Equinix Inc (EQIX) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Equinix first-quarter earnings conference call. (Operator Instructions)

下午好，歡迎參加 Equinix 第一季財報電話會議。（操作員指示）

Also today's conference is being recorded. If anyone has any objections, please disconnect at this time.

今天的會議也正在錄製中。如果有人有異議，請立即斷開連接。

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

現在我想將電話轉給投資者關係高級總監 Chip Newcom。先生，您可以開始了。

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.

下午好，歡迎參加今天的電話會議。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。

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, and our most recent Form 10-Q.

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的影響，包括我們於 2025 年 2 月 12 日提交的最新 10-K 表格和我們最近的 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' policy not to comment on its financial guidance during the quarter unless it is 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，根據公平揭露條例，Equinix 的政策是不會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衡量指標。我們在今天的新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的對照表，以及公司使用這些指標的原因列表，新聞稿發佈在 Equinix 投資者關係頁面 (www.equinix.com)。

We've made available on the IR page of our website a presentation designed to accompany this discussion, along with certain supplemental financial information and other data. We would also like to remind you that we post important information about Equinix on the IR page from time to time and encourage you to check our website regularly for the most current available information.

我們在網站的 IR 頁面上提供了旨在配合此次討論的演示文稿，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 ask one question each.

今天與我們一起的有 Equinix 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各提出一個問題。

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

現在，我將把電話轉給 Adaire。

Thank you, Chip. Hello, everyone. Good afternoon and a warm welcome to our earnings call for the first quarter 2025. I'm very pleased to share that in Q1, our team executed exceptionally well and outperformed across multiple facets of our business. I'd like to call out three salient indicators of this strong performance.

謝謝你，奇普。大家好。下午好，熱烈歡迎您參加我們 2025 年第一季的財報電話會議。我很高興地告訴大家，在第一季度，我們的團隊表現非常出色，在業務的多個方面都表現出色。我想指出這一強勁表現的三個顯著指標。

First, our team delivered better-than-expected financial metrics, including revenues, adjusted EBITDA and AFFO. As a result of this performance, we are raising our guidance on each of these metrics. Second, our sales team executed remarkably well in building customer momentum, improving deal conversion and shortening the deal cycle, all whilst maintaining favorable pricing. Third, our strategy is resonating in the market.

首先，我們的團隊提供了好於預期的財務指標，包括收入、調整後的 EBITDA 和 AFFO。由於這一表現，我們提高了對每個指標的指導。其次，我們的銷售團隊在建立客戶動能、提高交易轉換率和縮短交易週期方面表現非常出色，同時保持了優惠的價格。第三，我們的策略得到了市場的共鳴。

Our moves around serving better, solving smarter, and building bolder have already enabled us to cultivate a stronger pipeline for the range of products and services offered by Equinix. This gives us continued confidence in our projections for healthy recurring revenue step-up through 2025 and in our growth ambitions for the long term.

我們圍繞著提供更好的服務、更聰明的解決方案和更大膽的建設而採取的舉措已經使我們能夠為 Equinix 提供的一系列產品和服務培育更強大的管道。這讓我們對 2025 年經常性收入的健康成長預測以及長期成長目標充滿信心。

Before diving into our operating results, I'd like to take a moment to welcome Harmeen Mehta, who has joined our executive team as our Chief Digital and Innovation Officer. Harmeen is a visionary leader with a proven track record of digital transformation and innovation.

在深入了解我們的經營業績之前，我想花點時間歡迎 Harmeen Mehta，她已加入我們的執行團隊，擔任我們的首席數位和創新長。Harmeen 是一位有遠見的領導者，在數位轉型和創新方面有著良好的記錄。

She and her team are crucial to the execution of our strategy. Her experience and leading complex programs and developing innovative solutions should equip Equinix to better serve our customers and enhance both efficiency and user experience across our organization.

她和她的團隊對於我們策略的實施至關重要。她的經驗以及領導複雜專案和開發創新解決方案的能力應該能夠使 Equinix 更好地服務我們的客戶，並提高整個組織的效率和使用者體驗。

So now I'd like to take a closer look at key financial metrics. As a reminder, the growth rates shared are all on a normalized and constant currency basis. In Q1, we delivered revenues of $2.2 billion, up 8% year-over-year, excluding the impact of power pass-through.

現在我想仔細看看關鍵的財務指標。提醒一下，所分享的成長率都是基於標準化和恆定的貨幣基礎。第一季度，我們的營收為 22 億美元，年增 8%，不包括電力轉嫁的影響。

This was driven by strong recurring revenue growth as we begin to see the impact of our second half 2024 bookings performance manifest itself in our recurring revenue trajectory. Our strong recurring revenue growth was offset by lower xScale leasing and fit-out fees in the first quarter as we expected.

這是由強勁的經常性收入成長所推動的，因為我們開始看到 2024 年下半年預訂業績的影響體現在我們的經常性收入軌跡中。正如我們預期的那樣，我們強勁的經常性收入成長被第一季較低的 xScale 租賃和裝修費用所抵消。

Adjusted EBITDA margins increased to 48% of revenues and AFFO per share increased 9% year over year. In both instances, results were above our expectations due to strong operating performance, lower utilities costs, and the timing of spend. Keith will provide additional insight into these numbers shortly.

調整後的 EBITDA 利潤率增至營收的 48%，每股 AFFO 年成長 9%。在這兩種情況下，由於強勁的營運表現、較低的公用事業成本以及支出時機，結果都超出了我們的預期。基思 (Keith) 很快將對這些數字提供更多見解。

Turning to our customer momentum. We continue to cultivate and win significant opportunities across our product set and in service to the enduring demand for both AI and the broader set of workloads associated with cloud services.

轉向我們的客戶動力。我們將繼續在我們的產品系列和服務中培育和贏得重大機遇，以滿足對人工智慧和與雲端服務相關的更廣泛的工作負載的持久需求。

We had several notable AI wins in Q1 including (technical difficulty) deployments across five markets. Generally, customers are increasingly looking to Equinix to deploy their most complex and interconnected inferencing and training infrastructure.

我們在第一季取得了幾項顯著的人工智慧勝利，包括在五個市場部署（技術難度）。整體而言，客戶越來越希望 Equinix 來部署其最複雜、互聯程度最高的推理和訓練基礎架構。

Block will be the first company in North America to deploy the NVIDIA DGX Superpod with DGX GB 200 systems. By deploying at Equinix, blocks can leverage our unique ecosystems to ensure data privacy, flexibility, and edge connectivity to thousands of partners.

Block 將成為北美第一家部署具有 DGX GB 200 系統的 NVIDIA DGX Superpod 的公司。透過在 Equinix 部署，區塊鏈可以利用我們獨特的生態系統來確保資料隱私、靈活性以及與數千個合作夥伴的邊緣連接。

We also had a significant AI win with Groq, the pioneer in AI inference. Groq are rapidly scaling their high-performance infrastructure through Equinix. Our unique ecosystems and wide global footprint will serve as a connectivity gateway to their customers and enable efficient enterprise AI workflows at scale.

我們也與人工智慧推理領域的先驅 Groq 合作取得了重大的人工智慧勝利。Groq 正在透過 Equinix 快速擴展其高效能基礎設施。我們獨特的生態系統和廣泛的全球影響力將成為其客戶的連接門戶，並實現大規模高效的企業 AI 工作流程。

In our enterprise cloud ecosystem, Panasonic Information Systems expanded our partnership with Equinix in Q1 to support their evolving cloud database requirements. They've chosen Equinix for our seamless high-speed connectivity across key cloud platforms like AWS, Azure, and Oracle.

在我們的企業雲生態系統中，松下資訊系統在第一季擴大了與 Equinix 的合作夥伴關係，以支援其不斷發展的雲端資料庫需求。他們選擇 Equinix 是因為我們在 AWS、Azure 和 Oracle 等主要雲端平台上提供無縫高速連接。

We also saw expansion with Repsol, a global multi-energy company leading the energy transition. Repsol expanded their US operations in partnership with Equinix. With us, they have adopted a hybrid and multi-cloud environment that will support both their business and sustainability objectives.

我們也看到了引領能源轉型的全球多能源公司 Repsol 的擴張。Repsol 與 Equinix 合作擴大了其美國業務。與我們一起，他們採用了混合和多雲環境，以支持他們的業務和永續發展目標。

Essity, a leading hygiene and health company, is globally deploying Equinix's interconnection services, including Equinix Fabric and Network Edge, to enhance their efficiency of care whilst reducing their environmental impact.

領先的衛生健康公司 Essity 正在全球部署 Equinix 的互連服務，包括 Equinix Fabric 和 Network Edge，以提高其護理效率，同時減少對環境的影響。

And finally, Brink's is rapidly expanding their digital footprint with Equinix deploying virtual points of presence across key US metros with additional expansion planned in the coming quarters. This architecture will ensure robust connectivity, security and reliability in support of their growing business needs.

最後，Brink's 正在與 Equinix 合作，迅速擴大其數位足跡，在美國主要大都市部署虛擬存取點，並計劃在未來幾季進一步擴張。這種架構將確保強大的連接性、安全性和可靠性，以支援其不斷增長的業務需求。

This wide variation in customer use cases closed in Q1, underpins the core value proposition of Equinix and our durable business model. It enables us to cultivate the pipeline, we will need to achieve our revenue growth targets for the remaining quarters of 2025.

第一季客戶使用案例的廣泛變化鞏固了 Equinix 的核心價值主張和我們持久的商業模式。它使我們能夠培育通路，我們需要實現 2025 年剩餘季度的營收成長目標。

Turning now to our strategy. The momentum we experienced in Q1, coupled with our performance against key nonfinancial indicators demonstrate that we are on the right track. As I shared last quarter, we are focusing on three strategic moves in pursuit of our long-term growth ambitions, serving our customers even better, solving smarter for them, and building bolder for them.

現在談談我們的策略。我們在第一季所經歷的勢頭，加上我們關鍵非財務指標的表現，顯示我們正走在正確的軌道上。正如我上個季度所分享的，為了實現我們的長期成長目標，我們正專注於三大策略舉措：更好地服務我們的客戶、為他們提供更聰明的解決方案以及為他們打造更大膽的產品。

Thus, better is our strategic move focused on ensuring our customers have the right resources in the right place at the right time so that we deliver value at every stage in their relationship with us.

因此，我們的策略性舉措最好集中在確保我們的客戶在正確的時間在正確的地點擁有正確的資源，以便我們在他們與我們的關係的每個階段中創造價值。

In Q1, our improved deal conversion and shorter deal cycles resulted in more than 4,100 deals across more than 3,200 customers. This pushed our gross and net bookings considerably past our expectations for the quarter. I am pleased to note that our Q2 bookings performance in April is pacing in line with our targets despite the uncertainty prevalent in the macro environment.

在第一季度，我們提高了交易轉換率並縮短了交易週期，為 3,200 多家客戶達成了 4,100 多筆交易。這使得我們的總預訂量和淨預訂量大大超出了本季的預期。我很高興地註意到，儘管宏觀環境充滿不確定性，但我們 4 月第二季的預訂業績仍與我們的目標一致。

[Pulse marker] is our strategic move focused on simplifying the consumption of our digital infrastructure and interconnection solutions. In Q1, we saw strong momentum for our Secure Cabinet Express product, a preconfigured colocation solution that makes it faster and easier for our customers to get up and running in our data centers.

[Pulse marker] 是我們致力於簡化數位基礎設施和互連解決方案消費的策略性舉措。在第一季度，我們的 Secure Cabinet Express 產品發展勢頭強勁，這是一種預先配置的主機託管解決方案，可讓我們的客戶更快、更輕鬆地在我們的資料中心啟動和運行。

Now available in more than 75% of our IBXs around the world, this product accounted for 1/3 of all new cabinet sales in Q1 and nearly 300% increase year-over-year. Customers love it because it takes what used to be a complex, time-consuming process and turns it into a repeatable streamlined experience.

目前，該產品已在全球 75% 以上的 IBX 中上市，佔第一季所有新機櫃銷量的 1/3，較去年同期成長近 300%。客戶喜歡它，因為它將過去複雜、耗時的過程變成了可重複的簡化體驗。

Our industry-leading interconnection franchise continues to perform well. Interconnection revenues grew a healthy 9% year over year on a normalized and constant currency basis with more than 486,000 total interconnections now deployed. Equinix Fabric continues to over-index with strong adoption of Fabric Cloud router in the quarter.

我們行業領先的互連特許經營繼續表現良好。以正常化和固定匯率計算，互連收入年增 9%，目前已部署的互連總數超過 486,000 個。Equinix Fabric 本季持續表現優異，Fabric Cloud 路由器的採用率很高。

With Build Bolder, we are building for the future, accelerating innovative ways to expand access to more digital infrastructure for our customers. This means we have shifted our strategy from building many smaller IBXs and phases to building fewer IBXs and larger phases.

透過 Build Bolder，我們正在為未來而建設，加速創新方式，為我們的客戶擴大更多數位基礎設施的訪問。這意味著我們的策略已從構建許多較小的 IBX 和階段轉變為構建更少的 IBX 和更大的階段。

We have now 56 major projects underway in 33 metros across 24 countries, including 12 xScale projects. in the Americas, we added our Washington D.C. 17 project, which is expected to deliver 4,700 cabinets or approximately 50 megawatts of capacity to this key market in 2027.

目前，我們在 24 個國家的 33 個大都市開展了 56 個重大項目，其中包括 12 個 xScale 項目。在美洲，我們增加了華盛頓特區17號項目，預計2027年將向這一關鍵市場交付4,700個機櫃或約50兆瓦的容量。

In APAC, our Johor 2 asset is expected to add greater than 2,000 cabinets of capacity in one large delivery in 2027. And in EMEA, we are actively looking to accelerate delivery of capacity in metros like London and Paris.

在亞太地區，我們的柔佛 2 號資產預計將於 2027 年透過一次性大規模交付增加超過 2,000 個機櫃的容量。在歐洲、中東和非洲地區，我們正在積極尋求加速倫敦和巴黎等大都市的運力交付。

We continue to make good progress across our xScale joint ventures, with our announced projects more than 85% leased and preleased. This quarter, we opened our Frankfurt 10 asset, which was 100% pre-leased and we have a strong funnel of additional x-scale opportunities in the coming quarters.

我們的 xScale 合資企業繼續取得良好進展，我們宣布的項目已租賃和預租超過 85%。本季度，我們開放了法蘭克福 10 號資產，該資產已 100% 預租，並且我們在未來幾個季度擁有大量額外的 x 規模機會。

Whilst we are optimistic based on our strong Q1 performance, we are closely monitoring the rapidly evolving macroeconomic environment. We have seen minimal impact from tariffs on our business directly in the immediate term. However, there are a concern for many of our customers and therefore, are also a concern for us.

雖然我們對第一季的強勁表現感到樂觀，但我們正在密切關注快速變化的宏觀經濟環境。我們認為關稅對我們業務的直接影響在短期內微乎其微。然而，我們的許多客戶都擔心這個問題，因此我們也擔心這個問題。

The tariffs are felt acutely among specific industries in which many of our customers operate, particularly in consumer goods, transportation, energy and materials. Further, the uncertainty surrounding these tariffs, if protracted, can understandably lead to a wait-and-see investment posture amongst customers across all industries.

我們的許多客戶所在的特定產業都對關稅產生了強烈影響，尤其是消費品、運輸、能源和材料產業。此外，如果這些關稅的不確定性持續下去，可以理解地導致各行各業的客戶採取觀望的投資態度。

We hosted our Americas customer advisory board last week. At that event, our customers who represent a broad spectrum of industries told us that they have made no significant adjustments to their digital infrastructure strategies beyond some prepurchases of equipment.

我們上週接待了美洲客戶顧問委員會。在那次活動中，來自各行各業的客戶告訴我們，除了預先購買一些設備外，他們沒有對其數位基礎設施策略做出重大調整。

These customers are collectively signing firm demand, which supports our operating plans despite the economic uncertainty. Whilst we are tempering our optimism with prudent caution we believe that demand for our digital infrastructure will persist through varying business cycles and economic policies.

這些客戶集體簽署了堅定的需求，儘管經濟存在不確定性，但這仍支持了我們的營運計劃。雖然我們以審慎的態度抑制樂觀情緒，但我們相信，無論經歷怎樣的商業週期和經濟政策，對數位基礎設施的需求都將持續存在。

Technology remains a critical driver of revenue growth whilst allowing companies to reduce costs, enhance operating leverage and operate with more agility and responsiveness to their customers' needs.

技術仍然是收入成長的關鍵驅動力，同時允許公司降低成本、提高營運槓桿、更靈活地營運並回應客戶的需求。

Additionally, Equinix is highly diversified across geography, product mix, industry and segment, which historically has contributed to our resilience in the face of market dislocations. This, along with strong financial performance, positive customer momentum, a healthy balance sheet and a strategy that is resonating in the market keeps us confident in our operating outlook for underlying recurring revenue throughout 2025.

此外，Equinix 在地理、產品組合、行業和細分市場方面高度多樣化，這在歷史上有助於我們在面對市場混亂時保持韌性。再加上強勁的財務表現、積極的客戶發展勢頭、健康的資產負債表以及在市場上引起共鳴的策略，我們對 2025 年全年基本經常性收入的經營前景充滿信心。

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

說完這些，我將把責任交給 Keith 負責本季的財務狀況。

Thanks, Adaire, and good afternoon to everyone. As you've just heard from Adaire, we had a strong start to the year, delivering better-than-expected results across each of our core financial metrics. We had healthy gross bookings. Net pricing actions were firmly positive. MRR churn despite some large unexpected churn was lower than forecast, and therefore, net bookings were better than our expectations.

謝謝，阿代爾，大家下午好。正如您剛剛從 Adaire 那裡聽到的，我們今年開局強勁，各項核心財務指標都超出預期。我們的總預訂量非常可觀。淨定價行動堅定地保持積極態勢。儘管出現了一些意外的較大客戶流失，但 MRR 流失率低於預期，因此淨預訂量好於我們的預期。

From a results perspective, if we start with revenues, and then we work our way down the income statement, every key line was better than expected. And as we look forward, our guidance implies healthy underlying recurring revenue step-ups for the year and strong cash gross profit and adjusted EBITDA margins.

從結果的角度來看，如果我們從收入開始，然後我們就按照損益表來做，那麼每一條關鍵線都比預期的要好。展望未來，我們的預期意味著今年基本經常性收入將實現健康成長，現金毛利和調整後 EBITDA 利潤率也將保持強勁。

As I mentioned last quarter, we expect to exit the year at or near the 50% adjusted EBITDA level, an important threshold for us. Now despite the continued strength of our business, and the strong secular demand environment across the digital infrastructure space, we will remain vigilant given the broader and volatile market conditions and, if necessary, adjust accordingly.

正如我在上個季度提到的，我們預計今年的調整後 EBITDA 將達到或接近 50%，這對我們來說是一個重要的門檻。儘管我們的業務持續強勁，數位基礎設施領域的長期需求環境也十分強勁，但考慮到更廣泛且動盪的市場狀況，我們仍將保持警惕，並在必要時進行相應調整。

But that said, -- and as we've stated before, Equinix has thrived during periods of disruption largely due to the diverse set of high-quality customers across many industries and geographies, as they continue to expand their digital environments with us by buying more services in the existing markets, we're expanding into new markets with us.

但話雖如此，正如我們之前所說，Equinix 在動盪時期蓬勃發展，這主要歸功於其遍布多個行業和地區的多元化優質客戶，他們透過在現有市場購買更多服務繼續與我們一起擴展其數位環境，我們也在與我們一起拓展新市場。

Finally, our strong liquidity position an investment-grade credit profile provide us the strategic and operational flexibility, which allows us to invest in growth when others may choose to slow down or even pull back on their investments.

最後，我們強大的流動性狀況和投資級信用狀況為我們提供了策略和營運靈活性，使我們能夠在其他人可能選擇放緩甚至減少投資時投資於成長。

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. Global Q1 revenues were approximately $2.2 billion, up 8% over the same quarter last year, excluding the impact of the prior pass-through and near the top end of our guidance range. We saw a strong underlying quarter-over-quarter MRR step-up of $27 million for a solid bookings momentum from the second half of 2024, Offset by lower ex-scale NR fees as we expected.

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基於標準化和恆定的貨幣基礎。全球第一季營收約 22 億美元，比去年同期成長 8%，不包括先前的轉嫁影響，接近我們指引範圍的最高端。我們看到，自 2024 年下半年起，MRR 環比強勁增長 2700 萬美元，預訂勢頭強勁，但正如我們預期的那樣，非標準 NR 費用有所降低，從而抵消了這一增長。

Q1 revenues, net of our FX hedges, included a $4 million benefit when compared to our prior guidance rates. Global Q1 adjusted EBITDA was approximately $1.1 billion or 48% of revenues above the top end of our guidance range due to strong operating performance, including solid gross profit and lower-than-expected SG&A expenses despite the higher seasonal costs in Q1.

扣除外匯對沖後的第一季收入與我們先前的指導率相比，增加了 400 萬美元的收益。全球第一季調整後的 EBITDA 約為 11 億美元，佔營收的 48%，高於我們指引範圍的最高值，這得益於強勁的營運業績，包括穩定的毛利和低於預期的銷售、一般和行政費用，儘管第一季季節性成本較高。

Q1 adjusted EBITDA, net of our FX hedges, included a $2 million FX benefit when compared to our prior guidance rates. Global Q1 AFFO was $947 million, up 13% over the same quarter last year and well above our expectations due to strong operating performance, favorable net interest expense, and solid FX mitigation strategies. Also consistent with prior year's recurring CapEx, both in dollar terms and as a percentage of revenues is lower in the quarter, in part due to timing of spend.

與我們先前的指導利率相比，第一季調整後的 EBITDA（扣除外匯對沖）包含 200 萬美元的外匯收益。全球第一季 AFFO 為 9.47 億美元，比去年同期成長 13%，遠高於我們的預期，這得益於強勁的營運業績、有利的淨利息支出以及穩健的外匯緩解策略。與去年同期的經常性資本支出一致，無論是以美元計算還是以佔收入的百分比計算，本季的經常性資本支出均較低，部分原因是支出時間安排。

Q1 AFFO included a $1 million FX benefit when compared to our prior guidance rates. Global Q1 MRR churn was 2.4%, as expected. This core metric included two large and anticipated MR churn events. One of those events related to one of our largest customers as they evolve from a legacy service platform to a new service offering at Equinix related to certain of the Amsterdam and London deployments. The second large and an anticipated MR churn event related to a large multinational customer in our Singapore market as previously discussed.

與我們先前的指導利率相比，Q1 AFFO 包含 100 萬美元的外匯收益。全球第一季 MRR 流失率為 2.4%，符合預期。這項核心指標包括兩次大型且預期的 MR 流失事件。其中一個事件與我們最大的客戶之一有關，他們從傳統服務平台發展到 Equinix 的新服務產品，涉及阿姆斯特丹和倫敦的某些部署。第二起重大且預期的 MR 流失事件與我們新加坡市場的一個大型跨國客戶有關，如前所述。

For the full year, we continue to expect MR churn to average in our 2% to 2.5% quarterly guidance range. With respect to our nonfinancial metrics, they continue to trend favorably with global MRR per cabinet yield stepping up greater than 5% or $113 year over year on a constant currency basis, driven by favorable pricing actions and increasing power densities. Cabinets billing saw a strong step-up in the Americas region and solid performance in APAC, offset by softness in EMEA and related to the previously noted expected churn.

對於全年而言，我們繼續預期 MR 流失率平均在我們的季度指引範圍內 2% 至 2.5%。就我們的非財務指標而言，受有利的定價行動和不斷增加的功率密度的推動，它們繼續呈現良好趨勢，按固定匯率計算，全球每機櫃 MRR 收益率同比增長超過 5% 或 113 美元。櫥櫃營業額在美洲地區強勁成長，在亞太地區表現穩健，但被歐洲、中東和非洲地區的疲軟所抵消，並且與先前提到的預期客戶流失有關。

And finally, we had strong seasonal gross interconnection additions, resulting in a healthy net 3,900 total interconnections added in Q1.

最後，我們的季節性總互連數量增加強勁，導致第一季總互連數量淨增加 3,900 個。

Turning to our regional highlights, whose full results are covered on slides 5 through 7. On a year-over-year normalized and constant currency basis, excluding the impact of power pass-through to our customers, recurring revenues grew the fastest in our APAC region at 8%, followed by both the Americas and EMEA regions at 7%. The Americas region had a an outstanding quarter delivering its best growth in net bookings performance to date with continued favorable pricing trends as power density per cabinet increased.

轉向我們的區域亮點，其完整結果在第 5 至第 7 張幻燈片中介紹。以年比標準化和恆定匯率計算，不包括向客戶傳遞電力的影響，亞太地區的經常性收入成長最快，為 8%，其次是美洲和歐洲、中東和非洲地區，均為 7%。美洲地區本季表現出色，實現了迄今為止最佳的淨預訂量成長，並且隨著每個機櫃的功率密度增加，價格趨勢繼續保持良好。

We saw particularly strong demand from our financial services and AI-oriented customers with momentum across our Chicago, Dallas, New York and Silicon Valley metros as well as our Canadian business. Our EMEA business delivered a solid gross booking performance with strong retail volume and firm pricing, although impacted by the MR churn that I already noted. In the quarter, we saw booking momentum in Dublin is symbol and Stockholm metros.

我們發現金融服務和人工智慧客戶的需求尤其強勁，芝加哥、達拉斯、紐約和矽谷大都市以及加拿大業務都呈現強勁成長勢頭。儘管受到了我已經注意到的 MR 流失的影響，我們的 EMEA 業務仍實現了穩健的總預訂業績，零售量強勁，定價堅挺。本季度，我們看到都柏林和斯德哥爾摩大都會的預訂勢頭強勁。

And finally, the Asia Pacific region had a solid quarter with strong momentum in Malaysia and India businesses and robust net pricing activity. Also in April, we were pleased to announce the signing of our first renewable PPA in Japan, advancing our commitment to supporting the addition of new renewable energy sources in the markets where we operate.

最後，亞太地區本季表現穩健，馬來西亞和印度業務發展勢頭強勁，淨定價活動強勁。同樣在四月份，我們很高興地宣佈在日本簽署了我們的第一個可再生能源 PPA，這​​進一步推進了我們支持在我們運營的市場中增加新的可再生能源的承諾。

And now looking at our capital structure. Please refer to slide 8. Our balance sheet increased to approximately $36 billion, including cash and short-term investments of approximately $3.7 billion. In the quarter, we issued $500 million in Singapore dollar-denominated senior green notes at a rate of 3.5%.

現在來看看我們的資本結構。請參閱幻燈片8。我們的資產負債表增加至約 360 億美元，其中包括約 37 億美元的現金和短期投資。本季度，我們以 3.5% 的利率發行了 5 億新加坡元計價的高級綠色票據。

Additionally, we raised approximately $100 million of equity through our ATM program during the mid-February to early March time frame at $927 a share. As we've said before, we consider our balance sheet to be a strategic tool that provides us with significant operational and strategic flexibility to invest behind the growth opportunity we see in the digital infrastructure market.

此外，我們在 2 月中旬至 3 月初透過 ATM 計畫以每股 927 美元的價格籌集了約 1 億美元的股權。正如我們之前所說，我們認為資產負債表是一種策略工具，它為我們提供了顯著的營運和策略靈活性，以便投資於我們在數位基礎設施市場中看到的成長機會。

Over the near term, as we review our current leverage levels, our capital raising activities will be biased towards debt capital, given our ability to access these capital pools in lower cost markets around the world. both to refinance our maturing debt and to fund our Build Bolder growth initiatives.

短期內，當我們審查目前的槓桿水準時，我們的融資活動將偏向債務資本，因為我們有能力在全球低成本市場中獲得這些資本池。既為到期債務進行再融資，也為我們的「建設更大膽的成長計畫」提供資金。

Separately, in March, we are pleased to receive a positive outlook for Moody's as we continue to strive to obtain increased debt capacity and a higher credit rating from all of our credit rating agencies.

另外，3 月份，我們很高興收到穆迪的積極展望，我們將繼續努力從所有信用評級機構獲得更高的債務能力和信用評級。

Turning to slide 9 for the quarter. Capital expenditures were $750 million, including seasonally lower recurring CapEx of $26 million, as expected. We opened 10 major projects since our last earnings call, adding retail capacity in Kuala Lumpur, Lagos, Manchester, Solana, Santiago, and Sao Paulo. We also purchased land for development in Bogota and Milan.

翻到本季的第 9 張投影片。資本支出為 7.5 億美元，其中包括季節性較低的 2,600 萬美元經常性資本支出，這與預期一致。自上次財報電話會議以來，我們開設了 10 個主要項目，增加了吉隆坡、拉各斯、曼徹斯特、索拉納、聖地牙哥和聖保羅的零售容量。我們也在波哥大和米蘭購買了土地用於開發。

More than 85% of our current retail expansion spend is on our own land, our own buildings with long-term ground leases and over 70% of our announced retail expansion project spend is allocated to those largest metros where we have strong established ecosystems.

我們目前的零售擴張支出中超過 85% 用於我們自己的土地、我們自己的具有長期土地租賃權的建築，我們宣布的零售擴張項目支出中超過 70% 分配給了那些我們擁有強大成熟生態系統的大都市。

Now moving to slide 10. Our capital investments have continued to deliver strong returns. Consistent with prior years, in Q1, we completed the annual refresh of our IBX categorization exercise our stabilized asset count increased by 13 IBXs.

現在轉到第 10 張投影片。我們的資本投資持續帶來豐厚的回報。與往年一致，在第一季度，我們完成了 IBX 分類工作的年度更新，穩定資產數量增加了 13 個 IBX。

The PP&E related to our 2025 stabilized asset class was meaningfully larger than the prior two years and the performance to date was strong relative to those prior year cohorts. The ramping utilizations and the growth from the 2025 cohort is expected to favorably impact our cash yield metric over the course of the year.

與我們 2025 年穩定資產類別相關的 PP&E 比前兩年明顯更大，並且迄今為止的表現相對於前幾年而言表現強勁。預計利用率的提高和 2025 年群體的成長將對我們全年的現金收益率指標產生積極影響。

Our now 190 stabilized assets increased recurring revenues by 3% year over year on a constant currency basis and are collectively 82% utilized and generated a 26% cash-on-cash return on the gross PP&E invested.

我們目前擁有 190 項穩定資產，以固定匯率計算，經常性收入年增 3%，總體利用率為 82%，並對 PP&E 總投資產生了 26% 的現金回報率。

And finally, please refer to slides 11 through 15 for an updated summary of 2025 guidance and bridges. Do not all growth rates on an unsized and constant currency basis. Now given our strong Q1 performance relative to our expectations and due to the weakening of the US dollar against our other operating currencies, we're raising our guidance across each of our key financial metrics of revenues, adjusted EBITDA, AFFO, and AFFO per share.

最後，請參閱投影片 11 至 15，以了解 2025 年指引和橋樑的最新摘要。不要以未量化和恆定的貨幣為基礎來計算所有成長率。現在，鑑於我們第一季的業績相對於我們的預期而言表現強勁，並且由於美元兌其他營運貨幣的疲軟，我們提高了對收入、調整後 EBITDA、AFFO 和每股 AFFO 等每個關鍵財務指標的預期。

For the full year, we're raising our 2025 revenue guidance by $142 million. This maintains a 7% to 8% normalized and constant currency growth rate while adjusting for lower power cost pass through to our customers.

我們將 2025 年全年營收預期調高 1.42 億美元。這保持了 7% 至 8% 的正常和恆定貨幣成長率，同時調整了轉嫁給客戶的較低電力成本。

Importantly, our outlook continues to imply a step-up in our underlying recurring revenue growth over the course of the year. We're also raising our 2025 adjusted EBITDA guidance by $85 million. Adjusted EBITDA margins are expected to be approximately 49% and now a 210 basis point improvement over the last year.

重要的是，我們的展望繼續暗示我們今年的基本經常性收入成長將會加快。我們也將 2025 年調整後的 EBITDA 預期提高 8,500 萬美元。調整後的 EBITDA 利潤率預計約為 49%，比去年同期提高 210 個基點。

We continue to expect quarterly margins to step up over the course of the year with second half adjusted EBITDA margins to be at or near 50%. And we're raising our 2025 AFFO guidance by $69 million. This maintains our AFFO growth rate at 9% to 12%, and and AFFO per share growth of 7% to 9% compared to the previous year.

我們繼續預期季度利潤率將在年內上升，下半年調整後的 EBITDA 利潤率將達到或接近 50%。我們將 2025 年 AFFO 指導金額提高 6,900 萬美元。這使我們的 AFFO 成長率保持在 9% 至 12%，每股 AFFO 成長率與前一年相比保持在 7% 至 9%。

2025 CapEx is now expected to range between $3.4 billion and $3.7 billion. including approximately $180 million of on-balance sheet ex skill spend, which we expect to be reimbursed as we transfer assets into our US joint venture and about $270 million of recurring CapEx spend. This increase in CapEx spending is due to our newly approved projects and the higher FX rates as we Build Bolder behind the market opportunity in front of us.

預計 2025 年資本支出將在 34 億美元至 37 億美元之間。其中包括約 1.8 億美元的資產負債表內扣除技能支出（我們預計在將資產轉移到美國合資企業時將得到補償）以及約 2.7 億美元的經常性資本支出。資本支出的增加是由於我們新批准的項目和更高的外匯匯率，因為我們在眼前的市場機會背後建立了更大膽的計劃。

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

我就此打住吧。我要把電話轉回給阿代爾。

Thank you, Keith. In closing, we had a strong start to 2025, delivering better-than-expected bookings and financial results. Whilst the economic landscape is dynamic and uncertain, we believe that the secular demand environment for digital infrastructure and our services will endure. Equinix has a history of not only weathering challenging environments for growing through times of uncertainty.

謝謝你，基斯。最後，我們在 2025 年取得了良好的開端，實現了好於預期的預訂量和財務表現。儘管經濟情勢充滿活力和不確定性，但我們相信，數位基礎設施和我們服務的長期需求環境將持續下去。Equinix 不僅擁有抵禦充滿挑戰的環境的歷史，而且還能在充滿不確定性的時期不斷發展。

We are committed to delivering value to our customers and stakeholders, and I believe that our focus on innovation, operational excellence and customer-centric solutions will continue to drive our success.

我們致力於為客戶和利害關係人提供價值，我相信我們對創新、卓越營運和以客戶為中心的解決方案的關注將繼續推動我們的成功。

I would like to extend my gratitude to our employees for their hard work and commitment to our customers and partners for their trust in us and to our investors for their continued support. Together, we are not just navigating the complexities of today's market. We are shaping the future of the landscape for digital connectivity.

我要感謝我們員工的辛勤工作和承諾，感謝客戶和合作夥伴對我們的信任，並感謝投資者的持續支持。我們攜手合作，不僅是為了回應當今市場的複雜情況。我們正在塑造數位連結的未來格局。

Finally, we look forward to hosting our upcoming Analyst Day in June. We plan to dive deeper into how we are building out our strategy and outline our plans to pursue the opportunity in front of our business. We expect to update our long-term financial outlook including how our investments will translate into attractive revenue growth, expanding margins and equity value creation for our shareholders. We also look forward to sharing additional data that we believe will he investors better understand our business.

最後，我們期待在六月舉辦即將到來的分析師日。我們計劃更深入地研究如何制定我們的策略，並概述我們抓住業務機會的計劃。我們希望更新我們的長期財務前景，包括我們的投資如何轉化為有吸引力的收入成長、擴大利潤率以及為股東創造股權價值。我們也期待分享更多數據，我們相信這些數據將幫助投資者更好地了解我們的業務。

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

因此，我就此打住並開始回答問題。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Thank you so much. On sales cycles, I think you referenced some improvements that maybe have shortened sales cycles. If you can maybe shed some more light on what's driving this -- and on the same topic, I'm just curious whether the macro has negatively impacted sales cycles at all in April. Thank you.

太感謝了。關於銷售週期，我認為您提到的一些改進可能縮短了銷售週期。如果您可以進一步解釋一下造成這種情況的原因——並且就同一主題而言，我只是好奇宏觀因素是否對四月份的銷售週期產生了負面影響。謝謝。

All right. That's great. Thank you for the question, Matt. I guess I'll pick it up in two parts. Perhaps maybe just commenting on customer demand as we see it. I think as our numbers show, we had a very strong Q1.

好的。那太棒了。謝謝你的提問，馬特。我想我會把它分成兩部分來討論。或許只是根據我們所看到的來評論客戶需求。我認為，正如我們的數據所顯示的，我們的第一季表現非常強勁。

And in April, we can see that our bookings are keeping pace with our target -- so we're not seeing actually any significant shifts in demand during the April time frame, meaning that we believe that we can meet our operating plans despite the uncertainty.

而在四月份，我們可以看到我們的預訂量與我們的目標保持同步——因此我們在四月份期間實際上並沒有看到需求出現任何顯著的變化，這意味著我們相信儘管存在不確定性，我們仍然可以實現我們的營運計劃。

We will continue to watch this very closely. I think as I mentioned in my opening remarks, we were very fortunate to have the timely event of our Americas customer advisory board just last week or so, where we have a very broad representation of our customers across industries and across segments.

我們將繼續密切關注此事。我想，正如我在開場白中提到的那樣，我們非常幸運，就在上週左右，我們的美洲客戶顧問委員會及時召開了活動，我們的代表來自各個行業和各個領域。

And these customers indicated no changes to their plans for digital infrastructure, although some of them had noted prepurchases of various different pieces of equipment. And just to take it a little bit broader to give it a little bit more of a global view, Interestingly, in IMU, we're seeing an increasing level of optimism amongst our customer base.

這些客戶表示，他們的數位基礎設施計畫沒有改變，儘管其中一些客戶已經表示預先購買了各種不同的設備。更廣泛地講，從全球視角來看，有趣的是，在 IMU，我們看到客戶群的樂觀程度不斷提高。

And many of the requirements that are merging are actually playing into Equinix's favor. Requirements around data placement and data sovereignty and requirements around local presence and investment in that jurisdiction.

而許多正在合併的要求實際上對 Equinix 有利。有關資料放置和資料主權的要求以及有關該司法管轄區的本地存在和投資的要求。

And from an APAC perspective, is a lot of diversity as I'm sure you're aware, market-to-market, but very much still in the narrative for our APAC customers a very broad emphasis on AI and on digital transformation more broadly. So I think definitely a recognition that technology is a very critical driver of growth.

從亞太地區的角度來看，我相信您已經意識到，市場對市場的多樣性，但對於我們的亞太地區客戶來說，仍然非常重視人工智慧和更廣泛的數位轉型。因此，我認為肯定要認識到技術是成長的關鍵驅動力。

And most of the organizations that we've spoken to and as we see it in our demand pipeline are working hard to protect opportunities that they see, technology-enabling as top line opportunities for their business. and those projects and processes that underpin enhancing their productivity and initiatives around that topic. As it relates to enhancing productivity, let me speak a little bit to the motions that we've seen inside our own sales organization during Q1.

我們所接觸過的大多數組織以及我們在需求管道中看到的組織都在努力保護他們所看到的機會，將技術支援視為其業務的首要機會。以及那些支持提高他們圍繞該主題的生產力和主動性的項目和流程。就提高生產力而言，讓我稍微談談我們在第一季在我們自己的銷售組織內部看到的動向。

I guess I'll speak to you a little bit with my CRO hat on here. because productivity of our selling engine is a very important aspect that will help us drive towards our overall margin targets. And this has been a very key area of focus for us. We saw during Q1 conversion times up. We also saw in Q1 a creation of an out-of-quarter pipeline for the remaining quarters of 2025.

我想我會在這裡戴著我的 CRO 帽子和你聊一會兒。因為我們的銷售引擎的生產力是一個非常重要的方面，它將幫助我們實現整體利潤目標。這一直是我們關注的關鍵領域。我們在第一季看到轉換時間上升。我們也看到在第一季度，針對 2025 年剩餘季度的季度外通路已經建立。

That was very healthy. And as I mentioned, time to close reduced. I guess there are a couple of aspects as to the reasoning behind that.

這非常健康。正如我所提到的，關閉時間減少了。我想背後的原因有幾個面向。

First of all, we have been very circumspect in our qualification process at the front end of our pipeline build as we move into each quarter. which means that we're really executing against very highly qualified opportunities as they navigate through the sales process.

首先，在每個季度，我們在管道建設的前端對資格認證過程非常謹慎。這意味著，當銷售機會貫穿整個銷售流程時，我們確實在針對這些非常合格的機會執行任務。

Secondly, we've made some changes to our contracting process. and created standardized contracts and then just some process to support the implementation of those standardized contracts, so for a specific example for deals that were under 25,000 of MRR, we applied these standard contracts and had no exceptions to those contract terms during Q1 at all.

其次，我們對承包流程做了一些改變。並創建了標準化合同，然後只是一些流程來支持這些標準化合同的實施，因此對於 MRR 低於 25,000 的交易的具體示例，我們應用了這些標準合同，並且在第一季度對這些合同條款沒有任何例外。

So this meant that for our deal cycle times, we were able to reduce the median cycle time in our small deals by more than 20%. And and larger deal cycle time just because of some of that behavior reduced by approximately 5%.

因此，這意味著，就我們的交易週期而言，我們能夠將小交易的平均週期時間縮短 20% 以上。而且由於某些行為，交易週期縮短了約 5%。

So this is -- some of the -- some of the measures behind the productivity gains that you saw from our our sales force in Q1. I'd also maybe just add one other aspect. I'm getting more standardized on the solutions that we sell also helps our teams rent and repeat a sales motion.

因此，這是第一季我們的銷售團隊生產力提高的一些措施。我可能還想補充另一個方面。我對我們銷售的解決方案越來越標準化，這也有助於我們的團隊租賃和重複銷售動作。

And we certainly saw that when we applied the team to secure Cabinet Express as a product, and that enables us to create a solution bundle that teams became familiar with presenting with a standardized contract and then, of course, with the standardized implementation process following the sale. So all of these things leading us towards enhanced sales productivity and obviously then working to ensure that this is one part of the margin expansion that we're focused on at every level in the business.

我們當然看到，當我們應用團隊來確保 Cabinet Express 作為產品時，這使我們能夠創建一個解決方案包，團隊熟悉標準化合約的呈現，當然，還有銷售後的標準化實施流程。因此，所有這些因素都會促使我們提高銷售效率，並且顯然會努力確保這是我們在業務各個層面關注的利潤擴張的一部分。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Good afternoon. Can you maybe unpack a little bit more the expectation for recurring revenue growth to step up in the second half of the year or the rest of the year and some of the drivers behind that -- and with expectation for accelerating growth also include an increase in cabinet net adds.

午安.您能否進一步闡述今年下半年或剩餘時間經常性收入成長的預期，以及背後的一些驅動因素——加速成長的預期還包括內閣淨增額的增加。

Okay. In cabinets -- I missed the last part. Cabinets. Okay. Thanks very much for the question, Aryeh. So as we move into the second half of the year, first of all, we bring with us our bookings momentum from the second half of 2024.

好的。在櫥櫃裡——我錯過了最後一部分。櫥櫃。好的。非常感謝你的提問，Aryeh。因此，隨著我們進入下半年，首先，我們將帶來 2024 年下半年的預訂動能。

And those sales become implementable solutions and revenue that begins to turn the clock for us in 2025. We saw some demonstrated step-up of that in our Q1 results. And we'll continue to see that throughout the first half of the year.

這些銷售將成為可實施的解決方案和收入，並在 2025 年開始為我們帶來轉機。我們在第一季的業績中看到了一些明顯的提升。我們將在今年上半年繼續看到這種情況。

Secondly, I think the very strong bookings performance in Q1 also bodes well for a second half step-up because the opportunity to implement those customers and turn the booking into recurring revenue in the second half exists as it does for bookings that we would close in Q2.

其次，我認為第一季非常強勁的預訂表現也預示著下半年的業績將會提升，因為我們有機會在下半年實現這些客戶並將預訂轉化為經常性收入，就像我們在第二季完成的預訂一樣。

So the opportunity to continue the momentum that we saw in Q1 with our Q2 bookings framework enables us to not just add second half but first half of 2025 into the MRR step-up that we're expecting to see in the second half of 2025.

因此，我們有機會透過第二季的預訂框架延續第一季的勢頭，這使我們能夠不僅將下半年，而且將 2025 年上半年納入我們預計在 2025 年下半年看到的 MRR 提升。

In terms of our cabinets, We, of course, are experiencing some interesting dynamics around density as we look at our markets and the opportunity that this represents for us more holistically as an organization. We're continuing to see evolving density dynamic. It's very important to our business. And I think that Equinix is ahead of the game in responding to this. We were the first to have broad-scale liquid cooling across all of our geos.

就我們的櫥櫃而言，當我們更全面地審視我們的市場以及這對我們作為一個組織來說代表的機會時，我們當然正在經歷一些有關密度的有趣動態。我們持續看到密度動態的演變。這對我們的業務非常重要。我認為 Equinix 在應對這個問題上已經走在了前面。我們是第一家在所有地區採用大規模液體冷卻的公司。

And we saw a number of implementations of that occur in the first quarter of 2025. We will continue to see net cap increase across the quarters. We have, of course, seen a challenge in EMEA in Q1 around our cap billing and our cab additions in EMEA.

我們看到，在 2025 年第一季度，許多此類措施都將實施。我們將繼續看到各季度淨資本的成長。當然，我們在第一季看到了 EMEA 地區在上限計費和 EMEA 地區的計程車增加方面的挑戰。

This is largely due to the churn that Keith mentioned in his remarks. And we did also, in addition to that churn that we were anticipating have an unanticipated bankruptcy occur in Q1 for our Technicolor, which impacted us in EMEA and and one other bankruptcy, which impacted us partly in Q1, but we know we'll have a continued effect in Q2, and we will see that play out a little bit as we look at our cap billing during the course of Q2.

這很大程度上是由於 Keith 在評論中提到的客戶流失。除了我們預期的客戶流失之外，我們的 Technicolor 公司在第一季度還遭遇了意外破產，這對我們在歐洲、中東和非洲地區造成了影響，另外還有一家公司破產，這在一定程度上影響了我們在第一季度的業務，但我們知道這種影響會持續到第二季​​度，當我們在第二季度查看資本時，我們就會發現這種影響會逐漸顯現。

And then just to add on to what Adaire said there, already, the -- despite what we talked about there, the depth of the pipeline is Dara referred to the conversion rates, which continue to be strong -- that's why we feel confident in the growth of the recurring revenue throughout the rest of the year.

然後，補充 Adaire 所說的內容，儘管我們在那裡討論了頻道的深度，但 Dara 提到的轉換率仍然很強勁，這就是為什麼我們對今年剩餘時間經常性收入的成長充滿信心。

And one of the other things that we suggested to despite the unanticipated bankruptcies and the like -- we still -- we believe recurring revenues are going to grow nicely. And you're going to also see more profit Q2, certainly over Q1, as I said on the last earnings call and the second half certainly over the first half. And so we're on a nice trend despite absorbing some of those challenges. And as we said, some of this is anticipating planned inside the forecast.

我們也建議，儘管出現了意料之外的破產等事件，但我們仍然相信經常性收入將會良好成長。正如我在上次財報電話會議上所說的那樣，您還會看到第二季度的利潤更高，肯定比第一季更高，下半年的利潤肯定比上半年更高。儘管我們面臨一些挑戰，但仍然保持良好的發展趨勢。正如我們所說，其中一些是在預測中預期計劃的。

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. Interested in interconnect, what drove the the strength, including in fabric any use cases emerging -- or was it more of a sales effort on that particular product? Any color would be appreciated.

謝謝。對互連感興趣，是什麼推動了其實力，包括在結構中出現的任何用例 - 或者它更多的是針對特定產品的銷售努力？任何顏色都會受到歡迎。

Thank you. Thanks very much. Yes, I think we had a very solid quarter in Q1 -- we saw a very strong gross demand in Q1 for interconnects and of course, added 3,900 new interconnections to the portfolio. I think there are probably some elements that begin to add some color to that demand profile that we saw in the quarter. First, when you think about our interconnection growth generally, it tends to follow a number of trends.

謝謝。非常感謝。是的，我認為我們在第一季表現非常穩健——我們看到第一季對互連的總需求非常強勁，當然，我們在投資組合中增加了 3,900 個新的互連。我認為可能有一些因素開始為我們在本季看到的需求狀況增添一些色彩。首先，當你整體考慮我們的互連成長時，它往往遵循一些趨勢。

And certainly, when you have new customers and new deployments, this helps create interconnection activity and interconnection demand. And we saw that in a number of places. First of all, with the net new adds that we had during the quarter, creating needs for interconnects -- but also as you enter new markets, the possibility for interconnection density is also something that we've seen become very apparent.

當然，當您有新客戶和新部署時，這有助於創造互連活動和互連需求。我們在很多地方都看到了這種情況。首先，隨著本季淨新增量的增加，對互連的需求也隨之增加——但隨著進入新市場，互連密度的可能性也變得非常明顯。

And that's through of our Jakarta and Joe Barge entries, which both look very, very promising as it relates to interconnect. We also can see that our VCs are now accommodating much greater volume and a broader set of use cases.

這就是我們的雅加達和喬·巴奇的參賽作品，它們在互連方面看起來都非常有前景。我們還可以看到，我們的 VC 現在可以容納更大的數量和更廣泛的用例。

So for us, we really view interconnection as a portfolio of solutions. And the growth drivers of that portfolio will be the number of counterparties and the density of the network rather than just scaling terabytes per second.

因此對我們來說，我們確實將互連視為解決方案的組合。該投資組合的成長動力將是交易對手的數量和網路的密度，而不僅僅是每秒的兆位元組數的擴展。

And so we continue to look forward to growing this aspect of our product portfolio and making it easy for our customers to bring on board this capability into their infrastructure.

因此，我們繼續期待擴大我們產品組合的這一方面，並使我們的客戶能夠輕鬆地將這項功能納入他們的基礎設施。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

I appreciate you taking the question. Maybe you could just update us on the progress of the US xScale JV. I know you have a site in Atlanta with more sites under consideration. And just related to xScale, how we should think about the moving pieces of nonrecurring revenue over the remainder of the year? I know you've got some fit-out costs in there that are coming out, but I just wanted an update there. Thank you.

感謝您回答這個問題。也許您可以向我們介紹美國 xScale JV 的進展。我知道你們在亞特蘭大有一個站點，還有更多站點正在考慮中。就 xScale 而言，我們該如何看待今年剩餘時間內非經常性收入的變動？我知道你們有一些即將支出的裝修費用，但我只是想了解一下最新情況。謝謝。

Yes. I'll perhaps do a frame and then I'll ask Keith to add some specificity as needed. So in terms of our xScale pipeline, nothing has changed about our pipeline. We've got a strong overall pipeline. And as you can see, strong pre-leasing sentiment against that pipeline.

是的。我可能會做一個框架，然後我會要求 Keith 根據需要添加一些具體內容。因此，就我們的 xScale 管道而言，我們的管道沒有任何改變。我們擁有強大的整體管道。如您所見，人們對該管道的預租賃情緒十分強烈。

And we continue a very structured, consistent and coherent engagement with the support of our partners. And as far as the Hampton location is concerned, we're very excited about that build-out. We have begun to prepare the brand there and are continuing to progress on that project as expected.

在合作夥伴的支持下，我們持續保持著非常結構化、一致和連貫的參與。就漢普頓地區而言，我們對此次擴建感到非常興奮。我們已經開始在那裡準備品牌，並且正在按預期繼續推進該項目。

We also see that the opportunity around our ex-scale portfolio continues remain with a strong demand profile. And certainly, whilst there have been some rumors around certain hyperscalers pushing back, others are pushing ahead.

我們也看到，我們的超規模投資組合的機會仍然保持強勁的需求狀況。當然，儘管有傳言稱某些超大規模企業正在推遲計劃，但其他企業仍在繼續推進。

And certainly, hyperscalers are organizations that can move past periods of consumption very, very rapidly.

當然，超大規模企業是能夠非常迅速地度過消費期的組織。

And I think what's important to understand for Equinix is that we have a very broad range of relationships with our hyperscalers -- and it's not just an AI orientated relationship but a broader cloud demand and a connectivity relationship and they continue to be exceptional partners and customers to us.

我認為對於 Equinix 來說，重要的是要了解我們與超大規模供應商有著非常廣泛的關係 - 這不僅僅是一種以人工智慧為導向的關係，而是一種更廣泛的雲端需求和連接關係，他們繼續是我們卓越的合作夥伴和客戶。

And I think this bodes very, very well if they become more selective in their leasing decisions over the future months. So I'd say net as far as our xScale portfolio is concerned, demand is up and to the right. and we continue to augment our own internal team.

我認為，如果他們在未來幾個月的租賃決策中變得更加謹慎，那麼這將是一個非常好的兆頭。因此，就我們的 xScale 產品組合而言，我認為淨需求是向上且向右的。並且我們將繼續擴充我們自己的內部團隊。

In fact, some of our SG&A investments this year will be deployed into our xScale organization to ensure that we're servicing the opportunity that we see ahead of us for our xScale portfolio Keith, anything that you would add?

事實上，我們今年的部分 SG&A 投資將部署到我們的 xScale 組織中，以確保我們能夠抓住 xScale 產品組合中所看到的機會。 Keith，您還有什麼要補充的嗎？

Yes, Eric, just maybe a couple of other quick points. As Dara said, we're absorbing -- we plan for roughly a $40 million investment in the SG&A line in 2025 related to xScale. And as you know, we're making investments not just for today, but the recognition that these projects are going to take multi-years to build and deploy. And so that's part of what you're seeing. But I think what's even more interesting notwithstanding the success that we have had.

是的，艾瑞克，也許還有另外幾點要注意。正如達拉所說，我們正在吸收——我們計劃在 2025 年對與 xScale 相關的 SG&A 項目進行約 4000 萬美元的投資。正如你們所知，我們的投資不只是為了今天，而是要認識到這些項目的建設和部署將需要多年的時間。這就是您所看到的部分內容。但我認為，儘管我們取得了成功，但更有趣的是。

When you actually look at Q1, we certainly had a lot of nonrecurring revenue, and that, in fact, you can go back to Q4, we had a lot of nonrecurring revenue associated with that scale -- we also had that in Q1. And when you look at Q1, it was it was a tremendous quarter as you look at the performance of the P&L and how we manage yourself from a cash flow perspective, -- and that had still some noise in it related to these fit-out costs.

當你真正看第一季度時，我們確實有很多非經常性收入，事實上，你可以回到第四季度，我們有很多與該規模相關的非經常性收入——我們在第一季度也有這樣的收入。當您查看第一季時，您會發現這是一個非常棒的季度，因為您可以查看損益表的表現以及我們如何從現金流角度進行自我管理 - 而且其中仍然存在與這些裝修成本相關的一些噪音。

As you get to Q2, which we're guiding you to, basically, nonrecurring revenues are going to go down about $38 million, largely because of bag scale. If not only because of xScale. And you're going to see an even more pure quarter in how we can deliver the performance of the business.

當您進入我們引導您的第二季度時，基本上，非經常性收入將下降約 3800 萬美元，這主要是因為袋子規模。不僅僅是因為 xScale。您將會看到，本季我們的業務表現將更加純粹。

So I think you've got the if you will, the best of both worlds today, you've got the core business that's performing exceedingly well, and you've now got -- we're past the installation phase for many of our -- for many of our skilled deployments. And now we're focusing on growth into that market, not only as it relates to pre-lease, but as we work towards the development are over or to fuel a large franchise in the Americas.

所以我認為，如果您願意的話，今天您已經擁有了兩全其美的優勢，您擁有了表現極其出色的核心業務，而且現在我們已經度過了許多技術部署的安裝階段。現在，我們專注於該市場的成長，不僅涉及預租，還致力於發展或推動美洲的大型特許經營。

That being said, as I mentioned at the start, we do have a strong pipeline of x scale opportunities that we look forward to executing against over the course of the year.

話雖如此，正如我在開始時提到的，我們確實擁有大量 x 規模的機會，我們期待在今年內實現這些機會。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Thanks for taking the question. Just looking at the cadence, you mentioned a step-up in growth if you could compare that to the growth comp in '24. It seems like 2Q the growth comp is tougher and then it eases up a little bit. So if you can just talk about some of the EBITDA growth the AFFO. Is there like a step down in 2Q before it steps up?

感謝您回答這個問題。僅從節奏來看，您提到了成長的提升，如果您可以將其與 24 年的成長情況進行比較。看起來第二季的成長比較艱難，然後會稍微緩和一些。因此，如果您可以談談 EBITDA 成長和 AFFO 的一些情況。在上升之前，第二季是否會出現下降趨勢？

I just want to make sure, Vikram, if you -- are you referring to the revenue side of the equation or EBITDA and AFFO.

維克拉姆，我只是想確認一下，你指的是等式的收入方面還是 EBITDA 和 AFFO。

I see, if you can give color on all three revenue, EBITDA, and AFFO.

我明白了，如果您能對這三項收入、EBITDA 和 AFFO 進行說明的話。

Maybe, Adaire, do you want to talk about the revenue let me deal with the, if you will, the EBITDA and AFFO side of the equation. As we all know, and for those that have followed this for many years, there's seasonality in our business.

也許，阿代爾，你想談談收入，如果可以的話，讓我來處理等式的 EBITDA 和 AFFO 方面。眾所周知，對於那些關注這一領域多年的人來說，我們的業務具有季節性。

So in Q1, when you look at the cost model, despite what we delivered and how we performed better than our expectations. There's still some seasonal costs that go through the first quarter. And so we absorbed that.

因此，在第一季度，當你查看成本模型時，儘管我們交付了產品並且表現得比預期更好。第一季仍存在一些季節性成本。因此我們吸收了這一點。

And so as you look through the second, third and fourth quarter, there's always there's ebbs and flows. And you've historically seen that in our results, particularly when you look at cash SG&A. As you're all aware, we made some tough decisions in the fourth quarter of last year, and so we're going to we're going to reap the benefits of those decisions.

因此，當你回顧第二、第三和第四季時，總是會發現有起有落。從我們的歷史表現中你可以看到這一點，尤其是當你查看現金銷售、一般及行政費用時。眾所周知，我們在去年第四季做出了一些艱難的決定，因此我們將從這些決定中獲益。

But suffice it to say, as I said in my prepared remarks, the margin is going to improve throughout the year, and that's an important thing. And so some of that is coming certainly from revenues. -- and therefore -- and gross profit and SG&A. So you're getting, if you will, the Trio coming down to that bottom line.

但正如我在準備好的發言中所說，利潤率全年都會提高，這是一件重要的事情。其中一部分肯定來自收入。 ——因此——以及毛利和銷售、一般及行政費用。因此，如果你願意的話，三人組就會落到這個底線。

But as it relates to AFFO, the recurring CapEx component of that, again, there's a very large seasonal impact on AFFO. In Q1, our recurring CapEx relative to revenue was about 1.2% on -- by the time to get the fourth quarter, of course, we tend to do a lot more in the second half of the year on the recurring CapEx side.

但就 AFFO 而言，其經常性資本支出部分再次對 AFFO 產生很大的季節性影響。在第一季度，我們的經常性資本支出佔收入的比例約為 1.2%——當然，到了第四季度，我們往往會在下半年在經常性資本支出方面做更多的事情。

And so that has some impact on AFFO. But suffice it to say, we continue to see strong profits strong AFFO, we obviously give you -- we give you the performance in Q1. We're optimistic about the rest of the year, as we've spoken about.

這對 AFFO 產生了一定的影響。但可以說，我們繼續看到強勁的利潤和強勁的 AFFO，我們顯然會給您 - 我們給您第一季的表現。正如我們所說的，我們對今年剩餘時間的表現持樂觀態度。

And we're also absorbing the higher cost of financing in both Q2 and Q3, we are financing -- refinancing out of some debt, and we anticipate raising more debt as we draw down our -- down on our cash to invest in this -- in our Build Bolder initiative and pay the dividend, we're going to draw down on that cash to replace it with incremental debt capacity as we look into '26 and beyond.

我們也正在吸收第二季和第三季更高的融資成本，我們正在為部分債務進行融資和再融資，我們預計，隨著我們動用現金投資於「Build Bolder」計劃並支付股息，我們將籌集更多債務，我們將動用這些現金，以增量債務能力來替代它，展望 26 年及以後。

Just on the revenue side, there is a step-up in the second half of the year as we planned. This step-up will be supported by a number of factors, some of which I've mentioned already. the implementation of bookings that we closed in the first half of 2025.

就收入方面而言，正如我們計劃的那樣，下半年收入將有所增長。這項舉措將受到多種因素的支持，其中一些我已經提到過。實施我們在 2025 年上半年完成的預訂。

The opportunity to incorporate those bookings into our MRR recurring revenue exists once we close in the first in the first two quarters. And I mentioned that we have a strong pipeline of opportunities that we're working on in Q2 and our April indicator is positively disposed towards reaching that target.

一旦我們在前兩個季度中完成第一筆交易，就有機會將這些預訂納入我們的 MRR 經常性收入。我提到過，我們在第二季有大量的機會可供利用，而我們的四月指標也朝著實現這一目標的方向發展。

Secondly, there would be an element of nonrecurring revenues in our total revenue picture in the second half. And these are things that we would actually actively work on during the course of this year to ensure that we close that component of our revenue in the time frame necessary to meet these step-up requirements. But from an MRR perspective, once you really close the bookings in Q2, your year is laid out very clearly in front of you.

其次，下半年我們的總收入將包含一些非經常性收入。這些都是我們今年將積極進行的工作，以確保我們在必要的時間內完成這部分收入，以滿足這些提升的要求。但從 MRR 的角度來看，一旦你在第二季真正完成預訂，你的全年業績就會非常清晰地呈現在你面前。

Mike Funk, Bank of America.

美國銀行的麥克‧芬克。

Yes. Thank you very much. Darren, nice to meet you and Keith. Good to speak with you again. Quick question on inferencing. Microreported very strong Azure on the growth to see mean better than expectations.

是的。非常感謝。達倫，很高興認識你和基斯。很高興再次與您交談。關於推理的快速問題。微報稱Azure的成長動能十分強勁，看好於預期。

You made a slight comments in your prepared remarks. Is there a read-through from what Microsoft reported -- any commentary you can make on the demand that you are seeing from customers in entrenching.

您在準備好的發言中提出了一些小評論。您是否讀過微軟的報告—您可以對客戶在鞏固自身地位方面的需求發表任何評論嗎？

Yes. Very happy to do that. I think we continue to cultivate and win very attractive and significant AI opportunities. In fact, in Q1, of our top 25 deals, 50% of those deals were AI-related. So keeping in tandem with the type of breakdown on those deals that we saw in Q4.

是的。非常樂意這麼做。我認為我們將繼續培育並贏得非常有吸引力且重要的人工智慧機會。事實上，在第一季度，在我們的前 25 筆交易中，有 50% 與人工智慧相關。因此，與我們在第四季度看到的交易細分類型保持一致。

And as I mentioned already, liquid cooling deployments were implemented across 5 markets during Q1. And -- when I look at what's making up that demand, I think we continue to see the service providers chasing capacity, and we're part of it. And whilst some of that is initially training based we're definitely starting to see inference with the rock deal that closed in Q1 as a tremendous example of that.

正如我已經提到的，第一季在 5 個市場實施了液體冷卻部署。當我觀察是什麼導致了這種需求時，我認為我們繼續看到服務提供者追逐容量，而我們也是其中的一部分。雖然其中一些最初是基於培訓的，但我們肯定開始將第一季達成的巨額交易視為一個很好的例子。

If I then take that lens and apply it to our enterprise customers, -- at an enterprise level, our customers are investing in very targeted use cases rather than in large scale deployments or investments. And much of this targeting is underpinned by some of the uniques of the value prop that I believe from an inference perspective, Equinix brings to the enterprise customer base.

如果我採用這種視角並將其應用於我們的企業客戶——在企業層面，我們的客戶正在投資非常有針對性的用例，而不是大規模的部署或投資。從推理角度來看，我相信這種定位很大程度上是由 Equinix 為企業客戶群帶來的一些獨特的價值主張所支持的。

First of all, there's a very flexible data strategy, allowing our customers to distribute their data anywhere and to move that data easily and freely between cloud, public and private infrastructure. Secondly, we have a privacy first approach. So not only is the data secure, not only are the models protected, but operations can be aligned with the regulatory requirements of that customer either from an industry or a location basis.

首先，我們有一個非常靈活的資料策略，允許我們的客戶將他們的資料分發到任何地方，並在雲端、公有和私人基礎設施之間輕鬆自由地移動資料。其次，我們採取隱私第一的方針。因此，不僅資料是安全的，模型是受到保護的，而且操作還可以從行業或位置的角度與客戶的監管要求保持一致。

Thirdly, from a network perspective, our networks are ready for low latency inferencing. And for the execution of what is effectively always on AI systems. And finally then, I think the last part of the value prop really rights to the platform and the ecosystem of Equinix.

第三，從網路角度來看，我們的網路已經為低延遲推理做好了準備。並執行在人工智慧系統上始終有效執行的操作。最後，我認為價值主張的最後一部分實際上屬於 Equinix 的平台和生態系統。

We have massive partner access and flexibility, and this is such an evolving landscape for both the data and service providers that we give our customers the opportunity to be able to adapt in that evolving landscape. And we're actually seeing the demand manifest itself in a couple of key areas.

我們擁有龐大的合作夥伴存取權和靈活性，對於資料和服務提供者來說，這是一個不斷變化的環境，我們為客戶提供了適應不斷變化的環境的機會。我們實際上看到這種需求在幾個關鍵領域中有所體現。

One is in the whole area of AI factories or centers of excellence, where organizations in most of the industry verticals now are centralizing their AI development efforts and getting their IT team to manage these centralized clusters, both for cost and governance reasons.

一個是整個人工智慧工廠或卓越中心領域，出於成本和治理的原因，大多數垂直行業的組織現在都在集中他們的人工智慧開發工作，並讓他們的 IT 團隊管理這些集中集群。

AI factories can leverage models that have been developed elsewhere. -- they're then turn fine-tuned and then some inferencing happens on those clusters. And the most recent announcement that we made with NVIDIA around the opportunity to offer an NVIDIA instant AI factory service lends well into this trajectory that we're seeing on customer demand.

人工智慧工廠可以利用其他地方開發的模型。 ——然後對它們進行微調，然後在這些集群上進行一些推理。我們最近與 NVIDIA 共同宣布將提供 NVIDIA 即時 AI 工廠服務，這很好地契合了我們所看到的客戶需求的發展軌跡。

And then the second element of customer demand would absolutely be around distributed AI inferencing. As customers are now beginning to deploy AI models for inferencing the comments that I made earlier about data residency, the ability to process the days in the country where the data originates sometimes for regulatory compliance reasons, it lends itself well to our global footprint.

那麼客戶需求的第二個要素絕對與分散式 AI 推理有關。由於客戶現在開始部署人工智慧模型來推斷我先前關於資料駐留的評論，有時出於監管合規的原因，需要處理資料來源國的日期，這有利於我們的全球影響力。

The level of latency that might be required at a metro, so for edge AI workloads. Customers don't want to develop gear that will support inferencing from stores, airports, restaurants, et cetera. for lots of reasons, including OpEx and physical security reasons.

城域網路可能需要的延遲級別，因此適用於邊緣 AI 工作負載。客戶不想開發支援商店、機場、餐廳等推理的設備。原因有很多，包括營運支出和實體安全原因。

And so they are looking for on-demand metro-level latency connections and Equinix is ideally positioned to provide those.

因此，他們正在尋找按需的城域級延遲連接，而 Equinix 處於提供這些連接的理想位置。

So we see the demand manifest itself in a number of ways across our enterprise customers and still very much see this as a supply constrained market where there is absolutely more demand than supply, and we're happy to be part of that solution for the industry.

因此，我們看到需求在我們的企業客戶中以多種方式體現出來，並且仍然認為這是一個供應受限的市場，需求絕對大於供應，我們很高興成為該行業解決方案的一部分。

Tim Horan, OpCo.

蒂姆·霍蘭（Tim Horan），OpCo。

Thank you. On the supply side, do you think you are supply constrained or you may become supply constrained? And I guess can you raise prices to help manage that? Thanks.

謝謝。在供應方面，您認為目前面臨供應受限的情況嗎？或者，您可能會面臨供應受限的情況嗎？我想您可以提高價格來幫助解決這個問題嗎？謝謝。

Okay. So I think from a pricing perspective, during the course of Q1, we saw some very firm pricing certainly, as our customers also renew, there is a yield in terms of standard step-ups on auto renews. But also, there is the opportunity for us to lean into that renewal process. And given the supply dynamics, be able to command premium pricing for the services that we are offering.

好的。因此，我認為從定價的角度來看，在第一季度，我們看到了一些非常堅定的定價，因為我們的客戶也會續訂，所以在自動續訂的標準提升方面會有收益。但同時，我們也有機會參與這項更新進程。考慮到供應動態，我們能夠為我們所提供的服務制定溢價。

In terms of capacity constraints, certainly under our Build Bolder program, we've been working very, very hard to look at our pipeline of opportunities and our pipeline of bills and to look at where we have the opportunity to be able to accelerate build so that we can meet our customer capacity requirements.

在產能限制方面，當然在我們的「Build Bolder」計畫下，我們一直在非常非常努力地尋找我們的機會管道和法案管道，並尋找我們有機會加速建設的地方，以便我們能夠滿足客戶的產能需求。

And we've managed to do that in three locations during the course of this year in NY3, DC16, LD14 to reduce the time to bring that capacity on by at least 1 year.

今年，我們已在 NY3、DC16、LD14 三個地點成功實現了這一目標，從而將實現這一產能的時間縮短了至少 1 年。

And so a lot of build work, as Keith mentioned, underway, 56 projects underway across 33 metros and this is something that we continue to evaluate and look at. And of course, looking at how we ensure that as we are navigating our -- with our customers that we are helping to shape the demand to where we have the capacity that best suits the customers' requirements.

正如 Keith 所提到的，許多建設工作正在進行中，33 個大都市的 56 個項目正在進行中，我們將繼續評估和關注這些工作。當然，我們也要考慮如何確保在與客戶合作的過程中，我們能夠幫助塑造需求，使我們擁有最適合客戶要求的產能。

So in Q1, it was lovely to see a mixture of installs and transactions occurring across Tier 1 and non-Tier 1 metros. So a number of different ways for us to challenge to meet the challenge of capacity requirements in the market today.

因此，在第一季度，我們很高興地看到一線城市和非一線城市出現了安裝和交易的混合現象。因此，我們可以透過多種不同的方式來應對當今市場產能需求的挑戰。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Great. Thanks for the question. It looks like on the cabinet delivery schedule, there are some movements from 3Q to 4Q and now you're delivering about just over 9,000 cabinets in the fourth quarter. As we start thinking about the trajectory into 2026, I know that you've done some pre-leasing in facilities, about nine months is when you start pre-leasing in -- just curious, is there any color you could give us in terms of the pre-leasing that you've done into those 9,000 cabinets that are coming online in the fourth quarter, that could give us some conviction on what the exit growth rate could be into 2026. Thank you.

偉大的。謝謝你的提問。看起來，在櫥櫃交付時間表上，從第三季度到第四季度有一些變動，現在您在第四季度交付了大約 9,000 個櫥櫃。當我們開始考慮 2026 年的發展軌跡時，我知道您已經在設施中做了一些預租，大約九個月後您就開始預租了——只是好奇，您能否就您在第四季度上線的 9,000 個機櫃的預租情況給我們提供一些信息，這可以讓我們對 2026 年的退出增長率有一些信心。謝謝。

Yes. You're quite right in terms of the capacity that's coming online, you can see a significant amount of caps in our Q4 time frame. I will say that in the same way that we manage our sales forecast and our pipeline forecast and our sales process, we manage very closely the RFS dates for all of the capacity that we are bringing online.

是的。就上線的容量而言，您說得很對，您可以在我們的第四季度時間範圍內看到大量的上限。我想說的是，我們以同樣的方式管理我們的銷售預測、通路預測和銷售流程，我們也非常密切地管理我們上線的所有產能的 RFS 日期。

We have experienced in Q1 some presale activity as we experienced in the second half of Q4 without providing any degree of what that number is like we have absolutely experienced some customers who are looking to shore up both their compute and their energy future by committing to capacity that is further out in our delivery road map.

我們在第一季經歷了一些預售活動，就像我們在第四季度下半段經歷的那樣，但沒有提供具體數字，但我們確實遇到了一些客戶，他們希望通過承諾在我們的交付路線圖中更遠的容量來鞏固他們的計算和能源未來。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks. Good afternoon. In the second half of last year, the discussion picked up around Equinix going after some larger deal sizes as an incremental opportunity. So just curious how that progressed during 1Q, how that may evolve through the year? And as that evolves, should we be mindful of how that may impact the KPIs going forward?

謝謝。午安.去年下半年，圍繞 Equinix 尋求一些更大規模交易作為增量機會的討論開始升溫。所以只是好奇第一季的進展如何，全年將如何發展？隨著這種情況的發展，我們是否應該注意這可能會對未來的 KPI 產生什麼影響？

Yes. Thank you very much for the question. As I mentioned, I think we saw a very solid and good mix of different deal profiles throughout our throughout our Q1 journey, not just across the metros and the tiers, but also across the size and scale of the deals.

是的。非常感謝您的提問。正如我所提到的，我認為我們在第一季的整個過程中看到了不同交易概況的非常穩固和良好的組合，不僅跨越了大都市和層級，而且跨越了交易的規模和範圍。

So it was wonderful to see an increase in volume from our retail and our small and medium deals in our density rich interconnect-rich locations. And we also saw a continued increase in large footprint transactions.

因此，我們很高興看到我們在密度高、互聯互通豐富的地區的零售和中小型交易量有所增長。我們也看到大型足跡交易持續增加。

Certainly, we can see, as you see, the density from our cabs move from 4.2% up to 6.8% in this quarter. And we can still see this increasing not just by service providers but also from enterprise customers around greater density in the cabinets and larger footprints to enable them, again, to secure the capacity that they need for their future business objectives.

當然，如您所見，我們可以看到，本季我們的計程車密度從 4.2％ 上升到 6.8％。我們仍然可以看到，不僅服務提供者，而且企業客戶也在增加機櫃密度和更大的佔地面積，以使他們能夠再次確保實現未來業務目標所需的容量。

And this, of course, is something that we are considering under our Build Bolder umbrella and something that we are considering as we look at the design and evolution of our data centers.

當然，這是我們在「Build Bolder」計畫框架下考慮的事情，也是我們在研究資料中心的設計和發展時所考慮的事情。

Thank you, everyone, for joining our Q1 earnings call. We look forward to seeing many of you at our Analyst Day in June. Have a good day.

感謝大家參加我們的第一季財報電話會議。我們期待在六月的分析師日上見到你們。祝你有美好的一天。

Goodbye. This concludes today's conference call. You may go ahead and disconnect at this time.

再見。今天的電話會議到此結束。現在您可以繼續並斷開連接。