on a per share basis.

我們得到一個費用流，即非經常性費用流。你已經見過我們了——我們定期討論這個問題。但這並不能為我們的特許經營帶來持續和經常性的價值。經常性費用、合資企業的業績以及我們對該合資企業或合資企業的所有權將對您每股享有的現金流量和 AFFO 產生影響。

And maybe the last comment is, look, on the last earnings call, we talked about the business that we've already sold into xScale 1.0 is on a run rate basis -- when installed is $700 million of revenue. It's a substantial adder to growth, and it's $6 billion-plus of contract value. Now magnify that and think about what is the value that accretes to the business as Adaire highlighted.

也許最後的評論是，看，在上次財報電話會議上，我們談到了我們已經出售給 xScale 1.0 的業務是基於運行率的——安裝後收入為 7 億美元。它極大地促進了成長，合約價值超過 60 億美元。現在放大這一點，並思考一下阿代爾強調的為企業帶來的價值是什麼。

And maybe one last comment, which is something that we'll absolutely be thinking about, it's not lost to me that xScale, whether it's venture 1, venture 2 or whichever venture it may be, can be a provider of future inventory to the core business, which is the most important part of what we do as an organization. And so using other people's capital, including part of ours, to grow our portfolio is really valuable.

也許最後一個評論，這是我們絕對會考慮的事情，我並沒有忘記 xScale，無論是風險投資 1、風險投資 2 還是任何一家風險投資公司，都可以成為未來庫存的核心提供商業務，這是我們作為一個組織所做的最重要的部分。因此，利用其他人的資本（包括我們的部分資本）來擴大我們的投資組合非常有價值。

And so we see xScale as a really important additive. As Adaire said, it's an and, not an or. We're going to augment value substantially by the investment decisions we're making and the realization of how important it is to our future.

因此，我們認為 xScale 是一個非常重要的添加物。正如阿代爾所說，這是一個“與”，而不是“或”。我們將透過我們所做的投資決策以及認識到它對我們的未來有多重要來大幅增加價值。

Timothy Horan, Oppenheimer.

蒂莫西·霍蘭，奧本海默。

Hey, guys. Keith, just a clarification on that point. Your longer-term guide for the xScale of 1% to 2%, 3% to 5% for AFFO, where are we in that process now or in those numbers now?

嘿，夥計們。基思，只是對這一點進行澄清。你們對 AFFO 的 xScale 1% 到 2%、3% 到 5% 的長期指南，我們現在處於這個過程中或現在的數字中？

Well, the revenue is very -- as you know, Tim, and you see it in our disclosures, on a recurring revenue basis, it's very small, because we've sold the, if you will -- the space and that's being deployed. I think we're at 385 megawatts. So that's going to get deployed at a very, very low recurring, a lot of non-recurring. So that's one.

嗯，正如你所知，蒂姆，你在我們的披露中看到，在經常性收入的基礎上，收入非常小，因為我們已經出售了（如果你願意的話）空間，並且正在部署。我認為我們的發電量為 385 兆瓦。因此，這將以非常非常低的經常性和大量的非經常性部署。這就是其中之一。

And then when you think about the cost model, all the work that we're doing and the debt that we've consumed and how that appears in the venture, it's not delivering a lot of incremental AFFO -- sorry -- AFFO yet. We get the AFFO from the non-recurring fees and some of the fit-out costs. So it's still on the [comp], which is something that I hope pleases everybody.

然後，當你考慮成本模型、我們正在做的所有工作、我們消耗的債務以及它們在合資企業中的表現時，它並沒有提供大量增量 AFFO——抱歉——AFFO。我們從非經常性費用和一些裝修費用中獲得 AFFO。所以它仍然在[comp]上，我希望這能讓大家滿意。

We see the opportunity in front of us. And when this gets to a run rate of $700 million-plus or wherever we end up with the 2.0 version, it's going to be a much more meaningful line than I think than you would appreciate. And just recognizing today, you're not feeling the value yet from it just -- you get the cash flow from the fee stream, the non-recurring fee stream, but that the real value will come in the recurring fee stream and the performance of the joint ventures.

我們看到了擺在我們面前的機會。當它的運行率達到 7 億美元以上，或者無論我們最終推出 2.0 版本，這將是一條比我想像的更有意義的產品線，比你想像的更有意義。今天才意識到，你還沒有從中感受到價值——你從費用流、非經常性費用流中獲得現金流，但真正的價值將來自經常性費用流和績效的合資企業。

Sure. And does that start to hit like mid next year, do you think, or when does that really start to hit the AFFO?

當然。您認為這種情況會在明年年中開始發生嗎？

Yeah, we're realizing a little bit of it, but certainly, you're going to see -- you're going to start to see it accelerate through '25 into '26.

是的，我們正在意識到這一點，但當然，你會看到——你會開始看到它從 25 年加速到 26 年。

Great. Can you talk about the progression of pricing? Has it gotten better every single quarter as supply has started to kind of dry up? And related to this, how much of future capacity have you pre-sold -- capacity under development have been pre-sold?

偉大的。能談談定價的進展嗎？隨著供應開始枯竭，情況是否每季都會有所改善？與此相關的是，您預售了多少未來產能—正在開發的產能已被預售？

Okay. Certainly, in terms of what we're seeing from a pricing perspective, the pricing remains robust right across all spheres of operation, and particularly in the Americas market, where we are, as I said earlier, not just demand shaping towards our Tier-1 metros, but our non-Tier-1 metros who have capacity available, also demand shaping and landing megawatts into those environments at premium-rate prices.

好的。當然，就我們從定價角度看到的情況而言，所有業務領域的定價仍然強勁，特別是在美洲市場，正如我之前所說，我們不僅僅是針對我們的層級需求塑造的1 級城市，但我們擁有可用容量的非一級城市也需要以高價將兆瓦電力輸送到這些環境中。

So we continue to see robust pricing. We continue to see the opportunity, particularly in high demand environment and capacity-constrained environments to support a churn that is positive to us where we are able to take workloads that are no longer required in that environment and replace them with much higher-value workloads utilizing the same space and the same power. The -- sorry, the second part of the question, could you just remind me?

因此，我們繼續看到強勁的定價。我們繼續看到機會，特別是在高需求環境和容量有限的環境中，以支持對我們有利的流失，我們能夠承擔該環境中不再需要的工作負載，並用更高價值的工作負載替換它們利用相同的空間和相同的功率。抱歉，問題的第二部分，你能提醒我嗎？

Just on the volume of pre-booking to assets that have not yet (multiple speakers)

僅就尚未預訂的資產的預訂量而言（多個發言者）

So let me take the second part of the question, Tim. We not ready to give you that number. But suffice it to say, we've got 57 projects currently underway across many markets in many countries. That all said, part of the reason you're hearing us talk about it today, and we haven't talked a lot about it previously, is unless something was available for sale within six months, the team was not allowed to book it.

提姆，讓我回答問題的第二部分。我們還沒準備好給你這個號碼。但我只想說，我們目前在許多國家的許多市場上有 57 個項目正在進行中。總而言之，您今天聽到我們談論它的部分原因是，除非有東西在六個月內可供出售，否則我們之前沒有談論過它，否則團隊不允許預訂它。

Today, given the environment that we all live in and the supply and demand -- or sort of the supply constraints, we're now, if you will, pre-selling into future development sites that are certainly under construction today. And then on the joint venture basis, those will be -- things that will be built-out tomorrow.

今天，考慮到我們所處的環境以及供需關係——或者某種供應限制，如果你願意的話，我們現在正在預售未來的開發場地，而這些場地今天肯定正在建設中。然後在合資企業的基礎上，這些將是明天建造的東西。

And we're not talking about that. We're just talking about things that are -- assets that are under construction today we're pre-selling. And to give you an order of magnitude -- just in order of magnitude, think of it as roughly 20% of the growth activity in the core business. That's what tells you that -- so what I mean that when you think about it, if we did X on core, think about another 20% to 25% you could add to that or business that we're not yet recording as a booking.

我們不是在談論這個。我們只是在談論今天我們正在預售的正在建造的資產。給你一個數量級——就數量級而言，將其視為核心業務成長活動的大約 20%。這就是告訴你的——所以我的意思是，當你想到這一點時，如果我們在核心上做了X，請考慮另外20% 到25%，你可以添加到我們尚未記錄為預訂的業務或業務中。

Right. That's in our retail business. And of course, in our xScale business, we've pre-leased at [90%].

正確的。這就是我們的零售業務。當然，在我們的 xScale 業務中，我們已經預租了[90%]。

Thank you for joining our Q3 conference call. This concludes the call today.

感謝您參加我們的第三季電話會議。今天的電話會議到此結束。

Good-bye. T today's conference. Thank you again for your participation. You may disconnect at this time.

再見。今天的會議。再次感謝您的參與。此時您可以斷開連線。