Equinix Inc (EQIX) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Equinix second quarter earnings conference call. (Operator Instructions) All for today's conference is being recorded. If anyone has any objections, please disconnect at this time. I'd now like to turn the call over to Mr. Chip Newcom, Senior Director of Investor Relations. You may begin.

下午好，歡迎參加 Equinix 第二季財報電話會議。（操作員指示）今天會議的所有內容都將被記錄下來。如果有人有異議，請立即斷開連接。現在我想將電話轉給投資者關係高級總監 Chip Newcom 先生。你可以開始了。

Good afternoon and welcome to today's conference call. Before we get started, I would like to remind everyone that some of the statements that we will be making today are forward-looking in nature and involve risks and uncertainties.

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 on 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's policy not to comment on its financial guidance during the quarter unless it's done through an explicit public disclosure.

Equinix 不承擔任何義務，也不打算更新或評論本次電話會議中的前瞻性聲明。此外，根據公平揭露法規，Equinix 的政策是不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'll be taking questions from sell side analysts. At this time, I'll turn the call over to Adaire.

今天與我們一起的有 Equinix 執行長兼總裁 Adaire Fox-Martin 和財務長 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。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 second quarter of 2025. Our Q2 results demonstrate that our strategy is meeting the opportunity. This is evidenced not only by strong financial metrics, but also by our continued customer momentum and strong delivery in key areas of our business.

謝謝你，奇普。大家好。下午好，熱烈歡迎您參加我們 2025 年第二季的財報電話會議。我們第二季的業績顯示我們的策略正在抓住機會。這不僅體現在強勁的財務指標上，還體現在我們持續的客戶成長動能和關鍵業務領域的強勁交付上。

By way of highlights. First, from a financial perspective, the Equinix team delivered. In Q2, our revenues, adjusted EBITDA and AFFO were all in line with or better than expectations. This performance was underpinned by strong recurring revenue growth and solid operating flow through, resulting in adjusted EBITDA margins hitting 50%.

通過亮點。首先，從財務角度來看，Equinix 團隊表現優異。在第二季度，我們的營收、調整後的 EBITDA 和 AFFO 都符合或優於預期。這一業績得益於強勁的經常性收入成長和穩健的營運流量，調整後的 EBITDA 利潤率達到 50%。

Second, our relevance to existing and new customers continues to deepen. In Q2, we closed 4,100 deals across more than 3,300 customers, resulting in $345 million of annualized gross bookings for the quarter, a new metric that we disclosed at Analysts Day.

其次，我們與現有和新客戶的關聯性不斷加深。在第二季度，我們與 3,300 多家客戶達成了 4,100 筆交易，本季年化總預訂額達到 3.45 億美元，這是我們在分析師日披露的一項新指標。

Our teams delivered this performance through strong, small and medium sized deal activity, with a notable uptick in inter and intra-region sales, all whilst maintaining favorable pricing across deal sizes.

我們的團隊透過強勁的中小型交易活動實現了這一業績，區域間和區域內銷售額顯著上升，同時保持了各種交易規模的優惠定價。

Third, our performance translated into solid non-financial results, with substantial net interconnection additions, solid cabinet building led by the Americas, and strong MRR per cabinet yields. Our diverse interconnected ecosystems continue to drive industry leading returns as seen in the performance of our stabilized asset portfolio.

第三，我們的業績轉化為穩健的非財務業績，包括大量的淨互連增加、以美洲為主導的穩健機櫃建設以及強勁的每機櫃 MRR 收益。從我們穩定的資產組合的表現可以看出，我們多樣化、相互關聯的生態系統繼續推動行業領先的回報。

Now, before we take a closer look at Q2, I want to focus for a moment on our long term vision. It was a pleasure to connect with many of you at our Analyst Day last month. At that time, we outlined the opportunities we see in the market, across AI, hybrid and multi-cloud, and networking.

現在，在我們仔細研究第二季之前，我想先集中討論一下我們的長期願景。上個月的分析師日上，我們很榮幸與大家進行了交流。當時，我們概述了我們在市場上看到的人工智慧、混合雲和多雲以及網路領域的機會。

We presented the strategy we have defined to unlock these opportunities, and against which we are already rapidly executing. And we shared important financial guidance for the next five years. Since Analyst Day, we have had a fruital dialogue with many of our shareholders and analysts, to listen to your feedback and to answer your questions.

我們提出了為抓住這些機會而製定的策略，並且我們已經在迅速執行該策略。我們也分享了未來五年的重要財務指導。自分析師日以來，我們與許多股東和分析師進行了富有成效的對話，聽取了你們的回饋並回答了你們的問題。

With those conversations in mind, I would like to offer some key points of clarity on the build bolder component of our strategy, whilst Keith will provide additional commentary on the long term financial outlook in his remarks.

考慮到這些對話，我想就我們策略中更大膽的組成部分提供一些清晰的關鍵點，而 Keith 將在他的演講中對長期財務前景提供額外的評論。

First, as outlined on slide 6, our capital expenditure is about capacity expansion, with the aim of accelerating revenue. The vast majority of our investments over the next five years are expected to be allocated to our future growth. This includes the purchase of land, the construction of new IBX data centers, investment in our xScale joint ventures, and developing our digital product offerings.

首先，如投影片 6 所述，我們的資本支出用於擴大產能，目的是加速收入。預計未來五年我們的絕大部分投資將用於未來成長。這包括購買土地、建造新的 IBX 資料中心、投資我們的 xScale 合資企業以及開發我們的數位產品。

As I outlined in my presentation at Analyst Day, we see a significant addressable market opportunity in front of Equinix. And this opportunity is affirmed by the demand signals from our customers. Our customers rely on Equinix for the digital infrastructure necessary to support and scale their AI models.

正如我在分析師日的演講中所概述的那樣，我們看到 Equinix 面前存在著巨大的潛在市場機會。這一機會也得到了我們客戶需求訊號的肯定。我們的客戶依靠 Equinix 來提供支援和擴展其 AI 模型所需的數位基礎設施。

They look to us as they embrace hybrid and multi-cloud strategies for their application architecture. Our customers are the motivation for the expansion and scale of our capital investments.

當他們的應用程式架構採用混合和多雲策略時，他們向我們尋求幫助。我們的客戶是我們資本投資擴張和規模擴大的動力。

Second, only about 1% of our non-recurring capital expenditures will be allocated to the redevelopment of select high-value IBX assets. The redevelopment of key ecosystem facilities like Washington DC and Miami 1 will not only extend the economic lives of these assets, but at the conclusion of these projects, we believe we will be able to yield meaningful additional space and power capacity at attractive returns.

其次，我們只有約 1% 的非經常性資本支出將用於精選高價值 IBX 資產的再開發。華盛頓特區和邁阿密 1 等關鍵生態系統設施的重新開發不僅將延長這些資產的經濟壽命，而且在這些項目結束時，我們相信我們將能夠以誘人的回報獲得有意義的額外空間和電力容量。

Third, with regard to returns, we expect to underwrite our investments in assets that will yield approximately 25% at stabilization, in line with our current stabilized portfolio. Our growth investments are intended to skew towards our major markets, where we generate over $100 million in annual revenue. By prioritizing our large markets, we can leverage our diverse and deep customer relationships, and our in-place operating capabilities to de-risk our investment plans and drive efficiencies at scale.

第三，關於回報，我們預期承銷的資產投資在穩定時收益率約為 25%，與我們目前的穩定投資組合一致。我們的成長投資旨在偏向我們的主要市場，我們在這些市場每年創造超過 1 億美元的收入。透過優先考慮我們的大市場，我們可以利用我們多樣化和深厚的客戶關係以及現有的營運能力來降低我們的投資計劃風險並大規模提高效率。

Finally, with regards to timing of revenue, whilst it takes approximately 18 to 24 months to build a core shell and first phase of an IBX asset, we are anticipating an accelerated path to stabilization relative to historical trends.

最後，關於收入時間，雖然建造核心外殼和 IBX 資產的第一階段大約需要 18 到 24 個月，但我們預計相對於歷史趨勢而言，它將加速走向穩定。

Hence, whilst we guided through 2029, our near to medium-term investments will support our durable growth beyond 2029. We see a path to drive the business to double digit revenue growth as our build boulder strategy becomes fully operational.

因此，雖然我們預計會度過 2029 年，但我們的近期至中期投資將支持我們在 2029 年以後的持久成長。隨著我們的「建造巨石」策略全面實施，我們看到了推動業務實現兩位數收入成長的途徑。

Our capital expenditures and data center expansion are grounded in the demand signals we see from our customer base. Organizations are moving beyond the experimentation and pilot phase of AI adoption into the phase of agentic integration and automation.

我們的資本支出和資料中心擴展是基於我們從客戶群中看到的需求訊號。各組織正從人工智慧採用的實驗和試點階段進入代理整合和自動化階段。

Many of our customers have deployed AI centers of excellence. These teams are working to establish standardized governance policies and TCO based management of enterprise AI road maps. These are the necessary prerequisites to enable the scaling of agentic use cases and their integration into core systems, resulting in always on AI that is compliant to policy.

我們的許多客戶都部署了人工智慧卓越中心。這些團隊正在致力於建立標準化的治理政策和基於 TCO 的企業 AI 路線圖管理。這些是實現代理用例擴展及其與核心系統的整合的必要先決條件，從而實現始終符合政策的人工智慧。

The use cases that we see are far ranging, from those that are grounded in privacy and sovereignty requirements, to use cases requiring distributed delivery and secure interconnection, to those that have at their core predictable performance, coupled with neutrality and control.

我們看到的用例範圍很廣，從基於隱私和主權要求的用例，到需要分散式交付和安全互連的用例，再到核心具有可預測效能、中立性和控制力的用例。

Customer's priorities are unique, but Equinix is uniquely positioned to address these priorities. Alembic, Block, Bristol Myers Squibb, Continental, Harrison.ai and ServiceNow, amongst many others are working with us to support their AI ambitions and their growth objectives.

客戶的優先事項是獨一無二的，但 Equinix 具有獨特的優勢來解決這些優先事項。Alembic、Block、Bristol Myers Squibb、Continental、Harrison.ai 和 ServiceNow 等許多公司正在與我們合作，以支持他們的 AI 抱負和成長目標。

As I noted at our Analyst Day, we firmly believe that Equinix has been built for this moment. We are investing in our future, in service to our customers, and in service to the opportunity ahead. Through these efforts, we believe we will continue to deliver attractive revenue growth, expanded margins, and accretive value to our shareholders over the long term.

正如我在分析師日上指出的那樣，我們堅信 Equinix 就是為這一刻而生的。我們正在投資我們的未來、投資我們的客戶服務以及投資未來的機會。透過這些努力，我們相信我們將長期持續為股東帶來可觀的收入成長、更高的利潤率和更高的價值增值。

Now, I would like to take a closer look at our financial results for the quarter and our customer momentum. As a reminder, the growth rates shared are all on a normalized and constant currency basis. In Q2, we delivered revenues of $2.26 billion, up 5% year-over-year. This was driven by strong recurring revenue growth, up 7% year-over-year, the result of our continued strong booking's performance.

現在，我想仔細看看我們本季的財務業績和客戶發展勢頭。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。第二季度，我們的營收為 22.6 億美元，年增 5%。這是由強勁的經常性收入成長所推動的，年成長 7%，這是我們持續強勁的預訂表現的結果。

As previously stated, our second half outlook complies underlying recurring revenue step ups, a reflection of our strong first half bookings and conversion of backlog. For non-recurring revenues in Q2, we had lower xScale fees, which was as expected and planned for.

如前所述，我們的下半年展望符合潛在經常性收入的成長，這反映了我們上半年強勁的預訂量和積壓訂單的轉換。對於第二季的非經常性收入，我們的 xScale 費用較低，這符合預期和計劃。

Based on our current pipeline for xScale and consistent with our initial full year guidance, we are anticipating a meaningful step up in NRR in the second half, more specifically in Q4. Adjusted EBITDA margins increased to 50% of revenues for the first time in our history. AFFO per share increased 8% year-over-year.

根據我們目前 xScale 的管道，並與我們最初的全年指導一致，我們預計下半年，更具體地說是第四季度 NRR 將有顯著提升。調整後的 EBITDA 利潤率首次上升至營收的 50%。每股 AFFO 年成長 8%。

In both instances, results were above our expectations due to strong operating performance and lower than expected SG&A expenses in part due to the timing of spend. Keith will provide additional insight into these numbers shortly.

在這兩種情況下，由於強勁的營運業績以及低於預期的銷售、一般和行政費用（部分原因是支出時機），結果都超出了我們的預期。基思很快就會對這些數字提供更多見解。

Turning to our customer momentum, we continue to cultivate and win opportunities across our product set and in service to the enduring demand for AI, hybrid and multi-cloud deployments, and networking requirements.

談到我們的客戶動力，我們將繼續在我們的產品系列中培育和贏得機會，並滿足對人工智慧、混合和多雲部署以及網路要求的持久需求。

Lyceum Technologies, a German GPU as a service provider, recently added a liquid cooled AI deployment in EMEA to bring automated cloud experiences to their customers. Schneider Electric chose Equinix to lower the overall carbon footprint of their digital infrastructure as they build out a multi-cloud solution leveraging a fabric cloud router.

德國 GPU 即服務供應商 Lyceum Technologies 最近在歐洲、中東和非洲地區增加了液冷 AI 部署，為其客戶帶來自動化雲端體驗。施耐德電機選擇 Equinix 來降低其數位基礎設施的整體碳足跡，因為他們利用結構雲路由器建立了多雲解決方案。

Woolworths, the largest retailer of food and everyday essentials in Australia and New Zealand has developed a payments platform called WPay, utilizing HPE GreenLake and Equinix data centers. This end-to-end solution features a robust architecture that not only offers scalability but also enhances cost efficiency for both WPay and its merchant partners.

澳洲和紐西蘭最大的食品和日常必需品零售商 Woolworths 利用 HPE GreenLake 和 Equinix 資料中心開發了一個名為 WPay 的支付平台。這種端對端解決方案具有強大的架構，不僅提供了可擴展性，而且還提高了 WPay 及其商家合作夥伴的成本效率。

eBay leverages Equinix to ensure low latency connectivity and high performance for its global marketplace with distributed network hubs. This infrastructure enables eBay to deliver a seamless user experience, reducing delays and optimizing interactions for buyers and sellers worldwide.

eBay 利用 Equinix 透過分散式網路中心確保其全球市場的低延遲連線和高效能。該基礎設施使 eBay 能夠提供無縫的用戶體驗，減少延遲並優化全球買家和賣家的互動。

And finally, EssilorLuxottica, a global leader in advanced vision care products, eyewear and MedTech solutions chose Equinix to enhance operational efficiency and support seamless global expansion with high performance connectivity.

最後，先進視力保健產品、眼鏡和醫療技術解決方案的全球領導者 EssilorLuxottica 選擇 Equinix 來提高營運效率並透過高效能連接支援無縫的全球擴張。

This breadth of customer use cases across geography, segment, industry and product set underscores the distinct value of Equinix and the diversity of the opportunity ahead. We intend to build on this momentum through the remaining quarters of '25 and beyond.

跨越地理、領域、產業和產品系列的客戶使用案例的廣泛性凸顯了 Equinix 的獨特價值和未來機會的多樣性。我們打算在 2025 年剩餘季度及以後繼續保持這一勢頭。

We continue to execute against our three strategic moves in pursuit of our long-term accretive growth ambitions. Our serve better strategic move is focused on our customers, who are at the heart of everything we do. The differentiating force behind serving better is our customer and revenue organization.

我們將繼續執行三大策略性舉措，以實現我們的長期增值成長目標。我們的服務更佳策略措施以顧客為中心，顧客是我們一切工作的核心。提供更優質服務的差異化力量是我們的客戶和收入組織。

I would like to take a moment to welcome Shane Paladin as our new Chief Customer and Revenue Officer and a member of our executive team. Shane brings with him over two decades of global expertise in go-to-market strategies, close collaboration with product organizations and the delivery of transformative results.

我想花點時間歡迎 Shane Paladin 擔任我們的新任首席客戶和收入長以及我們的執行團隊成員。Shane 擁有超過二十年的全球市場進入策略、與產品組織的密切合作以及變革性成果交付的專業知識。

I'm also pleased to share that we are already off to a strong start in Q3. Through pre-sales from prior quarters and continued momentum from our sales team, as of yesterday, we have closed more than 40% of our bookings planned for Q3. We have a strong pipeline to support our remaining bookings ambitions for the quarter.

我也很高興地告訴大家，我們在第三季已經有了一個好的開始。透過前幾季的預售和我們銷售團隊的持續發展，截至昨天，我們已經完成了第三季計畫預訂量的 40% 以上。我們擁有強大的管道來支援本季剩餘的預訂目標。

Looking forward to Q4, our pipeline is the most robust we have seen and speaks to the demand in the market for the products and services offered by Equinix. As we work to solve smarter, we are focused on simplifying the consumption of our digital infrastructure and interconnection solutions for our customers.

展望第四季度，我們的產品線是迄今為止最強勁的，這也顯示了市場對 Equinix 提供的產品和服務的需求。在我們致力於更聰明地解決問題的過程中，我們專注於為客戶簡化數位基礎設施和互連解決方案的使用。

Our industry-leading interconnection franchise continues to perform well. Interconnection revenues grew a healthy 8% year-over-year on a normalized and constant currency basis, crossing $400 million of quarterly revenues for the first time. We added a net 6,200 total interconnections in the quarter, driven by cloud and AI expansion activities. We now have more than 492,000 total interconnections deployed.

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，互連營收年增 8%，季度營收首次突破 4 億美元。在雲端和人工智慧擴展活動的推動下，本季我們淨增加了 6,200 個互連。目前，我們已部署超過 492,000 個互連。

Our ability to connect businesses with one another and across their value chain, including through our market-leading share of native cloud on-ramps continues to be an attractive differentiator for our customers. This is why Equinix has become the home to ecosystems across network, cloud, financial services and content and digital media providers.

我們能夠將企業彼此連接並連接其價值鏈，包括透過我們市場領先的原生雲端入口份額，這對我們的客戶來說仍然是一個有吸引力的差異化因素。這就是為什麼 Equinix 成為跨網路、雲端、金融服務以及內容和數位媒體提供者生態系統的所在地。

Equinix Fabric continues to over-index with provision capacity now over 100 terabits. In the quarter, we surpassed 4,000 customers using Equinix Fabric, and we saw a continued diversification of use cases with solid pull-through from our fabric cloud router and network edge products.

Equinix Fabric 持續超額完成指標，目前供應容量已超過 100 太比特。在本季度，使用 Equinix Fabric 的客戶已超過 4,000 家，並且我們看到用例持續多樣化，並透過我們的結構雲路由器和網路邊緣產品實現穩固的拉動。

As I said before, AI inference use cases are growing. We believe our leading market share of cloud on ramps, when combined with fabric will be vital to address the increased bandwidth and multi-cloud connectivity these workloads will require.

正如我之前所說，人工智慧推理用例正在成長。我們相信，我們在雲端運算領域的領先市場份額與結構相結合，對於解決這些工作負載所需的增加的頻寬和多雲連接至關重要。

As we build bolder to meet growing demand from our customers, we now have 59 major projects underway globally, including 12 xScale projects. Since our last earnings call, we added 9 new retail projects in key markets such as Chicago, Dallas, London and Silicon Valley, and have commenced our first build in Bangkok, Thailand. In early June, we finalized our acquisition of three data centers in the Philippines to enter the Manila Metro as we broaden our footprint in Southeast Asia.

為了滿足客戶日益增長的需求，我們不斷加強建設力度，目前我們在全球有 59 個重大專案正在進行中，其中包括 12 個 xScale 專案。自上次財報電話會議以來，我們在芝加哥、達拉斯、倫敦和矽谷等主要市場增加了 9 個新的零售項目，並已在泰國曼谷開始了第一個建設項目。6月初，我們完成了對菲律賓三個資料中心的收購，進軍馬尼拉地鐵，擴大我們在東南亞的業務範圍。

Our xScale focus continues to expand. Our pipeline of potential North American campuses is growing, and we are in late-stage negotiations for additional locations, which we look forward to disclosing in the near future.

我們對 xScale 的關注度不斷擴大。我們在北美的潛在校區數量正在增加，我們正在就更多地點進行後期談判，我們期待在不久的將來披露具體資訊。

We are making excellent progress on our Atlanta campus as we prepare the land for the construction process. Across our open and announced projects, our xScale assets are more than 85% leased or preleased, and as noted earlier, we have a strong pipeline of opportunities primed for execution in the second half of the year.

我們正在為亞特蘭大校區的建設準備土地，並取得了良好的進展。在我們開放和宣布的項目中，我們的 xScale 資產超過 85% 已被租賃或預租，並且如前所述，我們擁有大量機會，準備在今年下半年實施。

Serve better, solve smarter and build bolder are the right strategic moves for our customers and for our business, and our continued execution gains them is paying off. Now I'm going to turn it over to Keith to share more on the quarter's financials and our outlook for the balance of the year.

提供更好的服務、更聰明的解決方案和更大膽的建設對於我們的客戶和我們的業務來說是正確的策略舉措，而我們持續的執行為他們帶來了回報。現在，我將把時間交給 Keith，讓他分享更多有關本季財務狀況以及我們對今年剩餘時間的展望。

Thanks, Adaire, and good afternoon to everyone. Well, we had another great quarter, and we're very excited about what the future holds for Equinix. We had strong and diversified annualized gross bookings, our new metric of $345 million in the second quarter.

謝謝，阿代爾，大家下午好。好吧，我們又度過了一個很棒的季度，我們對 Equinix 的未來感到非常興奮。我們擁有強勁且多樣化的年度總預訂量，第二季的新指標為 3.45 億美元。

These bookings are foundational to the expected quarter-on-quarter recurring revenue growth in the next two quarters and as we set the stage for 2026. Also, we delivered healthy operating leverage to the business, resulting in adjusted EBITDA margins hitting 50% for the quarter, the first time in our history.

這些訂單為未來兩季預期的季度環比經常性收入成長奠定了基礎，也為我們 2026 年奠定了基礎。此外，我們為業務提供了健康的經營槓桿，使本季調整後的 EBITDA 利潤率首次達到 50%。

And our non-financial metrics continue to trend favorably. All of this, alongside stronger non-US dollar operating currencies allowed us to raise our guidance across all of our key operating metrics, while maintaining flexibility to invest in the second half of the year in support of our strategic moves.

我們的非財務指標持續呈現良好趨勢。所有這些，加上非美元營運貨幣的走強，使我們能夠提高所有關鍵營運指標的指導，同時保持下半年投資的靈活性，以支持我們的策略性舉措。

Now before I get into details for the quarter, I wanted to provide some clarifying thoughts related to the long-term financial outlook, which we shared with you at the June Analyst Day. First and most importantly, our build bolder investment strategy is about pressing our advantage by investing in future growth through the development of new data centers, as highlighted by Adaire.

現在，在我介紹本季的細節之前，我想提供一些與長期財務前景相關的澄清想法，我們在六月分析師日與大家分享了這些想法。首先，也是最重要的一點，正如阿代爾所強調的，我們制定更大膽的投資策略是透過開發新的資料中心來投資未來成長，從而發揮我們的優勢。

This build strategy is in support of our selling strategy to put the right customer with the right application into the right asset. Simply build bolder is about creating new capacity to meet the future demands for digital infrastructure.

這種建構策略支持我們的銷售策略，將合適的客戶和合適的應用程式放在合適的資產中。簡單地建立更大膽的是為了創造新的能力來滿足未來對數位基礎設施的需求。

Second, the Analyst Day five year plan made a number of assumptions about the funding of our growth. As you've seen over the past couple of years, we've benefited by accessing many foreign debt capital markets, where interest rates are not only lower but where we can also mitigate potential FX exposure while also being tax efficient.

其次，分析師日五年計畫對我們的成長資金做出了許多假設。正如您在過去幾年中所看到的，我們透過進入許多外國債務資本市場而受益，這些市場的利率不僅較低，而且我們還可以減輕潛在的外匯風險，同時還能提高稅收效率。

It is our intention to continue to access these four markets to our fullest ability while not exposing our balance sheet to undo FX risk. Over the short term, you should expect us to continue to access lower capital cost markets in Canada and Singapore while raising more debt capital in Europe in 2026.

我們的目的是繼續盡最大努力進入這四個市場，同時不讓我們的資產負債表面臨外匯風險。短期內，您應該預期我們將繼續進入加拿大和新加坡等資本成本較低的市場，同時在 2026 年在歐洲籌集更多債務資本。

And finally, when rates and spreads move in the right direction in the United States, you should expect us to appropriately move to access this market while looking at the appropriate tenor for these capital raises. As it relates to our forecasted interest expense, we fully expect to capitalize a portion of our interest expense, which will be determined by the cost of that raised, the amount of assets under development, including land and the time line to operationalize these assets.

最後，當美國的利率和利差朝著正確的方向發展時，您應該期望我們會適當地進入這個市場，同時尋找這些資本所籌集的適當期限。由於它與我們預測的利息支出有關，我們完全希望將部分利息支出資本化，這將取決於籌集的成本、正在開發的資產數量（包括土地）以及投入運營這些資產的時間表。

Later this year, as we work through the annual planning cycle for next year, we plan to refine our estimate of net interest expense after interest capitalization, and we'll share these details with you in early 2026. And finally, as a reminder, our long-term goal is to deliver $50 or greater of AFFO per share in 2029. This AFFO per share target implies a 7% CAGR growth rate from 2025 through 2029.

今年晚些時候，在我們完成明年年度規劃週期的同時，我們計劃完善利息資本化後的淨利息支出估算，並將在 2026 年初與您分享這些詳細資訊。最後，提醒一下，我們的長期目標是到 2029 年實現每股 50 美元或更高的 AFFO。這項每股 AFFO 目標意味著 2025 年至 2029 年的複合年增長率為 7%。

Given we expect 2026 will be at the lower end of our guided range, this outlook, therefore, implies an AFFO per share growth rate towards the top half of the range each year thereafter with 2029 being at the top end of the range.

鑑於我們預計 2026 年將處於指導範圍的低端，因此，這一前景意味著此後每年的 AFFO 每股增長率都將趨向於該範圍的上半部分，而 2029 年將處於該範圍的高端。

Now let me cover the highlights for the quarter as depicted on slide 7. We do know that all growth rates in this section are on a normalized and constant currency basis. Global Q2 revenues were approximately $2.26 billion, up 5% over the same quarter last year and slightly above the midpoint of our guidance range.

現在讓我介紹一下第 7 張投影片中所示的本季亮點。我們確實知道，本節中的所有成長率都是基於標準化和恆定的貨幣基礎。全球第二季營收約 22.6 億美元，比去年同期成長 5%，略高於我們預期範圍的中點。

Our continued bookings momentum resulted in another quarter of strong recurring revenue growth at 7%, offset by a decrease in non-recurring revenues, largely due to lower scale fit out revenues and fees as expected.

我們持續的預訂勢頭導致本季經常性收入再次強勁增長 7%，但非經常性收入的下降抵消了這一增長，這主要是由於規模裝修收入和費用低於預期。

Net of our FX hedges, there was minimal FX impact when compared to our prior guidance rates. Global Q2 adjusted EBITDA was approximately $1.13 billion or 50% 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 in part due to timing of spend.

扣除外匯避險後，與我們先前的指導利率相比，外匯影響微乎其微。全球第二季調整後的 EBITDA 約為 11.3 億美元，佔營收的 50%，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（部分原因是支出時機）。

Q2 adjusted EBITDA, net of our FX hedges, included a $2 million FX headwind when compared to our prior guidance rates. Global Q2 AFFO was $972 million up 11% over the same quarter last year and well above our expectations for the quarter due to strong operating performance and lower income tax expenses.

與我們先前的指導利率相比，第二季調整後的 EBITDA（扣除外匯對沖）包括 200 萬美元的外匯逆風。全球第二季 AFFO 為 9.72 億美元，較去年同期成長 11%，遠高於我們對本季的預期，這得益於強勁的營運業績和較低的所得稅費用。

Q2 AFFO included a $3 million FX headwind when compared to our prior guidance rates. Global Q2 MRR churn was 2.6%, slightly above the high end of our range primarily due to the GEO bankruptcy. Absent the specific MRR churn, our metric would have been 2.4%. For the full year, we continue to expect MRR churn to be comfortably in our 2% to 2.5% quarterly guidance range.

與我們先前的指導利率相比，第二季度 AFFO 包括 300 萬美元的外匯逆風。全球第二季 MRR 流失率為 2.6%，略高於我們預期的高端，這主要是由於 GEO 破產。如果沒有特定的 MRR 流失，我們的指標將是 2.4%。對於全年而言，我們仍然預計 MRR 流失率將保持在我們 2% 至 2.5% 的季度指導範圍內。

With respect to our nonfinancial metrics, they continue to trend favorably with global MRR for cabinet yields stepping up $33 quarter-over-quarter on a constant currency basis, largely the result of favorable pricing and increasing power densities from the base. Cabinet's billing also saw a solid step-up in the quarter led by the Americas region, and we added 6,200 total net interconnections for the quarter.

就我們的非財務指標而言，它們繼續呈現良好趨勢，以固定匯率計算，機櫃收益的全球 MRR 比上一季增加了 33 美元，這主要是由於優惠的定價和基礎功率密度的提高。在美洲地區的帶動下，內閣的帳單在本季也出現了穩定成長，本季我們增加了 6,200 個總網路互連。

Now looking at our capital structure. Please refer to slide 10. Our balance sheet increased to approximately $39 billion, including elevated cash and short-term investments totaling approximately $4.5 billion, higher than typical, given the $1.2 billion of Q3 senior note repayments, one which has already been settled in July and the other expected to be settled in September.

現在來看看我們的資本結構。請參閱幻燈片10。我們的資產負債表增加至約 390 億美元，其中包括增加的現金和短期投資，總額約為 45 億美元，高於正常水平，因為第三季度有 12 億美元的優先票據償還，其中一筆已於 7 月份結清，另一筆預計將於 9 月份結清。

In the quarter, we issued $1.7 billion of euro-denominated senior green notes at a weighted average rate of 3.625%. Cumulatively, Equinix has issued $9 billion of green bonds making Equinix a top five US issuer in the investment-grade green bond market.

本季度，我們發行了 17 億美元以歐元計價的高級綠色票據，加權平均利率為 3.625%。累計而言，Equinix 已發行 90 億美元綠色債券，使 Equinix 成為美國投資等級綠色債券市場前五名發行人之一。

Our net leverage was 3.5 times our annualized adjusted EBITDA. As noted during our Analyst Day, we fully expect our net leverage to increase over the next several years as we fund our growth both from the cash generated in business and with the incremental debt we plan to raise. Through 2029, we continue to remain comfortable raising our debt levels up to 4.5 times in support of this growth and to fund our other strategic initiatives while maintaining our investment-grade rating.

我們的淨槓桿是年度調整後 EBITDA 的 3.5 倍。正如我們在分析師日期間所指出的，我們完全預期我們的淨槓桿率將在未來幾年內增加，因為我們的成長資金既來自業務產生的現金，也來自我們計劃籌集的增量債務。到 2029 年，我們將繼續樂意將債務水平提高至 4.5 倍，以支持這一增長並為我們的其他戰略計劃提供資金，同時保持我們的投資級評級。

Turning to slide 11. For the quarter, capital expenditures were approximately $990 million, including recurring CapEx of $55 million. We opened five major projects since our last earnings call, adding retail capacity in Chicago, Dallas, Toronto, Washington DC, and Salalah, Oman. Over 70% of our announced retail expansion project spans is allocated to our largest metros where we have strong established ecosystem and can benefit from our economy of scale.

翻到第 11 張投影片。本季度，資本支出約為 9.9 億美元，其中包括 5,500 萬美元的經常性資本支出。自上次財報電話會議以來，我們啟動了五個主要項目，增加了芝加哥、達拉斯、多倫多、華盛頓特區和阿曼塞拉萊的零售容量。我們宣布的零售擴建項目中，超過 70% 分佈在我們最大的大都市，在這些地方我們擁有強大的生態系統，並可從我們的規模經濟中受益。

Now moving to slide 12. Our capital investments have continued to deliver strong returns. Our now 189 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 on a constant currency basis.

現在轉到投影片 12。我們的資本投資持續帶來豐厚的回報。我們目前擁有的 189 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%，以固定匯率計算，PP&E 總投資的現金報酬率為 26%。

And finally, please refer to slides 13 through 17 for an updated summary of 2025 guidance and bridges. Do note, all growth rates are on a normalized and constant currency basis. For the full year, we're raising our 2025 revenues guidance by $58 million. This maintains a 7% to 8% normalized and constant currency growth rate.

最後，請參閱投影片 13 至 17，以了解 2025 年指引和橋樑的最新摘要。請注意，所有成長率都是基於標準化和恆定的貨幣。我們將 2025 年全年營收預期上調 5,800 萬美元。這保持了7%至8%的正常和恆定貨幣成長率。

Importantly, our outlook continues to imply a robust quarter-over-quarter step-up of our underlying recurring revenues in Q3 and Q4 and strong NRR activity in the fourth quarter driven by our pipeline of xScale opportunities.

重要的是，我們的展望繼續意味著，在 xScale 機會的推動下，我們第三季度和第四季度的基礎經常性收入將環比強勁增長，第四季度的 NRR 活動也將強勁增長。

We're also raising our 2025 adjusted EBITDA guidance by $46 million. Adjusted EBITDA margins are expected to be approximately 49%, with strong second half adjusted EBITDA margins at or near 50%. We're raising our 2025 AFFO guidance by $28 million. AFFO is expected to grow between 10% and 12%, and AFFO per share growth is expected to range between 7% and 10% compared to the previous year.

我們也將 2025 年調整後的 EBITDA 預期提高 4,600 萬美元。調整後的 EBITDA 利潤率預計約為 49%，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 2,800 萬美元。 AFFO預計將成長 10% 至 12%，每股 AFFO 成長率預計與前一年相比在 7% 至 10% 之間。

And finally, 2025 CapEx is now expected to range between $3.8 billion and $4.3 billion, including approximately $450 million of on-balance sheet xScale spend, funds we expect to be reimbursed later this year as we transfer these assets into our US joint venture.

最後，預計 2025 年資本支出將在 38 億美元至 43 億美元之間，其中包括約 4.5 億美元的資產負債表 xScale 支出，我們預計這些資金將在今年稍後當我們將這些資產轉移到我們的美國合資企業時得到償還。

The increase in non-recurring CapEx spend is largely due to a meaningful investment in pre-purchase of long-lead equipment, the timing of contributing our scale investments to the new xScale joint venture and our newly approved projects. Recurring CapEx spend is expected to be about $280 million.

非經常性資本支出的增加主要是由於對長週期設備的預購進行了大量投資、將我們的規模投資投入到新的 xScale 合資企業以及我們新批准的項目的時機。預計經常性資本支出約 2.8 億美元。

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。

Thanks very much, Keith. In closing, we delivered a strong first half of 2025, achieving robust bookings and financial outcomes. We remain excited and optimistic about the future of Equinix and our differentiated and durable market position. We were built for this moment. No other player in the digital infrastructure landscape possesses the unique combination of strengths that are an inherent part of Equinix.

非常感謝，基斯。最後，我們在 2025 年上半年表現強勁，實現了強勁的預訂量和財務業績。我們對 Equinix 的未來以及我們差異化和持久的市場地位仍然感到興奮和樂觀。我們是為了這一刻而生的。在數位基礎設施領域中沒有任何其他參與者擁有 Equinix 所固有的獨特優勢組合。

Our diverse and neutral interconnected ecosystems, our extensive global footprint across key metros, our more than 10,000 enterprise customers across geographies, industries and segments, our track record of reliability and service excellence.

我們擁有多元化和中立的互聯生態系統、遍布全球主要城市的廣泛業務足跡、遍布不同地區、不同行業和領域的 10,000 多家企業客戶，以及我們可靠性和卓越服務的良好記錄。

As the world's digital infrastructure company, we are shortening the path to bandwidth connectivity to enable the innovations that enrich our work, life, and planet. I'll stop here and open it up to questions.

作為全球數位基礎設施公司，我們正在縮短頻寬連接的路徑，以實現豐富我們的工作、生活和地球的創新。我就講到這裡，歡迎大家提問。

(Operator Instructions) Nick Del Deo, MoffettNathanson LLC.

（操作員指示）Nick Del Deo，MoffettNathanson LLC。

Hi, thanks for taking my question. It was great to see the interconnection adds step back up this quarter, but they've had a bit of a sawtooth pattern over the past couple of years. So I wonder -- I was wondering if you could dig a bit more into what helped this quarter. And maybe talk a bit about what we should expect over the coming quarters for that metric. Thanks.

你好，謝謝你回答我的問題。很高興看到本季互連增加量有所回升，但在過去幾年中，互連增加量一直呈現鋸齒狀成長。所以我想知道——我想知道您是否可以更深入地了解本季的幫助所在。也許我們可以談談未來幾季我們對該指標的預期。謝謝。

Yeah, thanks for the question, Nick. I'm very happy to take that. As you mentioned, a very strong position for interconnection this quarter, with revenues up 8% year-on-year and of course, contributing overall to the revenue of Equinix 6,200 additions, mostly focused around cloud and AI expansion opportunities with our customers.

是的，謝謝你的提問，尼克。我很高興接受這個。正如您所提到的，本季的互連業務非常強勁，營收年增 8％，當然也為 Equinix 6,200 個新增業務的收入做出了總體貢獻，主要集中在與客戶的雲端和 AI 擴展機會上。

So largely looking at how the ecosystem of cloud and AI opportunities in our customer base look to secure their network presence in order to support the kind of workloads that they are hoping will be part of their landscape going forward.

因此，我們主要關注客戶群中的雲端和人工智慧機會生態系統如何確保他們的網路存在，以支援他們希望成為未來格局一部分的工作負載。

So this was, I think, a very strong quarter for us for interconnection. We saw use cases around our data center interconnect around FCR, our fabric cloud router and on network edge being pulled through as well. And we look forward to continuing to work in order to ensure that we continue to grow and evolve the value of this part of the Equinix franchise.

因此，我認為對於我們的互聯互通而言，這是一個非常強勁的季度。我們看到了圍繞 FCR 的資料中心互連、我們的結構雲路由器以及網路邊緣的用例。我們期待繼續努力，以確保我們繼續發展並提升 Equinix 特許經營權這一部分的價值。

John Atkin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的約翰‧阿特金 (John Atkin)。

Thanks. I was interested in the comment on the strong bookings momentum to start the third quarter. Is this seasonality? Is it sales incentives? Is it product appeal to certain customer bases or segments or maybe drill down a little bit as to what's driving that and what that might portend for even the rest of the year? Thanks.

謝謝。我對第三季初強勁的預訂勢頭的評論很感興趣。這是季節性嗎？這是銷售激勵嗎？產品是否對特定客戶群或細分市場具有吸引力，或者是否可以深入了解推動這一趨勢的因素以及這可能預示著今年剩餘時間的什麼？謝謝。

Yeah, happy to do that. Thanks very much. Maybe I can just perhaps characterize this a little with what we saw in the demand profile for the quarter just closed in Q2. We certainly saw a very broad-based set of activities across regions, customers and segments.

是的，很高興這麼做。非常感謝。或許我可以根據我們在第二季剛結束的季度的需求概況來稍微描述一下這一點。我們確實看到了一系列跨地區、跨客戶、跨領域的活動。

We experienced very strong pricing in the second quarter. And we saw some great opportunity amongst retail, small and medium-sized transactions in the quarter. And interestingly enough, intra-regional pickup.

我們在第二季度經歷了非常強勁的定價。我們發現本季零售、小型和中型交易中存在一些巨大的機會。有趣的是，區域內也有回升。

So again, supporting customers as they navigate from one region to another. So when we look forward into our bookings landscape for Q3 and the fact that we are at 40% as of yesterday of our bookings quota concluded, I think this speaks to a couple of things.

因此，再次為客戶從一個地區導航到另一個地區提供支援。因此，當我們展望第三季的預訂情況時，我們發現截至昨天我們的預訂金額已達到 40%，我認為這說明了幾件事。

First of all, to the momentum that we saw in the close of Q2 and how that carried forward into our Q3 bookings framework, Secondly, that we are very, very focused on growth. This is a very powerful aspect of our strategy, and of course, is an important aspect of driving ultimately AFFO per share.

首先，我們在第二季末看到的勢頭以及這種勢頭如何延續到我們的第三季預訂框架中；其次，我們非常非常關注成長。這是我們策略中非常強大的一個方面，當然也是最終推動每股 AFFO 的一個重要面向。

And so as we look at this bookings momentum, you can see that we are giving you this view of inside our business so that you can see how that line is actually evolving. For us, Q3 will be less about impacting in a huge way recurring revenue in Q4. It's more about setting us up for the exit out of 2025 and into recurring revenue momentum of 2026.

因此，當我們查看預訂量動能時，您可以看到我們正在向您展示我們業務內部的情況，以便您可以看到該業務線實際上是如何發展的。對我們來說，第三季對第四季經常性收入的影響不會太大。這更多的是為了讓我們在 2025 年退出並進入 2026 年經常性收入動能。

So a combination of focus, execution, continued momentum. And obviously, some pre-sales from previous quarters coming into action at the start of the quarter but also just endless execution against what is a very strong pipeline in Q3. And also, as I mentioned in my remarks in our Q4 period. Very strong conversion rates that we saw in Q2, also coming through in the early days of Q3.

因此，需要將重點、執行和持續動力結合起來。顯然，前幾季的一些預售在本季初開始發揮作用，但對於第三季非常強勁的銷售管道來說，也只是無止盡的執行。而且，正如我在第四季的評論中提到的那樣。我們在第二季看到的轉換率非常高，在第三季初期也是如此。

And Jon, maybe just one other thing. It was -- for us, we opened up five assets and three very important markets for us. And I think that gives -- as Adaire was saying, that gives us the ability to build up on the momentum when you've got the Dallases, the Chicagos and markets like that coming online. And so there's a lot of opportunity there.

喬恩，也許還有一件事。對我們來說，我們開闢了五項資產和三個非常重要的市場。我認為，正如阿代爾所說，這讓我們有能力在達拉斯、芝加哥和類似市場上線後繼續保持這種勢頭。因此那裡有很多機會。

And then the second thing I would just say, and Adaire alluded to it, the benefit that we've seen is not only having a strong pipeline and the momentum, but it's also -- the backlog was a decrease quarter-over-quarter, and therefore, that sets up nicely for the second two quarters of the year.

然後我想說的第二件事，阿代爾也提到了這一點，我們看到的好處不僅在於擁有強大的管道和發展勢頭，而且積壓訂單量也比上一季度有所減少，因此，這為今年後兩個季度做好了良好的準備。

I just wonder if there's anything also to call out on direct sales contributions versus indirect and partner channels. Any kind of update since Analyst Day on that mix?

我只是想知道，直接銷售貢獻與間接和合作夥伴管道相比是否還有什麼需要注意的。自分析師日以來，該組合有任何更新嗎？

Not particularly. I would say that based on Q2 and '24, we saw a very steady resale motion in our channel business. Although in Q2 referrals were slightly lower. But we can still continue to execute very closely with our channel partners, and still continue to evolve how we execute parts of our business relevant to our ecosystem. For example, in Indonesia, we've just launched a new partner program to allow us to sell in that way.

不是特別。我想說，根據第二季和24年的情況，我們看到通路業務的轉售動向非常穩定。儘管第二季的推薦量略有下降。但我們仍然可以繼續與我們的通路合作夥伴密切合作，並繼續改進我們執行與我們的生態系統相關的業務部分的方式。例如，在印度尼西亞，我們剛剛啟動了一項新的合作夥伴計劃，以便我們以這種方式進行銷售。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Thanks, appreciate the question. Adaire, you touched on this in your prepared remarks, I believe you said that you expect to accelerate the timing to stabilization in your build bolder plan versus what you've done historically. And I think historically, it would take about two to four or five years, if I recall.

謝謝，我很感謝你的提問。阿代爾，您在準備好的發言中提到了這一點，我相信您說過，與您過去所做的相比，您希望加快制定更大膽的計劃以達到穩定的時間。如果我沒記錯的話，從歷史上看，這大約需要兩到四到五年的時間。

So maybe you could give us an update on your thoughts on how quickly you can stabilize some of the properties that you're planning to develop over the next for four plus years? And is the plan to potentially pre-sell or pre-lease larger portions going forward to perhaps derisk some of the future capital spend? Thank you.

那麼，您能否向我們介紹一下您的想法，即您計劃在未來四年多的時間里以多快的速度穩定一些您計劃開發的房產？未來是否有可能預售或預租更大份額，以降低部分未來資本支出的風險？謝謝。

Thank you. Thank you for the question. So we mentioned that the typical build profile for us is an 18 to 24 month period, the time that we need to build the core and the shell and prepare that asset to its RFS status. Behind the opportunity to accelerate the path to stabilization relative to our historical trends are a couple of things.

謝謝。謝謝你的提問。因此，我們提到，我們的典型建造週期是 18 到 24 個月，我們需要在這段時間內建立核心和外殼，並將資產準備到其 RFS 狀態。相對於我們的歷史趨勢，加速走向穩定的機會背後有幾件事。

First of all, building in fewer or even singular phases as far as possible. That is part of our build bolder approach, looking to reduce or bring the phases down to a single phase of build. And typically considering how we define stabilization that will, by itself, naturally move a stabilization process forward.

首先，盡可能以較少甚至單一的階段進行建造。這是我們更大膽的建置方法的一部分，希望將建置階段減少或簡化為單一建置階段。通常考慮我們如何定義穩定，它本身就會自然地推動穩定進程。

And secondly, I think that we are seeing from our enterprise customers a larger footprint requirement for enterprise customers as they look to embrace the opportunities for their businesses afforded by AI and its capabilities.

其次，我認為我們從企業客戶那裡看到了更大的足跡需求，因為他們希望抓住人工智慧及其功能為他們的業務帶來的機會。

And so that also will, I think, progress the rate at which capacity is consumed in our assets. And then thirdly, the opportunity to look at pre-sales activity in advance of RFS states when those states become known and clear, enabling us to de-risk the process and investment process towards these assets that we are building at the minute.

因此，我認為這也會提高我們資產的容量消耗速度。第三，當 RFS 狀態變得清晰明了時，我們有機會在 RFS 狀態之前查看預售活動，這使我們能夠降低目前正在建立的這些資產的流程和投資流程的風險。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thank you. Maybe on the CapEx guidance, was it increased a decent bit here. Curious if you could maybe accelerate some of the investments that you're looking at to get capacity delivered more quickly. Do you have flexibility to do that? Is that something you can consider?

謝謝。也許在資本支出指導上，它在這裡有所增加。我很好奇您是否可以加速您正在考慮的一些投資，以更快地交付產能。您是否具有這樣做的彈性？您可以考慮一下嗎？

Yeah, Ari, look, it's probably not a surprise to you some of the things that impact the ability to deliver is things out of our control, supply chain and access to energy. All that said, we're doing our level best where possible to accelerate, which makes absolute sense. And then we're planning appropriately as we look forward.

是的，阿里，你看，你可能不會感到驚訝，一些影響交付能力的因素是我們無法控制的，例如供應鏈和能源取得。儘管如此，我們正在盡最大努力加速，這是絕對合理的。然後，我們會根據未來情況進行適當的規劃。

One of the references we made to a substantial increase in our CapEx was the amount of pre-buys that we're making inside the system so that we can deliver the capacity as quickly as possible.

我們提到的資本支出大幅增加的其中一個原因是，我們在系統內部進行了大量的預購，以便能夠盡快交付產能。

But I would just tell you, overall, Raouf and his team are wholly focused on delivering against what we refer to as the ready-for-service dates. And the extent that we can accelerate it. We can -- we will to the extent that we can collapse phases into one another, we will, as we referred to at the Analyst Day.

但我只想告訴你，總的來說，拉烏夫和他的團隊完全專注於實現我們所說的準備投入使用的日期。以及我們可以加速這一進程的程度。我們可以——我們會將各個階段合併在一起，正如我們在分析師日所提到的。

Yeah. And the focus on RFS and RFS delivery is something that is part of the regular cadence of our business now. I'm forecasting -- we hope with the same accuracy that we're forecasting some of the differential aspects of our business. So there's a lot of attention on all of the levers that we have available to us to accelerate the investment into capacity.

是的。對 RFS 和 RFS 交付的關注現在是我們業務常規節奏的一部分。我正在預測——我們希望以同樣的準確度來預測我們業務的一些差異方面。因此，我們非常關注我們可用的所有槓桿，以加速對產能的投資。

Thank you.

謝謝。

Michael Elias, TD Cowen.

邁克爾·埃利亞斯（Michael Elias），TD Cowen。

Great, thanks for taking the questions here. Two for me. First is on the prebuying of equipment, I presume it's things like backup diesel gen sets, my thought there is that if you're going to be warehousing of this equipment that actually kind of smooths the CapEx curve potentially to the end of driving better growth -- AFFO growth next year. Just wondering if I'm thinking about that right.

太好了，感謝您在這裡回答問題。對我來說是兩個。首先是設備的預購，我假設它是備用柴油發電機組之類的東西，我的想法是，如果你要將這些設備倉儲起來，這實際上可能會平滑資本支出曲線，最終推動更好的增長 - 明年的 AFFO 增長。我只是想知道我是否在思考這個問題。

And then the second question is that earlier you talked about the demand signals that you're seeing from customers? Any color you could give around those demand signals just to give us greater conviction around this build bolder initiative. Thank you.

第二個問題是，您之前談到了從客戶那裡看到的需求訊號？您可以對這些需求訊號給予任何解釋，以便讓我們對這項更大膽的舉措更有信心。謝謝。

Sure. And maybe I'll take the second part of the question first, and then Keith, if you wanted to address the first part. So let's speak a little bit to customer demand signals. I think there are some trends that we're seeing right across the infrastructure landscape, trends towards distributed workloads, trends towards cloud activity and the importance of that. We're absolutely seeing density increase in the footprint within our data centers. And we're seeing deployment sizes trend up in the enterprise and retail space.

當然。也許我會先回答問題的第二部分，然後 Keith，如果你想回答第一部分的話。那麼讓我們來談談客戶需求訊號。我認為我們在整個基礎設施領域看到了一些趨勢，分散式工作負載的趨勢，雲端活動的趨勢及其重要性。我們確實看到資料中心內的空間密度在增加。我們看到企業和零售領域的部署規模呈現上升趨勢。

And build bolder is really our response to those deployment sizes trending up because whilst most of these aspects play to our advantage to distributed workloads, the requirement for cloud connectivity and the ability to afford and offer denser workloads within our environment, and the deployment of size is trending up is in capture by our build bolder strategy, building to the scale that our customers now require and need.

「更大膽的建置」實際上是我們對部署規模上升趨勢的回應，因為雖然這些方面中的大多數都對我們在分散式工作負載方面有利，但對雲端連接的要求以及在我們的環境中提供和承擔更密集工作負載的能力以及部署規模的上升趨勢都體現在我們的「更大膽的建置」策略中，即按照客戶現在要求和需要的規模進行建置。

Specifically to some of the demand signals that we are seeing from our customer, I think they form around a number of use cases, especially as it relates not just to the broad-based digital transformation demand, which, of course, is still very real for us, but as it relates to the demand for AI and AI orientated workloads.

具體來說，對於我們從客戶那裡看到的一些需求訊號，我認為它們圍繞著許多用例形成，特別是因為它不僅與廣泛的數位轉型需求有關（當然，這對我們來說仍然非常現實），而且與對人工智慧和麵向人工智慧的工作負載的需求有關。

And those use cases focus around a number of topics, around the concept of data privacy and sovereignty and that is a very important topic, broadly, globally, but more specifically, I think, in EMEA than in other regions.

這些用例圍繞著一系列主題，圍繞著資料隱私和主權的概念，這是一個非常重要的主題，從廣泛意義上講，在全球範圍內，但更具體地說，我認為，在歐洲、中東和非洲地區比在其他地區更為重要。

Around the need and the support to distribute AI, so that the interconnect edge of Equinix becomes the connector between the cloud and the far edge for these workloads, secure interconnection, so that enterprise systems can connect to cloud, models, partners, service providers and do so securely.

圍繞分散式 AI 的需求和支持，使 Equinix 的互連邊緣成為這些工作負載的雲和遠邊緣之間的連接器，實現安全互連，以便企業系統可以安全地連接到雲端、模型、合作夥伴、服務提供者。

And the opportunity for neutrality and flexibility. So customer is recognizing that having freedom of choice is an important aspect of a value proposition as they navigate through the deployment of these different workloads.

以及中立和靈活的機會。因此，客戶認識到，在部署這些不同的工作負載時，擁有選擇自由是價值主張的重要面向。

So these are some of the use cases that we're seeing in terms of conversations with our customers around the demand profile that we're addressing with them in a very collaborative and supportive manner. Keith?

這些是我們在與客戶就需求概況進行對話時看到的一些用例，我們正以非常協作和支援的方式與他們討論這些需求概況。基思？

Yeah. And then Michael, the first part of your question on pre-buy. Look, I think if you look at things in isolation and on the margin, your point would be valid that if you accelerate things into one year, it doesn't have an impact on the subsequent year.

是的。然後邁克爾，你的問題的第一部分是關於預購的。聽著，我認為如果你孤立地、從邊際角度看待事物，你的觀點是正確的：如果你將事情加速到一年，它不會對下一年產生影響。

But I think given the scale and size of our investments over the five year period that we referred to at the Analyst Day, look, there's going to be ins and outs all the time. And so it wouldn't be appropriate -- there's time to suggest that it's going to cause any meaningful change to our AFFO.

但我認為，考慮到我們在分析師日提到的五年期間的投資規模和大小，你看，總是會有進有出。因此這並不合適——有時間表明它會對我們的 AFFO 造成任何有意義的改變。

That all said, I think what is most important, and I know you know us really well is it is up to us to drive the most meaningful impact that we can have to our AFFO results is driving performance. And as Adaire talked about the momentum on the revenue line. And when you get revenue, it drives cash flow and profit.

綜上所述，我認為最重要的是，我知道你們非常了解我們，我們要對 AFFO 結果產生最有意義的影響，從而提高績效。正如阿代爾談到收入線的勢頭一樣。當你獲得收入時，它會推動現金流和利潤。

The second thing is the debt that we raised, and we talked a little bit about it at the Analyst Day and we had it in the prepared remarks, just principally speaking, we're going to try and find ways to raise debt as efficiently as we can because it is such a big component of our business.

第二件事是我們籌集的債務，我們在分析師日上談論了一些這個問題，我們在準備好的發言稿中也提到了這一點，原則上，我們將嘗試找到盡可能有效地籌集債務的方法，因為這是我們業務的重要組成部分。

And on the go forward, at least on an incremental basis. So to the extent we can access lower cost capital for markets, we're going to continue to do that to the extent that we can go raise more capital in Europe, we're going to go do that.

並且至少是逐步向前發展。因此，只要我們能夠獲得低成本的市場資本，我們就會繼續這樣做；只要我們能夠在歐洲籌集更多資本，我們就會這樣做。

We're looking very closely at inter capitalization, as we've talked about. We're looking very closely at how to get a good yield on the cash that does sit on the balance sheet, so that we have effectively the best view into the sort of the net interest expense on a go-forward basis.

正如我們所討論的，我們正在密切關注資本化。我們正在密切關注如何從資產負債表上的現金中獲得良好的收益，以便我們能夠有效地了解未來的淨利息支出情況。

But the biggest impact, of course, is just operating performance. And again, we're going to be very judicious on managing our funds both as it relates to funds we have today on the balance sheet and how we raise our future capital.

但最大的影響當然只是經營業績。再次強調，我們將非常明智地管理我們的資金，無論是涉及我們目前資產負債表上的資金還是如何籌集未來的資本。

But our goal is really to optimize the AFFO per share, as you would expect. And these timing events, I guess it was something that was out of the norm, we'll definitely let you know. But that -- this on the margin is not big enough to suggest any meaningful change.

但正如您所期望的，我們的目標實際上是優化每股 AFFO。而這些時間事件，我想這是不正常的事情，我們一定會讓你知道。但這個幅度還不足以帶來任何有意義的改變。

Perfect. Thanks for the call.

完美的。謝謝您的來電。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great, thank you. On the capitalization of interest, can you walk us through why you weren't doing that before? And then how much of an impact could that bring going forward? Thanks.

太好了，謝謝。關於利息資本化，您能解釋為什麼您之前沒有這樣做嗎？那麼這會對未來帶來多大的影響呢？謝謝。

Well, Frank, no, we weren't doing it before. We do capitalize interest. Remember, there's a couple of things that are going on that are different than the past as you look -- compared to what you look -- as you look forward.

嗯，弗蘭克，不，我們以前沒有這樣做過。我們確實將利息資本化。請記住，當你展望未來時，你會發現現在正在發生的一些事情與過去有所不同。

Number one, we have a really low cost of capital historically, as you and everybody knows. Two, the amount of investment that we're making is much greater tomorrow than it is today, if you will. And so that's an impact.

首先，如大家所知，我們的資本成本歷來都非常低。二，如果你願意的話，我們明天進行的投資金額將比今天大得多。這會產生影響。

And number three, you got to look at how much land are you carrying on your books and over what period are you capitalizing interest attributed to land that's certainly under development and then eventually to be built on.

第三，你必須看看你的帳簿上有多少土地，以及在什麼時期你將正在開發並最終用於建造的土地的利息資本化。

And so a number of factors that we look at. And so when you look at us, perhaps relative to others, we are a little bit lower but generally because we have less assets under development on our books. So that would be one response.

我們要考慮很多因素。因此，當你看我們時，也許相對於其他人而言，我們的水平稍微低一些，但通常是因為我們帳面上正在開發的資產較少。這就是一個回應。

But the second response is as we look forward, we absolutely are looking at all of the appropriate areas to determine exactly what should and should not be capitalized, whether it's interest or any other type of expense that we incur as a business.

但第二個反應是，展望未來，我們絕對會考慮所有適當的領域，以確定什麼應該和不應該資本化，無論是利息還是我們作為企業產生的任何其他類型的費用。

And so I would just say that overall, we're on top of it, but we have -- it's not that we weren't doing it before. I just think it will be a bigger component going forward largely because we're going to be carrying more debt and that debt is more expensive. And then the timeline to build is extended as we all know, given supply chain and other circumstances.

因此，我只想說，總的來說，我們已經掌握了它，但我們——並不是說我們以前沒有這樣做過。我只是認為它將成為未來更重要的組成部分，主要是因為我們將承擔更多的債務，而且債務成本更高。眾所周知，考慮到供應鏈和其他情況，建設時間表將會延長。

Is there a range of impact you think that could have to the results? Or is it too early to tell?

您認為這會對結果產生一系列影響嗎？還是現在說還太早？

Well, it's too early to tell because as I said, number one, you have to understand what you're going to raise and when, what it lies on the balance sheet, which I think is really important. And I would just say that in all cases, we're going to try and drive down, if you will, the gross cost of our debt.

嗯，現在說還為時過早，因為正如我所說，首先，你必須了解你要籌集什麼資金、何時籌集資金、以及它在資產負債表上的表現如何，我認為這非常重要。我只想說，在所有情況下，如果你願意的話，我們都會盡力降低我們的債務總成本。

So as I said, we're going to borrow money as we've been doing in other markets that are lower than the United States. So that's going to be a net positive relative to the guidance rate that -- the long-term guidance rate I gave you at the Analyst Day. So that's number one.

正如我所說的，我們將像在利率低於美國的其他市場那樣借錢。因此，相對於我在分析師日給你的長期指導率而言，這將是一個淨正值。這是第一點。

Number two, we're going to look at capitalization. And to the extent that we have more hanging on alone sheet, you're going to see more interest get capitalized as you would expect and as appropriate. And then the third piece is going to continue for us to invest our money judiciously so that we get a good return on the income that's sitting on the balance sheet, waiting to be deployed.

第二，我們要研究大寫字母。並且，只要我們在單獨表上有更多的資金，您就會看到更多的利息資本化，正如您所期望的和適當的。第三部分是繼續讓我們明智地投資我們的資金，以便我們從資產負債表上等待部署的收入中獲得良好的回報。

And so these three components sort of make-up effectively the net interest expense that we share with you on a quarterly basis. But I would just say, overall, we -- as you would expect, we're going to be working in all of those areas, plus all the things to run a better business that is as strong as it can be. Let me leave it at that.

因此，這三個部分實際上構成了我們按季度與您分享的淨利息支出。但我只想說，總的來說，正如您所期望的，我們將在所有這些領域開展工作，並盡一切努力使業務盡可能地更好、更強大。我就不多說了。

Michael Rollins, Citi.

花旗銀行的麥可‧羅林斯。

Thanks, and good afternoon. Just a couple of follow-ups. So first, I'm curious on the MRR churn. What are the opportunities to improve MRR churn over time? And has there been some developments on the analytics that you've been involving within the company that helped bring some new insights there.

謝謝，下午好。僅需幾個後續行動。首先，我對 MRR 流失感到好奇。隨著時間的推移，有哪些機會可以改善 MRR 流失率？您在公司內部參與的分析工作是否取得了一些進展，從而為公司帶來了一些新的見解？

And then secondly, just curious for an update on your outlook for xScale leasing in the back half of the year. And going into '26. And maybe give us a sense of how much inventory within that context is available to sell and deliver? Thanks.

其次，我只是好奇您對今年下半年 xScale 租約的展望。並進入 26 年。或許可以讓我們了解一下在這種情況下有多少庫存可供銷售和交付？謝謝。

Okay. I'll take the churn question first. So I think in Q3, the 2.6% was above our range, largely due to our bankruptcy that we had mentioned to you, I think, in our previous earnings call. And without that, we would have absolutely been within our range of 2% to 2.5%. For the full year, in the second half, the data available to us shows us that we will be back within that range.

好的。我首先來回答客戶流失的問題。因此，我認為第三季的 2.6% 高於我們的預期，這主要是因為我們在先前的財報電話會議上提到破產。如果沒有這個，我們的成長率絕對會在 2% 到 2.5% 的範圍內。就全年而言，下半年，我們掌握的數據顯示，我們將回到該範圍內。

There are a number of elements to churn as it relates to how we define and manage this aspect of our business. A churn does not actually equal. Automatically a customer departure from Equinix. In fact, less than 10% of our churns actually resulted in an ultimate termination of the relationship Equinix.

當涉及到我們如何定義和管理業務的這一方面時，有許多因素需要考慮。流失其實並不等於。客戶自動離開 Equinix。事實上，只有不到 10% 的客戶流失最終導致與 Equinix 的合作關係終止。

And it's interesting as we dive into the data that we can see that some customers are back in the same metro in the same product within a 12 month period, and that a large proportion of the churn customers continue to grow revenue with us on a year-on-year basis. In fact, in some cases, over half of those customers do it at a greater than 10% click rate.

有趣的是，當我們深入研究數據時，我們可以看到一些客戶在 12 個月內回到了同一個城市使用同一款產品，而且很大一部分流失的客戶繼續為我們帶來逐年增長的收入。事實上，在某些情況下，超過一半的客戶點擊率超過 10%。

Actually, managing and navigating churn is really an element behind our lean in on our CapEx and our growth. Because as you can see from Q2, we delivered $345 million in annualized gross bookings. And that means that we need to ensure that we have the capacity on our platform to deliver against those bookings. And the opportunity exists for us to relieve some pressure by bringing new capacity online.

實際上，管理和應對客戶流失確實是我們關注資本支出和成長的因素。因為正如您從第二季度看到的，我們的年化總預訂量為 3.45 億美元。這意味著我們需要確保我們的平台有足夠的能力來滿足這些預訂的需求。我們有機會透過上線新產能來緩解一些壓力。

So driving growth is actually going to be a key lever for us in getting to a steady state on the bottom half of the churn range, which is actually also an objective that we're focused on. And that, of course, will release significant revenues to us.

因此，推動成長實際上將成為我們在客戶流失率下半部達到穩定狀態的關鍵槓桿，這實際上也是我們關注的目標。當然，這將為我們帶來可觀的收入。

So I think it's fair to say that we've done tremendous work on the insights into this part of our business that there is certainly a period of time when one needs to preempt a salvageable churn. And that is often outside the context of a single financial year given all of the nuances that a customer needs to navigate and manage as they look to upgrade or manage their own infrastructure and environment within our colo facility.

因此，我認為可以公平地說，我們在洞察這部分業務方面做了大量工作，肯定有一段時間需要搶先可挽救的客戶流失。考慮到客戶在尋求升級或管理我們託管設施內自己的基礎設施和環境時需要處理和管理的所有細微差別，這通常超出了單一財政年度的範圍。

But I feel that we are in a really strong position now with the data and the analytics that we have at our disposal to be able to look at this problem holistically and with a longer-term view. But ultimately, capacity is something that would be -- additional capacity will be a big solve here because we will be able to serve all customers who want to be part of the Equinix story. So that's as it relates to churn.

但我覺得，我們現在處於非常有利的地位，我們掌握了數據和分析能力，能夠從整體、長遠的角度來看這個問題。但最終，容量是一個重要的問題——額外的容量將是一個重要的解決方案，因為我們將能夠為所有想要成為 Equinix 故事一部分的客戶提供服務。這就是與客戶流失相關的。

And let's comment and have a look then at the xScale question. I think, first of all, it's important to recognize that we have a very strong track record here as it relates to xScale. In our remarks, we made a comment that 85% of our xScale facilities are leased and under development are already pre-leased.

讓我們評論一下並看看 xScale 問題。我認為，首先，重要的是要認識到我們在 xScale 方面有著非常良好的業績記錄。在我們的評論中，我們表示 85% 的 xScale 設施已租賃，並且正在開發的設施已經預租。

As far as our xScale pipeline is concerned, the pipeline supports a step-up in NRR in the second half. We are back-end loaded against that pipeline, but that was always a characteristic of the year. That was always something that we knew and understood.

就我們的 xScale 管道而言，該管道支援下半年 NRR 的提升。我們對該管道進行了後端加載，但這始終是今年的一個特點。這是我們一直都知道和理解的事情。

We're very confident in the execution capabilities of the team because we recognize that overall, this number will have a significant impact, not just on performance but also on margin contribution. Many of the conversations that we're having with customers are in our pipeline are for capacity that is in late '26 and beyond and I might ask Keith just to give you a little bit of the numbers of that in a moment.

我們對團隊的執行能力非常有信心，因為我們認識到總體而言，這個數字將產生重大影響，不僅對業績，而且對利潤貢獻。我們與客戶進行的許多對話都與 26 年末及以後的產能有關，我可能會請 Keith 稍後給您一些相關數字。

I do just want to characterize one aspect of our xScale business, which I think is important to appreciate, not only for Equinix, but for the industry at large, these transactions are inherently lumpy. And they do have a dependency on RFS delivery dates.

我只是想描述我們的 xScale 業務的一個方面，我認為這很重要，不僅對於 Equinix，而且對於整個行業來說，這些交易本質上是不穩定的。而且他們確實依賴 RFS 交貨日期。

And as Keith has already mentioned in an earlier answer, we work exceptionally hard to maintain our delivery dates on track. We have undertaken the prepurchase of key components in our supply chain to minimize risk, but there will always be some variables that are outside our control.

正如 Keith 在先前的回答中提到的那樣，我們非常努力地確保按時交貨。我們已經對供應鏈中的關鍵零件進行了預購，以最大限度地降低風險，但總是會有一些我們無法控制的變數。

That being said, xScale is a very critical part of our product continuum. It allows us to move from wholesale through to large footprint, and it now enables us to enable in an AI world, not just for hyperscaler capacity, but also for capacity to support some of the increasing footprint that we're seeing in retail.

話雖如此，xScale 是我們產品系列中非常關鍵的一部分。它使我們能夠從批發轉向大規模生產，現在它使我們能夠在人工智慧世界中發揮作用，不僅用於超大規模生產，而且還用於支持我們在零售業中看到的一些日益增長的生產能力。

And finally, just as a last remark for me on this topic, perhaps before we get into the specificity of the numbers here, we are very, very actively engaged executive to executive with our hyperscaler partners. And we continue to orchestrate and iterate against the needs they're expressing in the market. And Keith, I don't know if you wanted to pass some comments about some of the capacity elements that are coming on that.

最後，就這個主題而言，我最後想說的是，在我們討論這些數字的具體性之前，我們正非常積極地與我們的超大規模合作夥伴進行高階主管間的交流。我們會根據他們在市場上表達的需求不斷進行協調和迭代。基思，我不知道您是否想對即將出現的一些容量要素發表一些評論。

Yeah, Michael, perhaps just a couple of other points I would like to make and maybe three points. First and foremost, as Adaire alluded to, and you see that in the slide that we shared with you on the earnings deck, I think it's page 26, the xScale, we've effectively released 460 of the 480 megawatts of capacity that's either delivered or is under construction.

是的，邁克爾，也許我還想提出另外幾點，也許是三點。首先，正如阿代爾所提到的，您可以在我們與您分享的收益簡報的幻燈片中看到，我想是第 26 頁，xScale，我們已經有效釋放了 480 兆瓦容量中的 460 兆瓦，這些容量要么已經交付，要么正在建設中。

In addition to that, in the prepared remarks, we've talked about Hampton and we've talked about other sites. It is our expectation, particularly with the demand environment looking out over an extended period of time, that we will be able to lock up other opportunities in capacity that has not yet been delivered or is not yet under construction. But I think that's important just to note.

除此之外，在準備好的發言中，我們談到了漢普頓和其他地點。我們的預期是，特別是在長期需求環境下，我們將能夠鎖定尚未交付或尚未開工的其他產能機會。但我認為這一點很重要。

The second thing I just want to highlight is that the recurring revenue model, largely when you see the guidance for Q3 relative to Q2, there's a nice step-up in currency. We all knew that was coming. But what is even more telling is there's a nice step-up in recurring revenue.

我想強調的第二件事是經常性收入模式，當你看到第三季相對於第二季的指導時，你會發現貨幣有了很大的提升。我們都知道那會發生。但更能說明問題的是經常性收入有了顯著的成長。

In fact, recurring revenue makes up more than 100% of the non-FX guidance increase to the midpoint, which tells you that non-recurring revenues are going down quarter-over-quarter, and then we'll step back up in the fourth quarter. So I think that was -- that's important to note.

事實上，經常性收入佔非外匯指導增幅的 100% 以上，這表明非經常性收入環比下降，但我們將在第四季度回升。所以我認為這一點很重要。

And then the last thing I would just say, this quarter being Q2 NRR revenue represented about 5% of our revenues. In Q3, it's going to be about 4.5% of our revenues, and in Q4, it's going to be about 6% of our revenues. So it gives you a sense that as Adaire alluded to, is lumpy, and it will continue to be lumpy for an extended period of time.

最後我想說的是，本季第二季的 NRR 營收約占我們營收的 5%。在第三季度，這將占我們收入的約 4.5%，而在第四季度，這將占我們收入的約 6%。所以它給你的感覺就像阿代爾提到的那樣，是塊狀的，並且會在很長一段時間內繼續保持塊狀狀態。

But I think the most fundamental thing that we wanted to share with you is that the recurring revenue model is continuing to accelerate, and that's what gives us the -- that's the attractiveness to the model, but it also gives us the entree into 2026, which again, Adaire alluded to previously, which is really important for our '26 guide and onwards.

但我認為，我們想要與你們分享的最根本的事情是，經常性收入模式正在繼續加速發展，這就是該模式的吸引力所在，同時也為我們進入 2026 年提供了機會，正如 Adaire 之前提到的，這對於我們的 2026 年指南及以後的指南非常重要。

Thanks for all those details.

謝謝你提供這些詳細資訊。

Sure.

當然。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克。

Yeah, hi, good evening. Thank you again for the additional detail on the development spending breakdown. Very, very helpful. But partly different question for you, Keith.

是的，你好，晚上好。再次感謝您提供更多有關發展支出明細的詳細資訊。非常非常有幫助。但對你來說，這是一個完全不同的問題，基斯。

So thinking about the stabilized colocation portfolio growth of 2%. In my mind, given the strong re-leasing spreads across the industry, churn projected to come down, occupancy ticking up, and then escalators baked in, I would think that number should be significantly higher.

因此考慮穩定的主機託管投資組合成長 2%。在我看來，考慮到整個行業強勁的轉租利差，預計流失率將下降，入住率將上升，然後自動扶梯也將納入考慮，我認為這個數字應該會高得多。

So if not, can you explain why? And then I guess if I'm right, what takes us to a meaningfully higher number for the portfolio growth?

如果不是，你能解釋一下原因嗎？然後我想，如果我是對的，那麼什麼能讓我們實現投資組合成長的一個有意義的更高數字呢？

Yeah, Mike, let me give you a couple of comments and certainly feel free to ask a follow-up if we don't hit the mark. So between Adaire and myself will, I think, deal with this question. First and foremost, you have to appreciate that we have the highest returning assets in our portfolio, and you can see that at our price points.

是的，麥克，讓我給你一些評論，如果我們沒有達到目標，請隨時提出後續問題。所以我認為我和 Adaire 會共同解決這個問題。首先，您必須認識到，我們的投資組合中擁有回報率最高的資產，您可以從我們的價格點看到這一點。

And so a 3% stabilized asset increased quarter-over-quarter, year-over-year. Those type of things really make a difference as you're looking at the performance of the business. And you see strong MRR is because of price, it's because of density and that's sort of the quarter-over-quarter comment. I was really making is the $33 increase in MRR per cabinet.

因此，3% 的穩定資產環比、年成長。當你觀察業務表現時，這些事情確實會產生影響。您會發現強勁的 MRR 是因為價格，是因為密度，而這正是季度環比評論。我真正賺到的是每個機櫃的 MRR 增加 33 美元。

The year-over-year stabilized, again, it's attractive, knowing where you're coming from. But the other thing I would tell you is, remember that there's some development assets like when we took DC out of the stabilized assets and put it back into expansion as we went through the development exercise, it is one of our best-performing assets on the globe, and you've now taken it out of the stabilized pool, and you've moved it into basically the expansion pool.

同比來看，再次趨於穩定，這很有吸引力，知道你來自哪裡。但我想告訴你的另一件事是，請記住，有一些開發資產，例如當我們將 DC 從穩定資產中取出並在進行開發練習時將其放回擴展資產中時，它是我們在全球表現最好的資產之一，現在您已將其從穩定池中取出，並且基本上已將其移入擴展池。

So it does a couple of things. You don't get to see it and stabilized. But also when you look at the cash on cash yield and the results that we shared with you, that has an impact on that output as well. Suffice it to say, I think the industry is at a very good point in our journey, largely because you've got an undersupplied market. You have a very robust demand environment.

所以它做了幾件事。你看不到它並穩定下來。但是，當您查看現金收益率和我們與您分享的結果時，也會對產出產生影響。可以這麼說，我認為這個產業正處於發展歷程中的一個很好的階段，主要是因為市場供應不足。你們有一個非常強勁的需求環境。

And then you combine that with again, I go back to some of Adaire's remarks, we have a uniqueness about our business offering and the platform that we share and the fabric that sort of extends to our assets across our portfolio simultaneously investing heavily in our growth that I think bodes well for the future.

然後你再把它與阿代爾的一些言論結合起來，我們對我們的業務產品、我們共享的平台以及延伸到我們投資組合中的資產的結構有著獨特性，同時我們大力投資於我們的增長，我認為這預示著未來的良好前景。

But part of what you see is there's a lot of assets inside the stabilized pool, a lot of assets that are in what I call emerging markets. And so in emerging markets, it's a much more competitive landscape in some of these cases.

但你可以看到，穩定池中有很多資產，很多資產位於我所說的新興市場。因此，在某些情況下，新興市場的競爭更加激烈。

And so when you look at sort of the distribution of assets, I just -- I feel really confident about where we're going, less about where we've been because the pricing model has been so attractive. And it's really about filling up the major metros and then sort of secondarily coming back and working on the what I call the non-Tier 1 metros.

因此，當你看到資產分配的情況時，我只是——我對我們的發展方向充滿信心，而對我們過去的發展方向則不太有信心，因為定價模式非常有吸引力。這實際上是為了填滿主要大都市，然後再回來開發我所說的非一線大都市。

That would help. One more, if I could, for Adaire. Adaire, you mentioned you brought on Shane. So great to hear Shane joining the company. Are there specific areas you can improve on meaningfully with the customer experience, customer care?

那會有幫助的。如果可以的話，再為 Adaire 寫一篇。阿代爾，你提到你帶來了肖恩。很高興聽到 Shane 加入公司。在客戶體驗和客戶服務方面，有哪些具體領域可以有效改善？

Thanks for the question. I'm delighted that he has joined us, not least of which because I no longer have to do two jobs. Look, I think that we've set a very clear set of priorities around the customer journey and all of the different milestones of engagement on that journey.

謝謝你的提問。我很高興他加入我們，尤其是因為我不再需要做兩份工作了。看，我認為我們已經圍繞著客戶旅程以及該旅程中所有不同的參與里程碑設定了一套非常明確的優先事項。

And so that work has already commenced. And Shane has incredible execution capabilities to enable us to continue to progress that work. We had some very strong NPS feedback from our customers, the highest that we've seen.

所以這項工作已經開始了。Shane 擁有令人難以置信的執行能力，使我們能夠繼續推進這項工作。我們從客戶那裡得到了一些非常強烈的 NPS 回饋，這是我們見過的最高水準。

We've swapped to a twice a year review of customer feedback. And so we had a very strong NPS score. And just supported by a whole series of anecdotal pieces of evidence from our cab around the kind of support that Equinix offers not just as customers are implementing but also post implementation.

我們已改為每年兩次審查客戶回饋。因此我們的 NPS 得分非常高。並且，我們從計程車中獲得的一系列軼事證據都支持了 Equinix 不僅在客戶實施過程中而且在實施後提供的支援類型。

So we will really be looking for Shane to continue to navigate those milestones in customer journey to look at certain aspects of our business around the customer success portfolio, around the project management once a customer is implemented, and other data points that we think will overall improve the customer experience.

因此，我們真正希望 Shane 能夠繼續引領客戶旅程中的這些里程碑，圍繞客戶成功組合、客戶實施後的專案管理以及我們認為將全面改善客戶體驗的其他數據點來審視我們業務的某些方面。

Great, thank you both so much.

太好了，非常感謝你們。

Thanks, Michael. Thank you for joining our conference call today. Have a good afternoon, everyone.

謝謝，麥可。感謝您今天參加我們的電話會議。祝大家下午愉快。

Goodbye. Thank you. Thank you. This concludes today's conference call. You may go ahead and disconnect.

再見。謝謝。謝謝。今天的電話會議到此結束。您可以繼續並斷開連線。