Equinix Inc (EQIX) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Equinix fourth-quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. If anyone has any objections, please disconnect at this time.

下午好，歡迎參加 Equinix 第四季財報電話會議。（操作員指示）今天的會議正在錄音。如果有人有異議，請立即斷開連接。

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

現在，我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.

下午好，歡迎參加今天的電話會議。

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 12, 2025.

在我們開始之前，我想提醒大家，我們今天發表的一些聲明具有前瞻性，涉及風險和不確定性。實際結果可能與這些聲明有很大差異，並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美國證券交易委員會提交的文件中確定的風險（包括我們於 2025 年 2 月 12 日提交的最新 10-K 表）的影響。

Equinix assumes no obligation and does not intend to update on 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，除非透過明確的公開揭露，否則不會對本季的財務指引發表評論。

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指標。在今天的新聞稿中，我們在 Equinix 投資者關係頁面（www.equinix.com）上提供了這些指標與最直接可比較的 GAAP 指標的對帳表，並列出了公司使用這些指標的原因。

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.

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，以及某些補充財務資訊和其他數據。我們還想提醒您，我們會不時在 IR 頁面上發布有關 Equinix 的重要信息，並鼓勵您定期查看我們的網站以獲取最新的可用信息。

With us today are 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'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 的執行長兼總裁 Adaire Fox-Martin；以及財務長 Keith Taylor。在我們準備好發言之後，我們將回答賣方分析師的問題。為了在一小時內結束本次電話會議，我們想請這些分析師將後續問題限制為一。

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

現在，我將把電話轉給阿代爾。

Thank you, Chip. Good afternoon, and a warm welcome to our earnings call for the fourth-quarter and full-year 2024. Before we dive into the key figures, I wanted to take a moment to underscore that 2024 was a year in which we proved our ability to adapt and to deliver in equally successful measure.

謝謝你，Chip。下午好，熱烈歡迎您參加我們的 2024 年第四季和全年財報電話會議。在深入研究關鍵數據之前，我想花點時間強調一下，2024 年是我們證明自己具有適應能力和同樣成功交付成果的一年。

Our performance not only demonstrates the strength, resilience, and consistency of our business, but also, and increasingly importantly, our ability to meet the future moments in the market. Our unique business model enables us to serve the full spectrum of our customers' connectivity and digital infrastructure requirements. This gives me great confidence as we continue to shape our organization to make the very most of the opportunity ahead.

我們的業績不僅反映了我們業務的實力、彈性和一致性，而且越來越重要的是，也體現了我們應對未來市場需求的能力。我們獨特的商業模式使我們能夠滿足客戶全方位的連接和數位基礎設施需求。這給了我很大的信心，因為我們將繼續塑造我們的組織，以充分利用未來的機會。

Now, turning to our results. We had an outstanding close to 2024. Revenues for the full year were $8.7 billion, up 8% year over year, an amazing 22 years of consecutive quarterly revenue growth. Adjusted EBITDA was $4.1 billion, a 160-basis-point improvement in our margins year over year. AFFO per share, our lighthouse metric, grew 10% year over year. This performance is at the top end of our long-term expectations as we continue to compound value for our shareholders. These growth rates are all on a normalized and constant currency basis, excluding lower power costs passed through to our customers.

現在，來談談我們的結果。我們以優異的成績結束了 2024 年。全年營收為 87 億美元，比去年同期成長 8%，連續 22 年實現季度營收成長。調整後的 EBITDA 為 41 億美元，利潤率年增了 160 個基點。我們的燈塔指標－每股 AFFO 年成長了 10%。由於我們將繼續為股東創造價值，這項業績達到了我們長期預期的最高水準。這些成長率都是基於標準化和恆定貨幣基礎，不包括轉嫁給客戶的較低電力成本。

Our as-reported numbers and outlook have been tempered by a significantly stronger US dollar during Q4. Our team has focused on executing against all the variables within their control to deliver an exceptional quarter and strong outlook, highlighting the underlying health of our business and the scale of our opportunity.

由於第四季度美元大幅走強，我們報告的數據和前景受到了影響。我們的團隊專注於控制所有變量，以實現卓越的季度業績和強勁的前景，凸顯我們業務的基本健康狀況和機會規模。

To give a sense of our accelerating pace of execution, in both Q4 and 2024, we delivered the best gross bookings performance in our 26-year history, with solid pricing dynamics and strong execution across all three regions. This translated to more than 16,200 deals across more than 6,000 customers in 2024.

為了展示我們不斷加快的執行速度，無論是在第四季度還是在 2024 年，我們都實現了 26 年曆史上最佳的總預訂量業績，並且在三個地區都擁有穩健的定價動態和強勁的執行力。這意味著 2024 年將與 6,000 多名客戶達成超過 16,200 筆交易。

Supported by proactive demand shaping, putting in the right customer, with the right workload, in the right location, in 2024, we delivered record megawatts sold, including our best year ever for volumes sold in non-Tier 1 metros. Our channel program delivered nearly 30% of bookings and more than 50% of company new logos for the year, with wins across a wide range of industry segments and use cases.

在積極主動的需求塑造、將合適的客戶、合適的工作量放置在合適的位置的支持下，我們在 2024 年實現了創紀錄的兆瓦銷售量，其中包括在非一線大都市銷售量最好的一年。我們的通路計畫實現了全年近 30% 的預訂量和超過 50% 的公司新標識，並在廣泛的行業領域和用例中取得了成功。

In our xScale business, during 2024, we leased approximately 150 megawatts of capacity and nearly tripled the investment capital of the program. Our best-in-class operations team delivered greater than [five nines] of uptime for our customers. They also decreased our PUE by more than 6%, lowering operating costs by $18 million for 2024. This supports both our customers' efforts to green their digital infrastructure and enhances our operational efficiency.

在我們的 xScale 業務中，在 2024 年，我們租賃了約 150 兆瓦的容量，並將該計劃的投資資本增加了近三倍。我們一流的營運團隊為我們的客戶提供了超過 [5 個 9] 的正常運作時間。他們還將我們的 PUE 降低了 6% 以上，從而將 2024 年的營運成本降低了 1800 萬美元。這不僅支持了我們的客戶綠化其數位基礎設施的努力，也提高了我們的營運效率。

Now, as we look to 2025, it is clear that the pace of technological change has never been faster. At the same time, I strongly believe that the market opportunity and Equinix's relevance to that opportunity has never been greater.

現在，展望2025年，我們可以清楚地看到，技術變革的速度從未如此之快。同時，我堅信市場機會以及 Equinix 與此機會的相關性從未如此之大。

We are fortunate to host a diverse range of customer workloads within our data centers as we support their broad digital infrastructure needs, from networking and peering to capital market value creation, to hybrid multi-cloud architectures, and through the workloads driving artificial intelligence use cases and training. We remain confident that the continued democratization of and investment in AI represents a secular demand driver for our business.

我們很幸運能夠在我們的資料中心內託管各種各樣的客戶工作負載，因為我們支援他們廣泛的數位基礎設施需求，從網路和對等到資本市場價值創造，到混合多雲架構，以及透過推動人工智慧用例和培訓的工作負載。我們始終堅信，人工智慧的持續民主化和投資將為我們的業務帶來長期的需求驅動力。

We continue to cultivate and win significant opportunities for both inferencing and training workloads as we cement Equinix as the place where private AI happens. In Q4, more than half of the volume of our top 25 deals was related to high-performance compute and AI workloads. Importantly, we are increasingly seeing a diversification of AI and machine learning use cases across healthcare, finance, transportation, and gaming.

我們將繼續培養並贏得推理和訓練工作負載的重大機遇，鞏固 Equinix 作為私人 AI 發生地的地位。第四季度，我們前 25 筆交易中超過一半的交易量與高效能運算和 AI 工作負載有關。重要的是，我們越來越多地看到人工智慧和機器學習在醫療保健、金融、交通和遊戲領域的用例多樣化。

Recent wins in customer production use cases include Outrider Technologies, the leader in autonomous yard operations, who are deployed at Equinix to support AI-based training and inference workloads that maximize freight throughput and enhanced safety in logistics yards.

客戶生產用例中最近的勝利包括自主堆場營運領域的領導者 Outrider Technologies，該公司部署在 Equinix，以支援基於 AI 的訓練和推理工作負載，從而最大限度地提高貨運吞吐量並增強物流堆場的安全性。

To seize the market opportunity, we are on a journey to simplify the path for our customers to consume digital infrastructure. Our focus is on three strategic moves: how we can, one, serve better; two, solve smarter; and three, build bolder. These critical priorities are already bearing fruit, and we expect them to enable our accretive growth in 2025 and beyond.

為了抓住市場機遇，我們正在努力簡化客戶使用數位基礎設施的途徑。我們的重點是三個策略性舉措：第一，我們如何提供更好的服務；二、更聰明地解決；三是建設得更大膽。這些關鍵優先事項已取得成果，我們預計它們將推動我們在 2025 年及以後實現增值成長。

First, we are serving our customers better by enabling our customer-facing resources to execute with precision and velocity. We introduced automated quoting and capacity visualization tools, revised our compensation plans, and rolled out a more sophisticated approach to segmentation. These changes are part of our journey to accelerate value creation for customers as we nurture our opportunities into bookings and from bookings to revenue faster. It also means that we continually refine our cost to serve whilst simultaneously improving the customer experience.

首先，我們透過使面向客戶的資源能夠精確、快速地執行來更好地為客戶服務。我們引入了自動報價和容量視覺化工具，修改了我們的薪酬計劃，並推出了更複雜的細分方法。這些變化是我們加速為客戶創造價值的一部分，因為我們將機會轉化為預訂，並更快地從預訂轉化為收入。這也意味著我們不斷優化服務成本，同時改善客戶體驗。

Second, we are solving smarter for our customers. We are simplifying our product portfolio and working to make Equinix the easy button that manages the inherent complexity of hybrid multi-cloud and AI environments. We are prioritizing products that will continue to differentiate and extend the value of Equinix, particularly around our enduring value proposition of connectivity. This focus also resulted in our decision to end-of-sale Equinix Metal, so we can concentrate our development efforts on solutions core to interconnection.

第二，我們正在為客戶提供更聰明的解決方案。我們正在簡化我們的產品組合，並致力於使 Equinix 成為管理混合多雲和 AI 環境固有複雜性的簡單按鈕。我們優先考慮那些能夠繼續區分和擴展 Equinix 價值的產品，特別是圍繞我們持久的連結價值主張。這一重點也促使我們決定停止銷售 Equinix Metal，以便我們能夠集中開發精力於互連核心解決方案。

Finally, we are building bolder. Based on the demand signals we are seeing in the marketplace, we plan to build bigger data centers in fewer, larger phases, allowing us to optimally accommodate the full product continuum on our campuses across traditional retail, larger footprint retail, and xScale. This balanced approach should accelerate our delivery of salable capacity whilst allowing us to respond to our customers' needs as market dynamics, particularly those related to generative AI, continue to evolve at a rapid pace. No other provider in the market offers this unique combination of a data center product continuum with interconnection density at a global scale.

最後，我們正在建設更加大膽的。根據我們在市場上看到的需求訊號，我們計劃分更少的階段建造更大的資料中心，以便我們能夠最佳地容納園區內傳統零售、更大佔地面積的零售和 xScale 的完整產品系列。這種平衡的方法應該可以加速我們可銷售產能的交付，同時使我們能夠回應客戶的需求，因為市場動態（特別是與生成性人工智慧相關的市場動態）繼續快速發展。市場上沒有其他供應商能夠提供這種獨特的資料中心產品系列與全球範圍內的互連密度組合。

Whilst we delivered record gross bookings in Q4, we could have delivered an even stronger bookings outcome if we had available capacity in our Tier 1 metros. By building bolder, our intent is to sprint towards this demand. More than 65% of our retail expansion is supporting capacity in major metros, and here, we have clear visibility into pipeline and fill rates.

雖然我們在第四季度實現了創紀錄的總預訂量，但如果我們在一線大都市擁有可用容量，我們本可以實現更強勁的預訂量。透過建立更大膽的計劃，我們的目的是衝刺這項需求。我們 65% 以上的零售擴張都支持主要大都市的容量，在這裡，我們可以清楚地了解通路和填充率。

Now, pivoting to the operational highlights for the quarter. Our customers value our premium service and our global footprint. With two-thirds of our recurring revenues now generated by customers deployed in more than 10 IBXs, we continue to invest to build our network of data centers across the globe. We now have 62 major projects underway in 36 metros across 25 countries, including 16 xScale projects. This represents approximately 34,000 cabinets of retail and 165 megawatts of xScale capacity, which will be delivered through to the end of 2026.

現在，我們來談談本季的營運亮點。我們的客戶重視我們的優質服務和全球影響力。目前，我們三分之二的經常性收入是由部署在 10 多個 IBX 中的客戶創造的，我們將繼續投資建造遍布全球的資料中心網路。我們目前在 25 個國家的 36 個大都會開展 62 個重大項目，其中包括 16 個 xScale 項目。這意味著約有 34,000 個零售櫃和 165 兆瓦的 xScale 容量，將於 2026 年底交付。

In November, we were pleased to announce our Singapore 6 build. This facility will provide 20 megawatts of capacity in one of APAC's fastest-growing digital economies. This month, we opened our first data center in Jakarta. This new Indonesian presence expands our reach to 74 metros across 35 countries.

11 月，我們很高興地宣布了新加坡 6 號工程的竣工。該設施將為亞太地區成長最快的數位經濟體之一提供 20 兆瓦的容量。本月，我們在雅加達開設了第一個資料中心。在印尼新開設辦事處將我們的業務範圍擴大至 35 個國家的 74 個大都市。

Our interconnected digital ecosystems continue to drive growth and customer value. We now have more than 482,000 total interconnections deployed on our industry-leading platform. We added an incremental 6,000 underlying interconnections in Q4. Interconnection revenue stepped up 9% year over year on a normalized and constant currency basis, now representing 19% of our recurring revenues.

我們互聯的數位生態系統持續推動成長和客戶價值。目前，我們在業界領先的平台上部署了總計超過 482,000 個互連。我們在第四季增加了 6,000 個增量底層互連。以標準和固定匯率計算，互連收入年增 9％，目前占我們經常性收入的 19％。

Equinix Fabric continues to over-index as customers increasingly adopt 25 and 50 gigabit per second circuits. Interconnection and ecosystem customer wins and use cases included payments processing company, WebPays, who is leveraging Fabric cloud router to connect to their key cloud partners and lower their networking costs. Zayo, the largest independent fiber provider in North America, is aggressively expanding its fiber infrastructure in key markets with Equinix, delivering unplanned high-capacity connectivity to meet the growing demands of enterprise and exponential bandwidth growth driven by AI.

隨著客戶越來越多地採用每秒 25 和 50 千兆位元的電路，Equinix Fabric 繼續超額運作。互連和生態系統客戶勝利和使用案例包括支付處理公司 WebPays，該公司正在利用 Fabric 雲端路由器連接到其主要雲端合作夥伴並降低其網路成本。北美最大的獨立光纖供應商 Zayo 正在與 Equinix 合作積極擴展其在主要市場的光纖基礎設施，提供計劃外的高容量連接，以滿足企業日益增長的需求和人工智慧推動的頻寬指數增長。

Our xScale portfolio continues to see strong overall demand as service providers expand to support their cloud and AI businesses. Since our last earnings call, we leased an incremental 31 megawatts across our Paris 12 and Paris 13 assets. Cumulative xScale leasing is now over 400 megawatts globally.

隨著服務供應商擴大其雲端和 AI 業務的支持，我們的 xScale 產品組合繼續看到強勁的整體需求。自上次獲利電話會議以來，我們在巴黎 12 和巴黎 13 資產中租賃了增量 31 兆瓦。目前，全球 xScale 租約累計已超過 400 兆瓦。

Whilst our announced and completed projects are more than 85% leased and pre-leased, we have a strong funnel of additional xScale opportunities in 2025 as customers increasingly look to secure capacity for delivery dates in 2027 and beyond.

雖然我們宣布和完成的專案的租賃和預租率超過 85%，但隨著客戶越來越多地尋求確保 2027 年及以後交付日期的容量，我們在 2025 年擁有大量額外的 xScale 機會。

We secured two new native cloud on-ramps this quarter in New York and Mexico City. We host more than twice the metros with multiple native cloud on-ramps as our nearest competitor. Native access to the cloud enables improved management of security, cost, control, and neutrality, especially for customers pursuing a hybrid and/or a multi-cloud strategy. Ease of connectivity and access to data stored in the cloud is a key requirement for inferencing use cases and training workloads.

本季度，我們在紐約和墨西哥城獲得了兩個新的原生雲端入口。我們擁有比我們最接近的競爭對手多兩倍多的城市和多個原生雲端入口。本機存取雲端可以改善安全性、成本、控制和中立性的管理，特別是對於追求混合和/或多雲策略的客戶而言。易於連接和存取儲存在雲端的資料是推理用例和訓練工作負載的關鍵要求。

Our ability to deliver value for our customers and accretive growth for our shareholders in 2024 is a testament to the strength of our team and the quality of our differentiated business model. I'm proud of our performance and excited by the opportunity for our business in the year ahead.

我們能夠在 2024 年為客戶創造價值並為股東實現增值成長，證明了我們團隊的實力和差異化商業模式的品質。我對我們的表現感到自豪，並對我們來年的業務機會感到興奮。

With that, I'll turn it over to Keith to cover the quarter's financials.

說完這些，我會把話題交給 Keith 來介紹本季的財務狀況。

Thanks, Adaire, and good afternoon to everyone. As already noted by Adaire, we had a great end to the year. The Equinix team continued to deliver across all levels of the organization.

謝謝，阿代爾，祝大家下午好。正如阿代爾所說，我們今年有一個圓滿的結束。Equinix 團隊持續為組織的各個層面提供服務。

For the full year, our record gross bookings and robust performance across each of our regions highlight the diversity and strength of our unrivaled go-to-market engine. We had solid net bookings and healthy net pricing actions while our pipeline conversion improved throughout the year.

就全年而言，我們創紀錄的總預訂量和在各個地區的強勁表現凸顯了我們無與倫比的市場引擎的多樣性和實力。我們的淨預訂量穩健，淨定價行動健康，同時我們的管道轉換率全年都有所改善。

We also celebrated our 10th year operating as a real estate investment trust, a meaningful milestone for the company. Over this 10-year period, our as-reported lighthouse metric AFFO per share has grown 10% on an annual compounded basis, while we also returned more than $9.3 billion of capital to our shareholders via our quarterly cash dividends.

我們也慶祝了作為房地產投資信託公司經營十週年，這對公司來說是一個有意義的里程碑。在這 10 年間，我們報告的燈塔指標每股 AFFO 按年複合成長率成長了 10%，同時我們也透過季度現金股利向股東返還了超過 93 億美元的資本。

Our customer focus and differentiated business model and strong consistent execution has truly allowed us to create value over the past decade. And as highlighted by Adaire, we continue to see a very significant opportunity ahead and are positioning the business to drive accretive growth for the many years to come. Yes, this is in a very exciting time.

在過去十年中，我們以客戶為中心、差異化的商業模式和強大的一致執行力真正使我們創造了價值。正如阿代爾所強調的，我們繼續看到未來的重大機遇，並正在定位業務以推動未來許多年的增值成長。是的，這是一個非常令人興奮的時刻。

And our nonfinancial metrics continue to trend favorably as we completed the year. Our net cabinets billing stepped up by 2,200 in the quarter, driven by continued strong booking activity. Our backlog of cabinets sold but not yet installed doubled over the last year, which, when combined with our 2025 operating plan goals, should drive continued performance of this core metric. Net underlying interconnection additions also showed a healthy step-up as the gross cross-connect activity was at its highest level in three years.

隨著今年的結束，我們的非財務指標持續呈現良好趨勢。受持續強勁的預訂活動的推動，本季度我們的淨櫥櫃出貨量增加了 2,200 個。去年，我們已售出但尚未安裝的櫥櫃積壓量增加了一倍，這與我們的 2025 年營運計畫目標相結合，應該會推動這項核心指標的持續表現。由於總交叉連接活動達到了三年來的最高水平，淨基礎互連增量也顯示出健康成長。

Finally, our MRR per cabinet yield stepped up to $2,326 per cabinet driven by net positive pricing actions and increasing power densities. So simply put, we continue to drive value on both the top line and at the per-share level, while delivering meaningful operating leverage across the business.

最後，在淨正向定價行動和不斷增加的功率密度的推動下，我們每機櫃的 MRR 收益升至每機櫃 2,326 美元。簡而言之，我們將繼續推動營收和每股價值的成長，同時為整個業務提供有意義的經營槓桿。

On the sustainability front, we're pleased to be recognized on CDP's prestigious Climate Change A List for the third consecutive year, while also rated AAA by MSCI for the first time. We consider our sustainability efforts to be a fundamental tenet of our business, which both supports the needs of our customers and drives operational efficiency, both very good for the business.

在永續發展方面，我們很高興連續第三年被列入CDP著名的氣候變遷A名單，同時也首次被MSCI評為AAA。我們認為永續發展努力是我們業務的基本原則，它既能滿足客戶的需求，又能提高營運效率，這對業務非常有利。

And finally, as we look forward into 2021 and beyond, we plan to continue to adapt each of our organizations and our products and services to serve our customers better with greater efficiency. This includes the end-of-sale of our metal product offering, while realigning the organization to enable us to make investments in other key priority areas.

最後，展望 2021 年及以後，我們計劃繼續調整每個組織以及我們的產品和服務，以更高的效率更好地服務我們的客戶。這包括停止銷售我們的金屬產品，同時重新調整組織，以使我們能夠在其他關鍵優先領域進行投資。

Given the metal decision, we booked a $160 million impairment charge on specific assets related to metal. Separately, we recorded a one-off and discrete charge for the impairment of our Hong Kong 4 asset totaling $73 million. We also recorded a $31 million restructuring charge, primarily related to the reduction in force in the quarter.

鑑於金屬決定，我們對與金屬相關的特定資產提列了 1.6 億美元的減損費用。另外，我們也記錄了香港4項資產減損的一次性單獨費用，總額為7,300萬美元。我們也記錄了 3,100 萬美元的重組費用，主要與本季的裁員有關。

These decisions, although difficult at the time, are the right decisions for our business. They allow us to reprioritize where we invest while also reducing the net drag on the business and improving our return on invested capital.

這些決定雖然當時很困難，但對我們的業務來說卻是正確的決定。它們使我們能夠重新確定投資優先順序，同時減少業務的淨拖累並提高投資資本的回報率。

Now let me cover the highlights for the quarter as depicted on slide 4. Note that all growth rates in this section are on a normalized and constant currency basis and exclude the impact of lower power cost passed through to our customers.

現在，讓我介紹一下投影片 4 中所示的本季亮點。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，並排除了轉嫁給客戶的較低電力成本的影響。

Global Q4 revenues were $2.261 billion, up 7% over the same quarter last year and at the midpoint of our guidance range, with both solid recurring and nonrecurring revenue growth across our regions despite a portion of our xScale fees being deferred into Q1. Q4 revenues, net of our FX hedges, included a $22 million FX headwind when compared to our prior guidance rates given the meaningful strengthening of the US dollar in the fourth quarter.

全球第四季營收為 22.61 億美元，比去年同期成長 7%，處於我們預期範圍的中點，儘管部分 xScale 費用被推遲到第一季度，但我們各地區的經常性收入和非經常性收入均實現穩健增長。由於美元在第四季度大幅走強，扣除外匯對沖後的第四季度收入與先前的預期相比，包括了 2,200 萬美元的外匯逆風。

Global Q4 adjusted EBITDA was $1.021 billion or approximately 45% of revenues, up 9% over the same quarter last year and at the midpoint of our guidance range, due to strong operating performance, though down sequentially due to planned timing of spend and xScale fee mix. Q4 adjusted EBITDA, net of our FX hedges, included a $9 million FX headwind when compared to our prior guidance rates.

全球第四季調整後 EBITDA 為 10.21 億美元，約佔營收的 45%，較去年同期成長 9%，處於我們預期範圍的中點，這得益於強勁的營運業績，但由於計畫支出時間和 xScale 費用組合，EBITDA 環比下降。與我們先前的指導利率相比，第四季度調整後的 EBITDA（扣除外匯對沖）包括 900 萬美元的外匯逆風。

Global Q4 AFFO was $770 million, up 10% over the same quarter last year, due to strong operating performance offset by our seasonally higher recurring CapEx spend, as expected. Q4 AFFO included a $2 million FX benefit when compared to our prior guidance rates.

全球第四季 AFFO 為 7.7 億美元，較去年同期成長 10%，這歸因於強勁的營運業績被我們季節性較高的經常性資本支出所抵消，這符合預期。與我們先前的指導利率相比，第四季度 AFFO 包含 200 萬美元的外匯收益。

Global Q4 MRR churn was 2.5%, as planned, due to the previously discussed deferral of MRR churn from late September into early October. Normalized for this timing, churn would have been 2.2%. For the full year, our average quarterly churn was 2.2%, well placed in the lower half of our 2% to 2.5% quarterly guidance range.

全球第四季的 MRR 流失率為 2.5%，符合計劃，這是由於先前討論過的將 MRR 流失從 9 月底推遲到 10 月初。以這個時間標準化，客戶流失率應該為 2.2%。就全年而言，我們的平均季度流失率為 2.2%，處於我們 2% 至 2.5% 季度指導範圍的下半部分。

Turning to our regional highlights, whose full results are covered on slides 5 through 7. On a year-over-year normalized basis, excluding the impact of lower power costs passed through to our customers, APAC was our fastest-growing region at 13%, followed by the Americas region at 8%. Our EMEA region grew 2% year-over-year, dampened by the significant xScale leasing activity in Q4 of 2023. Again, as noted earlier, xScale fees are inherently lumpy and can impact the quarter-over-quarter and year-over-year growth rates both at the consolidated and regional levels.

談到我們的區域亮點，其完整結果在第 5 至第 7 張幻燈片中介紹。以年比標準化基礎計算，不包括轉嫁給客戶的電力成本降低的影響，亞太地區是我們成長最快的地區，增幅為 13%，其次是美洲地區，增幅為 8%。我們的 EMEA 地區年增了 2%，但受到 2023 年第四季大量 xScale 租賃活動的影響。再次如前所述，xScale 的費用本質上是不穩定的，並且會影響合併和區域層面的季度環比和同比增長率。

The Americas region had a strong quarter with solid gross bookings as revenues for the region reached the $1 billion quarterly revenue threshold for the very first time. Also, our Americas team had strong sales across our global assets, achieving its best export quarter in two years. We saw particular strength in our Denver, Montreal, and Santiago markets, as well as continued momentum in our Tier 1 metros.

美洲地區本季表現強勁，總預訂量穩健，該地區營收首次達到 10 億美元的季度營收門檻。此外，我們的美洲團隊在全球資產中實現了強勁的銷售勢頭，實現了兩年來最好的出口季度。我們看到丹佛、蒙特婁和聖地牙哥市場表現特別強勁，同時一線大都會也持續保持強勁勢頭。

Our EMEA business delivered record gross bookings and firm pricing, led by our flat metros with strong momentum also in Geneva, Istanbul, and Milan. In the quarter, we signed our first power purchase agreement in Italy with Neoen to support 53 megawatts of new solar projects. This agreement brings Equinix's total global renewable energy capacity under long-term contracts to greater than 1.2 gigawatts across 10 countries.

我們的歐洲、中東和非洲地區業務實現了創紀錄的總預訂量和穩定的價格，其中日內瓦、伊斯坦堡和米蘭等城市表現平穩，且勢頭強勁。本季度，我們與 Neoen 簽署了義大利首份購電協議，以支持 53 兆瓦的新太陽能專案。該協議使 Equinix 在長期合約下的全球再生能源總容量達到 10 個國家的 1.2 千兆瓦以上。

And finally, the Asia Pacific region had a great quarter with record gross bookings. We saw particular strength in both our Osaka and Tokyo markets as we continue to capture significant AI deployments from both domestic and international customers. We also saw strength in our Mumbai, Singapore, and Sydney markets.

最後，亞太地區本季表現出色，總預訂量創下歷史新高。隨著我們繼續從國內外客戶獲得重要的人工智慧部署，我們在大阪和東京市場表現出色。我們也看到了孟買、新加坡和雪梨市場的強勁成長。

And now looking at the capital structure, please refer to slide 8. Our 3.4 times net leverage continues to remain low, both in absolute and relative terms to our peers. As of year-end, we had cash and short-term investments of $3.6 billion on our balance sheet, due to record customer collections and our financing activity, which puts us in a solid funding position to meet our 2025 capital needs and sets us up for 2026.

現在來看看資本結構，請參閱投影片 8。無論從絕對值還是相對值來看，我們的 3.4 倍淨槓桿率與同業相比都持續保持在較低水準。截至年底，由於創紀錄的客戶收款和我們的融資活動，我們的資產負債表上有 36 億美元的現金和短期投資，這使我們處於穩固的資金狀況，可以滿足我們 2025 年的資本需求，並為 2026 年做好準備。

In the quarter, we issued EUR1.15 billion in senior green notes at a weighted average rate of 3.4%. Additionally, we repaid $1 billion of senior notes in the quarter and raised approximately $700 million of equity through our ATM program. We plan to continue to take a balanced and opportunistic approach to accessing the capital markets as and when the market conditions are favorable, to fund our future growth.

本季度，我們以 3.4% 的加權平均利率發行了 11.5 億歐元的高級綠色票據。此外，我們在本季度償還了 10 億美元的優先票據，並透過 ATM 計劃籌集了約 7 億美元的股本。我們計劃繼續採取平衡和機會主義的方式，在市場條件有利時進入資本市場，為我們未來的成長提供資金。

Turning to slide 9. For the quarter, capital expenditures were approximately $1 billion, including seasonally higher recurring CapEx of $115 million, as planned. We opened three major projects since the last earnings call: Barcelona, Jakarta, and Rio de Janeiro. We also purchased land for development in Lagos and Paris. More than 85% of our current retail expansion spend is on our own land, our own buildings, with long-term ground leases.

翻到第 9 張投影片。本季度，資本支出約為 10 億美元，包括季節性較高的經常性資本支出 1.15 億美元，符合計畫。自上次收益電話會議以來，我們啟動了三個主要項目：巴塞隆納、雅加達和里約熱內盧。我們也在拉各斯和巴黎購買了土地用於開發。我們目前零售擴張支出的 85% 以上都用於自己的土地、自己的建築以及長期土地租賃。

Our capital investments delivered strong returns, as shown on slide 10. Our now 177 stabilized assets increased revenues by 3% year over year on both an as-reported and constant currency basis. Stabilized assets were collectively 83% utilized and generated a 27% cash-on-cash return on the gross PP&E invested. As a reminder, unlike prior years, we plan to update our stabilized asset summary on the Q1 earnings call.

我們的資本投資獲得了豐厚的回報，如投影片 10 所示。我們目前擁有 177 項穩定資產，以報告和固定匯率計算，營收年增 3%。穩定資產的總利用率為 83%，並對投資的 PP&E 總現金回報率產生了 27%。提醒一下，與往年不同，我們計劃在第一季財報電話會議上更新我們的穩定資產摘要。

And finally, please refer to slides 11 through 16 for our summary of 2025 guidance and bridges. Do note, all growth rates are on a normalized and constant currency basis.

最後，請參閱第 11 至 16 張投影片，以了解我們對 2025 年指導與橋樑的總結。請注意，所有成長率都是以標準化和恆定的貨幣為基礎的。

Starting with revenues. For the full year 2025, we expect top-line growth of 7% to 8%. As noted, this is on a normalized and constant currency basis, which adjusts for the significant net impact of FX, but also lower power cost passed through to our customers and the end of sale of our metal product offering.

從收入開始。我們預計 2025 年全年營收成長率將達到 7% 至 8%。如上所述，這是在標準化和恆定匯率基礎上的，它不僅調整了外匯的重大淨影響，還降低了轉嫁給客戶的電力成本以及終止了我們的金屬產品的銷售。

And given our bookings momentum and our largest backlog of three years and timing of capacity additions across our major metros, our Q1 guidance assumes a $28 million step-up in recurring revenues, but continued healthy step-ups in recurring revenues over the course of the year. MRR churn is expected to remain within our targeted quarterly range of 2% to 2.5% per quarter.

鑑於我們的預訂勢頭和三年來最大的積壓訂單以及我們主要大都市的容量增加時間，我們第一季的指導假設經常性收入將增加 2800 萬美元，但全年經常性收入將繼續健康成長。預計 MRR 流失率將維持在我們目標範圍內，每季 2% 至 2.5%。

We expect 2025 adjusted EBITDA margins to be approximately 49%, a 190-basis-point improvement over last year, due to strong operating leverage, targeted expense management efforts and anticipated lower power prices. And like our revenues, we expect quarterly margins to step up over the course of the year with a meaningful increase in Q2 margins over Q1, in part due to seasonality. And second-half adjusted EBITDA margins are expected to be at or near 50%.

我們預計 2025 年調整後的 EBITDA 利潤率將達到約 49%，比去年提高 190 個基點，這得益於強勁的經營槓桿、有針對性的費用管理力度以及預期的電價下降。與我們的收入一樣，我們預計季度利潤率將在一年內上升，第二季度利潤率將較第一季顯著增長，部分原因是季節性因素。預計下半年調整後的 EBITDA 利潤率將達到或接近 50%。

2025 AFFO is expected to grow between 9% and 12% compared to the previous year. And AFFO per share is expected to grow between 7% and 9%, despite the sizable investment in warehouse capital to support our future growth into '26, '27, and beyond, and also the refinancing of debt maturing in the year.

預計2025年AFFO將比上年增長9%至12%。儘管我們在倉庫資本方面進行了大量投資以支持我們未來到 26 年、27 年及以後的增長，並且還需要對今年到期的債務進行再融資，但預計每股 AFFO 仍將增長 7% 至 9%。

2025 CapEx is expected to range between $3.2 billion and $3.5 billion, including approximately $200 million of on-balance sheet xScale spend, which we expect to be reimbursed as we transfer assets into our US joint venture, and about $250 million of recurring CapEx spend.

2025 年的資本支出預計在 32 億美元至 35 億美元之間，其中包括約 2 億美元的資產負債表內 xScale 支出（我們預計在將資產轉移到美國合資企業時將得到償還），以及約 2.5 億美元的經常性資本支出。

And finally, we're increasing our 2025 cash dividend on a per share basis by 10% due to strong operating performance, our 10th consecutive year of dividend per share growth since our REIT conversion. The cash dividend will be approximately $1.8 billion, a 13% year-over-year increase, 100% of which is expected to be derived from operating performance.

最後，由於強勁的營運業績，我們將 2025 年每股現金股息提高 10%，這是我們自 REIT 轉換以來連續第 10 年實現每股股息成長。現金股利約 18 億美元，年增 13%，預計其中 100% 將來自經營業績。

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

所以我要在這裡停下來並將電話轉回給阿代爾。

Thank you, Keith. In closing, Q4 was a record quarter for Equinix in a year of record performance. 2024 demonstrated the enduring market demand for the services offered by Equinix, the execution excellence of our team in prosecuting that demand in service to our customers, and our continued drive to improve our profitability and our return to our shareholders.

謝謝你，基斯。總而言之，第四季是 Equinix 創下業績紀錄的一年中創下紀錄的一個季度。 2024 證明了市場對 Equinix 所提供的服務的持久需求、我們團隊在為客戶提供服務方面滿足這一需求的卓越執行力以及我們持續努力提高盈利能力和股東回報。

In 2025, we will double down on these qualities and further prime ourselves for growth. We will focus on the elements of our business that define our relevance and our differentiation in a rapidly evolving world: our product continuum, our global reach, our interconnection density, and our cloud connectivity.

2025年，我們將加倍努力，進一步做好成長準備。我們將專注於我們的業務要素，這些要素決定了我們在快速發展的世界中的相關性和差異化：我們的產品連續性、我們的全球影響力、我們的互連密度和我們的雲端連接。

We will embrace the relentless pursuit of efficiency and effectiveness in all that we do. We will work to make it easy at Equinix for our customers and our partners so that we can deliver the greatest value and capture as much of the opportunity as possible, driving attractive revenue growth, expanding margins, and increasing profitability.

我們將在一切工作中不懈追求效率和效益。我們將努力讓 Equinix 為客戶和合作夥伴提供便利，以便我們可以提供最大的價值，抓住盡可能多的機會，推動可觀的收入成長，擴大利潤率，並提高獲利能力。

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

至此，我的發言就到此結束，歡迎大家提問。

(Operator Instructions) Simon Flannery, Morgan Stanley.

（操作員指示） 摩根士丹利的西蒙‧弗蘭納裡 (Simon Flannery)。

Thanks very much. Good afternoon. Adaire, good to hear the comments on the interest on artificial intelligence and inference. We had a lot of news in the recent weeks on DeepSeek and the implications for the industry, and it seems like there's a general sense that inference may be coming more important relative to training and quicker. I'd love to get your perspective on that development and how you think about inference coming through your numbers in 2025, 2026, and beyond.

非常感謝。午安.阿代爾，很高興聽到對人工智慧和推理的興趣的評論。最近幾週，我們發布了許多關於 DeepSeek 及其對產業影響的新聞，似乎人們普遍認為，推理可能比訓練變得更加重要，而且更快。我很想聽聽您對這項發展的看法，以及您如何看待 2025 年、2026 年及以後的數據推論。

And I think, Keith, you just mentioned briefly on the US xScale JV. It'd be great to just get a little update since you've announced that project. Where do we stand in terms of identifying markets, build programs and so forth? Thank you.

我認為，Keith，您剛才簡要提到了美國 xScale JV。自從你宣布了那個專案之後，如果能得到一點更新就太好了。我們在確定市場、制定項目等方面處於什麼位置？謝謝。

All right. Thank you so much for the question, Simon. Yeah, it's been an interesting period of time. I think we've seen a step-change in compute efficiency along the performance curve, and that is something that I expect to continue. We expect to see continued innovation in the sector across both training and inference, which we think is a net positive for the space.

好的。非常感謝您的提問，西蒙。是的，這是一段有趣的時光。我認為我們已經看到效能曲線上計算效率的顯著變化，而且我預計這種變化將會持續下去。我們期望看到該領域在訓練和推理方面的持續創新，我們認為這對該領域來說是一個積極的信號。

The drop in inferencing costs that's implied by the work released into the open source market by DeepSeek, I think, will enable the economics of AI transformation to become a little bit more feasible for a broader set of organizations. And so that's why we feel that this will represent a circular demand driver for our business.

我認為，DeepSeek 在開源市場發布的成果意味著推理成本的下降，將使人工智慧轉型的經濟學對於更廣泛的組織來說變得更加可行。因此我們認為這將成為我們業務的循環需求驅動力。

As it relates to the actual workload characteristics and the role of inferencing and how that will play out, certainly, we believe that, within the next three years, 80% of apps and processes that operate within businesses will be infused with AI. And in fact, if our own business is an example of that, that is something that will be true for us, too.

至於它與實際工作負載特徵和推理的作用以及它將如何發揮作用有關，我們當然相信，在未來三年內，企業內部運作的 80％ 的應用程式和流程都將注入人工智慧。事實上，如果我們自己的企業就是一個例子，那麼對我們來說也是如此。

You can see the absolute relevance of Equinix to this market opportunity. We are right in the demand center of this opportunity. And in Q4, as I mentioned in my remarks, 50% of the top 25 deals that we closed in Q4 were very much related to deals where high-performance compute associated with training workloads and inferencing requirements were very prevalent and present.

您可以看到 Equinix 與此市場機會的絕對相關性。我們正處於這一機遇的需求中心。正如我在評論中提到的那樣，在第四季度，我們完成的前 25 筆交易中有 50% 都與與訓練工作負載和推理要求相關的高效能運算非常普遍且存在的交易有關。

One of the things that I think plays very strongly into Equinix's value proposition is that it is very clear that the market will be multi-cloud. And that means that we will have data landing everywhere across all of these clouds. And then in addition to that data profile, there will also be apps and agents that land everywhere in order to process the information associated with the applications and underpinning capability that they are running.

我認為 Equinix 的價值主張中非常重要的一點是，市場將會是多雲的，這一點非常明顯。這意味著我們的數據將傳輸到所有這些雲端的各個地方。除了該資料設定檔之外，還會有應用程式和代理程式隨處可見，以處理與正在運行的應用程式和基礎功能相關的資訊。

So for us, this means that our interconnection density and that heritage of Equinix in connectivity is something that will be extremely important as these apps and agents bounce to and from wherever the data is located. And we see that we have a wonderful opportunity to look at how we continue to make it easy at Equinix for our customers to deploy these technologies and how we have a pivotal role in abstracting some of this complexity through programmatic interfaces that will make it easier for our customers to deploy models, easier for our customers to access the APIs that will be key in this architecture, and easy for our customers to deploy and mount agents on globally deployed pops.

因此對我們來說，這意味著我們的互連密度和 Equinix 在連接方面的傳統將非常重要，因為這些應用程式和代理程式可以在資料所在的任何地方來回傳輸。我們看到，我們有一個很好的機會來研究如何繼續讓 Equinix 的客戶輕鬆部署這些技術，以及我們如何透過程式介面在抽像其中的一些複雜性方面發揮關鍵作用，這將使我們的客戶更容易部署模型，讓我們的客戶更容易存取這個架構中的關鍵 API，讓我們的客戶可以輕鬆地在全球部署的 pop 上部署和安裝代理程式。

So we're very positive on the opportunity, very positive about the innovations that we continue to see. We know that this is a market where the innovations will continue to come and at a fast pace. And we believe that our position is one that is very balanced and appropriate towards actually encapsulating and garnering as much of that opportunity as possible. So very excited about the potential here.

因此，我們對這個機會持非常樂觀的態度，對我們不斷看到的創新也持非常樂觀的態度。我們知道，在這個市場中創新將會不斷湧現，而且速度很快。我們相信，我們的立場是非常平衡和適當的，實際上可以盡可能地囊括和獲取這樣的機會。我對這裡的潛力感到非常興奮。

And Simon, let me just capture the second question that you'd asked, and again, thanks for asking it. I think there's two aspects in which I want to share with you and the rest of the listeners today. There's what's going on in the matrix site and what's going on in xScale.

西蒙，讓我來回答你提出的第二個問題，再次感謝你提出這個問題。我想今天我想和大家以及其他聽眾分享兩個面向。矩陣站點中發生的情況和 xScale 中發生的情況都存在。

In Adaire's prepared remarks, as you're aware, we have 16 xScale projects currently underway. Now, as part of that, one of the things that we've announced, that basically 87% -- roughly 87% of all projects that have been built that are under construction have been presold, either leased or pre-leased. So it gives you a sense of the momentum, at least as it relates to the one-off fees, the nonrecurring fees, such as sales and marketing. So that gives you a sense of just the aspect of where we are in that.

在阿代爾準備好的演講中，正如您所知，我們目前有 16 個 xScale 項目正在進行中。現在，作為其中的一部分，我們宣布的其中一件事是，基本上 87%——所有在建的已建項目中大約 87% 已經預售、出租或預租。因此，它可以讓您了解其勢頭，至少與一次性費用、非經常性費用（例如銷售和行銷費用）相關。這樣您就可以了解我們目前所處的狀況。

As it relates to matrix, which really is the tripling of our xScale business, we're working hard on the Hampton site, including working with the different -- with the utility provider and infrastructure -- or power infrastructure providers to get the power ready or available for when we need it.

至於矩陣，這實際上是我們 xScale 業務的三倍，我們正在漢普頓站點上努力工作，包括與不同的公用事業提供商和基礎設施或電力基礎設施提供商合作，以便在我們需要時準備好或提供電力。

We're also investing in a lot of, what I call, full linear commitments, both as it related to power and basically the MEP equipment. Our goal is to have an asset up in 2027. That is our goal and that's what we're working hard towards. So it gives you a sense we're making progress there. That all said, we've got three other sites that we're continuing to look at in the United States, without even discussing where could we go somewhere else outside of the US. So again, making, I think, really good progress.

我們也對大量我所說的完全線性承諾進行投資，既包括與電力相關的，也包括與 MEP 設備相關的。我們的目標是在 2027 年實現資產增值。這是我們的目標，也是我們努力的方向。所以這讓你感覺到我們在那裡取得了進展。儘管如此，我們仍在繼續考察美國的其他三個地點，甚至還沒有討論我們可以去美國以外的其他地方。因此，我認為，我們取得了非常好的進展。

The last thing I'd probably want to just leave you and everybody with is, in the guide that we shared with you, there's roughly $40 million of incremental operating expense associated with the amplification of our xScale business.

我可能最後想告訴大家的是，在我們與你們分享的指南中，隨著 xScale 業務的擴大，增量營運費用約為 4000 萬美元。

Under new leadership with Tiffany and putting the resources behind it, given that we're going to triple it, we're making a really heavy investment. And as I said, that's roughly $40 million embedded in the guide that you've seen. So it tells you about how committed we are to this next opportunity that's in front of us, both as we exit 2025, but more as we look into '26, '27, and '28.

在蒂芙尼新領導層的帶領下，我們投入了大量資源，考慮到我們要將業務擴大三倍，我們將進行大量投資。正如我所說，您所看到的指南中包含了大約 4,000 萬美元。所以它告訴你，我們對擺在我們面前的下一個機會有多麼投入，不僅在我們退出2025年時，而且在我們展望2026年、2027年和2028年時。

Eric Luebchow, Wells Fargo.

富國銀行的 Eric Luebchow。

Hi, thanks for taking the question. Adaire, I just wanted to touch back on the demand funnel that you talked about and the bookings momentum. Maybe you could talk a little bit about what your forward pipeline looks like today. And you mentioned in your prepared remarks pursuing kind of a larger end of the retail colocation spectrum or maybe small wholesale depending on the definition. Maybe you could talk about how your bookings have trended in that segment and what the pricing and returns may look like relative to your more core interconnection density-based retail business?

你好，謝謝你回答這個問題。阿代爾，我只是想回顧一下您所談到的需求管道和預訂勢頭。或許您可以稍微談談您今天的前進管道是什麼樣的。您在準備好的評論中提到，追求的是零售主機託管範圍的更大端，或者可能是小規模批發，這取決於定義。也許您可以談談您在該領域的預訂趨勢如何，以及相對於更核心的基於互連密度的零售業務，定價和回報可能會是什麼樣子？

Great. Thank you. Thank you very much for the question. So first of all, let me say that I had the pleasure in Q4 and continuing into Q1 of being both the CRO of the company and the CEO. So I had the opportunity to be very close with the team as they executed on our Q4 quarter and delivered, as we already mentioned, record gross bookings in the quarter.

偉大的。謝謝。非常感謝您的提問。首先，我要說的是，我很高興在第四季以及第一季繼續擔任公司的 CRO 和 CEO。因此，我有機會與團隊密切合作，了解他們在第四季度的執行情況，正如我們已經提到的那樣，在本季度創下了創紀錄的總預訂量。

In terms of the footprint that we see, one of the other elements that I made in my remarks was that we had the highest volume of non-Tier 1 metros sold in -- during the course of the year, and Q4 was no different from that perspective. This is, I think, largely due to a number of tech service providers who are looking for large footprint capability in order to grow their own businesses and their own services.

就我們所看到的足跡而言，我在評論中提到的另一個因素是，我們在今年的非一線大都市的銷售量最高，從這個角度來看，第四季也不例外。我認為這很大程度上是由於許多技術服務提供者都在尋求大規模的覆蓋能力，以發展自己的業務和服務。

And of course, that footprint capability needs to be a contiguous one. And this is where the team works closely with our customers to ensure that this demand shape program happens very early on in the engagement.

當然，這種覆蓋能力必須是連續的。在這裡，團隊與客戶密切合作，以確保這項需求塑造計畫在合作的早期得以實施。

In terms of pricing, we are absolutely seeing a positive progress in pricing in terms of being in a set of circumstances where there is much demand, of course, and broad-based demand for the products and services offered by Equinix. So we continue to see some pricing strength across even the Tier 2 scenarios that we are selling into.

在定價方面，我們確實看到了定價方面的積極進展，因為目前的情況是，對 Equinix 提供的產品和服務的需求很大，而且需求廣泛。因此，我們繼續看到，即使在我們銷售的二級市場場景中，價格仍然保持強勢。

Great. And just one follow-up for me. Maybe you could just update us on what your current expectations are for this year. I know you had forecasted picking up in Q4, and you've gone through some grooming activity from the service providers throughout the last year. Any update on where you think that settles back to the kind of lower 2% end of the range on a sustainable basis? Thanks.

偉大的。對我來說只有一個後續問題。也許您可以告訴我們您對今年的當前期望。我知道您曾預測第四季度會出現成長，而且去年您已經經歷了服務提供者的一些梳理活動。您認為何時可以持續穩定地回到 2% 的低位區間？謝謝。

Yeah. So I think as you saw for Q4, our churn was 2.5%. And as Keith mentioned in his remarks, this was due to the deferral of a churn from late September into early October. And that put our Q4 churn at the top end of our range. In normalizing for that, we would have had a 2.2 percentage churn number for Q4, which in fact, is the average churn rate across 2024. So in 2025, we absolutely expect our churn to be within that 2% to 2.5% range, and that's what we will manage to.

是的。所以我認為如你在第四季看到的，我們的客戶流失率為 2.5%。正如 Keith 在發言中提到的那樣，這是由於客戶流失從 9 月底推遲到 10 月初造成的。這使得我們第四季的客戶流失率處於範圍的最高端。經過標準化處理後，我們會發現第四季的客戶流失率為 2.2%，這實際上是 2024 年的平均客戶流失率。因此，到 2025 年，我們絕對希望我們的客戶流失率能在 2% 到 2.5% 的範圍內，我們也將努力實現這一目標。

For any MRR business, churn is a reality. And just as a reminder, as we discussed through this topic, our definition of churn includes any reduction in products or services consumed at an order line level. So we count that decrease even though the customer might be growing with us on a net basis, either in another location or -- and even in another region.

對於任何 MRR 業務來說，客戶流失都是現實情況。需要提醒的是，正如我們在本主題中討論的那樣，我們對客戶流失的定義包括在訂單行層級上消費的任何產品或服務的減少。因此，儘管客戶數量可能在另一個地點或另一個地區與我們一起在淨基礎上成長，但我們仍計算此減少。

And I think there are a number of factors. So one aspect of my CRO hat here has been the opportunity to work with the team to unpack this and to double-click into the data here. First of all, you can see that we have, on the churn side, looked at some of the factors that are associated with churning customers.

我認為有多種因素。因此，我在這裡擔任 CRO 職務的一個方面就是有機會與團隊合作來解決這個問題並雙擊這裡的數據。首先，您可以看到，在客戶流失方面，我們已經研究了一些與客戶流失相關的因素。

Now much of the churn, as I mentioned already, is frictional. By that, I mean that customers are continually evolving what they're doing inside an Equinix data center. It doesn't mean that they're leaving our data center. It means they're continually evolving their architecture and their structure in order to maximize the cost-benefit outcomes for them. And I think this speaks to the health and strength of the platform as they continue to grow with us even when we're seeing some of that frictional churn.

正如我已經提到的那樣，現在大部分的客戶流失都是由摩擦引起的。我的意思是，客戶不斷改進他們在 Equinix 資料中心內所做的事情。這並不意味著他們要離開我們的資料中心。這意味著他們不斷地改進他們的架構和結構，以便最大限度地提高成本效益。我認為這說明了平台的健康和實力，即使我們看到一些摩擦流失，他們仍繼續與我們一起成長。

Secondly, we know when we've looked at the data, that from both an interconnection perspective and a more than one or multiple metros or regions perspective, the customers who have interconnection with us have a much lower propensity to churn as do customers who are in a multiple regional scenario with us.

其次，當我們查看數據時，我們知道，無論是從互連的角度還是從一個或多個大都市或地區的角度來看，與我們互連的客戶的流失傾向要低得多，而與我們處於多個區域場景中的客戶也是如此。

So whilst we expect our churn rate to be between 2% and 2.5% during the course of 2025, we intend to lean in during the course of this year on the front end of our sales process and to ensure that we are doing as much as we meaningfully can to ensure that we're increasing the interconnection rate, because we know that that's one of the clear delineators around managing churn later in the relationship with the customer.

因此，雖然我們預計 2025 年的客戶流失率將在 2% 至 2.5% 之間，但我們打算在今年內加大銷售流程前端的投入，並確保盡最大努力提高互聯互通率，因為我們知道這是在與客戶的關係後期管理客戶流失的明確指標之一。

So a whole series of things that we're looking at based on the data that we have seen. But we are guiding to the range of 2% to 2.5% for 2025, and we'll look to manage within that range and to the lower end of it using the data to help us guide how we approach and manage this topic with our customers.

因此，我們根據所看到的數據來研究一系列的事情。但我們預計 2025 年的成長範圍將在 2% 至 2.5% 之間，我們將利用數據來努力管理這個範圍及其下限，以幫助我們指導如何與客戶一起處理和管理這個問題。

Jonathan Atkin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的喬納森·阿特金 (Jonathan Atkin)。

Thanks. Two questions. One, I guess, on power management and the other on kind of headcount. On the first topic, in your older stabilized IBXs, I'm wondering how you're meeting the challenge of customers potentially drawing more power within the framework of their existing service agreements, and how does that affect your ability to meet SLAs and even take on new business within those buildings? And then I'll follow up later on the headcount question.

謝謝。兩個問題。我想，一個是關於電源管理，另一個是關於員工人數。關於第一個主題，在您較舊的穩定 IBX 中，我想知道您如何應對客戶在其現有服務協議框架內可能消耗更多電力的挑戰，以及這會如何影響您滿足 SLA 甚至在這些建築物內開展新業務的能力？稍後我將跟進有關人數的問題。

Yeah. I'll work through the power on and I'll ask Keith to add anything to ensure that I cover all of the topics here. One thing I would say is that, within the context of our business, Equinix has a 26-year history of managing power as an input and a valuable input into our data center environment. And we manage very carefully to a whole series of SLAs that we have with our customers in order to ensure that we are compliant to those SLAs.

是的。我會繼續進行工作，並會讓 Keith 添加任何內容以確保我涵蓋了這裡的所有主題。我想說的是，在我們的業務範圍內，Equinix 擁有 26 年的電力管理歷史，並且為我們的資料中心環境提供了寶貴的投入。我們非常謹慎地管理與客戶達成的一系列 SLA，以確保我們遵守這些 SLA。

And as it relates to our stabilized assets, I am not aware of any issues around a power draw that would impact how our customers are executing in the context of those stabilized assets.

就我們的穩定資產而言，我不清楚電力消耗方面是否有任何問題會影響我們的客戶在這些穩定資產環境下的執行情況。

Keith, is there anything that you would add to that piece?

基思，你還有什麼要補充的嗎？

Yeah. Jon, and maybe just follow on the conversation. Part of it was in Adaire's prepared remarks that, no surprise to you, we also demand-shape based on the needs of the customer. And to the extent that there is a customer that is looking to increase meaningfully, where there's more inventory in the form of a cabinet and more energy in the form of power, you got to demand-shape it in the right place because, as Adaire says, we have a very detailed set of processes that allows the team to manage energy that's inside the four walls.

是的。喬恩，也許只是繼續談話。其中部分內容在阿代爾的準備好的發言中有所提及，您不會感到驚訝，我們也會根據客戶的需求進行需求塑造。並且，如果客戶希望實現有意義的成長，即擁有更多的機櫃庫存和更多的電力能源，你就必須在正確的位置進行需求塑造，因為正如阿代爾所說，我們有一套非常詳細的流程，使團隊能夠管理公司內部的能源。

That all said, it's also probably not a surprise to you or anybody else, one of the key modifiers to the compensation plan for VPs and above is the power efficiency initiative or PUE. And so we're always working to drive down the amount of energy that gets consumed through different operational exercise or is there new technology, different software packages and the like.

儘管如此，對於您或其他任何人來說，這可能並不奇怪，副總裁及以上級別薪酬計劃的關鍵修改因素之一是電源效率計劃或 PUE。因此，我們一直致力於透過不同的操作練習或新技術、不同的軟體包等來降低所消耗的能源量。

And so the extent that capacity gets created through that, then we have the ability to sell it to the customer inside maybe an older asset. But suffice it to say, again, as Adaire said, look, we manage inventory from a number of different vectors. Again, no surprise whether it's the energy that is consumed, the cooling that is required and the location of that, and we appropriately adjust our inventory availability for IBX on that basis.

因此，透過這種方式創造的產能程度，我們就有能力將其出售給客戶，也許是舊資產。但正如阿代爾所說，我們可以再次說，我們從多個不同的角度管理庫存。同樣，無論是消耗的能源、所需的冷卻以及冷卻的位置，我們都將在此基礎上適當調整 IBX 的庫存可用性。

And again, I would just say that you're going to put the right customer with the right application and the right needs into the right asset, and that's one of our core tenets in managing our inventory.

我再說一遍，我想說的是，你要把正確的客戶、正確的應用程式和正確的需求放到正確的資產中，這是我們管理庫存的核心原則之一。

Thanks, Keith. And there was a second question on people?

謝謝，基斯。第二個問題是關於人的嗎？

Yeah. I'm going to switch topics to expenses. So in 2025, just wondering, broad strokes, any kind of SG&A or COGS or OpEx of any type that might not reoccur in 2026, whether it's due to maybe some costs associated with your efficiency initiatives or IT or anything else that might not recur in 2026 that is an element of your '25 guide?

是的。我要把話題轉到費用上。因此，在 2025 年，我只是想知道，大體上，任何類型的 SG&A 或 COGS 或營運支出都可能不會在 2026 年再次發生，是否是由於與您的效率計劃或 IT 相關的一些成本，還是其他可能不會在 2026 年再次發生的、作為您的 '25 指南的一部分的因素？

Well, perhaps in this case, Jon, I'll take this, and I'll let Adaire maybe sort of jump in as appropriate. I think it's very important to sort of really look at what's going on inside the business certainly quarter-over-quarter, and then 2025 over 2024. But suffice it to say, and you can see that we're delivering incremental margin this year over 2024 of roughly 190 basis points. 30 basis points of that is just coming -- and I should talk about revenue, I can come back to that. But it's coming from basically lower power costs that gets consumed by the customer. And therefore, when you take down revenue related to power, of course, it's the inversion of what we experienced in 2023, margins move up. And so that's one thing.

好吧，喬恩，也許在這種情況下，我會接受這個，我會讓阿代爾在適當的時候介入。我認為真正了解業務內部發生的情況非常重要，尤其是逐季了解，然後是 2025 年與 2024 年的比較。但可以說，您可以看到，我們今年的利潤率將比 2024 年增加約 190 個基點。其中 30 個基點即將到來——我應該談談收入，我可以再談這個主題。但這基本上來自於客戶消耗的較低電力成本。因此，當你減少與電力相關的收入時，當然，這與我們在 2023 年經歷的情況相反，利潤率會上升。這是一回事。

I would anticipate, all else being equal, it feels like power costs seem like they've continued to step down year over year over the last couple of years. And although customers consume more, but just the overall cost, the unit cost of electron has been decreasing.

我預計，在其他條件相同的情況下，過去幾年電力成本似乎會逐年下降。而且雖然客戶消費增加了，但就整體成本而言，電子的單位成本一直在下降。

The second thing I would just say that 160 basis points of sort of operational improvement comes from a bunch of sort of many factors. One, the reference to the reduction in force in the fourth quarter, is clearly that's something that is impacting, if you will, the financial results for 2025, and that would extend into 2026 as well.

我想說的第二件事是，160 個基點的營運改善來自於多種因素。首先，提到第四季的裁員，顯然這會影響 2025 年的財務業績，也將延續到 2026 年。

As we continue to end-of-life the metal business, again, metal was running at a negative EBITDA trend, and as a result, that will continue to improve both -- we take the one-off cost, but as we continue to wind that down, again, '25 over '24, and certainly '26 over '25, it will reduce the revenues, but more operational performance will come into the business.

隨著我們繼續終止金屬業務，金屬的 EBITDA 再次呈現負趨勢，因此，這將繼續改善——我們承擔一次性成本，但隨著我們繼續逐步減少這一成本，2025 年對 20​​24 年，當然還有 2026 年對 20​​25 年，這將減少收入，但更多的營運績效將進入業務。

And then I alluded to in my prior remarks the decisions of investing in Matrix. Today, you're investing today for what you will earn tomorrow, whether it's on the capital side or whether it's on the operating expense side.

然後我在之前的評論中提到了投資 Matrix 的決定。今天，你進行的投資是為了明天的收益，無論是資本方面，還是營運費用方面。

And suffice it to say, as we get more and more of these assets up and running in commercial, operationally commercial, the cost that we're bearing today, you're going to get a nice flow-through on profits because you're bearing the cost of the capital and investing in the staff to support a much larger franchise in the business. And part of that is really associated with our Matrix. We're tripling the size of the business. And we really -- we need to invest in order to scale the business to the magnitude in which we plan to take it. So those are the things I would say.

可以這麼說，隨著我們讓越來越多的資產在商業上、商業運營上投入運營，我們今天承擔的成本將轉化為可觀的利潤，因為你承擔了資本成本並投資於員工以支持更大規模的業務特許經營。其中部分確實與我們的 Matrix 有關。我們的業務規模正在擴大三倍。我們確實需要投資才能將業務擴大到我們計劃的規模。這些就是我想說的話。

And then if I could just maybe make one other comment because it really impacted the quarter-over-quarter Q4, what happened in Q4 and where we are in Q1 vis-à-vis sort of EBITDA margins. Repairs and maintenance, we spend about 50 -- on average, about $50 million a quarter. Again, that's an average. In Q4 of 2024, we took our repairs and maintenance up. We wanted to get -- we wanted to get at the front end of it. And that increased to $83 million in the fourth quarter.

然後，我是否可以再發表一點評論，因為它確實對第四季度的環比表現產生了影響，第四季度發生了什麼，以及我們第一季的 EBITDA 利潤率如何。我們每季在維修和保養方面的花費約為 5,000 萬美元——平均約 5,000 萬美元。再次強調，這是一個平均值。2024 年第四季度，我們加大了維修和維護。我們想要得到──我們想要處於它的最前端。第四季度，這一數字增至 8,300 萬美元。

As a result, when you look in the first quarter, we're stepping back down to roughly the $50 million mark. And so there's a $30 million swing quarter-over-quarter in the amount of maintenance that is being done inside the assets.

因此，當你看第一季時，我們的收入正回落至約 5,000 萬美元的大關。因此，資產內部維護費用的季度環比變動為 3,000 萬美元。

As we come to the back end of 2025, again, we'll make some decisions about timing and the like. But we -- sometimes you make the decision to accelerate costs or push them out depending on the circumstances.

當我們再次進入 2025 年底時，我們將就時間表等做出一些決定。但是我們－有時你會根據具體情況決定加速成本或延後成本。

But what I wanted to leave everybody with is when you look at the first half of the year, you see a meaningful step-up in Q2 margins over Q1. But what you really see is the continued performance of the business to the second half of the year, as I said, at or near the 50% margin target. It just tells you about the operational efficiency that we're building into the business. And we haven't even spent the energy yet of talking about what it means to change the processes and change the systems, which is a core priority that Adaire has for myself and the team.

但我想讓大家知道的是，當你回顧今年上半年時，你會看到第二季的利潤率較第一季有顯著上升。但你真正看到的是，到今年下半年，業務的持續表現將達到或接近 50% 的利潤率目標。它只是告訴你我們正在為業務建立的營運效率。我們甚至還沒有花精力去討論改變流程和改變系統意味著什麼，而這正是 Adaire 對我和團隊的核心優先事項。

Thank you very much.

非常感謝。

Nick Del Deo, MoffettNathanson.

尼克·德爾迪奧、莫菲特·納森森。

Hi, thanks for taking my questions on. First, I want to talk a bit about capacity constraints. I think a year ago, you talked about there being capacity constraints in some key markets that were crimping sales, and you opened facilities over the course of 2024 to address that. Adaire, you noted in your prepared remarks that bookings could have been better absent capacity constraints in some key markets. So it seems like that issue has cropped up again. I guess, by when do you feel like you'll be ahead of the ball on this front and unconstrained from an inventory perspective across at least most of your key markets?

你好，謝謝你回答我的問題。首先我想談談產能限制的問題。我想，一年前，您談到一些主要市場的產能限制影響了銷售，並且您在 2024 年開設了一些工廠來解決這個問題。阿代爾，您在準備好的演講中指出，如果沒有某些主要市場的運力限制，預訂量可能會更好。因此看起來該問題又出現了。我想，什麼時候您才會覺得自己在這方面處於領先地位，並且至少在大多數主要市場中從庫存角度不受限制？

Yeah. So we absolutely are pursuing opportunity with the vigor. And in fact, part of our build bolder strategy is ensuring that we're leaning into those capacity constraints that we see in the market. Our capacity constraints vary region by region around which of our Tier 1 metros are impacted by this. You would also see in the deck that we provided the expansion guide, which provides an indication of how much capacity we would be releasing in and how much will come into our inventory over the course of that year and the years that follow.

是的。因此，我們絕對會積極地追求機會。事實上，我們更大膽策略的一部分是確保我們傾向於利用市場上看到的產能限制。我們的容量限制因地區而異，取決於哪些一線大都市受到此影響。你還會在簡報中看到我們提供了擴展指南，該指南指明了在那一年以及隨後的幾年裡我們將釋放多少產能，以及將有多少產能進入我們的庫存。

It's absolutely true that there are cases where we could not meet the contiguous capacity requirement of a customer in a Tier 1 metro. And if we had to have that capacity available, we could have met that demand for the customer.

確實存在著我們無法滿足一級城市客戶的連續容量需求的情況。如果我們有這樣的產能，我們就能滿足客戶的需求。

In most cases, we were fortunate to be able to demand-shape or to move them in on a smaller basis. But certainly, we are right in the center, very firmly in the center of what is a very hot demand market at the moment. The underlying signals continue to demonstrate the relevance of the product portfolio, the solution set, the global reach and so on that Equinix has to offer.

在大多數情況下，我們很幸運能夠根據需求進行調整或以較小的規模將它們轉移。但可以肯定的是，我們正處於中心位置，非常穩固地處於目前非常火爆的需求市場的中心。潛在的訊號繼續證明 Equinix 提供的產品組合、解決方案集、全球影響力等的相關性。

As I mentioned, build bolder is a strategy that is very much focused on our retail portfolio as well as aspects of our xScale portfolio, which Keith has just covered. And our core focus when we think about this strategy is where we can have a differentiated value creation for these retail campuses. And our intent is really to lean in here and to deliver retail capacity in an efficient manner as we cannot in order to meet customer demand.

正如我所提到的，「建立更大膽」是一項策略，它主要關注我們的零售投資組合以及 xScale 投資組合的各個方面，Keith 剛剛介紹了這一點。當我們考慮這項策略時，我們的核心關注點是如何為這些零售園區創造差異化的價值。我們的目的實際上是盡力滿足客戶的需求，以高效的方式提供零售能力。

I mentioned in my prepared remarks that we have 62 major projects underway. And our goal is really to enable our design and our construction team to streamline this build cycle and bring larger critical retail capacity to the market faster for our customers, particularly in some of those key markets.

我在準備好的發言中提到，我們有 62 個重大項目正在進行中。我們的目標實際上是讓我們的設計和施工團隊簡化這個建設週期，並為我們的客戶更快地將更大的關鍵零售容量推向市場，特別是在一些關鍵市場。

So for instance, within our retail pipeline, we have created a pipeline review so that we can see where we have the opportunity to streamline the number of phases that will then now enable us to deliver this capacity. And as a result of that, when we look at NY3, DC16, and LD4, these are all examples of projects that have been accelerated at least a year as a result of the build bolder lens that we are placing on the demand market that we -- the demand opportunity that we see and the opportunity that we have to provide that capacity through to our customers.

舉例來說，在我們的零售通路中，我們創建了一個通路審查，這樣我們就可以了解哪些方面有機會簡化階段數量，從而使我們能夠實現這種能力。因此，當我們看 NY3、DC16 和 LD4 時，這些都是至少加速了一年的項目的例子，這是因為我們以更大膽的視角看待需求市場——我們看到的需求機會以及我們必須向客戶提供這種產能的機會。

So continuing area of focus for us, continuing area of optimization and continuing engagement with our customers to ensure that we meet their demands and their requirements as best as we possibly can.

因此，我們將繼續專注於這一領域，繼續進行最佳化，並繼續與客戶合作，以確保我們盡可能滿足他們的需求和要求。

Great. That's helpful. Thank you. Can I ask one more on the fiber market? There's obviously a lot of demand -- or a lot of activity for fiber to support AI, dark fiber wavelengths, new routes being constructed. You alluded to some wins with Zayo in your prepared remarks as an example of that. Do you think that this source of activity is going to be large enough to be a meaningful incremental driver of the business in coming years? Because I'd imagine a lot of it is going to terminate in your facilities.

偉大的。這很有幫助。謝謝。我可以再問一個關於光纖市場的問題嗎？顯然，對支援人工智慧的光纖、暗光纖波長和正在建設的新路線有很多需求——或者說有很多活動。您在準備好的發言中提到了 Zayo 取得的一些勝利作為例子。您是否認為這種活動來源足夠大，可以成為未來幾年業務的有意義的增量驅動力？因為我可以想像很多東西都會終止在你們的設施裡。

That's quite possible, and we're certainly seeing that with the Zayo partnership, the opportunity to support their journey. And again, I would just come back to the unique differentiation and value proposition of Equinix: global reach, densely interconnected and dense with network service providers. And these are all elements that will be crucially important as we look to capitalize on future opportunities.

這是很有可能的，而且我們確實看到了透過與 Zayo 合作來支持他們旅程的機會。再次，我想回到 Equinix 的獨特差異化和價值主張：全球影響力、緊密互聯和密集的網路服務供應商。當我們尋求利用未來機會時，這些都是至關重要的因素。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks, and good afternoon. Adaire, you mentioned earlier some of the work that you've done on segmentation. And so curious if you can give us an update as to where do you see Equinix being underpenetrated in certain key customer verticals? And if you can give us an update as you look at the 2025 guidance with respect to two paths. So one path is as you look at constant currency revenue growth of 7% to 8% in the guide, how do you think about that in terms of expanding customers versus expanding customer spend?

謝謝，下午好。阿代爾，您之前提到了您在細分方面所做的一些工作。我很好奇，您是否可以向我們更新一下您認為 Equinix 在某些關鍵客戶垂直領域的滲透率不足的情況？如果您能就 2025 年兩條路徑的指導意見向我們提供最新進展，我們拭目以待。因此，一條路徑是，當您看到指南中固定貨幣收入增長率為 7% 到 8% 時，您如何從擴大客戶與擴大客戶支出的角度來看待這一點？

And then on the second path, how do you think about that in terms of the cabinet growth versus the pricing and MRR per cabinet expansion? Thanks.

然後在第二條路徑上，您如何看待機櫃成長與每個機櫃擴展的定價和 MRR 之間的關係？謝謝。

Thanks, Mike. I'm just jotting down the three elements of your question there to make sure that I address them. So we undertook a very comprehensive segmentation exercise, looking at our customer base and looking at the customer base through a variety of different lenses. And the first output of our segmentation exercise is really to define where and how we best serve these customers, so with what kind of account coverage, what kind of account management, what kind of costs to serve. And that's really been the first focus of our segmentation exercise in terms of enhancing our operational efficiency and our operational effectiveness internally.

謝謝，麥克。我只是把你問題的三個要素記下來，以確保我能解決它們。因此，我們進行了非常全面的細分工作，審視我們的客戶群，並透過各種不同的視角來審視客戶群。我們細分工作的第一個成果實際上是確定我們在哪裡和如何為這些客戶提供最好的服務，即採用什麼樣的帳戶覆蓋、什麼樣的帳戶管理、什麼樣的服務成本。就提高我們的內部營運效率和營運效力而言，這確實是我們細分工作的首要重點。

That being said, it does give you an opportunity then to take your segmentation of your customers and look at it through the lens of the TAM, the total available TAM in the market, and to see where we are and how we are actually covering various different segments. We have a very balanced portfolio across the industry, so it would be hard to point to an industry where we don't have a representation. But I think that our reach into accounts that are smaller in terms of revenue turnover, and might fall into that general business type category, is harder.

話雖如此，它確實為你提供了一個機會，讓你對客戶進行細分，並透過 TAM（市場上可用的總 TAM）的角度來看待它，並了解我們目前所處的位置以及我們實際上如何涵蓋不同的細分市場。我們在整個產業中擁有非常均衡的投資組合，因此很難指出我們在哪個產業沒有代表。但我認為，我們很難接觸到那些收入周轉率較小、可能屬於一般業務類型類別的帳戶。

Our focus has very much been on enterprise customers. And that's really where your channel begins to play and that's really where you can have a digital sales motion in order to make that reach possible.

我們的重點一直放在企業客戶上。這就是您的頻道真正開始發揮作用的地方，也是您可以進行數位銷售活動以實現此覆蓋範圍的地方。

So I also mentioned in my prepared remarks that one of the things that we had done as a result of our implementation this year was to make some amendments to our compensation plans. And one of the amendments that we have made to our compensation plans is actually around net new name acquisition.

因此，我在準備好的發言中也提到，我們今年實施的其中一項措施就是對我們的薪酬計畫進行一些修改。我們對薪酬計劃所做的修改之一實際上是圍繞淨新名稱獲取進行的。

So how the team not only expand the footprint in an existing account, but to your point, enable us to actually expand the number of customers that Equinix service. So we should see an uptick in that number during the course of this year based on that focus.

因此，團隊不僅可以擴大現有帳戶的覆蓋範圍，而且正如您所說，還可以讓我們真正擴大 Equinix 服務的客戶數量。因此，基於這一重點，我們應該會看到今年這一數字有所上升。

And then the last question was relevant to cabinets. Sorry, Mike, you might need just to remind me of that part of your question.

最後一個問題與櫥櫃有關。抱歉，麥克，你可能只需要提醒我你問題的這一部分。

Sure. So as you look at the constant currency revenue guide of 7% to 8%, how do you think about the contribution from cabinet growth versus pricing and MRR growth -- MRR per cabinet growth?

當然。因此，當您看到 7% 到 8% 的恆定貨幣收入指南時，您如何看待機櫃成長與定價和 MRR 成長（每個機櫃的 MRR 成長）的貢獻？

Yeah. Michael, maybe I'll take that, and Adaire can jump in. First, I think it's important to really understand just where we are on the growth rate year over year. And as I said, there's a little bit of probably noise in the fourth quarter, noise in the guidance. So let me explain that.

是的。邁克爾，也許我會接受這個，然後阿代爾可以加入。首先，我認為真正了解我們逐年的成長率到底是多少非常重要。正如我所說，第四季可能會出現一些噪音，指引中也會出現一些噪音。讓我解釋一下。

For the fourth quarter, we know currencies -- the currency has impacted us both from revenue all the way down to the bottom. As it related to the fourth quarter, it was $22 million. There was also $22 million of nonrecurring fees that we were anticipating to close in Q4 that did not close. And so that would have put us to the top end of the guidance range. That will happen in Q1. And in fact, the vast majority has already happened in Q1. So that's good.

對於第四季度，我們知道貨幣——貨幣對我們的收入一直產生影響。與第四季相比，這一數字為 2,200 萬美元。我們原本預計在第四季結清的 2,200 萬美元非經常性費用並未結清。這樣我們就達到了指導範圍的最高端。這將在第一季發生。事實上，絕大多數已經在第一季發生了。這很好。

So then when you start to think a little bit about the growth rate for '25 over '24, there's -- I want to reconcile how we got to the 7% to 8%. There's $147 million of FX. And so everybody can take a view on it. Are we going to continue to have dollar strength throughout the rest of the year or not? But we've booked, at least in the guide, $147 million.

因此，當您開始思考 25 年相對於 24 年的成長率時，我想協調我們是如何達到 7% 到 8% 的。外匯金額達 1.47 億美元。因此每個人都可以對此發表看法。今年剩餘時間內美元還會繼續走強嗎？但至少在指南中我們已經預訂了 1.47 億美元。

Reduced power cost of roughly $50 million; impact of metal, reducing $45 million. And then fit-out costs in the xScale franchise, which we typically don't do, but we're outside of the JV for a couple fit-outs just based on the structure, that's a $40 million reduction. So when you look at that, overall, you see how the business is performing.

減少電力成本約 5,000 萬美元；金屬的影響，減少了 4500 萬美元。然後是 xScale 特許經營中的裝修成本，我們通常不會這樣做，但我們在合資企業之外僅基於結構進行了一些裝修，這就減少了 4000 萬美元。因此，當你整體看一下這個情況時，你會看到業務的表現如何。

Having said all of that, so when you look at just the fundamental business, we absolutely anticipate that you'll see increased gross bookings. That will come from higher density, or I should say, continued higher density. That higher density, of course, does good things for the cabinet or the MRR per cabinet. But how it presents itself and the number of cabinet adds into the system is still to be determined.

儘管如此，當您只看基本業務時，我們絕對預計您會看到總預訂量增加。這將來自更高的密度，或者我應該說，持續更高的密度。當然，更高的密度對於機櫃或每個機櫃的 MRR 是有好處的。但其呈現方式以及加入系統的內閣數量仍有待確定。

In my prepared remarks, given the backlog, given what we know when we think the inventory is coming online, we have what we think is good visibility into continued cabinet adds into 2025. There'll be some aberrations with some churn, but we'll always guide you to that. So that's how I think about that.

在我準備好的發言中，考慮到積壓的情況，考慮到我們認為庫存何時上線，我們認為對 2025 年內閣繼續增加的前景有良好的預測。在一些變動中肯定會出現一些異常，但我們會一直為您提供指導。這就是我的想法。

As it relates to pricing, we think, again, in 2025, we'll have positive or net positive pricing actions. That will represent about 10% of our gross bookings. How that presents itself on a stabilized basis, we still envision 3% to 5% price growth on our stabilized assets. And again, that comes from -- it does come from price, but it also comes from volume and more cross-connects as Adaire alluded to.

就定價而言，我們認為，到 2025 年，我們將再次採取積極或淨積極的定價行動。這約占我們總預訂量的10%。無論在穩定的基礎上如何表現，我們仍然預期穩定資產的價格將成長 3% 至 5%。再說一次，這確實來自於價格，但正如 Adaire 所提到的，它也來自於數量和更多的交叉連接。

So hopefully, that gives you a little bit of sense of what's happening. If I can just maybe say one other thing because I think it's important. As you look at Q1, the difference between Q1 and Q4, the lion's share of the degradation is $40 million is coming from currency. So it gives you a sense. And then $30 million is coming from lower nonrecurring fees. But as I told you, we moved $20 million. So it would have been $50 million. So it gives you a sense, there's a lot of noise between Q4 and Q1 and how that's impacted the year.

希望這能讓您對正在發生的事情有一點了解。我可能還可以說一件事，因為我認為這很重要。正如您所看到的，第一季和第四季之間的差異中，最大的損失是 4000 萬美元，這是由於貨幣造成的。所以它給你一種感覺。另外 3,000 萬美元來自較低的非經常性費用。但正如我告訴你的，我們轉移了 2000 萬美元。因此金額應為 5,000 萬美元。因此，它讓您感覺到，第四季和第一季之間存在著很大的噪音，以及這對全年產生了怎樣的影響。

But we're really -- probably as you heard from Adaire, we're really excited about where we are, the positioning. And we can see where the inventory is that's going to come online and will allow us to sell more to the customer over that -- over the year. And the customers consuming, the average deal size is just getting bigger, it's getting more dense and it's getting larger, and that goes back to maybe a part of what Nick was asking, that the -- we're selling out some of the core assets faster than we anticipated, and we need to put more assets up as fast as we can despite the constraints in the marketplace.

但我們真的——可能正如你從阿代爾那裡聽到的，我們對我們所處的位置、定位感到非常興奮。我們可以看到即將上線的庫存，這將使我們能夠在一年內向客戶銷售更多產品。而且對於客戶消費而言，平均交易規模越來越大，越來越密集，越來越大，這也許可以追溯到尼克所問的部分問題，即我們出售一些核心資產的速度比我們預期的要快，儘管市場存在限制，但我們需要盡快投入更多資產。

Thanks very much.

非常感謝。

Jim Schneider, Goldman Sachs.

高盛的吉姆·施奈德。

Good afternoon, and thanks for taking my question. I was wondering if you could sort of comment on sort of the revenue trends, your underlying revenue decelerated by about 100 basis points last year, and you're guiding to another 50-basis-point deceleration, if I'm not mistaken, heading into 2025. I guess can you maybe comment on what the recurring revenue outlook is doing for 2025 all in? And then what is your confidence level that you can actually reaccelerate that revenue growth over the course of the year? And what would be the drivers of that?

下午好，感謝您回答我的問題。我想知道您是否可以對收入趨勢進行評論，去年您的基礎收入下降了約 100 個基點，如果我沒記錯的話，您預計到 2025 年還會再下降 50 個基點。我想您能否評論一下 2025 年的經常性收入前景如何？那麼，您對今年能否真正重新實現營收成長有多大的信心？其驅動因素為何？

I'll take a first stab, and then I'll have perhaps Keith decompose some of the numbers for you. So I think the guide that you see for 2025, that's very much in line with our performance from 2024. And implied in this guidance is a step-up, as you've mentioned, of recurring revenue growth over the course of the year, giving us a very implied strong exit into '26. That recurring revenue growth step-up is circa $28 million in -- $28 million in Q1, and then stepping up during the course of the year into a $40 million type category for our recurring revenue.

我會先嘗試，然後讓 Keith 為您分解一些數字。因此，我認為您看到的 2025 年指南與我們 2024 年的表現非常一致。正如您所提到的，該指引暗示了全年經常性收入成長的逐步提升，這為我們在26年實現強勁退出提供了可能。經常性收入的成長幅度約為 2,800 萬美元——第一季為 2,800 萬美元，然後在全年內增加到 4,000 萬美元的經常性收入類別。

So I'm really very happy about that because this core recurring revenue element is a key element of our business and allows us to plan and consistently grow. As I mentioned already, I think we're very firmly in the center of demand and have a very strong backlog to support this revenue, and continue to see this very clear and compelling signal from the market.

所以我對此感到非常高興，因為這個核心經常性收入要素是我們業務的關鍵要素，它使我們能夠規劃並持續發展。正如我已經提到的，我認為我們正處於需求的中心，並且擁有非常強勁的積壓訂單來支持這一收入，並且繼續看到來自市場的非常明確和令人信服的信號。

So we very much look forward to taking the gross bookings and the records that you've seen over the course of '24, taking that and turning it into revenue as quickly as we possibly can in order to ensure that we have that strong exit out in 2026. And of course, doing that whilst we're delivering 190 basis points of margin expansion. So not just stepping up on our recurring revenue, but delivering it in a profitable context.

因此，我們非常期待將 24 年期間的總預訂量和記錄盡快轉化為收入，以確保我們在 2026 年實現強勁退出。當然，同時我們的利潤率也提高了 190 個基點。因此，我們不僅要增加經常性收入，還要獲利。

Keith, is there anything that you wanted to do on the mechanics of where that's at?

基思，你想對其中的機製做些什麼嗎？

So Jim, maybe just to summarize what Adaire said. So that growth is all basically coming from the recurring line, which is -- and so nonrecurring revenues as we look to '25 is going to be flat -- I would say, generally flat. And so all that growth is coming from the recurring line.

所以吉姆，也許只是總結一下阿代爾所說的話。所以，這種成長基本上都來自經常性收入，也就是 — — 因此，展望 25 年，非經常性收入將會持平 — — 我想說，總體上是持平的。所以所有的成長都來自於經常性業務。

And then just reminding everybody, it's really important, and Ralph knows this better than anybody as well as the construction teams, we need the inventory. If we had more inventory in the fourth quarter, we would have sold more. Our backlog is at near an all-time high. And we just have to make sure that we can continue to deliver the capacity into the market. And that gives you the ability to continue to accelerate the top line.

然後提醒大家，這真的很重要，拉爾夫和施工團隊比任何人都更清楚這一點，我們需要庫存。如果我們在第四季有更多的庫存，我們就會賣出更多。我們的積壓訂單接近歷史最高水準。我們只需確保能夠繼續向市場提供產能。這使您有能力繼續加速營收成長。

Maybe just as a follow-up question. There's been a lot of announcements in the market, whether that is Stargate or otherwise, about capacity additions over the next few years. So I was wondering if you could comment relative to your own xScale JV with CPP and GIC going forward. Anything that makes you feel differently about the pace with which you're going to add that capacity via the JV? And is there anything you can do to actually accelerate that capacity addition further to bring it online per your earlier comment? Thank you.

或許只是作為一個後續問題。市場上已經有很多關於未來幾年產能增加的公告，無論是星際之門還是其他項目。所以我想知道您是否可以就您自己的 xScale JV 與 CPP 和 GIC 的未來發展發表評論。有什麼事情讓您對於透過合資企業增加產能的速度有不同的看法嗎？並且，按照您先前的評論，您可以做些什麼來進一步加速容量的增加，使其上線？謝謝。

Yeah. So in terms of some of the announcements that we've seen, obviously, this is a continued focus on the data center industry. And as I mentioned earlier, we're very central to that. So we're very supportive of announcements like this because we feel that all boats can rise on that particular type.

是的。因此，就我們看到的一些公告而言，顯然這是對資料中心產業的持續關注。正如我之前提到的，我們對此非常重視。因此，我們非常支持這樣的聲明，因為我們認為所有船隻都可以採用這種特定類型。

In terms of how this relates to our own plans, we, of course, have seen from the hyperscalers continued investment in their own CapEx stories from their recent earnings announcements. So it doesn't seem that there is any desire to step away from this in the short term.

就這與我們自己的計劃有何關係而言，我們當然已經從超大規模企業最近的收益公告中看到了他們繼續投資於自身資本支出的故事。因此，短期內似乎沒有任何意願放棄這項舉措。

So we feel that there is a lot of opportunity in the market for us to pursue. As we've mentioned already, we're at 85% leased and pre-leased on the projects that we have already in pipeline. Under xScale, looking across the Americas to find those next sites outside of the Hamptons, the one that we have begun to work and develop the site. So we remain very focused on ensuring that we can capture as much of this opportunity as possible.

因此，我們覺得市場上有很多機會可供我們去把握。正如我們已經提到的，我們已經在籌備的項目的租賃和預租賃率為 85％。在 xScale 的指導下，我們在整個美洲尋找漢普頓以外的下一個站點，我們已經開始著手進行開發。因此，我們仍然高度重視確保盡可能多地抓住這個機會。

The second phase or the second part of build bolder, because it is an and strategy, is focused on our xScale pipeline and how we execute against that pipeline and deliver that capacity as fast to the market.

由於它是一個策略，因此第二階段或第二部分重點關注我們的 xScale 管道以及我們如何根據該管道執行並儘快將該容量推向市場。

Thank you for joining our Q4 earnings call. This concludes our commentary.

感謝您參加我們的第四季財報電話會議。我們的評論到此結束。