Equinix Inc (EQIX) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Equinix fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Also, today's conference is being recorded. If anyone has objections, please disconnect at this time.

下午好，歡迎參加 Equinix 2025 年第四季及全年業績電話會議。（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 Philip 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 fourth quarter conference call. Before we get started, I would like to remind everyone that some of the statements that we will be making today are forward-looking in nature and involve risks and uncertainties. Actual results may vary significantly from those statements and may be affected by the risks we 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 11, 2026, and our most recent Form 10-Q.

下午好，歡迎參加我們第四季電話會議。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 2026 年 2 月 11 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.

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，根據公平揭露條例，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。

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 in today's press release on the Equinix Investor page at equinix.com. 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.

在今天的電話會議上，我們將提供非GAAP財務指標。我們在今天發佈於 Equinix.com 投資者關係頁面的新聞稿中，提供了這些指標與最直接可比較的 GAAP 指標的調節表。我們還在網站的投資者關係頁面上提供了一份旨在配合本次討論的演示文稿，以及一些補充財務資訊和其他數據。

With us today are Adaire Fox-Martin, CEO and President; and Keith Taylor, Chief Financial Officer. At this time, I'll turn the call over to Adaire.

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。此時，我將把電話轉給阿黛爾。

Thanks so much, Philip. Hello, everyone, and a warm welcome to our call today. I'll start by saying on a personal level, how deeply pleased I am with our performance in 2025 and particularly in Q4. Demand for our solutions has never been higher, and our teams have stepped up exceptionally well to capitalize on it.

非常感謝你，菲利普。大家好，熱烈歡迎參加我們今天的電話會議。首先，就我個人而言，我對我們2025年的表現，特別是第四季的表現，感到非常滿意。市場對我們解決方案的需求從未如此之高，我們的團隊也出色地抓住了這個機會。

To our employees around the world, I'd like to say a huge thank you for all you are doing to achieve our goals. I also want to thank our customers and partners for the trust they have placed in Equinix as we intensified our investment in growth; investment that is already paying off. Our bookings have accelerated dramatically. Our recurring revenue growth rate continues to climb, and we are managing our spend with great discipline. All of these factors are combining to fuel an expansion pipeline and growth in AFFO per share materially ahead of expectations.

我想對世界各地的員工表示衷心的感謝，感謝你們為實現我們的目標所做的一切。我還要感謝我們的客戶和合作夥伴對 Equinix 的信任，我們加大了對成長的投資；這些投資已經開始獲得回報。我們的預訂量大幅增加。我們的經常性收入成長率持續攀升，並且我們對支出管理非常自律。所有這些因素共同推動了業務擴張，並使每股調整後營運資金 (AFFO) 的成長遠超預期。

Given our momentum exiting 2025, our confidence in our 2026 plan has grown. This is reflected in both our revenue and our AFFO per share outlook. Our performance and our outlook demonstrate two things: the first is that Equinix is connecting the fastest-growing segments of technology infrastructure and the value of our platform is increasing with every connection; the second is that our execution continues to improve.

鑑於我們2025年取得的良好勢頭，我們對2026年計劃的信心與日俱增。這體現在我們的營收和每股調整後營運資金預期。我們的業績和前景表明了兩件事：第一，Equinix 正在連接技術基礎設施中增長最快的部分，並且我們平台的價值隨著每一次連接而增加；第二，我們的執行力不斷提高。

This winning combination delivers superior customer outcomes and stronger shareholder returns. Not only are we on the right track, we're moving far faster along it.

這種雙贏組合能夠為客戶帶來更佳的體驗，並為股東帶來更高的回報。我們不僅走在正確的道路上，而且前進的速度也越來越快。

Now our momentum is clear across several key metrics. Monthly recurring revenue, the most powerful driver of long-term value creation grew 10% in Q4 and 8% for the full year on a normalized and constant currency basis. And for bookings, the leading indicator for revenue performance, the story is even stronger. We delivered annualized gross bookings of $1.6 billion in 2025, up 27% year over year. Our Q4 bookings were $474 million, up 42% year over year and 20% from Q3, well ahead of our plan.

現在，我們在幾個關鍵指標上都展現出了明顯的成長動能。以正常匯率和固定匯率計算，每月經常性收入（長期價值創造的最強大驅動力）在第四季度增長了 10%，全年增長了 8%。而對於預訂量（衡量營收表現的領先指標）而言，情況則較為樂觀。我們預計到 2025 年，年度總預訂金額將達到 16 億美元，年增 27%。我們第四季的預訂額為 4.74 億美元，年增 42%，比第三季成長 20%，遠遠超出了我們的計畫。

And we delivered record capacity to meet growing demand, including 23,250 cabinets in our retail footprint and more than 90 megawatts in our xScale business in 2025. We delivered more than 30% of this retail capacity ahead of schedule, which we believe will accelerate our growth in '26 and beyond.

我們實現了創紀錄的產能以滿足不斷增長的需求，包括到 2025 年在我們的零售業務中提供 23,250 個機櫃，以及在我們的 xScale 業務中提供超過 90 兆瓦的產能。我們提前交付了超過 30% 的零售產能，我們相信這將加速我們在 2026 年及以後的成長。

Now Keith will go deeper into our metrics shortly, including recommendations on how to model the Hampton transaction. As you saw in our release, the expected timing of this transaction shifted from Q4 to Q1, which, as we have shared in the past, simply reflects the fluid nature of xScale lease signings.

接下來，基斯將深入探討我們的指標，包括如何對漢普頓交易進行建模的建議。正如您在我們發布的公告中看到的，這筆交易的預期時間從第四季度提前到了第一季度，正如我們過去所分享的，這僅僅反映了 xScale 租賃簽約的靈活性。

Before I turn the call over to Keith, I'd like to provide some additional perspective on why our business is performing so well. For starters, we are building on the strength of our fundamentally differentiated value proposition. Our decision to double down on the digital infrastructure and connectivity requirements of enterprise customers is fueling our success, particularly as they implement AI across their operations.

在將電話交給基斯之前，我想再補充一些關於我們公司業績如此出色的原因。首先，我們將依賴我們根本上與眾不同的價值主張的優勢。我們決定加倍投入，滿足企業客戶的數位基礎設施和連接需求，這正在推動我們的成功，尤其是在他們在其營運中實施人工智慧的情況下。

In Q4, approximately 60% of our largest deals were driven by AI workloads. That's up from approximately 50% earlier this year, a trend line that we believe will continue as we are really only at the beginning of this journey.

第四季度，我們約 60% 的最大交易是由人工智慧工作負載驅動的。這一比例較今年稍早的約 50% 有所上升，我們相信這一趨勢還將繼續，因為我們實際上才剛開始這段旅程。

Equinix is the neutral ground, where enterprise infrastructure converters, and we provide the essential layer of connectivity that make it all work at scale to unlock real business value. This is a long-term tailwind for our business, particularly as AI inferencing expands across industries. With market-leading native cloud on-ramps, the largest global footprint across the most critical markets and the broadest enterprise customer base, we deliver what AI inference demands: network diversity, cloud proximity, AI-ready interconnection, and low latency. These are structural advantages we have built over decades, and we believe they will continue to set us apart.

Equinix 是中立地帶，企業基礎設施轉換器在此進行轉換，我們提供必要的連接層，使這一切能夠大規模運行，從而釋放真正的商業價值。這對我們的業務來說是一個長期的利多因素，尤其是在人工智慧推理技術在各行業不斷擴展的情況下。憑藉市場領先的原生雲端存取點、覆蓋最關鍵市場的最大全球佈局以及最廣泛的企業客戶群，我們能夠提供人工智慧推理所需的：網路多樣性、雲端鄰近性、人工智慧就緒的互連和低延遲。這些是我們幾十年來建立的結構性優勢，我們相信它們將繼續使我們脫穎而出。

In 2025, we completed over 17,200 transactions, up 6% year over year with over 6,100 unique customers. Our Q4 transaction volume was the highest ever at over 4,500 deals with more than 3,400 unique customers. We saw an uptick in volumes for all workload sizes from single cabinet requirements up to our largest page configurations. And more than 60% of our existing customers added new services last year.

2025 年，我們完成了超過 17,200 筆交易，年增 6%，擁有超過 6,100 名獨立客戶。我們第四季的交易量創歷史新高，超過 4500 筆交易，擁有超過 3400 位獨立客戶。我們發現，從單一機櫃需求到最大的頁面配置，所有工作負載規模都出現了成長。去年，超過 60% 的現有客戶增加了新服務。

Now let me share some recent customer wins and use cases that really showcase what's driving this demand. Salesforce chose Equinix to create a private, multi-cloud networking there for the engine inside their data and AI foundation. This is our largest global fabric cloud router sales to date. By deploying Equinix Fabric cloud router across 14 countries and 21 metros, we are enabling private network connectivity between Salesforce's presence in AWS, Azure and other cloud service providers.

現在讓我分享一些近期客戶的成功案例和應用案例，這些案例真正展現了推動這種需求的因素。Salesforce 選擇 Equinix 為其資料和 AI 基礎架構中的引擎建立一個私有的多雲網路。這是我們迄今為止在全球範圍內最大的一筆 Fabric 雲端路由器銷售交易。透過在 14 個國家和 21 個大都會區部署 Equinix Fabric 雲端路由器，我們實現了 Salesforce 在 AWS、Azure 和其他雲端服務供應商之間的私有網路連線。

Alembic, an AI-powered marketing analytics platform selected Equinix for the scale and consistency of our global operations and the richness of our interconnection ecosystem. We are working with Alembic as they deploy the NVIDIA DGX SuperPOD with NVIDIA Grace Blackwell systems to expand their addressable market through distributed AI.

Alembic 是一個由人工智慧驅動的行銷分析平台，它選擇 Equinix 是因為我們全球營運的規模和一致性以及我們互聯生態系統的豐富性。我們正在與 Alembic 合作，他們部署了 NVIDIA DGX SuperPOD 和 NVIDIA Grace Blackwell 系統，以分散式 AI 擴大其目標市場。

Signet, a leader in AI-powered workplace safety and operational intelligence chose us because Equinix Fabric security connects their edge devices, cloud providers, and customer networks. This enables them to deliver real-time AI-driven quality control for industries ranging from food processing to manufacturing.

Signet 是人工智慧驅動的工作場所安全和營運智慧領域的領導者，他們選擇我們是因為 Equinix Fabric 安全解決方案能夠連接他們的邊緣設備、雲端供應商和客戶網路。這使他們能夠為從食品加工到製造業等各個行業提供即時人工智慧驅動的品質控制。

Leading quantitative trading firm, Hudson River Trading, selected Equinix because our global footprint and our advanced cooling solutions enable them to achieve the latency and the density requirements they need to power their next-gen AI trading workloads.

領先的量化交易公司 Hudson River Trading 選擇 Equinix，是因為我們的全球佈局和先進的冷卻解決方案能夠滿足他們下一代 AI 交易工作負載所需的延遲和密度要求。

And Fortune 500 multinational, Honeywell Corporation, expanded its relationship with Equinix because of the secure, flexible solutions and global fabric connectivity we provide, including for key metros such as Shanghai, Tokyo, and London. This is the first of many projects driving the integration of internal AI applications and the wider transformation at Honeywell.

財富 500 強跨國公司霍尼韋爾公司擴大了與 Equinix 的合作關係，因為我們提供了安全、靈活的解決方案和全球網路連接，包括為上海、東京和倫敦等主要大都市提供服務。這是推動霍尼韋爾內部人工智慧應用整合和更廣泛轉型眾多專案中的第一個。

These are just some of the use cases underpinning our momentum. Our progress is a direct result of the changes we have made through our Serve Better, Solve Smarter, and Bill Bolder initiatives.

以上僅是支撐我們發展動能的部分應用案例。我們的進步直接得益於我們透過「更好地服務、更明智地解決問題、更大膽地立法」等措施所做出的改變。

Starting with Serve Better, customers continued to secure both near-term and long-term capacity across our global platform. Our $474 million in annualized gross bookings in Q4 were supported by an incremental presales balance of $170 million, with more than $60 million occurring in the quarter. Larger footprint requirements from enterprises and service providers contributed to this performance.

從「Serve Better」開始，客戶繼續在我們全球平台上確保近期和長期的容量。第四季度，我們4.74億美元的年度總預訂額得益於1.7億美元的新增預售餘額，其中超過6000萬美元發生在本季度。企業和服務提供者對更大資源佔用的需求促成了這一業績。

Our pipeline is strong, and we have already booked approximately 45% of our Q1 2026 target and signed an additional $100 million plus of presales as of today, already our largest presale quarter ever. As we accelerate growth, we are committed to a disciplined pricing strategy that's commensurate with both the strong and durable demand patterns we see and the differentiated value our solutions provide. This translates into our strong cash and cash return profile and the premium yields we secure. We continue to underwrite our newest projects with these principles in mind.

我們的銷售管道非常強勁，截至目前，我們已經完成了 2026 年第一季目標的約 45%，並簽署了超過 1 億美元的預售合同，這已經是我們有史以來最大的一個預售季度。隨著我們加速成長，我們致力於採取嚴格的定價策略，以配合我們所看到的強勁且持久的需求模式以及我們解決方案所提供的差異化價值。這轉化為我們強勁的現金流和現金回報狀況以及我們所獲得的超額收益。我們始終秉持這些原則來承銷我們最新的專案。

With Solve Smarter, we are helping customers connect and simplify their infrastructure. Interconnection revenue grew 9% year over year on a normalized and constant currency basis. We added 7,800 net interconnections in the quarter, including our adjustments. We also crossed an extraordinary milestone in Q4, surpassing 0.5 million interconnections worldwide.

透過 Solve Smarter，我們正在幫助客戶連接和簡化他們的基礎設施。以正常匯率和固定匯率計算，互聯互通收入較去年同期成長 9%。本季我們新增了 7,800 個淨互連連接，其中包括我們的調整。我們在第四季也跨越了一個非凡的里程碑，全球互聯數量超過 50 萬台。

To put this into context, that's more than double our nearest competitor. As AI amplifies the need for massive real-time data movement, Equinix is delivering the connectivity infrastructure that enterprises depend on the most.

換句話說，這比我們最接近的競爭對手高出一倍以上。隨著人工智慧的普及，對海量即時數據傳輸的需求日益增長，Equinix 正在提供企業最依賴的連接基礎設施。

As part of our Build Bolder initiative, the work we are doing across our global development portfolio is strengthening our competitive advantage. In Q4, we delivered more than 12,000 cabinets to our retail business across key metros. Our development engine remains exceptionally active with 52 major projects underway across 35 markets, including nine xScale projects.

作為我們「建立更大膽」計畫的一部分，我們在全球發展項目組合中開展的工作正在增強我們的競爭優勢。第四季度，我們向主要大都市的零售業務交付了超過 12,000 個櫥櫃。我們的研發引擎依然異常活躍，目前在 35 個市場開展 52 個重大項目，其中包括 9 個 xScale 項目。

Since October, we have added 10 new expansion projects. We also closed on a number of strategic land acquisitions last year, adding approximately 1 gigawatt to our powered land under control balance. This positions us well to meet long-term demand from both enterprise and hyperscale customers.

自十月以來，我們新增了 10 個擴建項目。去年，我們也完成了一系列策略性土地收購，使我們控制的帶電土地容量增加了約 1 吉瓦。這使我們能夠更好地滿足企業和超大規模客戶的長期需求。

Our xScale business achieved a key milestone in recent weeks. In January, we contributed our Hampton asset to the Americas JV, an important first step towards deploying $15 billion of capital across major metros in the US. The Hampton facility will support approximately 240 megawatts of IT capacity when fully built out. The signing of the lease for half of this facility to a hyperscale customer is expected in Q1, and we expect the site to be fully leased later this year.

最近幾週，我們的 xScale 業務取得了一項重要的里程碑式成就。1 月份，我們將在漢普頓的資產注入了美洲合資企業，這是向美國主要大都市部署 150 億美元資本的重要第一步。漢普頓工廠全面建成後將支援約 240 兆瓦的 IT 容量。預計將於第一季與一家超大規模客戶簽署該設施一半面積的租賃協議，並預計該場地將於今年稍後全部出租。

In addition, we have established a healthy leasing pipeline, demonstrating the value of our ex-scale strategy. Of the approximate 3 gigawatts of capacity that can be developed, close to 1 gigawatt is currently earmarked for our Excel business.

此外，我們已建立起健康的租賃管道，證明了我們規模化策略的價值。在可開發的約 3 吉瓦容量中，目前已預留近 1 吉瓦用於我們的 Excel 業務。

Further, our land acquisition pipeline continues to grow as we maintain our focus on major metro expansion opportunities where we are confident of significant long-term demand. As such, we expect xScale will continue to contribute to NRR over the next several years as we execute our strategy.

此外，隨著我們繼續專注於我們認為具有顯著長期需求的大型都市區擴張機會，我們的土地收購計劃也在不斷增長。因此，我們預計在未來幾年，隨著我們策略的實施，xScale 將繼續為 NRR 做出貢獻。

Overall, we're winning where it matters most by connecting the infrastructure that powers the AI build-out happening across industries. And we are laser-focused on expanding our category leadership through disciplined execution that drives healthy revenue growth, margin expansion, and superior shareholder returns.

總的來說，我們在最關鍵的方面取得了勝利，那就是連接支撐各行業人工智慧建設的基礎設施。我們正全力以赴，透過嚴謹的執行力來擴大我們在品類中的領先地位，從而推動健康的營收成長、利潤率提升和股東回報優異。

I'll now turn it over to Keith to take a closer look at the numbers behind the quarter and our outlook.

現在我將把發言權交給基思，讓他更詳細地分析本季的數據以及我們的展望。

Thanks, Adaire, and a very good afternoon to everyone. First and foremost, I'll start by briefly building on Adaire's comments. Simply, it was an outstanding close to 2025. From my perspective, Equinix delivered its best quarter ever. By far, closing the last quarter of the year with over $470 million of annualized gross bookings and more than $60 million of presales activity, well ahead of our expectations and certainly any prior quarter.

謝謝阿黛爾，也祝大家下午愉快。首先，我將簡要地補充 Adaire 的評論。簡而言之，這是2025年一個精彩的收尾。在我看來，Equinix 取得了有史以來最好的季度表現。截至目前，本季末的年度總預訂金額超過 4.7 億美元，預售額超過 6,000 萬美元，遠遠超出我們的預期，也遠超以往任何一個季度。

The magnitude of our quarterly activity both across a substantial number of diverse deals, but also with over 3,400 customers underscores that our strategy is working and meeting the opportunity in front of us. Also, I'd say that is our retail business, that's the standout, delivering record bookings across each of our small, medium, and large size of deal categories. And alongside our strong sales execution, the teams continue to operate the business with great focus and discipline, and we're only getting started. This created better-than-expected margins.

我們季度活動的規模，不僅體現在大量不同的交易上，還體現在超過 3,400 家客戶身上，這都表明我們的策略是有效的，並且抓住了擺在我們面前的機會。另外，我認為我們的零售業務表現突出，在所有小、中、大交易類別中都取得了創紀錄的預訂量。除了強大的銷售執行力之外，團隊還繼續以高度的專注和自律來經營業務，而我們才剛起步。這帶來了超出預期的利潤率。

We raised our capital more efficiently than planned and investor to utilize the cash more effectively, creating better-than-planned cash flows. Suffice it to say, our performance is creating momentum in the business to drive attractive recurring revenue growth and the scaling of healthy AFFO per share performance.

我們比計劃更有效地籌集了資金，並讓投資者更有效地利用了現金，從而創造了比計劃更好的現金流。簡而言之，我們的業績正在為業務發展創造動力，推動可觀的經常性收入成長和健康的每股調整後營運資金 (AFFO) 績效的提升。

Now I'll cover some of the highlights for the quarter as depicted on slide 7. Note all growth rates in this section are on a normalized and constant currency basis. First, as we indicated last quarter, our Q4 guide assumed the execution of a large xScale lease for two of the four buildings on the Hampton campus. As Adaire noted, this transaction is now expected to close in the first quarter.

現在我將介紹本季的一些亮點，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。首先，正如我們上個季度所指出的，我們的第四季業績預期是 xScale 將租用漢普頓校區四棟建築中的兩棟。正如阿黛爾所指出的，這筆交易預計將在第一季完成。

We also had some onetime planned benefits, which will not repeat themselves in Q1. That being said, our fundamental underlying performance was meaningfully better than our expectations from top to bottom. Please refer to slide 15 that bridges our quarterly revenues from Q4 2025 to Q1 2026.

我們還有一些一次性的計劃福利，這些福利不會在第一季再次出現。也就是說，我們的基本面表現從上到下都顯著優於預期。請參閱第 15 頁投影片，其中列出了我們從 2025 年第四季到 2026 年第一季的季度收入。

Now let me move specifically to revenues. Q4 revenues were $2.4 billion, up 7% over the same quarter last year, fueled by continued strength in our monthly recurring revenues, which was up 10% over last year and as you likely noted, a steady quarterly improvement throughout 2025. Q4 revenues, net of our FX hedges, included an $8 million currency headwind when compared to our prior guidance rates. Global Q4 MRR churn was 2.2% lower than planned. And for the full year, our average quarterly MRR churn was 2.4%.

現在讓我具體談談收入方面。第四季營收為 24 億美元，比去年同期成長 7%，這主要得益於我們每月經常性收入的持續強勁成長，比去年成長了 10%。正如您可能已經注意到的，2025 年全年季度營收將穩定成長。第四季營收（扣除外匯對沖損失後）較我們先前的預期匯率受到 800 萬美元的匯率不利影響。全球第四季月度經常性收入流失率比預期低 2.2%。全年來看，我們的平均季度 MRR 流失率為 2.4%。

Looking forward, our teams remain highly focused on reducing MRR churn, which includes the development of AI predictive tools to help identify opportunity to eliminate or defer any MRR churn. Global Q4 adjusted EBITDA was $1.2 billion, approximately 49% of revenues, up 15% over the same quarter last year. Q4 adjusted EBITDA, net of our FX hedges included a $4 million FX headwind when compared to our prior guidance rates.

展望未來，我們的團隊將繼續高度專注於降低月度經常性收入流失率，其中包括開發人工智慧預測工具，以幫助識別消除或延緩任何月度經常性收入流失的機會。全球第四季調整後 EBITDA 為 12 億美元，約佔營收的 49%，比去年同期成長 15%。第四季調整後 EBITDA（扣除外匯對沖）包含 400 萬美元的外匯不利因素，與我們先前預期的匯率相比有所下降。

Our 2025 margin improvements reflect our continued focus on delivering higher operating leverage across the business while also investing in growth. As it relates to 2026, we expect to continue to deliver improved adjusted EBITDA margins while also absorbing both accelerated and increased expansion drag, the byproduct from our growth investments.

我們 2025 年利潤率的提升反映了我們持續專注於提高整個業務的營運槓桿，同時投資於成長。展望 2026 年，我們預計將繼續提高調整後的 EBITDA 利潤率，同時吸收加速擴張和擴張帶來的拖累，這是我們成長投資的副產品。

Global Q4 AFFO was $877 million or up 13% over the same quarter last year, including the seasonally higher recurring CapEx spend. Q4 AFFO included a $2 million FX headwind when compared to our prior guidance rates. And our nonfinancial metrics continue to demonstrate strong momentum across our core or key metrics of net interconnection additions, net new cabinets billing, and MRR per cabinet pricing.

全球第四季調整後營運資金為 8.77 億美元，比去年同期成長 13%，其中包括季節性較高的經常性資本支出。第四季調整後營運資金 (AFFO) 包含 200 萬美元的外匯不利影響，與我們先前預期的匯率相比有所下降。我們的非財務指標持續顯示，在淨互連增加量、淨新增機櫃計費量和每機櫃 MRR 定價等核心或關鍵指標方面，都保持著強勁的成長動能。

Our net interconnection additions increased by 7,800, including both physical and virtual connections and also include our adjustments. As Adaire highlighted, we've now surpassed the 0.5 million interconnection milestone across our ecosystem, an unmatched competitive advantage, which has been curated over 25 years of history.

我們的淨互聯新增量增加了 7,800 個，包括實體連接和虛擬連接，也包括我們的調整。正如 Adaire 所強調的，我們整個生態系統的互聯互通數量現在已經超過了 50 萬，這是無與倫比的競爭優勢，也是我們 25 年來精心打造的成果。

Turning to our cabinets billing. We added 4,300 net cabinets billing in the quarter, including cabinets from our Main One portfolio. Our underlying net cabinets billing increased by the highest level in three years, driven by strong bookings performance across each of our three regions.

接下來是我們的櫥櫃計費。本季我們新增了 4,300 個淨計費機櫃，其中包括來自我們 Main One 產品組合的機櫃。由於我們三個地區強勁的預訂業績，我們的基本淨機櫃計費額實現了三年來的最高增長。

Our backlog of cabinets sold, but not yet installed, stands at a record given the bookings performance, especially in the second half of 2025. And finally, we continue to drive attractive MR per cabinet yields, stepping up $65 quarter over quarter on a normalized and constant currency basis, driven by very favorable pricing backdrops, increasing power density, and strong interconnection attach rates.

鑑於預訂情況，特別是 2025 年下半年的預訂情況，我們已售出但尚未安裝的櫥櫃積壓量創下歷史新高。最後，我們持續推動每機櫃MR良率的提升，在正常化和固定匯率的基礎上，每季環比增長65美元，這得益於非常有利的價格環境、不斷提高的功率密度和強勁的互連接入率。

Turning to our capital structure. Please refer to slide 10. As of year-end, our balance sheet increased to approximately $40 billion, including cash and short-term investments, totaling about $3.2 billion. Our net leverage was 3.8 times our annualized adjusted EBITDA.

接下來談談我們的資本結構。請參考第10頁投影片。截至年底，我們的資產負債表增至約 400 億美元，其中包括現金和短期投資，總計約 32 億美元。我們的淨槓桿率為年化調整後 EBITDA 的 3.8 倍。

During the quarter, we issued $1.8 billion of senior notes at an effective rate of about 3.2%. Throughout 2025, our diversified capital raising program allowed us to raise debt at very attractive rates, which helped us optimize our 2025 net interest expense. Looking at 2026, we plan to continue to raise debt in Loracost locations, either directly or synthetically, including Canada, Singapore, and Europe.

本季度，我們發行了 18 億美元的優先票據，實際利率約為 3.2%。2025 年全年，我們多元化的融資計劃使我們能夠以非常優惠的利率籌集債務，這有助於我們優化 2025 年的淨利息支出。展望 2026 年，我們計劃繼續在 Loracost 的各個地點籌集債務，無論是直接籌集還是透過合成方式籌集，包括加拿大、新加坡和歐洲。

And now looking at our capital expenditures for the quarter. Please refer to slide 11. Capital expenditures were approximately $1.4 billion, including our planned, seasonally higher recurring CapEx of about $140 million. We opened 16 major projects across 14 markets since our last earnings call, adding important retail capacity to several of our key undersupplied metros. And we announced 10 new projects, which will be added to our global portfolio over the next few years. Revenues from owned assets are 70% of our recurring revenues.

現在我們來看看本季的資本支出。請參考第11頁投影片。資本支出約為 14 億美元，其中包括我們計劃的、季節性較高的經常性資本支出約 1.4 億美元。自上次財報電話會議以來，我們在 14 個市場開設了 16 個大型項目，為我們幾個供應不足的主要大都市增加了重要的零售能力。我們還宣布了 10 個新項目，這些項目將在未來幾年內添加到我們的全球投資組合中。自有資產產生的收入占我們經常性收入的 70%。

Our capital investments delivered strong returns as shown on slide 12. Related to our now 187 stabilized assets, revenues increased by 6% year over year on a constant currency basis. These stabilized assets are collectively 82% utilized and generated a 27% cash on cash return on the gross PP&E invested on a constant currency basis.

如投影片 12 所示，我們的資本投資獲得了強勁的回報。就我們目前已穩定營運的 187 項資產而言，以固定匯率計算，營收年增 6%。這些穩定資產的總利用率為 82%，以固定匯率計算，其投資的固定資產現金回報率為 27%。

Now given our strong underlying Q4 results, our 2026 outlook is expected to be meaningfully ahead of our expectations that we shared with you at our June 2025 Analyst Day. Our strong pricing discipline, coupled with our best-in-class capital allocation efforts, should allow us to generate industry-leading durable cash flows with attractive cash yields, thereby delivering revenue growth and long-term value for our shareholders.

鑑於我們強勁的第四季業績，我們預期 2026 年的展望將顯著優於我們在 2025 年 6 月分析師日上與大家分享的預期。我們嚴格的定價策略，加上一流的資本配置措施，應該能夠讓我們產生行業領先的、可持續的現金流和有吸引力的現金收益率，從而為股東帶來收入成長和長期價值。

Please refer to slides 13 through 17 of our summary of 2026 guidance and bridges. Do note all growth rates are on a normalized and constant currency basis.

請參閱我們 2026 年指導方針和過渡措施摘要的第 13 至 17 頁投影片。請注意，所有成長率均以標準化和固定匯率為基礎。

Starting with revenues. For the full year 2026, we expect total revenues to grow between 9% and 10%, which includes a modest 40 bps attributed to the NR from the xScale lease timing. We expect our monthly recurring revenues to grow between 8% and 10%, driven by strong 2025 bookings performance, including presales momentum. MRR churn is anticipated to remain comfortably within our targeted range of 2% to 2.5% per quarter.

先從收入說起。預計 2026 年全年總收入將增長 9% 至 10%，其中包括因 xScale 租賃時間表而導致的 NR 帶來的適度 40 個基點的增長。我們預計，在 2025 年強勁的預訂業績（包括預售勢頭）的推動下，我們的月度經常性收入將增長 8% 至 10%。預計 MRR 流失率將維持在每季 2% 至 2.5% 的目標範圍內。

We expect 2026 adjusted EBITDA margins to be approximately 51%, an expected 200 basis point improvement over 2025, reflecting anticipated revenue growth and focused expense management. 2026 AFFO is expected to grow between 9% and 11% compared to previous year. AFFO per share is expected to grow between 8% and 10%, which after adjusting for 100 basis points of xScale lease timing is 300 basis points higher at midpoint relative to our prior expectations from past summer.

我們預計 2026 年調整後 EBITDA 利潤率約為 51%，預計將比 2025 年提高 200 個基點，反映出預期的收入成長和集中的費用管理。預計 2026 年調整後營運資金 (AFFO) 將比上年增長 9% 至 11%。預計每股調整後營運資金 (AFFO) 將成長 8% 至 10%，在扣除 xScale 租賃時間 100 個基點的影響後，中點值比我們去年夏天的預期高出 300 個基點。

2026 CapEx is anticipated to range between $3.7 billion and $4.2 billion including about $280 million of recurring CapEx spend. We've not included any on-balance sheet xScale spend as we do expect to be reimbursed for these costs as we transfer these assets into the XL JVs.

預計 2026 年資本支出將在 37 億美元至 42 億美元之間，其中包括約 2.8 億美元的經常性資本支出。我們沒有將任何資產負債表上的 xScale 支出計入其中，因為我們預計在將這些資產轉移到 XL 合資企業時，這些成本將得到補償。

And finally, we expect our quarterly cash dividend increase by 10% over 2025 on a per share basis. As a result, our total 2026 cash dividends paid will approximate $2 billion.

最後，我們預計到 2025 年，每股季度現金股利將成長 10%。因此，我們在 2026 年支付的現金股利總額將約為 20 億美元。

So let me stop here. I'll 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. As this is my first opportunity to address all of you since Keith's retirement announcement, I wanted to take a moment to acknowledge his tremendous impact on Equinix over the past 27 years. His leadership has been integral to our success and has helped us lay the foundation for our future. I am particularly grateful for Keith's partnership since I joined the company, and I look forward to his continued support as a special adviser over the next year. Our process for selecting Keith's successor is well underway and we look forward to updating you when we have news to share.

非常感謝，基斯。由於這是基斯宣布退休後我第一次有機會向大家講話，我想藉此機會感謝他在過去 27 年裡對 Equinix 產生的巨大影響。他的領導對我們的成功至關重要，並幫助我們為未來奠定了基礎。我特別感謝基斯在我加入公司以來給予的合作，並期待他在未來一年繼續以特別顧問的身份提供支持。我們正在積極尋找基斯的繼任者，一旦有消息要和大家分享，我們會及時通知大家。

Before we turn to questions, I want to leave you with a final thought. Equinix is at the center of a historic, multiyear infrastructure investment cycle. To deploy AI at scale, enterprises need to connect and manage increasingly complex and distributed technology ecosystems. Equinix is the neutral connector that unlocks business value for our customers.

在進入問答環節之前，我想留給大家最後一點思考。Equinix 正處於一個歷史性的、為期多年的基礎設施投資週期的中心。為了大規模部署人工智慧，企業需要連接和管理日益複雜和分散的技術生態系統。Equinix 是一個中立的連接器，能夠為我們的客戶釋放業務價值。

It is what we do best. It is where we have continued to focus; and our focus is paying off. We were built for this moment, but execution is everything. And we will continue to prioritize doing the most important things exceptionally well, so that we delight our customers whilst delivering structurally higher returns and AFFO per share growth for our shareholders. That's exactly what we did last quarter, and it's what you should expect from us going forward.

這是我們最擅長的。我們一直專注於這個領域；而我們的努力也正在取得成效。我們為這一刻而生，但執行力才是關鍵。我們將繼續優先做好最重要的事情，力求做到極致，從而讓客戶滿意，同時為股東帶來結構性更高的回報和每股調整後營運資金成長。這正是我們上個季度所做的，也是你們應該期待未來繼續做的事情。

So with that, let's open the line for questions.

那麼，接下來我們開始提問。

(Operator Instructions) Eric Luebchow, Wells Fargo.

（操作員說明）埃里克·盧布喬，富國銀行。

Adaire, maybe you could touch a little bit on kind of the bookings momentum that you talked about that came through in Q4, and it sounds like you're off to a really good start in Q1. I think you said 60%-plus of the largest deal came from AI workloads.

阿黛爾，您能否稍微談談您之前提到的第四季度預訂量的成長勢頭，聽起來您在第一季也取得了非常好的開局。我想你說過，超過 60% 的最大交易都來自人工智慧工作負載。

Are you seeing more of these kind of coming from traditional enterprise companies adopting AI? Is it coming more from the hyperscale? Or you're just putting edge nodes in your facility? And as you kind of look out, do you think that is going to continue to rise throughout the course of the year?

您是否看到越來越多這類案例出現在採用人工智慧的傳統企業中？這種情況更多來自超大規模資料中心嗎？或者你們只是在設施中部署邊緣節點？那麼，從長遠來看，你認為這種情況會在今年繼續上升嗎？

Thanks very much for the question, Eric. Let me perhaps unpack a little of that AI 60% stat for you. And I think the value that we provide is obviously something that's been amplified, thanks to the continued investment in this sector overall and the excitement around it.

非常感謝你的提問，艾瑞克。讓我來為你稍微解釋一下人工智慧60%這個數據的意思。我認為，由於整個行業持續不斷的投資以及人們對它的熱情，我們提供的價值顯然得到了提升。

I think for us, the breadth and scale of our product continuum, they're very -- it's very uniquely aligned to meet this demand. And as I mentioned in my prepared remarks, and you just repeated there, 60% of our largest deals were driven by AI workloads.

我認為對我們來說，我們產品系列的廣度和規模，非常獨特，並且能夠很好地滿足這種需求。正如我在準備好的演講稿中提到的，也是你剛才重複的，我們最大的交易中有 60% 是由 AI 工作負載驅動的。

Now during the course of the quarter, when I look at that 60% related to AI, interestingly enough, nearly half of them were deployed by non-cloud and IT companies but they were deployed by companies in the retail, e-commerce, manufacturing, financial services, and content sector. So I think this demonstrates increasing enterprise AI adoption outside of the service provider community.

現在，在本季度期間，當我查看與人工智慧相關的 60% 的數據時，有趣的是，其中近一半是由非雲端和 IT 公司部署的，但這些公司主要來自零售、電子商務、製造、金融服務和內容行業。所以我認為這表明，企業人工智慧的應用範圍正在服務提供者群體之外不斷擴大。

We also had 11 liquid cool deployments in Q4, five of which were in our New York City facilities underpinning the requirements of our FSI customers to support elements, use cases like algorithm training in that sector. So I think this also demonstrates continuing strong diversity.

第四季我們也部署了 11 套液冷系統，其中 5 套位於紐約市的設施中，以滿足 FSI 客戶在該行業中對演算法訓練等應用場景的支援需求。所以我認為這也體現了持續強勁的多樣性。

And from an interconnection lens, we see a very healthy growth in the AI service provider ecosystem, although it's still early days, given, I think, the breadth and depth of our established ecosystem density. So interesting to see that it was -- of the 60%, 50% driven by non-cloud and IT providers, really demonstrating the growth in enterprise application of AI processes to business. And we see this as a continued positive tailwind for our company.

從互聯互通的角度來看，我們看到人工智慧服務供應商生態系統發展非常健康，儘管考慮到我們已建立的生態系統的廣度和深度，現在還處於早期階段。非常有趣的是，這 60% 的應用是由非雲端和 IT 供應商驅動的，其中 50% 的應用程式真正體現了企業將 AI 流程應用於業務的成長。我們認為這對公司來說將是一個持續的正面推動因素。

Jonathan Atkin, RBC.

喬納森·阿特金，RBC。

I was interested if there was any update to your multiyear guidance provided at the Capital Markets Day last June. And are those targets still relevant? Or should we be thinking about 9% as being the new baseline for AFFO per share growth?

我想了解您在去年六月資本市場日上發布的多年期業績指引是否有任何更新。這些目標現在還適用嗎？或者我們應該將 9% 視為調整後營運資金 (AFFO) 每股成長的新基準？

Hey, Jon. Look, first and for foremost, thank you very much for the question. I think what's most important is to understand just the underlying momentum of the business. As Adaire highlighted both in her prepared remarks and certainly in the commentary around our booking activity, the business is performing well.

嘿，喬恩。首先，非常感謝你的提問。我認為最重要的是了解企業的潛在發展動能。正如阿黛爾在事先準備好的演講稿以及對我們預訂活動的評論中所強調的那樣，公司業務發展良好。

We sort of said and we've said it over the last two quarters, and we're sort of -- we're talking about it this quarter. It's the execution on the top line is the management of the cost, as well as efficiently raising capital and deploying it appropriately. And so I think we're on the right trajectory.

我們過去兩個季度一直在說，而且這季度我們還在討論這個問題。關鍵在於執行層面，即成本管理，以及有效率地籌集資金並合理運用資金。所以我認為我們正走在正確的道路上。

We're delighted with what we've delivered for 2026. I just feel it's a little premature to talk about '27 and beyond. But as you can appreciate, the momentum is windowed or back. And I would add to that, I think currencies are going to continue to be winded or back as an organization.

我們對2026年所取得的成果感到非常滿意。我覺得現在談論 2027 年及以後的事情還為時過早。但正如你所看到的，這種勢頭要么是短暫的，要么是倒退的。我還要補充一點，我認為貨幣體係作為一個整體，將會繼續經歷波動或反彈。

So the combination of really strong performance, the ability to maybe invest faster than we were anticipating, as Ralph sort of bringing forward as many of the assets as possible, I just think we're in a really good spot. And I think it's just a bit early to talk about '27 and beyond.

因此，憑藉強勁的業績表現，以及我們可能比預期更快地進行投資的能力（拉爾夫盡可能地將資產投入市場），我認為我們現在處境非常好。我認為現在談論 2027 年及以後的事情還為時過早。

But I know you can do math very, very well and so I'm going to leave it to you to sort of interpret both how we're performing this quarter being Q1 '26 and what that really implies is exiting 2026. So again, feel good about our position, but let's defer the '27 discussion until later.

但我知道你的數學非常好，所以我就把解讀我們本季（2026 年第一季）業績以及這在 2026 年底意味著什麼的任務留給你來做。所以，再次強調，請對我們的立場感到滿意，但讓我們把 27 年的討論推遲到以後再說。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO資本市場。

First, I guess, Keith, congrats on your career and wishing you the best moving forward. I guess, just going back to the previous question around AI in that 50%. Do those deals look differently than -- different than some of your more traditional deals, be it from a size or location standpoint?

首先，我想說，基思，恭喜你事業有成，祝你未來一切順利。我想，還是回到之前關於人工智慧佔50%這個問題上來吧。這些交易與你們的一些傳統交易相比，在規模或地點方面有何不同？

And then, I guess, from an underlying demand standpoint, it seems like things have meaningfully accelerated since the Investor Day back in June. Can you just pass that, what specifically has, I guess, driven that acceleration momentum?

然後，從潛在需求的角度來看，自 6 月的投資者日以來，情況似乎已經顯著加快。您能具體說說是什麼因素導致了這種加速發展動能嗎？

Yeah. So let me comment perhaps on that accelerated momentum first, and then I'll address the second part of your question, which is around the characteristics of some of those AI deals that we saw in the first quarter. I think when I look at the gross booking outcome that we saw in Q4, in fact, it was an acceleration from Q3 all the way through to Q4, very much across the second half of the year. And as we've mentioned, in Q1, we already see some early acceleration in the current quarter.

是的。那麼，我先談談這種加速發展的勢頭，然後再回答你問題的第二部分，也就是我們在第一季看到的一些人工智慧交易的特點。我認為，從第四季度的總預訂量來看，實際上，從第三季到第四季度，尤其是在下半年，預訂量呈現加速成長趨勢。正如我們之前提到的，在第一季度，我們已經看到本季出現了一些早期加速成長的跡象。

So when I look at the characteristics of what is driving that, I think it's, in large part, two very specific but very different themes: the first is the external one, and I'll speak to that in a moment; and the second is the internal one.

所以，當我審視驅動這一現象的特徵時，我認為它在很大程度上是兩個非常具體但又非常不同的主題：第一個是外部因素，我稍後會談到；第二個是內在因素。

So if I think about the external one, we're seeing robust demand right across all workload types. And what was extremely interesting about the demand profile more generally across our Q4 performance was that it was right across the different segments that we serve. We saw all segments and all verticals grow. So it was a very robust, broad-based demand across numerous different types of workloads.

所以，從外部來看，我們看到所有工作負載類型都有強勁的需求。第四季整體需求狀況最有趣的地方在於，我們所服務的各個細分市場的需求情況都非常理想。我們看到所有細分市場和所有垂直行業都實現了成長。因此，這種需求非常強勁，涵蓋了多種不同類型的工作負載。

We, of course, saw specificity around AI opportunity where there was connectivity requirements for near metro connectivity requirements -- or connectivity requirements to unlock the value in that process. So very robust demand across workloads, across all industries, across all regions, and across all of the segments that we serve.

當然，我們也看到了人工智慧機會的特殊性，即需要近乎都市的連結性——或者需要連接性才能釋放過程中的價值。因此，在我們所服務的各個行業、各個地區和各個細分市場，各種工作負載的需求都非常強勁。

Then there is the internal piece, which is the execution of the team against this particular opportunity that we saw in the market. First of all, we did accelerate some capacity into the year. And that was a helpful element in terms of our output and our performance. But we also had a phenomenal pipeline conversion rate. So the team converted at around 49% in Q4, which speaks, I think, to the quality of the pipeline that we had coming into the quarter.

然後是內部因素，團隊如何針對我們在市場上看到的這個特定機會進行執行。首先，我們確實加快了今年的部分產能建設。這對我們的產出和業績來說是一個有幫助的因素。但我們的銷售轉換率也非常高。因此，該團隊在第四季度的轉換率約為 49%，我認為這說明了我們進入該季度時所擁有的潛在客戶品質很高。

And as I've mentioned previously, we've been putting a lot of focus on ensuring that we're forecasting this future pipeline with the same intensity that we're forecasting the current booking pipeline and really building our footprint strongly as we enter each quarter so that we know that we're executing on very highly qualified opportunities. Interestingly, it was also great to see some very firm pricing right across all of those segments and across all of those regions in Q4. So great disciplined internal execution that kind of met the market moment where the market was at.

正如我之前提到的，我們一直非常重視確保我們以與預測當前預訂管道相同的力度來預測未來的管道，並在每個季度開始時真正大力拓展我們的業務，以便我們知道我們正在執行非常高品質的機會。有趣的是，第四季度所有這些細分市場和所有這些地區的定價都非常堅挺，這也很令人欣喜。因此，公司內部執行力非常強，並且很好地適應了當時的市場狀況。

And as it relates to the characteristics of the transactions that set in that 60% contingent, it was, of course, some of our larger transactions were related to our AI opportunity. And I think one characteristic of all of them, I've shared with you some of the use cases already across the different segments that we facilitated this functionality into. But one characteristic was that we saw a 33% increase in density compared to the non-AI deals. So an average of about 10 kVA per cab for these transactions.

至於導致 60% 或有交易的特徵，當然，我們的一些較大交易與我們的人工智慧機會有關。我認為所有這些功能的一個共同特點是，我已經和大家分享了一些我們在不同領域中實現此功能的用例。但其中一個特點是，與非人工智慧交易相比，我們發現密度增加了 33%。因此，這些交易平均每個機櫃消耗約 10 kVA。

Michael Rollins, Citi.

麥可‧羅林斯，花旗集團。

Keith, I also want to extend my congratulations and best wishes on your upcoming retirement. Maybe going back to some of the comments from earlier in the call. Keith, I think you were discussing the opportunity to improve churn. And curious, as you're preparing these new tools to help get that churn down, how much of this is in the company's control versus how much of it is just simply customer optimization of workloads that the churn will happen irrespective of how Equinix tries to get in front of it? And then just a secondary clarification on the 6% stabilized revenue growth, can you unpack that a little bit in terms of what's delivering that incremental strength relative to the recent history.

基思，我也想對你即將退休表示祝賀和美好的祝福。或許可以回顧一下通話早些時候的一些評論。基思，我想你當時是在討論如何改善客戶流失率。令人好奇的是，在你們準備這些新工具來幫助降低客戶流失率的同時，有多少是公司可以控制的，又有多少僅僅是客戶優化工作負載導致的客戶流失，以至於無論 Equinix 如何努力阻止，客戶流失都會發生？另外，關於 6% 的穩定營收成長，能否再詳細解釋一下，相對於近期歷史數據，是什麼因素帶來了這種增量成長？

Yeah, Mike, this is Adaire. I might take the churn question, and then Keith answer the question around the 6% stabilized growth for you.

是的，麥克，這是阿黛爾。我可能會回答客戶流失率的問題，然後讓 Keith 回答關於 6% 穩定成長率的問題。

Let me unpack the churn commentary. So over the course of the past two quarters, we saw that our churn has set more at the lower end of the range that we guide to than at the higher end. This is a combination of access to data and unpacking the data; the tool that we're working on and have some early pilots in place that Keith alluded to in his prepared remarks; the fact that we identify much earlier in the process what we call ATR or available to renew. So much earlier in the process.

讓我來解讀一下關於人員流動的評論。因此，在過去的兩個季度中，我們發現客戶流失率更多地處於我們預期範圍的下限，而不是上限。這是資料存取和資料解讀的結合；我們正在開發的工具，並且已經進行了一些早期試點，基斯在他的準備好的發言中提到了這一點；以及我們在流程早期就確定了我們稱之為 ATR 或可續訂的內容。在流程的早期階段就應該這樣做。

The cohort of our customers that sit in that ATR category. And then being able to deploy our customer success team onto that ATR cohort of customers in order to make phone calls much earlier in the process than we've been doing in the past. And to facilitate not just a renewal, but even potentially an upsell opportunity.

我們客戶中屬於 ATR 類別的部分族群。然後，我們能夠將客戶成功團隊部署到 ATR 客戶群中，以便在流程早期階段就進行電話溝通，這比我們過去所做的要早得多。不僅是為了促成續約，甚至可能是為了創造追加銷售的機會。

One of the things that we saw in Q4 was that 60% of our existing customers added additional services from Equinix to their portfolio. And every time you have a call with the customer, you have an opportunity to share what we're doing around new services. So I think it's the combination of those elements, ATR, telemetry and visibility into our data, the customer success team focused on this, and tools that help us predict more accurately.

我們在第四季度發現，60% 的現有客戶在其產品組合中添加了 Equinix 的其他服務。每次與客戶通話時，您都有機會分享我們在新服務所做的工作。所以我認為，正是這些因素的結合，包括 ATR、遙測和數據可見度、專注於此的客戶成功團隊，以及幫助我們更準確預測的工具。

And there is, of course, as you quite rightly point out, a proportion of churn that is not addressable by us. And that is now something that we have visibility into, and it means we focus our resources, our efforts on the proportion where we can actually address an outcome for the customer and for the business.

當然，正如您所指出的，有一部分客戶流失是我們無法解決的。現在我們已經能夠清楚地了解這一點，這意味著我們可以將資源和精力集中在能夠真正為客戶和企業帶來成果的方面。

Michael, first, thank you. Thank you for the nice comment. I appreciate it. To respond to the question on stabilized assets and the growth rate, the beauty of what we shared, number one is that there's more and more volume going through [based on] the stabilized assets that isn't necessarily cabinet related because our utilization is 82%. So that's number one.

邁克爾，首先謝謝你。謝謝你的好評。謝謝。為了回答有關穩定資產和成長率的問題，我們分享的內容的妙處在於，第一，越來越多的業務量是基於穩定資產進行的，這不一定與櫥櫃有關，因為我們的利用率達到了 82%。這是第一點。

Number two, you got higher density per average cabinet. And so that that's working in our favor.

第二，平均每個櫃體的密度較高。所以這對我們有利。

Number three, which I think is really important, and then also sort of refers back to one of the comments I made in my prepared remarks, where we have some one-off benefits that don't necessarily repeat themselves at least quarter over quarter. And that's basically price increases, price increases relating to the fourth quarter. And so it's a combination of all those that really delivered a strong stabilized growth rate on an asset basis, that's really quite substantial. And so feel very good about what we delivered.

第三點，我認為這非常重要，也與我在準備好的發言稿中提到的一點有關，那就是我們有一些一次性的好處，這些好處不一定會在每個季度重複出現。基本上就是價格上漲，與第四季相關的價格上漲。因此，正是所有這些因素的結合，才真正實現了資產基礎上的強勁穩定成長率，這確實相當可觀。因此，我對我們所取得的成果感到非常滿意。

I probably would say, though, and to try and give you some steer if you will, as you look forward. We still generally feel good about the stabilized assets, growing 3% to 5%. That's the typical range. We are going to have these these periods where we're slightly higher and sometimes we might be a little bit lower just based on the timing. But overall, feel really good about the 3% to 5% growth rate attributed to stabilized assets.

不過，我大概會這麼說，希望能給你一些指導，幫助你更好地展望未來。我們對穩定資產的整體表現仍感到樂觀，預計將成長 3% 至 5%。這是正常範圍。由於時間因素的影響，我們會經歷一些時期，有時我們的數值會略高一些，有時又會略低一些。但總體而言，我對穩定資產帶來的 3% 至 5% 的成長率感到非常滿意。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

So part of your footprint expansion was to be able to capture some of the increased power demand from enterprises, and we've definitely seen the demand ramp up. So where are you today with regards to your ability to offer -- to meet that customer demand for folks needing incrementally new levels of power from enterprises? Have you caught back up on that? Where are you in that process?

因此，你們擴大業務範圍的部分原因是為了滿足企業不斷增長的電力需求，而我們也確實看到了需求的激增。那麼，就滿足客戶對企業逐步提升的權力水平的需求而言，您目前的能力處於什麼水平？你已經把那部分補充了嗎？你目前處於這個過程的哪個階段？

I'll answer that for you. Thanks for the question, Frank. So obviously, power and the sourcing of power is a very significant factor for us as a data center operator. Having power means that we're able to secure the compute and energy future of our customers.

我來回答你。謝謝你的提問，弗蘭克。顯然，對於我們資料中心營運商而言，電力及其來源是一個非常重要的因素。擁有電力意味著我們能夠保障客戶的運算和能源未來。

As we indicated, we currently have 3 gigawatts of developable land under control, and it's not developable land [full] stop. It is powered land or land that we are close to securing the power on. So I guess we're not in the business of surreptitiously buying a block of land if we're not sure that we can power that asset. And so that means that as we look at our capacity and our build profile moving out, we are building against powered land portfolios, which, therefore, will enable us to continue to advance and evolve our footprints and our facilities to meet the density requirements of our customers.

正如我們所指出的，我們目前控制著 3 吉瓦的可開發土地，但這並非完全是可開發土地。這是已通電的土地，或是我們即將確保其通電的土地。所以我想，如果我們不確定能否為該資產供電，我們就不會偷偷摸摸地購買一塊土地。因此，這意味著，當我們審視自身的產能和建設規劃時，我們將依賴已開發的土地資源，這將使我們能夠持續推進和發展我們的業務規模和設施，以滿足客戶的密度要求。

As I mentioned, we saw already in the AI workloads that we enjoyed in Q4 being 33% more dense than non-AI workloads, and we can certainly see that density increasing across our footprint. So we believe that we're very well positioned to address those requirements of our customers.

正如我之前提到的，我們在第四季度看到的 AI 工作負載密度比非 AI 工作負載高出 33%，而且我們肯定可以看到這種密度在我們整個業務範圍內不斷增加。因此，我們相信我們完全有能力滿足客戶的這些需求。

And Frank, maybe just adding on to what Adaire said because I think it's important is we have 52 projects currently underway. They're energized projects. And that -- I'm talking about generally the retail space.

弗蘭克，我可能只是想補充一下阿黛爾剛才說的話，因為我認為重要的是，我們目前有 52 個項目正在進行中。這些項目充滿活力。我指的是整個零售領域。

And as we shared with you at Analyst Day, whether you look at a DC17 or our new Dallas build, they're coming with scale and size, but they're not so big that maybe there's excess focus on it. And so I feel really good. We talked about the 167 megawatts.

正如我們在分析師日上與大家分享的那樣，無論是 DC17 還是我們新的達拉斯建造項目，它們都具有規模和體積，但它們並沒有大到讓人過度關注。所以我感覺非常好。我們討論了167兆瓦。

And so it gives you a sense of we're building capacity in markets where there's a sort of broad need for that capacity, and they're the important markets: the Chicago, the New York, the Dallas', the Washington. And you go around the world and think about all those critical markets and that we're trying as hard as we can to build out on that capacity. And so with the 52 projects currently underway, it sort of just -- it adds to what Adaire is saying that we have the current opportunity, and then we also are creating the future opportunity for ourselves as well.

因此，這讓你感覺到我們正在那些對產能有廣泛需求的市場中建立產能，而這些市場都是重要的市場：芝加哥、紐約、達拉斯、華盛頓。你環顧世界，想想所有那些關鍵市場，想想我們正在盡最大努力擴大這些市場的能力。因此，目前正在進行的 52 個項目，恰恰印證了 Adaire 的說法，即我們擁有當前的機會，同時也在為自己創造未來的機會。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yeah, Keith, first, congratulations and thank you again for all the help over there -- over the years. So in the prepared remarks, you mentioned a disciplined pricing strategy. Keith, just curious kind of the magnitude of how much higher you can take pricing?

是的，基思，首先祝賀你，再次感謝你多年來在那邊提供的所有幫助。所以，在事先準備好的發言稿中，你提到了嚴格的定價策略。Keith，我只是好奇價格還能提高多少？

And then you mentioned a minute ago, the 3% to 5% projected range for growth with some variance. Can you add any more comments around what would cause the variance, whether seasonality timing? And maybe a final part of my question would be, are you seeing ability to change contract terms on renewal, whether that's increased escalators or other factors?

然後您剛才提到，預計成長率在 3% 到 5% 之間，但會有一些波動。您能否補充一些關於造成這種差異的原因的評論，例如是否與季節性因素有關？最後，我的問題可能是，您是否看到續約時能夠改變合約條款，無論是提高漲幅還是其他因素？

Okay. I'll take the question, and Keith can add some components to it as needed. As I mentioned, we experienced very firm pricing throughout Q4 across all segments and for all regions. And we're very disciplined around the approvals and the approach that we take with our customers because we recognize that in the platform that is Equinix, there is a range of differentiated value that allows us to accelerate the pricing opportunity.

好的。我來回答這個問題，基斯可以根據需要補充一些內容。正如我之前提到的，第四季度所有細分市場和所有地區的定價都非常堅挺。我們對審批流程和與客戶合作的方式都非常嚴謹，因為我們認識到 Equinix 平台具有一系列差異化的價值，這使我們能夠加快定價進程。

Our pricing commanding yields as a result of our interconnection density, as a result of our cloud on-ramps, and of course, the metro locations, which becomes even more important when we look in a low latency world around certain applications of AI workloads. So I think from a pricing perspective, we're very disciplined. We're very focused on that. And we know that we have opportunity to accelerate that in that regard.

由於我們的互連密度、雲端存取通道以及城域網路位置，我們的定價具有強大的競爭力。在低延遲的環境下，尤其是在某些人工智慧工作負載應用領域，城域網路位置的重要性更為凸顯。所以我覺得從定價的角度來看，我們非常自律。我們非常關注這一點。我們知道，在這方面我們有機會加快這一進程。

The vast majority of our contracts auto renew, and they renew with a particular pricing increment applied to them. But this is also an opportunity for us to have a conversation with our customers. And that's why the ATR program is an extremely important one for us because it does allow us to look at customer usage, not just of the space and power within our footprint, but some of the additional and incremental services that Equinix offers and then allows us to enjoy the price point that those services represent in terms of value for our customers.

我們的絕大多數合約都會自動續約，續約時價格會相應上漲。但這同時也是一個讓我們與客戶對話的機會。因此，ATR 計畫對我們來說極為重要，因為它讓我們能夠了解客戶的使用情況，不僅是我們業務範圍內的空間和電力，還包括 Equinix 提供的其他一些增值服務，然後讓我們能夠享受這些服務所代表的價值，以及這些服務對客戶的價值。

David Guarino, Green Street.

David Guarino，格林街。

Your stabilized cash gross profit growth has been excellent all year, is in 2025. And part of that, I know, was due to shrinking expenses. So wondering do you think that trend of reducing cost will continue? Or at some point, are you going to have to increase staffing levels if this outsized pace of bookings continues?

2025 年，您全年的穩定現金毛利成長一直非常出色。我知道，部分原因是開支減少。所以我想知道，你認為降低成本的趨勢會持續下去嗎？或者說，如果這種超高速的預訂量持續下去，你們是否在某個時候需要增加員工人數？

David, let me take that one, Adaire, jump in as needed. So one of the comments we made is that we're just getting started. I think when you step back and look at the organization, we're driving the top line. Ralph and his organization is doing a great job of managing the IV access to the gross profit line and then you have the rest of the organization. And today, for round numbers, you're 18%, 19% SG&A as a percent of revenue, right?

大衛，讓我來吧，阿黛爾，你隨時補充。所以我們提出的一個觀點是，我們才剛起步。我認為，從組織整體來看，我們正在推動營收成長。拉爾夫和他的團隊在管理靜脈注射業務的毛利方面做得非常出色，然後還有團隊的其他部分。如今，粗略估計，銷售、管理及行政費用佔收入的百分比是 18% 或 19%，對吧？

We have a stated goal that we really would like to get -- we'd like to improve that. And that's through bending the cost curve. It's not necessary -- it's not always about eliminating costs, it's bending of the cost curve and becoming more efficient. And so our goal is to get to 15% over some period of time. And so the combination of managing into the different markets and also managing the spend while also investing behind Harmeen and her efforts to, I guess, to create efficiency in our organization through processes through systems, through tooling.

我們有一個明確的目標，我們非常希望實現這個目標——我們希望在這方面有所改善。而這可以透過調整成本曲線來實現。沒必要——這並不總是關於消除成本，而是關於改變成本曲線，提高效率。因此，我們的目標是在一段時間內達到 15%。因此，我們需要在管理不同市場的同時，控制支出，並投資 Harmeen 和她的努力，我想，就是透過流程、系統和工具來提高我們組織的效率。

It's a combination of all these things that, I think, can make a difference over the years. And still early, but we're offering up this year a guide of roughly 200 basis points of improvement. Is coming from the top line, is coming certainly from Ralph's organization, and we're still investing in the business to develop future opportunity for us.

我認為，正是所有這些因素的綜合作用，才能在多年後產生影響。雖然現在下結論還為時過早，但我們今年給出的指導意見是，今年的業績將提升約 200 個基點。這筆資金來自高層，當然也來自拉爾夫的組織，我們仍在投資這項業務，以創造未來的機會。

So I'm not necessarily sort of subscribing to what you said that we need to throw more bodies at it. We tend to be a little bit more head count dense than almost anybody else out in the marketplace. And I would argue that we get more leverage from that as we introduce more assets into our environment. You don't -- if you build another -- put up another building in Dallas, as an example, you don't need to necessarily go higher more SG&A to support that asset.

所以我並不完全同意你所說的我們需要投入更多人手。我們的員工密度往往比市場上幾乎所有其他公司都要高一些。而且我認為，隨著我們在環境中引入更多資產，我們將從中獲得更大的優勢。例如，如果你在達拉斯再建一棟大樓，你不一定需要增加銷售、管理及行政費用來支持該資產。

And so I feel very comfortable that when you look out that we can become an increasingly more efficient business. And consistent with the comments we made at Analyst Day that we're certainly on a nice trajectory, but we said 52% plus. And there's a very good reason why we put the plus at the end of the 52. So it's a journey that we're going to be on together, and I'm excited.

因此，我非常有信心，放眼未來，我們可以成為一家效率越來越高的企業。正如我們在分析師日上所說，我們目前的發展勢頭良好，但我們當時說的是 52% 以上。我們之所以在 52 的最後加上加號，是有充分理由的。所以，我們將一起踏上這段旅程，我感到非常興奮。

Michael Elias, TD Cowen.

Michael Elias，TD Cowen。

Thanks for taking the question and congrats on the results. Question for you regarding the bookings. Obviously, great to see big bookings quarter in 4Q.

感謝您回答這個問題，並祝賀您取得好成績。關於預訂方面，我有個問題。顯然，第四季預訂量大幅成長令人欣喜。

What I'd like to get a sense of is how would you rank order the contribution to the bookings from the cabinets that you have coming online in capacity-constrained markets, obviously, brought on cabs and Nova as well as Frankfurt, both of which we're capacity constrained versus it being a structural acceleration in demand. And really, what I'm trying to get at is how sustainable is the 4Q bookings level because that obviously has implications for forward revenue growth.

我想了解的是，在運力受限的市場中，您如何對新上線的叫車服務（例如計程車、Nova 以及法蘭克福）對預訂量的貢獻進行排序，因為這兩個市場都面臨運力限制，而需求則呈現結構性加速成長。實際上，我真正想了解的是第四季度的預訂量水準是否可持續，因為這顯然會對未來的收入成長產生影響。

Okay. Hi, Michael, I'll have a stab at the question and then Keith can jump in if I -- if we need additional clarification on a couple of points. I guess, over the course of the last year, we began to show our annualized gross bookings to you as a metric. And the reason for doing that was to give you with the combination of the presales number to give you a sense of the momentum that we see inside the business in any given quarter.

好的。嗨，邁克爾，我先試著回答這個問題，如果——如果我們需要對某些要點進行進一步的澄清，基斯可以再補充。我想，在過去一年裡，我們開始向你們展示我們的年度總預訂量這項指標。這樣做的目的是為了將預售數據與​​實際銷售數據結合起來，讓您了解我們在任何特定季度所看到的業務發展勢頭。

And since we've done that, we've seen our annualized gross bookings moving upwards every quarter. And certainly, Q4 was no exception to that particular outcome. We have a very strong pipeline going into Q1. We've already closed 45% of our Q1 target. And we've had a meaningful presales experience in Q1 to date that has given us our largest presell quarter even though we're just halfway through.

自從我們採取這些措施以來，我們看到年度總預訂量每季都在成長。當然，第四季也不例外，出現了同樣的結果。第一季我們的產品線非常強勁。我們已完成第一季目標的45%。到目前為止，我們在第一季的售前銷售方面取得了顯著成效，儘管季度才過半，但我們已經實現了有史以來最大的售前銷售業績。

So I think looking forward, our bookings growth will continue to be a very strong indicator of underlying help I think the best line of best fit is up and to the right, but that's where we see the demand. But obviously, there will be some variability quarter-to-quarter seasonality and other elements kick in. So that's something that we will manage as we look at it on a quarterly basis.

所以我認為展望未來，我們的預訂成長將繼續成為潛在成長的強大指標。我認為最佳擬合線是向上向右，但那正是我們看到需求所在的地方。但顯然，季度之間的波動會受到季節性因素和其他因素的影響。所以我們會按季度進行管理。

Then as it relates to the cabinets, Keith, do you want to run up here?

那麼，關於櫥櫃的事，基思，你想上去看看嗎？

Yes. Michael, I'll just add a little bit to what Adaire said as well. I think our expansion tracking sheet gives all the people on the call a pretty good sense of where we're making our investments. We need more capacity, and we're going to continue to invest more capacity. And as Adaire alluded to, we have roughly 3 gigawatts that we're considering over a period of time while we're still building currently.

是的。邁克爾，我再補充一點阿黛爾剛才說的話。我認為我們的擴張追蹤表可以讓所有參加電話會議的人都清楚地了解我們的投資方向。我們需要更多產能，我們將繼續投資增加產能。正如阿代爾所暗示的那樣，我們正在考慮在一段時間內增加約 3 吉瓦的裝置容量，而我們目前仍在建設中。

I think the combination of continuing to make the current investments while thinking longer term, while at the same time, demand shaping to markets -- and you've always heard us talk about the right customer with the right application going into the right data center, and that will continue to hold true.

我認為，在繼續進行當前投資的同時，著眼於長遠發展，同時根據市場需求進行調整——你們一直聽到我們說要讓合適的客戶擁有合適的應用，進入合適的數據中心，這一點仍然適用。

But particularly in markets where they're constrained, not just for us but for the industry, we feel that we can demand shape that opportunity into other markets that are proximate or within the fiber route sort of environment that would make it suitable for our customer to consume. And so I would just say that there's a lot of things that are going into it, different markets, they're going to have different sets of circumstances. But this is what we're focusing on as an organization, not only increasing the density, but making sure that we demand shape to the right markets in support of the customers' needs.

但尤其是在市場受到限制的情況下，不僅對我們，對整個產業也是如此，我們認為我們可以將這種機會拓展到鄰近市場或光纖線路沿線環境中的其他市場，使其適合我們的客戶使用。所以我想說，有很多因素會影響這一點，不同的市場會有不同的情況。但這正是我們作為一家企業所關注的重點，不僅要提高密度，還要確保我們能夠根據市場需求調整產品形態，以滿足客戶的需求。

And that also plays in a little bit to the pricing as well. So hopefully, that gives you a bit of a sense that, yeah, we understand that some markets are more constrained than others, but we're also going to build in adjacencies such that we can maybe continue to enjoy the opportunity that's in the marketplace.

這也在一定程度上影響了定價。所以，希望這能讓您稍微明白，是的，我們理解有些市場比其他市場更受限制，但我們也會建立鄰近關係，以便我們能夠繼續享受市場中的機會。

Nick Del Deo, MoffettNathanson.

尼克·德爾·迪奧，莫菲特·內森森。

Hi. Thanks for taking my question and Keith, congratulations on your upcoming retirement, and thanks for all your help over the years. Adaire, earlier in the call, you noted the strength in the interconnection franchise. Some of the big cloud service providers that you work with have announced and are developing products to help customers go to multi-cloud route. I was wondering if you could talk a bit about the puts and takes of those efforts as it relates to your interconnection franchise.

你好。感謝您回答我的問題，基思，祝賀您即將退休，也感謝您多年來的幫助。阿黛爾，你在之前的通話中提到了互聯互通業務的優勢。你合作的一些大型雲端服務供應商已經宣布並正在開發產品，以幫助客戶實現多雲部署。我想請您談談這些努力與您的互聯特許經營業務之間的利弊。

Thank you for the question. I guess at Equinix, we have always understood and always appreciated the importance of the network. And I think some of the announcements that we've seen around connectivity is a validation of connectivity and the importance of the network as part of the broader AI ecosystem and landscape. And of course, we have continued to invest in our network products, in our interaction product portfolio, and it is a significant part of our footprint and a significant part of our global revenue.

謝謝你的提問。我想在 Equinix，我們一直都理解並重視網路的重要性。我認為我們看到的一些關於連接性的公告，是對連接性的肯定，也是對網路作為更廣泛的人工智慧生態系統和格局的一部分的重要性的肯定。當然，我們也一直在投資我們的網路產品和互動產品組合，這在我們業務版圖和全球收入中佔據了重要地位。

We recognize that many of the clouds have made a cloud-to-cloud connectivity announcement. But this is a very simple use case. Cloud to cloud is a simple connectivity use case. In reality, the reality of our customers is much more complex than this.

我們注意到許多雲端服務供應商都已宣布了雲端到雲端的連接功能。但這只是一個簡單的使用案例。雲端到雲端是一個簡單的連接用例。實際上，我們客戶的真實情況遠比這複雜得多。

We've always believed in a multi-cloud hybrid world. And that requires a much more complex consideration around connectivity and networking strategies for our customers. And the interesting element for us, of course, is that for many of these clouds, they are very valued partners of Equinix and they use a large part of our infrastructure to help create their value proposition in terms of networking positions and network puff.

我們一直都相信多雲混合環境。這就需要我們對客戶的連線和網路策略進行更複雜的考慮。當然，對我們來說，有趣的是，對於許多雲端服務商來說，他們都是 Equinix 非常重視的合作夥伴，他們利用我們的大部分基礎設施來幫助他們在網路地位和網路流量方面創造價值主張。

Now we're always evaluating our strategy here and always looking at what is emerging around the ecosystem. And that's why for us, we recognize the inherent value of our interconnection franchise. The role of Fabric continues to evolve within that franchise as we see provisioned VC capacity stepping up quarter over quarter.

現在我們一直在評估我們的策略，並不斷關註生態系統中出現的新事物。正因如此，我們才認識到互聯互通特許經營的內在價值。隨著我們看到預置的 VC 容量逐季增加，Fabric 在該特許經營體系中的作用也在不斷演變。

We have a range of very exciting developments around our footprint here, our product footprint here, and developments that will simplify the networking journey for our customers. Developments that will support MCP as it relates to the augmentation of AI agents and AI workloads and development that will really enhance the observability, sorry, I'm stumbling over that word, that our customers enjoy on our network. So a lot happening in this space for us but we really see that many of the announcements really validate the role that the network plays in any AI ecosystem and is really, I think, a validation of the connectivity opportunity that we see ahead of us and is one of the reasons why we've continued to invest in this space.

我們在業務拓展、產品佈局以及簡化客戶網路連接流程等方面都有一系列令人興奮的進展。支援 MCP 的發展，包括增強 AI 代理和 AI 工作負載，以及真正增強客戶在我們網路上享有的可觀測性的發展。因此，我們在這個領域有很多事情正在發生，但我們確實看到，許多公告都證實了網路在任何人工智慧生態系統中的作用，我認為這確實驗證了我們面前的連結機會，這也是我們繼續投資這個領域的原因之一。

Cameron McVeigh, Morgan Stanley.

卡梅倫‧麥克維，摩根士丹利。

I just wanted to echo my congratulations to Keith. And secondly, you've spoken in the past about the shift from AI training to AI inference workloads. And curious if you have any updated views on the timing you've seen. And then secondly, this may be a follow-up to the last question, but just how important interconnection offerings are to drying AI inference workloads from enterprises?

我只想再次向基斯表示祝賀。其次，您過去曾談到從人工智慧訓練到人工智慧推理工作負載的轉變。我很想知道你對目前看到的時機有什麼最新的看法。其次，這可能是對上一個問題的後續，但互聯互通產品對於減輕企業人工智慧推理工作負載究竟有多重要？

On the first part of your question, I think when you look at how our deal profile has moved through the course of '25 into '26, an uptick of 50% to 60%. We can see this tailwind of opportunities perhaps margin earlier as an enterprise footprint than we originally thought when we presented in summer of last year. And so I think that's a really good news because it is taking the promise of AI and putting it into the hands of consumers, of citizens and customers all the way around the world.

關於你問題的第一部分，我認為，如果你看一下我們的交易情況在 2025 年到 2026 年的發展情況，就會發現增長了 50% 到 60%。我們可以預見，這種機會的順風可能會比我們去年夏天提出設想時更早帶來企業規模的擴張。所以我認為這真是個好消息，因為它將人工智慧的潛力帶到了世界各地的消費者、公民和客戶手中。

And as it relates to the role of interconnection in AI workloads, I think there's a very significant element here for us to consider. And in some ways, the sales force example, and that I shared in prepared remarks, is a really great example of where our connectivity capability was able to provide a very unique service to sales force around creating private network connectivity.

至於互聯在人工智慧工作負載中的作用，我認為這裡有一個非常重要的因素值得我們考慮。在某種程度上，銷售團隊的例子（我在事先準備好的發言稿中分享過）就是一個很好的例子，說明我們的連接能力如何能夠為銷售團隊提供圍繞創建專用網絡連接的獨特服務。

And so we're very excited about the opportunity to serve our customers' evolving needs, needs in a complex hybrid multi-cloud world. We think it's a very fast-growing space. We think it's something that would be additive to our colo capabilities because it will broaden the range of customers, and that it will continue to strengthen our platform and our ecosystem. So this is something, as I've mentioned before, that we're very excited about the opportunity and see that we have a very strong competitive differentiation when it relates to others in the segment with this interconnection footprint.

因此，我們非常高興有機會滿足客戶不斷變化的需求，並滿足他們在複雜的混合多雲環境中的需求。我們認為這是一個發展非常迅速的領域。我們認為這將增強我們的託管能力，因為它將擴大客戶範圍，並將繼續加強我們的平台和生態系統。正如我之前提到的，我們對這個機會感到非常興奮，並認為，在擁有這種互聯互通佈局的細分市場中，我們與其他公司相比具有非常強大的競爭優勢。

Okay. Great. Well, thanks, everybody, for joining our conference call today, and have a great afternoon.

好的。偉大的。謝謝大家今天參加我們的電話會議，祝大家下午愉快。

Thank you all.

謝謝大家。

And this concludes today's conference. Thank you for participating. You may disconnect at this time, and have a great rest of your day.

今天的會議到此結束。感謝您的參與。您可以斷開連接，祝您今天餘下的時間愉快。