Equinix Inc (EQIX) 2025 Q3 法說會逐字稿

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

下午好，歡迎參加 Equinix 第三季財報電話會議。（操作說明）另外，今天的會議正在錄音。如有任何異議，請立即斷開連接。

I would now like to turn the call over to Phillip Konieczny, Senior Vice President of Finance. You may begin.

現在我將把電話交給財務高級副總裁菲利普·科涅奇尼。你可以開始了。

Good afternoon, and welcome to our third quarter conference call.

下午好，歡迎參加我們第三季電話會議。

Before we get started, I would like to remind everyone that some of the statements that we will be making today are forward-looking in nature and involve risks and uncertainties. Actual results may vary significantly from those statements and may be affected by the risks we 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 on our most recent Form 10-Q.

在正式開始之前，我想提醒大家，我們今天所作的一些陳述具有前瞻性，並且涉及風險和不確定性。實際結果可能與這些聲明有很大不同，並且可能受到我們在今天的新聞稿中指出的風險以及我們在提交給美國證券交易委員會的文件（包括我們於 2025 年 2 月 12 日提交的最新 10-K 表格和我們最新的 10-Q 表格）中指出的風險的影響。

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 our policy not to comment on its financial guidance during the quarter, unless it is done through an explicit public disclosure. 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 them in today's press release on the Equinix Investor Relations page at www.equinix.com.

Equinix不承擔任何義務，也不打算更新或評論本次電話會議中所作出的前瞻性陳述。此外，鑑於公平揭露條例的規定，除非透過明確的公開揭露，否則我們的政策是不對該季度的財務指引發表評論。在今天的電話會議上，我們將提供非GAAP財務指標。我們在今天 Equinix 投資者關係頁面（www.equinix.com）的新聞稿中提供了這些指標與最直接可比較的 GAAP 指標的調節表，以及公司使用這些指標的原因清單。

We have 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 currently available information. With us today are Adaire Fox-Martin, CEO and President; and Keith Taylor, Chief Financial Officer. Following our prepared remarks, we will be taking questions from sell-side analysts.

我們在網站的投資者關係頁面上提供了一份演示文稿，旨在配合本次討論，並附有一些補充財務資訊和其他數據。我們也要提醒您，我們會不時在投資者關係頁面上發布有關 Equinix 的重要信息，並鼓勵您定期查看我們的網站以獲取最新資訊。今天陪同我們出席的有執行長兼總裁 Adaire Fox-Martin 和財務長 Keith Taylor。在發表完準備好的演講後，我們將接受賣方分析師的提問。

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

此時，我將把電話轉給阿黛爾。

Thank you, Phillip. Hello, everyone, and a very warm welcome to our Q3 2025 earnings call. Equinix delivered a very strong third quarter. Our performance that continues to demonstrate our ability to rapidly invest in significant expansion, whilst growing our top line and improving profitability. This performance was underpinned by three highlights.

謝謝你，菲利普。大家好，非常歡迎參加我們2025年第三季財報電話會議。Equinix第三季業績表現非常強勁。我們的業績持續證明我們有能力快速投資進行重大擴張，同時提高營收和獲利能力。這場演出主要由三個亮點構成。

First, top line growth. We are seeing continued revenue acceleration, delivering MRR growth of 8% year over year on a normalized and constant currency basis. Further, we also achieved record annualized gross bookings of $394 million, a meaningful 25% increase year over year and up 14% over Q2. Importantly, this accelerated growth comes from a highly diversified set of customers across geographies, industries, and segments.

首先是營收成長。我們看到營收持續加速成長，以正常匯率和固定匯率計算，每月經常性營收年增 8%。此外，我們的年度總預訂額也創下歷史新高，達到 3.94 億美元，年增 25%，比第二季成長 14%。重要的是，這種加速成長源自於跨越地理、產業和細分市場的高度多元化的客戶群。

Second, profitability. We again delivered strong adjusted EBITDA margins for the quarter, and AFFO was up 12% year over year on a normalized and constant currency basis. This was better than expected and reflects strong flow-through of our operating results, favorable net interest expense and timing of recurring CapEx spend. As a result, we are raising our adjusted EBITDA, AFFO and AFFO per share guidance for the full year.

其次，是盈利能力。本季我們再次實現了強勁的調整後 EBITDA 利潤率，以正常匯率和固定匯率計算，AFFO 年成長 12%。這比預期要好，反映了我們經營業績的強勁傳導、有利的淨利息支出以及經常性資本支出的時機。因此，我們上調了全年調整後 EBITDA、AFFO 和每股 AFFO 的預期。

Third, expansion. Given the strong demand backdrop, we are advancing our build bolder strategic move where our intent is to double capacity by 2029. We have recently closed on substantial land acquisitions in our greater Amsterdam, Chicago, Johannesburg, London, and Toronto metros, which will support over 900 megawatts of retail and xScale capacity.

第三，擴張。鑑於強勁的需求情勢，我們正在推進更大膽的策略性舉措，目標是在 2029 年前將產能翻倍。我們最近在阿姆斯特丹、芝加哥、約翰尼斯堡、倫敦和多倫多等大都會區完成了大量的土地收購，這將支援超過 900 兆瓦的零售和 xScale 容量。

These results indicate that our strategy is gaining even more traction and resonating with our customers. as we continue to deliver differentiated infrastructure, products, and levels of service.

這些結果表明，隨著我們不斷提供差異化的基礎設施、產品和服務水平，我們的策略正獲得更大的認可，並引起客戶的共鳴。

On the topic of customer resonance, we achieved significant momentum in Q3, closing over 4,400 deals with more than 3,400 customers. This volume reflects continued demand for a wide variety of latency-sensitive AI and non-AI workloads, supporting significantly increased data residency and sovereignty requirements, and delivering seamless connectivity to distributed data sources. Our rich ecosystems continue to proliferate across a variety of sectors, including key verticals such as automotive, financial services, networks, as well as cloud and AI service providers.

在客戶共鳴方面，我們在第三季取得了顯著進展，與超過 3,400 位客戶達成了 4,400 多筆交易。該銷售量反映了對各種對延遲敏感的 AI 和非 AI 工作負載的持續需求，支援顯著增加的資料駐留和主權要求，並提供與分散式資料來源的無縫連接。我們豐富的生態系統持續在各個領域蓬勃發展，包括汽車、金融服務、網路等關鍵垂直領域，以及雲端和人工智慧服務供應商。

Hyundai Motor Group, for example, runs its proprietary HCloud platform at Equinix. Using Equinix Fabric, Hyundai connects to multiple cloud providers in Asia Pacific, the US and EMEA. This enhances customer experience and improved service quality for over 10 million Hyundai connected car subscribers worldwide.

例如，現代汽車集團在 Equinix 上運行其專有的 HCloud 平台。利用 Equinix Fabric，現代汽車連接到亞太地區、美國和歐洲、中東及非洲地區的多個雲端供應商。這將提升全球超過 1,000 萬現代互聯汽車用戶的客戶體驗和服務品質。

Zetaris, an AI data lake house platform provider, relocated its AI workloads to Equinix. Using Equinix's Distributed AI Infrastructure, Zetaris is helping its customers develop agentic AI and other AI applications 6 times faster and at a third of the cost.

人工智慧資料湖託管平台供應商 Zetaris 將其人工智慧工作負載遷移到了 Equinix。Zetaris 利用 Equinix 的分散式 AI 基礎設施，幫助其客戶以 6 倍的速度和三分之一的成本開發智慧 AI 和其他 AI 應用。

ING is making a strategic shift by migrating its core banking infrastructure in Germany to Equinix, showcasing our ability to help customers meet strict regulatory standards and requirements.

ING 正在透過將其在德國的核心銀行基礎設施遷移到 Equinix 來進行策略轉型，以此展現我們幫助客戶滿足嚴格的監管標準和要求的能力。

Nitori, the largest furniture and home furnishing chain in Japan, with over 1,000 stores across Asia and the US partners with Equinix to connect its Osaka and Tokyo operations with low latency to Oracle Cloud. This helps them simplify their network for future expansion. And supports Nitori's growth objectives of tripling their branches worldwide.

日本最大的家具和家居連鎖店 Nitori 在亞洲和美國擁有 1000 多家門市，該公司與 Equinix 合作，以低延遲將其大阪和東京的營運中心連接到 Oracle 雲端。這有助於他們簡化網絡，以便未來擴展。並支持 Nitori 將其全球分支機構數量增加兩倍的成長目標。

In addition, we saw continued momentum with key AI-related markets and enterprises, including Ally Bank, Bristol-Myers Squibb, Nebius and Groq, amongst others.

此外，我們還看到與人工智慧相關的主要市場和企業繼續保持成長勢頭，其中包括 Ally Bank、百時美施貴寶、Nebius 和 Groq 等。

As I've shared in previous earnings calls, our strategy comprises three strategic moves orchestrated across the business, to accelerate our expansion, innovation and profitable top line growth. We continue to deliver strong results and see accelerating momentum against each.

正如我在先前的財報電話會議上分享的那樣，我們的策略包括在整個業務範圍內協調實施的三項策略舉措，以加速我們的擴張、創新和盈利性營收成長。我們持續取得強勁的業績，每一項業績都呈現加速成長的勢頭。

The first strategic move is SAR better. As evidenced by our recent customer wins, SAR Better is rooted in delivering value to customers at every stage of their engagement with us. Customers are increasingly looking to secure both their immediate and their long-term infrastructure requirements. This robust demand profile resulted in a record $394 million of annualized gross bookings in Q3.

第一個策略舉措是提高SAR性能。從我們最近贏得的客戶案例可以看出，SAR Better 的立足點在於在客戶與我們互動的每個階段都為其創造價值。客戶越來越希望確保其短期和長期的基礎設施需求得到滿足。強勁的需求勢頭使得第三季年化總預訂金額創下 3.94 億美元的紀錄。

For clarity, this annualized gross bookings number represents the bookings we expect to start generating revenue within the next 90 days. Additionally, we have a presold balance totaling $185 million of annualized gross bookings. This presell cumulative balance will start generating revenue beyond 90 days.

為清楚起見，該年度總預訂量數字代表我們預計在未來 90 天內開始產生收入的預訂量。此外，我們還有預售餘額，以年化毛預訂額計算總計達 1.85 億美元。這筆預售累計餘額將在 90 天後開始產生收益。

As of yesterday, we have closed more than 40% of our Q4 bookings plan. We have ample pipeline to achieve our Q4 bookings targets and to build momentum heading into 2026.

截至昨天，我們已完成第四季預訂計畫的40%以上。我們擁有充足的專案儲備，可以實現第四季的預訂目標，並為2026年的發展奠定基礎。

Our second strategic move, Solve Smarter, is focused on simplifying the consumption of our solutions and extending the value of our leading interconnection capabilities. Our interconnection products had an exceptional quarter. We added 7,100 net physical and virtual connections in Q3. We bringing our total to more than 499,000. Interconnection revenue grew 8% year over year on a normalized and constant currency basis to $422 million, driven partially by a 57% year over year increase in our fabric bookings in Q3.

我們的第二個策略性舉措「更聰明地解決問題」旨在簡化我們解決方案的使用，並擴展我們領先的互聯能力的價值。我們的互連產品本季表現非常出色。第三季我們新增了 7100 個實體和虛擬淨連線。我們使總數超過 499,000。以正常匯率和固定匯率計算，互連業務收入年增 8% 至 4.22 億美元，部分原因是第三季我們的織物預訂量年增 57%。

We also added two new native cloud on-ramps in Barcelona and Dubai, adding to our market-leading share of native private cloud on ramps. These results highlight the critical importance of low latency and proximity to end users and our ability to deliver it as both enterprises and service providers manage their distributed architectures.

我們也在巴塞隆納和杜拜新增了兩個原生雲端存取點，進一步鞏固了我們在原生私有雲接入點領域的市場領先地位。這些結果凸顯了低延遲和靠近最終用戶的重要性，以及我們在企業和服務供應商管理其分散式架構時實現這些目標的能力。

In September, we unveiled our distributed AI infrastructure solution. This includes a new AI-ready networking backbone and Fabric intelligence software designed to support enterprise inferencing workloads. We showcased these capabilities at our first AI Summit, together with key partners and industry leaders. Including NVIDIA, Dow, Groq, HPE, Adobe, Zayo, Zoom, and WWT. Our customers and partners provided use cases to highlight how Equinix is uniquely positioned to comprehensively deliver on their demands and requirements at enterprise level.

9月份，我們發布了分散式人工智慧基礎設施解決方案。這包括一個全新的支援人工智慧的網路骨幹網路和 Fabric 智慧軟體，旨在支援企業推理工作負載。我們在首屆人工智慧高峰會上與主要合作夥伴和產業領袖一起展示了這些能力。其中包括 NVIDIA、陶氏化學、Groq、HPE、Adobe、Zayo、Zoom 和 WWT。我們的客戶和合作夥伴提供了用例，以突出 Equinix 如何憑藉其獨特的優勢，全面滿足他們在企業層面的需求。

And finally, Build Bolder. Through Build Bolder, we are both accelerating and innovating the delivery of capacity around the world and securing our future through strategic land acquisitions. As mentioned earlier, we are excited to announce that we have recently closed on land acquisitions in several high demand markets to serve customer demand across both our retail and xScale businesses. This brings our total developable voracity to approximately 3 gigawatts and nearly 50% increase from last quarter. These are the latest steps towards doubling our available capacity in the next five years.

最後，大膽創新。透過「建設更大膽」計劃，我們既在加速和創新全球產能交付，也透過策略性土地收購來保障我們的未來。如前所述，我們很高興地宣布，我們最近已在幾個高需求市場完成了土地收購，以滿足我們零售和 xScale 業務的客戶需求。這使得我們總可開發需求達到約 3 吉瓦，比上一季成長近 50%。這是為在未來五年內將可用產能翻倍而採取的最新舉措。

Since our last earnings call, we added seven new projects, including our Dallas 12 development, which is expected to deliver roughly 3,700 cabinets or approximately 67 megawatts of capacity to this key metro. We now have 58 major projects underway globally including 12 xScale projects. 20% of our retail capacity has been considerably accelerated from the initial delivery date.

自上次財報電話會議以來，我們新增了七個項目，其中包括我們的達拉斯 12 開發項目，預計將為這個重要的都市區提供約 3700 個機櫃或約 67 兆瓦的容量。我們目前在全球有58個大型專案正在進行中，其中包括12個超大規模專案。我們20%的零售產能已較原定交貨日期大幅提早。

We also opened our 77 market in Chennai, India as we continue to invest in this fast-growing region. More than 75% of our retail expansion is in major metros, and more than 90% of our expansion CapEx is on owned land or where we have long-term ground leases. Our stabilized cash-on-cash return expectations for these retail expansions are approximately 25%, which is consistent with our existing portfolio.

我們還在印度欽奈開設了第 77 家門市，我們將繼續投資於這個快速成長的地區。超過 75% 的零售擴張位於主要都會區，超過 90% 的擴張資本支出位於自有土地或我們擁有長期土地租賃權的土地上。我們對此次零售擴張的穩定現金回報率預期約為 25%，這與我們現有的投資組合一致。

Our North American JV continues to show exciting progress with the closing of our Chicago land acquisition, which we anticipate will be contributed in large part to our xScale business in 2026. In addition, we are in late-stage negotiations for the lease of the entire capacity at our Hampton campus with potential xScale customers. The overall demand picture for our xScale business remains robust, as key players continue to seek capacity in major metros aligning with our xScale strategy.

我們的北美合資企業繼續取得令人振奮的進展，我們完成了對芝加哥土地的收購，我們預計這將在很大程度上促進我們在 2026 年的 xScale 業務發展。此外，我們正在與潛在的 xScale 客戶就租賃我們在漢普頓園區的全部容量進行最後的談判。我們 xScale 業務的整體需求狀況依然強勁，主要參與者繼續在主要大都市尋求產能，這與我們的 xScale 策略相符。

As our results show, we are consistently delivering on the immediate needs of our customers and the expectations of the market, whilst expanding our salable capacity in anticipation of even greater sustained long-term demand. And we are doing this very profitably. We have been built for this opportunity, and we will continue to build for it.

我們的業績表明，我們始終能夠滿足客戶的當前需求和市場的期望，同時擴大可銷售產能，以應對未來持續成長的長期需求。而且我們這樣做非常有利可圖。我們天生就適合這個機遇，我們將繼續為此奮鬥。

Let me now turn it over to Keith to share more on the quarter and our Q4 outlook.

現在我把麥克風交給基思，讓他來詳細介紹本季的情況以及我們對第四季的展望。

Thanks, Adaire, and good afternoon to everyone.

謝謝阿黛爾，大家下午好。

Further to Adaire's remarks, the business delivered a very strong third quarter, which immediately translated into solid financial and nonfinancial results. Nearly every key metric was at or better than expected. Our sales team has delivered a record annualized gross bookings across our diversified customer base, resulting in very healthy net bookings in Q3.

除了阿黛爾的發言之外，該公司第三季業績表現非常強勁，並立即轉化為穩健的財務和非財務業績。幾乎所有關鍵指標都達到或超過預期。我們的銷售團隊在多元化的客戶群中實現了創紀錄的年度總預訂量，從而在第三季度取得了非常健康的淨預訂量。

To further demonstrate the strong momentum in the business, Adaire highlight that we now have $185 million of annualized presales, which will be recorded as bookings in future quarters. Over 40% of the current presales balance was signed in Q3, as customers increasingly look to secure their future growth within our ecosystems. And we continue to deliver accretive value to the bottom line with AFFO well ahead of our expectations for the quarter.

為了進一步證明業務的強勁發展勢頭，Adaire 強調，我們目前的年化預售額為 1.85 億美元，這些預售額將在未來幾季計入訂單。超過 40% 的當前預售餘額是在第三季簽署的，因為客戶越來越希望在我們的生態系統中確保未來的成長。我們持續為公司獲利創造增值，本季調整後營運資金 (AFFO) 遠超預期。

So our strong performance in Q3, coupled with our strategic efforts to continue to secure land for future growth in our major metros is setting the stage for 2026 and beyond. And given our balance sheet is a strategic differentiator, it provides us with the flexibility to invest into a robust demand backdrop and the financial capacity to secure our future energy needs.

因此，我們在第三季度的強勁表現，加上我們為在主要大都市繼續獲取土地以實現未來增長而採取的戰略努力，為 2026 年及以後的發展奠定了基礎。鑑於我們的資產負債表是一項策略優勢，它使我們能夠靈活地投資於強勁的需求環境，並擁有足夠的財力來保障我們未來的能源需求。

Finally, our relentless focus on best-in-class capital allocation for our investors while delivering durable long-term value remains a key priority for us as we execute against our Build Bolder initiatives.

最後，我們始終堅持為投資者提供一流的資本配置，同時創造持久的長期價值，這仍然是我們推進「建設更宏偉」計畫的關鍵優先事項。

As it relates to our nonfinancial metrics, they continue to demonstrate positive momentum across nearly all dimensions, including net interconnection additions, provision BC capacity, pricing, volume of transactions, and cabinets billing. We added a healthy 7,100 net interconnection ads in the quarter supported by cloud and enterprise connectivity. Cabinets billing stepped up 2,500 cabinets led by strength in the Americas region. With our record Q3 gross bookings performance, we expect our Cabinets billing metric to continue to be strong in Q4.

就我們的非財務指標而言，它們在幾乎所有方面都繼續展現出積極的勢頭，包括淨互連增加量、BC 容量供應、定價、交易量和機櫃計費。本季度，在雲端和企業連線的支援下，我們新增了 7,100 個淨互連廣告。機櫃計費量增加了 2,500 個，主要得益於美洲地區的強勁表現。憑藉第三季創紀錄的總預訂業績，我們預計第四季度機櫃計費指標將繼續保持強勁勢頭。

Our global MR per cabinet yield stepped up $41 quarter over quarter on a normalized and constant currency basis, primarily due to increasing densities strong interconnection and firm pricing across each of our regions, consistent with the broader supply-demand dynamics in the marketplace.

以正常化和固定匯率計算，我們的全球每櫃MR收益環比增長41美元，這主要歸功於我們各個地區密度增加、互聯互通增強以及定價穩固，這與市場更廣泛的供需動態相一致。

As Adaire highlighted, we continue to make great progress with our Build Bolder strategy. Our recent land purchases will support more than 900 megawatts of incremental capacity across our full product continuum once built out, meaningfully increasing the capacity to be developed across our portfolio. The capacity to be developed now stands at 3 gigawatts positioning the Equinix to serve the expanding market opportunity across hybrid and multi-cloud and AI.

正如阿黛爾所強調的，我們的「建設更大膽」策略持續取得巨大進展。我們最近收購的土地一旦建成，將為我們整個產品系列增加超過 900 兆瓦的增量產能，從而顯著提高我們產品組合的開發產能。目前可開發的容量為 3 吉瓦，這使得 Equinix 能夠滿足混合雲、多雲和人工智慧領域不斷擴大的市場機會。

Our investments remain focused on either enhancing our strong existing ecosystems or laying the foundation for both current and future AI inferencing solutions, which will be built on top of our highly differentiated platform.

我們的投資仍然專注於增強我們強大的現有生態系統，或為當前和未來的 AI 推理解決方案奠定基礎，這些解決方案將建立在我們高度差異化的平台之上。

Now let me cover the highlights for the quarter as depicted on slide 7. Do note that all growth rates in this section are on a normalized and constant currency basis. Global Q3 revenues were approximately $2.32 billion, up 5% over the same quarter last year. Our recurring revenue growth stepped up 8% and which is underpinned by the continued bookings momentum of the business. As expected, our nonrecurring revenues moderated sequentially, largely due to lower xScale fees. Q3 revenues net of our FX hedges included a $9 million FX headwind when compared to our prior guidance rates.

現在讓我來介紹一下本季的重點內容，如投影片 7 所示。請注意，本節中的所有成長率均以標準化和固定匯率為基礎。全球第三季營收約 23.2 億美元，比去年同期成長 5%。我們的經常性收入成長了 8%，這得益於業務持續的預訂動能。正如預期的那樣，我們的非經常性收入環比有所下降，這主要是由於 xScale 費用降低。扣除外匯對沖後，第三季營收受到 900 萬美元外匯不利因素的影響，與我們先前的預期匯率相比有所下降。

Global Q3 adjusted EBITDA was $1.15 billion or approximately 50% of revenues, up 8% over the same quarter last year. Q3 adjusted EBITDA, net of our FX hedges, included a $4 million FX headwind when compared to our prior guidance rates.

全球第三季調整後 EBITDA 為 11.5 億美元，約佔營收的 50%，比去年同期成長 8%。第三季調整後 EBITDA（扣除外匯對沖）與我們先前的預期匯率相比，包含了 400 萬美元的外匯不利影響。

Global Q3 AFFO was $965 million, up 12% over the same quarter last year and meaningfully above our expectations due to strong operating performance, disciplined balance sheet management and timing of recurring CapEx spend. Q3 AFFO included $2 million FX impact when compared to our prior guidance rates.

全球第三季調整後營運資金為 9.65 億美元，比去年同期成長 12%，由於強勁的營運業績、嚴格的資產負債表管理以及經常性資本支出的時機把握得當，顯著高於我們的預期。第三季調整後營運資金（AFFO）包含 200 萬美元的匯率影響，與我們先前預期的匯率相比有所下降。

As expected, global MRR churn in Q3 stepped down to 2.3%, and we expect Q4 MR churn to be within our 2% to 2.5% quarterly guidance range.

如預期，第三季全球月度經常性收入流失率降至 2.3%，我們預計第四季度月度經常性收入流失率將達到我們 2% 至 2.5% 的季度指導範圍。

And now looking at our capital structure. Please refer to slide 10. Our balance sheet was approximately $38 billion, which included cash and short-term investments totaling $2.9 billion.

現在我們來看看我們的資本結構。請參考第10頁投影片。我們的資產負債表總額約為 380 億美元，其中包括現金和短期投資共 29 億美元。

Our cash and short-term investments stepped down from elevated levels in Q2 as our capital and real estate investments stepped up, and we repaid $1.2 billion of senior notes. Our net leverage was 3.6x our annualized adjusted EBITDA.

第二季度，隨著資本和房地產投資的增加，我們的現金和短期投資從高點回落，同時我們償還了 12 億美元的優先票據。我們的淨槓桿率為年化調整後 EBITDA 的 3.6 倍。

During the quarter, we issued US dollar equivalent $500 million in Singapore denominated green notes at a rate of 2.9%. We also published our green bond allocation and impact report in September. Equinix has now issued approximately $9.5 billion in green bonds with $7 billion in net proceeds allocated to eligible green projects.

本季度，我們以 2.9% 的利率發行了等值 5 億美元的新加坡元綠色票據。我們在9月也發布了綠色債券配置及影響報告。Equinix 目前已發行約 95 億美元的綠色債券，其中 70 億美元的淨收益已分配給符合條件的綠色項目。

Turning to slide 11 for the quarter. Capital expenditures were approximately $1.14 billion, including a recurring CapEx of $64 million. We opened eight major projects across seven markets since our last earnings call adding retail capacity in key metros, including in London, Miami, Montreal, and Washington, D.C. We opened two new data centers, one in Chennai, India; the other in Monterrey, Mexico. Revenues from owned assets are 69% of our recurring revenues.

接下來是本季的第11張投影片。資本支出約為 11.4 億美元，其中包括 6,400 萬美元的經常性資本支出。自上次財報電話會議以來，我們在七個市場啟動了八個大型項目，在包括倫敦、邁阿密、蒙特利爾和華盛頓特區在內的主要大都市增加了零售容量。我們開設了兩個新的資料中心，一個位於印度欽奈，另一個位於墨西哥蒙特雷。自有資產產生的收入占我們經常性收入的 69%。

Now moving to slide 12. Our capital investments continue to generate strong returns. Our now 180 stabilized assets increased revenues by 4% year over year on a constant currency basis and are collectively 82% utilized and generate a 26% cash-on-cash return on the gross PPE invested.

現在轉到第12張投影片。我們的資本投資持續產生強勁的回報。我們目前已穩定營運的 180 項資產，以固定匯率計算，營收年增 4%，總利用率為 82%，投資的固定資產總現金報酬率為 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.

最後，請參閱第 13 至 17 頁投影片，以了解 2025 年指引和過渡措施的最新摘要。請注意，所有成長率均以標準化和固定匯率為基礎。

For the full year, we're maintaining our underlying revenue outlook with a 7% to 8% normalized and constant currency growth rate. Our expected quarter-over-quarter MRR step-up is greater than $60 million. A significant year over year increase, highlighting the underlying momentum in the business and gives us the confidence as we look into 2026.

全年來看，我們維持原有的營收預期，以固定匯率計算的成長率為 7% 至 8%。我們預計季度環比月度經常性收入成長將超過 6,000 萬美元。與前一年相比，實現了顯著成長，凸顯了業務的潛在發展勢頭，也讓我們對 2026 年充滿信心。

And as we previewed in July, our Q4 revenue guidance also includes a meaningful step-up in nonrecurring fees attributable to the xScale business. As Adaire mentioned, our discussions with potential xScale customers are in their advanced stages. But as with transactions of this size and complexity, the timing of contracting can be fluid, hence, the expanded revenue guidance range.

正如我們在 7 月預告的那樣，我們的第四季度收入預期還包括來自 xScale 業務的非經常性費用的顯著增長。正如 Adaire 所提到的，我們與潛在的 xScale 客戶的討論已經進入了後期階段。但對於如此規模和複雜程度的交易而言，合約簽訂的時間可能會有所變動，因此，收入預期範圍有所擴大。

Given our strong profitability in Q3, we're raising our underlying 2025 adjusted EBITDA guidance by another $21 million. Adjusted EBITDA margins are expected to range between 49% and 50% for the full year.

鑑於我們第三季的強勁獲利能力，我們將 2025 年調整後 EBITDA 預期再上調 2,100 萬美元。預計全年調整後 EBITDA 利潤率將在 49% 至 50% 之間。

We're also raising our underlying 2025 AFFO guidance by another $31 million. AFFO is expected to grow between 11% and 13%, while AFFO per share growth is expected to range between 8% and 10% compared to the previous year.

我們也將2025年調整後營運資金（AFFO）預期再調高3,100萬美元。預計成長幅度在 11% 至 13% 之間，而每股調整後營運資金 (AFFO) 預計較上年增長 8% 至 10%。

And finally, 2025 CapEx is now expected to range between $3.8 billion and $4.3 billion including approximately $290 million of recurring CapEx spend.

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 2.9 億美元的經常性資本支出。

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

我就說到這裡吧。我會把電話轉回給阿黛爾。

Thanks very much, Keith. So in closing, we remain excited and optimistic about the future and our differentiated and durable market position. We are focused on executing against our Q4 expectations. And building our momentum for 2026, and we are very much on track on both accounts. Our intent is to continue to build on the outcomes that defined this quarter; greater capacity, increased revenue and improved profitability, and accelerate them as our strategy achieves even greater traction.

非常感謝，基斯。最後，我們對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。我們正全力以赴，力求實現第四季的預期目標。我們正在為 2026 年積蓄力量，而且在這兩方面我們都進展順利。我們的目標是繼續鞏固本季取得的成果：產能提升、收入增加和獲利能力提高，並隨著我們的策略取得更大進展而加速實現這些目標。

We were built for this moment. And I am confident we will continue to make the very most of this opportunity, in regards to both the long-term growth and long-term value creation for our shareholders.

我們是為了這一刻而生的。我相信我們將繼續充分利用這項機遇，為股東實現長期成長和長期價值創造。

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

我就說到這裡，大家可以提問了。

(Operator Instructions) Nick Del Deo, MoffettNathanson.

（操作說明）Nick Del Deo，MoffettNathanson。

Hi, thanks for taking my question. You have a very strong position with cloud on ramps, and that's obviously helped point a lot of enterprise business over time. You've been starting to land some neo cloud on-ramps and network nodes. Adaire, I think you mentioned Nebius and Groq in your prepared remarks.

您好，感謝您回答我的問題。你們在雲端存取方面擁有非常強大的優勢，這顯然有助於你們贏得許多企業業務。你們已經開始部署一些新雲端入口和網路節點了。阿黛爾，我想你在準備好的演講稿中提到了尼比烏斯和葛洛克。

I guess how strategic do you think these deployments will be relative to some of the more traditional cloud on ramps? And what are you doing to attract -- to actively attract AI magnets like these?

我想問，您認為這些部署相對於一些更傳統的雲端遷移方式，其戰略意義有多大？那麼，你正在採取哪些措施來吸引——積極地吸引像這樣的AI人才？

Yeah. Thank you very much for the question. Yes, you're right. We have a market-leading position in native cloud on-ramps, which is, I think, a very important part of the connectivity narrative that we have for our customers, and we're in a position to add two additional on-ramps this quarter to our installed base.

是的。非常感謝您的提問。是的，你說得對。我們在原生雲端存取方面處於市場領先地位，我認為這是我們為客戶提供的連接方案中非常重要的一部分，而且我們有能力在本季度為我們的已安裝基礎增加兩個額外的接入點。

We also, as you mentioned, have a very strong presence in terms of AI magnets sitting inside the Equinix ecosystem. Companies that I mentioned in my prepared remarks there like Zetaris; [GCM], who is a GPU as a service provider in Germany; Block; Groq with a q; Outrider; Nebius; CoreLink to name about a few.

正如您所提到的，我們在 Equinix 生態系統中擁有非常強大的 AI 磁石業務。我在事先準備好的演講稿中提到的公司有：Zetaris；德國的 GPU 服務供應商 GCM；Block；Groq（帶 q）；Outrider；Nebius；CoreLink 等等。

Many of these neo clouds are using Equinix as a point of connectivity and a point of presence. And I suspect there's an element of a traction in terms of our 10,000-plus enterprise customers who are also making use of neo clouds for data storage and for connectivity.

許多新型雲端服務商都使用 Equinix 作為連接點和存取點。而且我懷疑，在我們超過 10,000 家企業客戶中，這種趨勢也有一定的吸引力，他們也在使用新雲端進行資料儲存和連接。

So our team, particularly our team in the Americas focuses on this aspect of our customer cohort and manages and engages those relationships appropriately in order to ensure that we have the right magnet representation in our ecosystem going forward.

因此，我們的團隊，特別是美洲團隊，專注於客戶群的這一方面，並妥善管理和維護這些關係，以確保我們未來在生態系統中擁有正確的磁石形象。

Okay, thank you.

好的，謝謝。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

Thank you. On the strength in presale activity, I think you changed your approach with sales not that long ago, enabled them to sell capacity for their outcome delivery. Is that some of what you're seeing helping to drive the strength there?

謝謝。根據預售活動的強勁勢頭，我認為你們不久前改變了銷售策略，使他們能夠銷售其成果交付所需的產能。你認為這些因素有助於增強當地的實力嗎？

And then maybe on a related basis, there's a lot of capacity that's set to come online in some of your most important markets. How much pre-leasing actually you're seeing for those? Thank you.

此外，或許還有些相關的是，在你們一些最重要的市場中，將會有大量新增產能投入使用。這些房源實際預租量是多少？謝謝。

Ari, do you mind -- you broke up there just when you asked --

阿里，你介意嗎──你剛問完問題，你們就分手了。--

First part of your question? Yeah.

你問題的第一部分是什麼？是的。

Could you repeat that, please?

你再說一遍，好嗎？

Yeah, sure, sorry. Just on the strength in pre-sale activity, I think not that long ago, you changed the approach enabling your sales force to sell capacity further out from delivery. Is that some of what you're seeing helping to drive the strength there?

哦，好吧，不好意思。僅憑售前活動的強勁勢頭，我認為不久前，你們改變了策略，使銷售團隊能夠銷售交貨日期更遠之後的產能。你認為這些因素有助於增強當地的實力嗎？

And then just on a related basis, there's a lot of capacity set to come online in some of your most important markets. How much pre-leasing activity are you seeing for those? Thank you.

另外，還有一些相關的方面，在你們一些最重要的市場中，將有大量產能投入使用。這些房源的預租活動有多活躍？謝謝。

Okay. Thanks very much for the question. For the repeat, I think that you saw in Q3 in additional -- in addition to the annualized gross bookings of the $394 million that the team delivered, we also shared the cumulative total presold balance of $185 million of annualized gross bookings, which will be recognized in future quarters. This presales motion is a relatively newer motion for our core retail business. And we have recently extended the window for our sales team to be able to sell retail capacity ahead of delivery for the next 12 months.

好的。非常感謝您的提問。關於重複部分，我認為您在第三季度已經看到了——除了團隊實現的 3.94 億美元的年度總預訂額之外，我們還分享了 1.85 億美元的年度總預訂額的累計預售餘額，這將在未來幾個季度確認。這種預售模式對於我們的核心零售業務來說是一個相對較新的模式。我們最近延長了銷售團隊在未來 12 個月內提前銷售零售產能的窗口期。

Previous to that, it was a three- to six-month window. This presales opportunity is something that gives our sales team critical capacity to sell into. And it actually is a degree of comfort for our customers, because it enables our customers to know where their deployments will be placed when they need them. And I think in the overall macro environment, with the demand continuing to outpace supply, we actually have seen the velocity of presales increase over the course of 2025 through to Q3. I think Keith mentioned in his remarks that 40% of our total presales balance was signed in Q3 of 2025. So providing these two elements, I think provides greater visibility to our investor community.

在此之前，時間窗口為三到六個月。這次售前機會為我們的銷售團隊提供了至關重要的銷售能力。這實際上也為我們的客戶帶來了一定程度的便利，因為它使我們的客戶能夠在需要時知道他們的部署將在哪裡進行。我認為在整體宏觀環境下，由於需求持續超過供應，我們實際上已經看到 2025 年到第三季預售速度有所加快。我認為基斯在他的演講中提到，我們預售總額的 40% 是在 2025 年第三季簽署的。我認為，提供這兩個要素可以提高我們在投資者群體中的知名度。

That being said, when we look at the presales activity fairly evenly spread across the capacity that's coming online. We certainly have seeing very significant activity around locations like Frankfurt, London and others where capacity is in short supply, New York, et cetera. Yes. So definitely seeing the uptick in this, which is why we decided to share that data point with you.

也就是說，當我們觀察預售活動時，會發現它相當均勻地分佈在即將上線的產能範圍內。我們確實看到在法蘭克福、倫敦等產能短缺的地區，以及紐約等地，出現了非常顯著的活動。是的。因此，我們確實看到了這種上升趨勢，這也是我們決定與您分享此數據點的原因。

Aryeh, maybe I'll just add one other comment, on to what Adaire said, I think it's also important to realize that part of the reason that we've sort of entered into another sales motion as Adaire refers to is the fact that you've got a supply and demand environment that has shifted. And we're -- right now, we're chasing demand. We're trying as hard as we can to bring new supply into the business. And so we want to make sure that our sales organization has the ability to have that visibility.

Aryeh，我可能還要補充一點，關於Adaire剛才說的，我認為同樣重要的是要意識到，我們之所以進入了Adaire所說的另一種銷售模式，部分原因是供需環境發生了變化。而我們現在——正在追逐需求。我們正竭盡全力為公司引入新的供應來源。因此，我們希望確保我們的銷售團隊能夠掌握這種資訊。

At the same time, having Ralph and his organization, Global Design and Construction, accelerate as fast as they can, some of the builds that were out there to a quarter or potentially two quarters sooner than we originally had planned. So it's the combination of basically -- demand-rich environment, and also us chasing the ability to deliver capacity into the market as fast as we can, that really allowed us to enter into the sort of presale arrangement.

與此同時，拉爾夫和他的組織「全球設計與建設」正以最快的速度推進一些建設項目，這些項目比我們最初計劃的提前了一個季度甚至兩個季度完成。所以，正是市場需求旺盛，我們努力盡快將產能交付到市場，才真正讓我們能夠達成預售協議。

And so as Adaire said, the combination of the $394 million, the $100 million, $185 million, it just gives you a real sense of how much momentum there is in the business relative to where we were, not only two quarters ago, but certainly last year.

正如阿代爾所說，3.94億美元、1億美元和1.85億美元的總額，讓你真切地感受到，與兩個季度前，甚至與去年相比，公司業務的發展勢頭有多麼強勁。

The one other remark that I think it's important just to reiterate, the presale relates to our retail footprint, so not to the entirety of our business. When we look at our ex-scale business, That, of course, is -- we're looking at through the lens of preleasing. So presale is entirely within the retail business.

還有一點我覺得有必要再次強調，預售活動只涉及我們的零售業務，並不代表我們全部的業務。當我們審視我們的前規模業務時，當然，我們是從預租的角度來看的。所以預售完全屬於零售業務的範疇。

Thanks, Ari.

謝謝你，阿里。

Thanks for the color.

謝謝你提供的色彩。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Great. I appreciate you guys taking the question. I just wanted to touch on -- what you're seeing in kind of the pricing environment today, you said you're doing more presales -- are you seeing firm pricing or improving pricing just based on some of the capacity constraints we see in the market?

偉大的。感謝各位回答這個問題。我只是想談談——您目前看到的定價環境，您說您做了更多預售——您看到的是固定價格還是僅基於我們在市場上看到的一些產能限製而進行的定價調整？

And maybe just if I could squeeze one more in, I know you guys have kind of pre-guided to about a 5% AFFO growth rate next year. I know there's a lot of moving parts as we think into next year, and obviously, interest rates, financial costs looking a little better than you guided to. So any thoughts to some of the moving parts as we kind of roll our models forward to 2026?

如果我還能擠出一點時間，我知道你們已經預估明年 AFFO 成長率約 5%。我知道展望明年有很多變數，而且很顯然，利率和財務成本看起來比你之前預期的要好一些。那麼，在我們逐步將模型推進到 2026 年的過程中，對於一些可能出現的變化環節，大家有什麼想法嗎？

Okay. Maybe I'll take the second piece first, and then make some comments on the remarks. Big part on your questions around pricing.

好的。或許我會先看第二部分，然後再對評論發表一些看法。大部分內容都圍繞著價格問題。

So I guess, as we look ahead into 2026, we're certainly focused on our execution in Q4. So revenue is a very prime focus for us, ensuring that we have a very strong exit from Q4. We're certainly feeling very confident about the demand that we're seeing. And I guess our presale and our Q3 gross bookings is evidence of that demand. And Keith also mentioned the ability of our amazing design and construction team to be able to accelerate forward RFS states.

所以我想，展望 2026 年，我們肯定會把重點放在第四季的執行上。因此，營收是我們非常關注的重點，確保我們在第四季實現強勁的收官。我們對目前的需求情勢感到非常有信心。我想我們的預售情況和第三季總預訂量就證明了這種需求。Keith 也提到，我們出色的設計和施工團隊有能力加快 RFS 各州的建設進度。

We are monitoring and forecasting RFS with the same intensity that we do for revenue. And we did see a 20% acceleration on the 58 projects that we have underway. So the first, I guess, two elements of our 2026 color is this focus on revenue, this focus on RFS acceleration date.

我們對 RFS 的監測和預測力度與對收入的監測和預測力度相同。我們看到，正在進行的 58 個專案進度加快了 20%。所以，我想，我們 2026 年的主題色的前兩個要素是專注於收入，專注於 RFS 加速日期。

We will also continue to focus on cost and how we are operating the business from an efficiency and effectiveness perspective, in order to ensure that we're delivering a very strong operating performance. But I think you can already see some very positive trends there as it relates to that. And then, of course, there is the capital model and the astute management of our capital and our CapEx requirements, which Keith you may want to comment on?

我們將繼續專注於成本，並從效率和效益的角度審視我們的業務運作方式，以確保我們取得非常強勁的營運績效。但我認為，在這方面，你已經可以看到一些非常積極的趨勢。當然，還有資本模型以及我們對資本和資本支出需求的精明管理，基思，你對此有何評論？

Yeah. And so Eric, the -- as it relates to the balance sheet, the one thing in addition to all the good news that, sort of, Adaire was sharing with you there. The other part of the story is slightly different than where we were at our Analyst Day is that a rate of -- the cost to borrow, not only presently, but as you look forward is lower today than it was. So that's the positive news.

是的。所以艾瑞克，就資產負債表而言，除了阿黛爾剛才跟你分享的所有好消息之外，還有一件事需要說明。故事的另一部分與我們在分析師日上討論的內容略有不同，那就是藉貸成本——不僅是現在，而且展望未來——如今都比以前低。這是好消息。

Add on to that, our ability to raise capital in this environment across different markets and really get a fairly effective low cost of borrow. And as we look forward, we're probably going to continue to as I mentioned maybe in some of the last calls, continue to look at markets like Canada, Europe, whether it's synthetic or otherwise, we're going to raise more capital. And so we'll continue to drive down our over cost to borrow.

此外，我們有能力在當前環境下跨不同市場籌集資金，並真正獲得相當有效的低成本借貸。展望未來，正如我在之前的幾次電話會議中提到的那樣，我們可能會繼續關注加拿大、歐洲等市場，無論是合成的還是其他的，我們都將籌集更多資金。因此，我們將繼續降低借貸成本。

The other thing I would say is we have the ability. Again, we run the business on a global basis, as you understand. And so when we repatriate the capital into the United States, we get a higher return on that capital. And so the ability to sort of manage our balance sheet really effectively, as well as the cost line that goes through the P&L is we're quite effective at that.

我還要補充一點，我們有能力做到這一點。如您所知，我們的業務是在全球範圍內開展的。因此，當我們把資金匯回美國時，我們就能獲得更高的資本回報。因此，我們能夠非常有效地管理資產負債表，以及損益表中的成本項目，我們在這方面非常有效。

And maybe the last part I would say is, as we've started to increase our construction in progress, no surprise to you, we're continuing to look at how we capitalize the interest expense associated with those construction initiatives, whether it's the prebuy or it's the development of land and you can see that over -- not only this quarter, but as we look forward, we'll spend more and more on land in powered land, and so we'll continue to capitalize interest into those projects appropriate with the business.

最後我想說的是，隨著我們在建項目的增加（不出所料），我們正在繼續研究如何將與這些建設項目相關的利息支出資本化，無論是前期購置還是土地開發。您可以看到，不僅在本季度，而且展望未來，我們將在電力用地上投入越來越多的資金，因此我們將繼續根據業務情況，將這些項目的利息資本化。

All right. So maybe let me just come back on the pricing question. We're certainly not seeing any dilution in our pricing, very firm.

好的。那麼，或許我應該再回到定價問題上來談談。我們的定價策略絕對沒有出現任何稀釋，非常堅定。

Great. Thank you.

偉大的。謝謝。

Jonathan Petersen, Jefferies.

喬納森‧彼得森，傑富瑞集團。

Great. Thank you. You talked about the 900 megawatts of land acquisitions that you did in Amsterdam, Chicago, Johannesburg, London, and Toronto. Can you give us just some more details on if any one or two of those sites are particularly larger than the others and where you might be expecting to build xScale versus retail within those markets on that new land?

偉大的。謝謝。你談到了你在阿姆斯特丹、芝加哥、約翰尼斯堡、倫敦和多倫多進行的 900 兆瓦土地收購。您能否提供更多細節，說明這些地塊中是否有一兩個地塊特別大，以及您預計在這些新土地上，xScale 和零售店的建設位置分別在哪裡？

Okay. Yes, thank you very much. We were very excited about those land acquisitions. We believe they are very meaningful and associated closely with the metros where we have a lot of demand from our customers.

好的。是的，非常感謝。我們對那些土地收購感到非常興奮。我們認為它們非常有意義，並且與我們客戶需求量大的大都市密切相關。

So as you know, these recent land acquisitions have really brought our land under control to a very significant level, enabling us to -- actually since last quarter to increase land under control to nearly by nearly 50%.

如您所知，最近的這些土地收購確實使我們對土地的控製程度大大提高，實際上，自上個季度以來，我們控制的土地面積增加了近 50%。

In terms of how we view the various different elements of the portfolio here in alignment with the long-term capital investments that we detailed at Analyst Day, we do plan to double our overall capacity, both inclusive of retail and xScale by 2029. And whilst we're not providing a very specific breakdown of the anticipated megawatt delivery between retail and xScale within these recent land acquisitions, we do anticipate that a significant proportion of London and Chicago land purchases will be earmarked for xScale business and will be contributed to the JV for which we will be compensated.

就我們如何看待投資組合中的各種不同元素，以及我們在分析師日上詳細介紹的長期資本投資而言，我們計劃在 2029 年將整體產能翻一番，包括零售和 xScale 產能。雖然我們沒有提供近期土地收購中零售和 xScale 之間預期兆瓦交付量的具體細分數據，但我們預計倫敦和芝加哥土地收購的很大一部分將指定用於 xScale 的業務，並將貢獻給合資企業，我們將為此獲得補償。

And I think our global design and construction teams also remain highly focused on delivering critical capacity across the portfolio. And so to some extent, the split of megawatts between retail and xScale is somewhat fungible because of the full product continuum that Equinix offers across traditional retail, larger footprint retail and xScale. And so really, we're looking to maximize the value based on the opportunity that we see for each of those land acquisitions.

我認為我們的全球設計和施工團隊也仍然高度專注於在整個產品組合中提供關鍵能力。因此，在某種程度上，零售和 xScale 之間的兆瓦數分配是可以互換的，因為 Equinix 提供了涵蓋傳統零售、大型零售和 xScale 的完整產品系列。因此，我們實際上是希望根據我們看到的每次土地收購的機會，最大限度地提高其價值。

Thank you very much.

非常感謝。

Michael Elias, TD Securities.

Michael Elias，TD Securities。

I'm going to see if I can press my luck here. I was looking at the municipal filings for the Manuka campus site. And from what I found in the minutes of the meeting, I think there was a talk about a split for that Chicago site, some of it being for xScale, some of them being for retail. I'm just wondering if there's kind of any direction you could give us in terms of what you're leading is for that campus for retail versus xScale. And then also as part of that, just curious, you talked about signing a bank deal in this quarter.

我打算試試運氣。我正在查看馬努卡校區所在地的市政備案文件。根據我在會議記錄中發現的內容，我認為他們討論了芝加哥站點的分割事宜，一部分用於 xScale，一部分用於零售。我只是想問一下，您能否就您領導的零售園區與 xScale 的合作方向，給我們一些指導？另外，我很好奇，您提到本季將簽署一項銀行協議。

We're seeing some large bank deals out in the market. I'm curious if xScale, you're still thinking about reserving that for hyperscale customers or maybe you'd be willing to take on some large enterprise customers within that space? Thank you.

我們看到市場上出現了一些大型銀行交易。我很好奇 xScale，你們仍然考慮將這項服務保留給超大規模客戶，或者你們是否願意在這個領域接納一些大型企業客戶？謝謝。

All right. So two questions. Let me address them one at a time. So certainly, the concept of the mega campus considers the possibility of jointly co-locating xScale with retail on a single campus. And that is certainly something that we are actively reviewing and considering as we plan out our mega campuses and something that I think will be a value add to all the participants, whether they are a participant in the xScale ecosystem or in the broader Equinix ecosystem.

好的。所以，我有兩個問題。讓我逐一解答這些問題。因此，巨型園區的概念當然考慮了將 xScale 與零售業在同一園區內共同佈局的可能性。當然，這是我們在規劃大型園區時正在積極審查和考慮的事情，我認為這對所有參與者來說都將是有價值的，無論他們是 xScale 生態系統的參與者還是更廣泛的 Equinix 生態系統的參與者。

As it relates to transactions with the banks, certainly, it was interesting to see financial services as a very dominant sector in our Q3 results. And emerging requirements, for example, in series of operation like EMEA, where the door regulation is requiring a different level of resilience for financial services organization. This is also something that's helping to augment the demand that we're seeing in the Financial Services segment.

就與銀行的交易而言，金融服務業在我們第三季的業績中佔據非常主導地位，這確實令人感到有趣。例如，在 EMEA 等一系列營運中，新興的要求是，門禁法規要求金融服務機構具備不同程度的韌性。這也有助於提升我們在金融服務領域所看到的需求。

Certainly, we believe that our capacity is somewhat fungible across our xScale and retail footprint. And if there was an opportunity to service a large footprint through an xScale capacity that was available, then we would certainly work with our partners to ensure that, that would be something that we could consider for that customer.

當然，我們相信我們的產能在我們的 xScale 和零售業務範圍內具有一定的可互換性。如果有機會透過可用的 xScale 容量來服務大面積區域，那麼我們一定會與合作夥伴共同努力，確保這是我們可以為該客戶考慮的方案。

And Michael, maybe I'll add on just one other thing. You made a reference to Manuka, which obviously, many hundreds of megawatts of capacity in that market. As Adaire alluded to, we look at the test fits and understand what is the best structure for for both the partnership and for the retail business because quite overly, we want a certain amount of capacity to come into the retail portfolio because we need that capacity in some of these larger markets. And so we're going to continue to look at that.

邁克爾，或許我還要補充一點。你提到了馬努卡，顯然，該市場擁有數百兆瓦的發電容量。正如阿黛爾所暗示的那樣，我們會研究測試方案，了解對於合作關係和零售業務而言，最佳結構是什麼，因為我們希望零售組合中增加一定數量的產能，因為我們需要在一些較大的市場中擁有這種產能。所以我們會繼續關注這個問題。

The team, as part of any of these large campus type builds. We'll look to see how to bifurcate the land so that the portion stays in the ex-scale structure and then a portion of it can be owned by Equinix directly.

該團隊參與了任何大型校園類型的建設項目。我們將研究如何將土地一分為二，一部分保留在原有的建築結構中，另一部分則可由 Equinix 直接擁有。

But again, I'd just say appropriately, you could appreciate that there is some of these larger markets, and Adaire alluded to London and Chicago. But the other one that's out there is Amsterdam, which is in the greater Amsterdam area and something that we really are putting a lot of attention to. So hopefully, that gives you a little bit more color on the large-size opportunities that are in front of us.

但我想再次強調，你應該意識到，有一些更大的市場，阿黛爾提到了倫敦和芝加哥。但另一個值得關注的城市是阿姆斯特丹，它位於大阿姆斯特丹地區，我們非常重視這個城市。希望這能讓您對擺在我們面前的大機會有更清楚的認識。

Great. Appreciate that. Thank you.

偉大的。謝謝。謝謝。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

So a couple of questions. First, with respect to -- there, you just referenced the larger footprint retail. And from the Analyst Day, that was one of the incremental uses of capital and investment for Equinix. So curious what you're seeing on that front in terms of demand? And are those the types of deployments that you should also see some significant pre-leasing as you get closer to bringing them online commercially.

我有幾個問題。首先，關於──你剛才提到的是規模較大的零售業。從分析師日來看，這是 Equinix 增加資本和投資用途的其中一項舉措。所以，我很想知道你在這方面的需求如何？隨著這些部署類型逐漸接近商業化上線，您應該會看到一些大量的預租賃。

And then just one clarification. Keith, you mentioned the the width of the revenue guidance. I think this year, for 4Q is $120 million versus $40 million when you're coming into the fourth quarter of '24. And just kind of curious like if you could frame the nonrecurring revenue toggle of what if all of that opportunity for xScale bookings gets pushed into 2026 versus maybe being able to get all of what you'd like to see in the fourth quarter of '25? Thanks.

最後還有一點需要澄清。基思，你提到了營收預期範圍的廣泛性。我認為今年第四季是 1.2 億美元，而 2024 年第四季是 4,000 萬美元。我只是有點好奇，如果所有 xScale 的預訂機會都被推遲到 2026 年，而不是在 2025 年第四季就能實現所有你想要看到的東西，你會怎麼看待非經常性收入的轉變？謝謝。

Could I go first?

我可以先走嗎？

Yes.

是的。

Thanks, Mike. So as it relates to large footprint, we actually had a very healthy mix in our Q3 revenue mix of large footprint deals, but also a very, very healthy retail and interconnection uptick in the quarter. As it relates to the applicability of large footprint to the presale sales motion, certainly, we're seeing customers who require capacity that is contiguous as part of that presales process, because that's one way of securing that contiguous capacity long term, particularly in high demand markets.

謝謝你，麥克。因此，就大面積業務而言，我們第三季的收入組成中，大面積業務交易的比例非常健康，而且該季度零售和互聯業務也出現了非常非常健康的增長。至於大面積佔地面積對售前銷售活動的適用性，我們確實看到一些客戶在售前過程中需要連續的容量，因為這是確保長期連續容量的一種方法，尤其是在高需求市場。

And then the -- the second question, which is we really highlighted on page 15 of the earnings deck. And I know some of you might not have seen the deck yet, but we sort of give a breakdown of bridge on sort of what's happening in. Clearly, there's a meaningful step-up in revenue between Q3 and Q4, and you can see that at 7%, and that also translates into revenue -- sorry, EBITDA, profit, 7% quarter-over-quarter growth.

然後是——第二個問題，我們在收益報告的第 15 頁重點強調了這一點。我知道你們有些人可能還沒看到牌局，但我們會大致分析一下橋牌中發生的事情。顯然，第三季到第四季營收出現了顯著成長，增幅達 7%，這也轉化為營收——抱歉，是 EBITDA，利潤，季比成長 7%。

Embedded in that, in the prepared remarks, we sort of noted that $60 million plus will come from recurring. Again, a very steep increase from where we historically have been on a recurring basis, and it's very reflective of the comments that Adaire made on the strength of our booking activity and how quickly that turns into sort of a billing line.

在事先準備好的演講稿中，我們提到，超過 6,000 萬美元將來自經常性收入。再次強調，這與我們以往的周期性成長幅度非常大，也充分反映了 Adaire 對我們預訂活動的強勁勢頭以及預訂活動如何迅速轉化為帳單項目的評論。

And so that deal -- that's sort of the $60 million as part of it. But going from sort of the normalized Q3 to midpoint of Q4, it's $153 million step-up. And so it tells you that there's roughly $90 million nonrecurring. Of that, of that, I would say, roughly one-third of it is traditional nonrecurring activity, 2/3 is this large potential transaction that we have been working on for months.

所以，那筆交易——也就是其中的 6,000 萬美元——就是其中的一部分。但從第三季正常到第四季中點，增幅為 1.53 億美元。所以，這說明大約有 9000 萬美元的非經常性支出。其中，大約三分之一是傳統的非經常性活動，三分之二是我們幾個月來一直在努力促成的這筆大型潛在交易。

And so part of the reason we expanded the range quite simply is we have a certain assumption that's based in the fourth quarter here. We want to live within the guidance range that we're guiding you to. Our intention is, and we are highly confident that we can close this transaction in this quarter, but we wanted to give you the range on what would happen if it didn't close this quarter and it closed in Q1, which is not our intention.

因此，我們擴大範圍的部分原因很簡單，就是我們基於第四季做出了一定的假設。我們希望生活在我們引導你們的指導範圍內。我們的目標是，而且我們非常有信心，我們可以在本季度完成這筆交易，但我們想讓您了解一下，如果本季度未能完成交易，而是在第一季度完成（這不是我們的本意），將會發生什麼情況。

So again, I think it's just an appropriate way to manage, again, the large nonrecurring activity. I might leave you with one other thought. Again, Adaire sort of alluded to it already, as we work with great confidence with, again, potential party to this transaction, it is for the full build -- it is for potentially the full build-out, and that's 240 megawatts. Those 240 megawatts are split into four buildings at 60 megawatts each.

所以，我認為這仍然是管理大型非經常性活動的合適方法。我或許還想留給你們最後一個想法。阿代爾也已經暗示過這一點，我們與此次交易的潛在參與者——也就是整個項目的建設——合作非常有信心，該項目可能包括全部建設，總裝機容量為 240 兆瓦。這 240 兆瓦的電力被分配到四棟建築中，每棟建築 60 兆瓦。

Embedded in this number is roughly half of that. So you can get a sense that to the extent that we do the entire transaction, that sort of puts us in a different part of the range than where we typically try and run at midpoint or better. So hopefully, that gives you the color that you need. And because it was a complex response, we probably would happy to let you ask a follow-up question if you need to.

這個數字中包含了大約一半的內容。所以你可以感覺到，如果我們完成整個交易，那麼我們就處於一個與我們通常嘗試在中點或更高價位運行不同的區間。希望這能給你所需的顏色。由於這個問題比較複雜，如果您需要，我們很樂意讓您提出後續問題。

That was super helpful color. So Keith, thank you so much.

這個顏色真的很有用。基思，非常感謝你。

But since you're giving me the extra question, I have to take advantage of it. So just curious, one of the things I was looking at was when I look at the slide 7 -- actually, sorry, 8 and 9, and I'm looking at the regional performance. And then looking at the normalized constant currency type of growth rates in each region relative to the EBITDA and trying to think about margins, what's happening in the segments where it looked like margins accelerated significantly in the Americas.

既然你給了我這個問題，我就得好好利用它。我只是好奇，我當時在看幻燈片 7——實際上，抱歉，是第 8 和第 9 張——我正在查看區域表現。然後，觀察每個地區相對於 EBITDA 的標準化固定匯率成長率，並思考利潤率，以及在美洲利潤率明顯加速成長的細分市場中發生了什麼。

You had less EBITDA growth in EMEA and kind of middle of the pack in APAC. And is there anything unique about this quarter in terms of the way investors should be thinking about operating leverage or just continuing to expand margins as revenue grows in each of these regions?

你們在歐洲、中東和非洲地區的 EBITDA 成長較慢，在亞太地區則處於中等水準。對投資者而言，本季在考慮經營槓桿或隨著各地區收入成長而繼續擴大利潤率方面，是否有任何特殊之處？

Yeah. Thanks for the question, Mike. I think one, it's a very fair question and and one that we certainly want to talk about. Adaire alluded to earlier in our comments, in addition to driving the top line growth, which you're seeing, obviously, the magnitude of increase in our annualized gross bookings. In addition to that, you can throw on the presales, the business is performing really well.

是的。謝謝你的提問，麥克。我認為，首先，這是一個非常合理的問題，也是我們當然想要討論的問題。正如 Adaire 在我們先前的評論中提到的，除了推動營收成長（這一點你們顯然已經看到了），還有我們年度總預訂量大幅成長。除此之外，預售情況也非常好，業務表現非常出色。

But we are actively going after the cost. And the thing that's unique about the Americas, remember, we break our business into three segments. And embedded in the Americas business is basically all the corporate SG&A, which, of course, is a lot of the SG&A line that sits on our financials. And so by attacking the cost line, you're seeing a lot of benefit coming into the Americas region for those reasons.

但我們正在積極降低成本。記住，美洲的獨特之處在於，我們將業務分為三個部分。美洲業務基本上包含了所有公司銷售、一般及行政費用，當然，這部分費用也占我們財務報表中銷售、一般及行政費用項下的很大一部分。因此，透過降低成本，美洲地區正因此獲得許多好處。

The second thing I'll talk about is you've got some one-offs. And like anything, when you have xScale and you have transactions and particularly last year in EMEA, there's some transactions in the xScale space that didn't repeat themselves and so the profitability shifts between the years. But I would say that just fundamentally, there's one-offs in EMEA this quarter to the tune of roughly $10 million. And if you compare it to the same quarter last year, there was a $10 million benefit in the quarter. And so you have a $20 million swing.

我要談的第二件事是，你們有一些特例。就像任何事情一樣，當你擁有 xScale 並進行交易時，尤其是在去年的 EMEA 地區，xScale 領域的一些交易並沒有重複發生，因此盈利能力在不同年份之間發生了變化。但我認為，從根本上講，本季 EMEA 地區的一次性支出約為 1000 萬美元。如果與去年同期相比，本季獲利1000萬美元。所以就有了2000萬美元的波動。

And that has a big enough move in the EMEA business to cause some movement around the margin line. Fundamentally, you can see when you look at APAC, you look at Americas and ultimately, when you take out sort of the seasonal aspects of power costs and some of the one-offs from xScale, the fundamental business, the profitability is increasing in all three regions of the world. And that's something that, again, Adaire has been pushing us on across the markets and also the corporate functions to make sure that we're as judicious as possible with our spend.

而這在歐洲、中東和非洲地區的業務中產生了足夠大的影響，足以引起利潤率線附近的一些波動。從根本上講，當你觀察亞太地區、美洲地區，最終當你剔除電力成本的季節性因素和 xScale 的一些一次性因素後，你會發現，這三個地區的基本業務盈利能力都在提高。而這正是 Adaire 一直以來在各個市場和公司職能部門推動我們做到的，以確保我們在支出方面盡可能謹慎。

Thanks. And thanks for the extra question today.

謝謝。感謝您今天提出的額外問題。

Jim Schneider, Goldman Sachs.

吉姆‧施耐德，高盛集團。

Good evening, thanks for taking my questions. A little bit of a left field question. Given the 12 xScale projects you're working on, maybe give us a sense about your level of confidence of power availability and scheduling for those additional projects?

晚上好，謝謝您回答我的問題。這個問題有點出乎意料。鑑於您目前正在進行 12 個 xScale 項目，能否請您談談您對這些額外項目的電力供應和進度安排的信心程度？

I'm assuming you feel relatively confident, but maybe kind of give us a sense of the time frame for planning those. And then any changes you're seeing in terms of your anticipated use of power, whether it's grid power or other alternative sources for those? Thank you.

我猜你比較有信心，但或許可以給我們大概介紹一下計劃這些事項的時間安排。那麼，您在預期用電量方面是否有任何變化，無論是電網供電還是其他替代能源？謝謝。

Yes. All right. There's a lot to unpack in that question, because I think there's a lot to unpack in the power and energy narrative around the data center space. And there's no doubt that this is a complex area, and the complexity is certainly growing by the day.

是的。好的。這個問題有很多值得探討的地方，因為我認為資料中心領域的電力和能源問題本身就有很多值得探討的地方。毫無疑問，這是一個複雜的領域，而且這種複雜性還在與日俱增。

I think Equinix has a number of significant benefits here when it comes to navigating power as a constraint in the industry. First of all, your 27-year history, which has a very clear profile of how we use power, how we minimize, and optimize our use of energy and also the relationships that we've developed over that period of time with all of the utilities who provide us service and partner with us from the grid. And this is something I think that's held us in good stead as we are looking at this issue holistically across the business.

我認為，在應對電力產業面臨的限制因素時，Equinix 具有許多顯著優勢。首先，回顧我們 27 年的發展歷程，可以非常清楚地了解我們如何使用電力，如何最大限度地減少和優化能源使用，以及在此期間我們與所有為我們提供服務和與我們合作的電網公用事業公司建立的關係。我認為，正是這一點讓我們受益匪淺，因為我們能夠從整個業務的角度全面看待這個問題。

I think the second thing that we can see is that there is a change in terms of the customer/supplier dynamics between the data center and large NG users and the utilities overall in that, in many cases, for many of these land acquisitions there is a contract that you enter into in order to secure the load ramp that you have identified for this acquisition. And that often requires a CapEx investment in order to secure that power commitment.

我認為我們可以看到的第二點是，資料中心和大型天然氣用戶以及整個公用事業公司之間的客戶/供應商動態發生了變化，因為在許多情況下，對於許多此類土地收購，都需要簽訂合約以確保為此次收購確定的負載提升。而這通常需要資本支出投資才能確保電力供應。

I think as Keith mentioned earlier, we're extremely fortunate to have a very, very strong balance sheet and to be able to meet those requirements in a very differentiated way. When we look at the land acquisitions that we've made recently for the land that's under our control, either the power for these lands is either already fully committed or we're in very advanced stages of discussions with the power providers, because as I'm sure you know, that we're not in the business of speculatively buying land.

我認為正如基斯之前提到的那樣，我們非常幸運地擁有非常非常強勁的資產負債表，並且能夠以非常獨特的方式滿足這些要求。當我們審視我們最近收購的、在我們控制下的土地時，這些土地的電力要么已經完全落實，要么我們正在與電力供應商進行非常深入的討論，因為我相信您也知道，我們不從事投機性購地業務。

As it relates to our 12 xScale projects that are underway, all of our current 12 projects all have power secured. So power is not a constraint on the 12 xScale under development scenarios. I hope that gives you a picture of where we are in terms of the 12 xScale projects, but also the broader power continuum.

就我們正在進行的 12 個 xScale 專案而言，我們目前的 12 個專案都已確保電力供應。因此，在 12 個 xScale 開發場景中，功率不是限制因素。我希望這能讓您了解我們在 12 個 xScale 專案以及更廣泛的電力連續體方面所處的位置。

Yeah, thank you.

是啊，謝謝。

David Guarino, Green Street.

David Guarino，格林街。

Thanks. A question on the annualized gross bookings and now the new metric, presold gross bookings, I'm admittedly still trying to wrap my head around what a normal run rate each quarter should look like. So -- was this a one-off quarter? Or is this the normal run rate we should expect going forward? And then similarly, on that comment, Adaire, just to clarify the comment you made earlier. There is no price difference for customers committing to capacity 12 months out versus committing today. Is that correct?

謝謝。關於年度總預訂量以及現在的新指標——預售總預訂量，我承認我還在努力理解每個季度的正常運行率應該是什麼樣子。所以——這只是個別現象嗎？或者，這是我們未來應該預期的正常運作速度嗎？同樣地，Adaire，關於你之前的評論，我想澄清一下。客戶提前 12 個月預訂容量與今天預訂容量的價格沒有區別。是這樣嗎？

Yes. Maybe the first part of your question, I'll try to address. Look, I think when you look at our bookings history and of course, this is a relatively new measure that we revealed on Analyst Day for the first time. And we did provide a little historical perspective when we provided that number on Analyst Day. You can see that it is a relatively consistent growth story across the annualized gross bookings measure.

是的。或許我可以試著回答你問題的第一部分。你看，我認為當你查看我們的預訂歷史記錄時，當然，這是一個相對較新的指標，是我們首次在分析師日上公佈的。我們在分析師日提供這些數據時，也提供了一些歷史背景。從年度總預訂量指標來看，這是一個相對穩定的成長故事。

But in fairness, it is also a measure that could be quite volatile depending on how a particular quarter would play out. I think as it relates to our position as we move into Q4 and executing now as we are on Q4, already 40% of our Q4 budget and target is already closed at this point of the quarter. And the pipeline that we have as it relates to Q4 is a very strong pipeline. And so our standard conversion rates applied against that pipeline would lead us to believe that we will meet our Q4 budget.

但公平地說，這也是一項波動性較大的指標，取決於某個季度的具體情況。我認為，就我們進入第四季度以及目前第四季度的執行情況而言，我們已經完成了第四季度預算和目標的 40%。而我們第四季的專案儲備非常充足。因此，按照我們標準的轉換率應用到該銷售管道，我們將相信我們將實現第四季度的預算目標。

So I think for the period of time that we have shown this data you can see a relative degree of consistency in terms of growth over quarter over quarter, but I would make the point that bookings can be inherently volatile. And therefore, it's not possible to predict that bookings themselves will always be up and to the right even though we believe that the underpinning demand in the market and the momentum in the market is up and to the right.

所以我認為，在我們展示這些數據的這段時間裡，你可以看到季度與季度之間的成長具有相對的一致性，但我還是要指出，預訂量本身就可能具有波動性。因此，即使我們相信市場的基本需求和市場動能是上升的，也無法預測預訂量本身會一直上升。

And David, maybe just one sort of add-on to Adaire's comment. To the extent that we don't have capacity in certain markets, and as we talked about, there's -- presale isn't in that number, that $394 million. And so to the extent that we say we run out of capacity and given a sort of highly sought aftermarket, you might see a scenario where presale activity moves. So as Adaire said, you can have some volatility and we used to have more seasonal volatility.

戴維，也許這只是對阿黛爾評論的一種補充。在某些市場我們產能不足的情況下，正如我們之前討論過的，預售額並不包含在 3.94 億美元這個數字中。因此，如果我們說產能不足，考慮到市場需求旺盛，你可能會看到預售活動發生變化的情況。正如阿黛爾所說，可能會有一些波動，而且我們過去經常會經歷更明顯的季節性波動。

But because of the supply-demand dynamics, I think that's very different today. But that also presents a scenario where you could have maybe more presale activity than you would have basically annualized gross bookings. So there's going to be these trade-offs.

但由於供需關係的變化，我認為如今的情況已經大不相同了。但這也帶來了一種情況，即預售活動可能會比年度總預訂量還要多。所以總是會有一些權衡取捨。

And again, we don't -- can't give you a number right now, but I think to the extent that we see things happening, we're going to guide you to it. I'm going to say, hey, we're out of capacity in these five markets. We anticipate more more presales than we'd say annualized gross bookings, which turn into revenues much sooner than a presale item.

再次聲明，我們現在無法給出具體數字，但我認為，一旦我們看到相關情況發生，我們會引導您了解情況。我要說的是，嘿，我們在這五個市場已經沒有產能了。我們預計預售額將超過年度總預訂額，預售商品轉化為收入的速度要快得多。

That's helpful. Thank you.

那很有幫助。謝謝。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

Great. Thank you. So, talk to us about the uptick in the cross-connect revenue and the ARPU there. What's driving that? Is that more power densities or customer mix? And is that strength you're seeing in the Americas replicable in other markets and other areas of the world? Is that sort of a is that agreeing to see the lead there in the Americas? Thanks.

偉大的。謝謝。那麼，請跟我們談談交叉連結收入和 ARPU 的成長情況。是什麼原因導致這種情況？是功率密度提高了還是客戶群結構改變了？您在美洲看到的這種優勢是否可以複製到其他市場和世界其他地區？那是不是意味著同意承認美洲的領先地位？謝謝。

Yeah. Thank you. Certainly, the Americas is the leader in terms of the demand that we're seeing for our interconnection portfolio. We added 7,100 physical and virtual interconnects. And as a result of that, our interconnection revenue grew 8% year on year.

是的。謝謝。當然，就我們目前所看到的互聯互通產品組合的需求而​​言，美洲地區無疑是領先的。我們增加了 7100 個實體和虛擬互連。因此，我們的互聯業務收入較去年同期成長了 8%。

The cohort of customers, you can see the technology and infrastructure providers, the cloud being the ones who are driving that demand, primarily in the Americas business. And I guess, as we start to see those organizations and segments proliferate into other markets, then we will see that continue to evolve and grow in other theaters of operation. But you're quite correct in your assumption that this was largely driven by our Americas business this year -- this quarter, rather.

從客戶群來看，技術和基礎設施供應商，尤其是雲端服務供應商，正在推動這種需求，尤其是在美洲地區。我想，隨著這些組織和部門開始擴散到其他市場，我們將會看到它們在其他營運領域繼續發展壯大。但你的假設完全正確，這主要是由我們今年的美洲業務推動的——更確切地說，是本季的美洲業務推動的。

And was it power densities or customer mix? Or what's sort of driving that?

是功率密度還是客戶組成？或者說，是什麼因素在驅動這種情況？

Customer mix.

顧客群體構成。

Great. Thank you very much.

偉大的。非常感謝。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yes. Thank you for the question. So first for you, Keith. I heard the comment on the call about accelerating some of the builds and also your comment about capitalizing some of that expense. But does any of that change your thought or outlook on the level of AFFO, or the shape of AFFO growth that you laid at Analyst Day?

是的。謝謝你的提問。首先是基斯。我在電話會議上聽到了關於加快一些建設進度的評論，也聽到了你關於將部分費用資本化的評論。但這些是否會改變您對 AFFO 水平或您在分析師日上提出的 AFFO 成長模式的看法或展望？

And then second, for you, Adaire. Putting your tech hat back on, as you think about distributed AI infrastructure solution and other emerging solutions at Equinix, can you size the addressable market for us for those and how you think about it?

其次，這是給你的，阿黛爾。回到您的技術視角，當您思考分散式人工智慧基礎設施解決方案以及 Equinix 的其他新興解決方案時，您能否為我們估算一下這些解決方案的潛在市場規模以及您對此的看法？

Yeah. Why don't I take the first question, then we'll pass it back to Adaire. So as I said in my sort of -- in response to one of the earlier questions, the company has had the ability to raise capital at a lower rate than originally planned, even though the majority of it, we're going to do a lot of refinancing in '26, '27, and '28. The underlying assumptions have changed as well.

是的。不如我先回答第一個問題，然後再把問題轉給阿黛爾。正如我在回答前面一個問題時所說，公司有能力以低於原計劃的利率籌集資金，儘管其中大部分資金，我們將在 2026 年、2027 年和 2028 年進行大量再融資。其基本假設也發生了變化。

And I would say, I don't want to take this as an opportunity to shift guide on. As you know, we'll spend time in February on what we're going to do for 2026. But it's fair to say that our cost of barrel is lower, we're getting good return on the cash that's sitting on the balance sheet, and we are capitalizing a little bit more largely because we have more construction in progress. And as a result, you should expect capitalized interest increase a little bit.

我想說，我不想藉此機會改變指導方針。如您所知，我們將在二月花時間討論2026年的工作計劃。但公平地說，我們的油桶成本更低，資產負債表上的現金獲得了良好的回報，而且我們的資本利用率也更高，這主要是因為我們有更多的在建項目。因此，您應該預期資本化利息會略有增加。

To give you a perspective in Q2, we capitalized roughly $14 million -- if I got my numbers right, $14 million. In Q3, we capitalized $27 million. And then in Q4, the number will be somewhere between $20 million and $30 million of capitalized interest.

為了讓您對第二季度的情況有個大致了解，我們大約投入了 1400 萬美元——如果我沒錯的話，是 1400 萬美元。第三季度，我們獲得了 2700 萬美元的資本。然後，在第四季度，資本化利息的數字將在 2,000 萬美元到 3,000 萬美元之間。

And so that's a little bit higher than what it was before, but we're spending faster, we're accelerating faster. Again, we really ask Ralph to Raj and the teams to to really build as fast as they can. And so with the acceleration of the capital spend, you would see more capitalized interest into the balance sheet.

所以，雖然比以前略高一些，但我們的支出速度更快，成長速度也更快。我們再次懇請 Ralph、Raj 和團隊盡可能快地完成工作。因此，隨著資本支出的加速，資產負債表上將會出現更多的資本化利息。

And as it relates to the product portfolio, certainly, you can see this increase in our interconnection revenue up to $422 million in the quarter. And a very specific focus on fabric with a 57% year-over-year increase and actually continuing to provision at record levels, are now up to 110 terabits in terms of fabric provisioning.

至於產品組合方面，當然可以看到，本季我們的互連業務收入成長至 4.22 億美元。其中，對網路架構的重點關注尤為突出，同比增長 57%，並且實際上繼續以創紀錄的水平進行配置，目前網路架構配置量已達到 110 太比特。

So I think all of this speaks to the connectivity narrative and opportunity that Equinix represents and the range of services that Equinix can provide to customers who are considering AI and non-AI-orientated workloads. The connectivity of the company is certainly the secret sauce. And I do feel that there are opportunities for us to look at potential for this aspect of our product portfolio.

所以我認為所有這些都說明了 Equinix 所代表的連接性理念和​​機遇，以及 Equinix 可以為正在考慮人工智慧和非人工智慧工作負載的客戶提供的各種服務。這家公司的互聯互通能力無疑是其成功的秘訣。而我確實覺得，我們有機會去探索我們產品組合中這一方面的潛力。

But I would say that connectivity is not just the only dimension around which people are considering Equinix when they look at solving for deploying inferencing and inferencing base workloads at Equinix. Latency is one dimension, but there are others around model provider flexibility around edge processing so that you're reducing the cost of bringing data back to the center.

但我認為，在考慮使用 Equinix 來解決推理和推理基礎工作負載部署問題時，連接性並不是人們考慮 Equinix 的唯一維度。延遲是一個維度，但還有其他維度，例如模型提供者在邊緣處理方面的靈活性，這可以降低將資料帶回中心的成本。

Around data residency and compliance so that sensitive data is being processed in situ, and also around intellectual property protection. And all of these elements are considerations around the platform, that is Platform Equinix, when our customers consider workload deployment and workload placement with us. So I think this represents a very viable opportunity for us to continue to evolve and grow.

圍繞資料駐留和合規性，確保敏感資料在原地進行處理，以及智慧財產權保護。所有這些因素都是圍繞著平台（即 Equinix 平台）的考量因素，我們的客戶在考慮使用我們的工作負載部署和工作負載放置服務時都會用到這些因素。所以我認為這為我們繼續發展和壯大提供了一個非常可行的機會。

Great. Thank you, everybody, for joining the call. Go ahead.

偉大的。謝謝大家參加這次通話。前進。

Yes. Thanks, everybody, for joining the call. Have a great afternoon, everybody.

是的。謝謝大家參加這次通話。祝大家下午愉快。

Good bye.

再見。

Thank you all for participating in the Equinix third-quarter earnings conference call. That concludes today's conference. Please disconnect at this time, and have a great rest of your day.

感謝各位參加 Equinix 第三季財報電話會議。今天的會議到此結束。請暫時斷開連接，祝您今天餘下的時間愉快。