Equinix, Inc. (EQIX) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Equinix second-quarter earnings conference call. (Operator Instructions) Today's conference is being recorded. If you object, please disconnect at this time.

下午好，歡迎參加 Equinix 第二季財報電話會議。(接線員指示) 今天的會議將被錄音。如您反對，請此時中斷連線。

I will now turn the call over to Ryan Burke, Vice President of Investor Relations. You may begin.

現在我將把電話交給投資人關係副總裁 Ryan Burke。您可以開始了。

Good afternoon, and welcome to our second-quarter conference call. Before we get started, I want to remind you that some of the statements that we make today are forward-looking in nature and involve certain risks and uncertainties. Actual results may vary significantly from those statements and may be affected by the risks we identify in today's press release and in our filings with the SEC.

下午好，歡迎參加我們的第二季電話會議。在開始之前，我想提醒各位，我們今天所做的部分陳述屬於前瞻性陳述，並涉及若干風險與不確定性。實際結果可能與這些陳述有重大差異，並可能受到我們在今日新聞稿以及向美國證券交易委員會（SEC）提交的文件中所識別風險的影響。

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 to not comment on our financial guidance during the quarter unless it is done through an explicit public disclosure.

Equinix 不承擔任何義務，亦無意更新或評論本次電話會議中所做的前瞻性陳述。此外，基於《公平揭露規則》（Regulation Fair Disclosure），我們的政策是在季度期間不對我們的財務指引發表評論，除非透過明確的公開揭露方式進行。

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 relations page at www.equinix.com.

在今天的電話會議中，我們將提供非 GAAP 指標。我們已在 Equinix 投資人關係頁面 www.equinix.com 的今日新聞稿中，提供這些指標與最直接可比 GAAP 指標之間的調節表。

We have made available on our website a presentation that we will refer to, along with certain supplemental financial information and other data.

我們已在網站上提供一份簡報，我們將在會議中引用，並同時提供若干補充財務資訊及其他資料。

With us today are Adaire Fox-Martin, CEO and President; Olivier Leonetti, CFO; and Phillip Konieczny, SVP of Finance. At this time, I'll turn the call over to Adaire.

今天與會者包括執行長兼總裁 Adaire Fox-Martin、財務長 Olivier Leonetti，以及財務資深副總裁 Phillip Konieczny。現在我把電話交給 Adaire。

Thank you, Ryan. Good afternoon to you all. The AI-driven infrastructure cycle continues to accelerate, and it's playing directly to our strengths. Demand for neutral interconnected sovereign infrastructure is compounding across our business and our global scale, differentiated portfolio, and unmatched ecosystem are converting that demand into durable profitable growth.

謝謝你，Ryan。各位下午好。AI 驅動的基礎設施週期持續加速，並且正好發揮我們的優勢。對中立、互連、主權型基礎設施的需求在我們的業務中持續累積；我們的全球規模、差異化產品組合與無可匹敵的生態系，正把這股需求轉化為可持續且具獲利性的成長。

You see this clearly in our Q2 results. Monthly recurring revenue growth accelerated to 11% year over year on a normalized and constant currency basis. This marks our third straight quarter of double-digit MRR growth with strong profit performance.

這在我們第二季的業績中表現得非常清楚。在標準化且以固定匯率計算的基礎上，月度經常性收入（MRR）年增率加速至 11%。這是我們連續第三個季度實現雙位數的 MRR 成長，同時獲利表現強勁。

Annualized gross bookings grew 23%, our second highest volume on record. Total sales activity, inclusive of annualized gross bookings and presales grew over 30%, and we continue to see a record backlog. We added 9,700 net interconnections, our most ever, and AFFO per share grew 18% on a normalized and constant currency basis, a direct result of the disciplined execution by our teams around the world.

年化總訂單（Annualized gross bookings）成長 23%，創下我們史上第二高的訂單量。包含年化總訂單與售前（presales）在內的總銷售活動成長超過 30%，而且我們持續看到創紀錄的在手訂單（backlog）。我們新增 9,700 條淨互連（net interconnections），創歷史新高；在標準化且以固定匯率計算的基礎上，每股 AFFO 成長 18%，這直接反映了我們全球團隊嚴謹執行的成果。

Given the strength of our performance as well as our bookings and presales momentum, we are raising our full year guidance and long-term outlook. For 2026, we now expect revenue growth of 11% to 12% and AFFO per share growth of 10% to 12%. This is the largest single guidance raise in the history of our company, reflecting broad-based durable demand, and strong execution across our business.

鑑於我們強勁的表現，以及訂單與售前動能，我們上調全年指引與長期展望。對於 2026 年，我們目前預期營收成長 11% 至 12%，每股 AFFO 成長 10% 至 12%。這是公司史上單次最大幅度的指引上調，反映出廣泛且具韌性的需求，以及我們在全公司範圍內的強勁執行力。

We continue to accelerate our capacity expansion to meet this growing demand. In fact, we will double the number of cabinets we deliver in the second half of the year. As a result, we now expect 2026 CapEx to range between $5 billion to $6 billion.

我們持續加速擴充產能，以滿足不斷成長的需求。事實上，我們將在下半年把交付的機櫃（cabinets）數量加倍。因此，我們目前預期 2026 年資本支出（CapEx）將介於 50 億至 60 億美元。

Looking further out, we expect to deliver top and bottom line growth well ahead of the outlook we provided last year. Through 2029, we expect total revenue growth in the 10% to 13% range annually, with AFFO per share growing 9% to 12% during the same period. To capture the robust demand in front of us, we plan to invest $5 billion to $7 billion in CapEx annually through 2029. These are high conviction investments that we believe will deliver attractive returns whilst enabling the outcomes our customers need.

展望更長期，我們預期營收與獲利成長都將明顯優於去年所提供的展望。至 2029 年，我們預期總營收每年成長 10% 至 13%，同期間每股 AFFO 成長 9% 至 12%。為了掌握眼前強勁的需求，我們計畫在 2029 年前每年投入 50 億至 70 億美元的資本支出。這些是我們高度確信的投資，我們相信將帶來具吸引力的報酬，同時也能實現客戶所需的成果。

And we fully expect the new capital we're deploying to deliver the mid-20% yields you have grown accustomed to. Olivier will provide a more detailed view of our outlook shortly.

我們也完全預期，我們正在部署的新資本將帶來各位已經習以為常的 20% 中段（mid-20%）收益率。Olivier 稍後將更詳細說明我們的展望。

Our revised outlook reflects more than a strong quarter. It shows what a focused team executing the right strategy can deliver. And we're doing it in a market that's materially stronger than it was a year ago. As the market has evolved, the nature of the demand has given us greater conviction in our plan.

我們修訂後的展望不僅反映一個強勁的季度。它也顯示出一支專注的團隊在執行正確策略時能夠交付的成果。而且我們是在一個相較一年前明顯更強勁的市場中做到這一點。隨著市場演進，需求的性質讓我們對計畫更具信心。

A significant proportion of this demand comes from the world's largest enterprises, modernizing their on-prem infrastructure that was never built for today's broad-based distributed workloads. The remainder comes from net new AI-native workloads and service providers powering them.

這些需求中有相當大一部分來自全球最大的企業，它們正在現代化其內部部署（on-prem）基礎設施，而這些基礎設施從未為今日廣泛分散式的工作負載而打造。其餘需求則來自全新 AI 原生（AI-native）的工作負載，以及為其提供支援的服務供應商。

In both cases, the majority are already Equinix customers, and they increasingly need solutions, we are uniquely positioned to deliver because of our consistent focus on this target market. All around the world, customers are confronting the same reality.

在這兩種情況下，多數客戶本來就是 Equinix 的客戶，而且他們日益需要各種解決方案；由於我們長期且一致地聚焦於這個目標市場，我們具備獨特優勢能夠交付。在全球各地，客戶都正面臨同樣的現實。

Their networking, cloud, and AI workloads are growing more distributed, complex and demanding, and they need infrastructure built for a new era. Their workloads don't live in one place. They run across clouds, models and geographies simultaneously in real time. That's something compute alone can't solve. It requires connectivity at the intersection of everything. That point of intersection is Equinix.

他們的網路、雲端與 AI 工作負載正變得更加分散、複雜且要求更高，因此需要為新時代打造的基礎設施。他們的工作負載不會只存在於單一地點。它們會在雲端、模型與不同地理區域之間，同步以即時方式運行。這不是單靠運算能力就能解決的。它需要在一切交會之處提供連接能力。那個交會點就是 Equinix。

We have been at the center of every major shift in enterprise technology over the past 30 years. We were the neutral ground where the Internet scaled. We were the neutral platform that made multi-cloud real. And now, as inference and Agentic AI unleash extraordinary capabilities alongside new layers of complexity, we are the neutral exchange where customers can run, connect, and orchestrate it all.

過去 30 年來，我們一直站在企業技術每一次重大轉變的核心。我們曾是網際網路擴張時的中立場域。我們曾是讓多雲（multi-cloud）成為現實的中立平台。而現在，隨著推論（inference）與代理式 AI（Agentic AI）在釋放非凡能力的同時也帶來新的複雜層次，我們成為客戶能夠運行、連接並協同編排一切的中立交換平台。

This kind of connectivity has never been more important, and no one has built what we have built. Our ecosystem is approximately twice the size of the next largest provider. Now, as we curate the emerging AI ecosystem, our competitive advantage is growing.

這種連接性從未像現在這樣重要，而且沒有人打造出我們所打造的東西。我們的生態系規模約為下一家最大供應商的兩倍。如今，隨著我們策劃新興的 AI 生態系，我們的競爭優勢正在擴大。

8 of the top 10 model providers, as well as 8 of the top 10 Neo clouds are already running their key networking workloads on Equinix today. That kind of ecosystem density creates a flywheel of growth and value creation. Our infrastructure attracts interconnection-rich workloads. Interconnection expands the ecosystem. A more expansive ecosystem attracts more of everything and our momentum continues to build.

前十大模型供應商中有 8 家，以及前十大新型雲（Neo clouds）中有 8 家，目前都已在 Equinix 上運行其關鍵網路工作負載。這種生態系密度會形成成長與價值創造的飛輪效應。我們的基礎設施吸引互連密集型（interconnection-rich）的工作負載。互連擴大生態系。更龐大的生態系會吸引更多的一切，而我們的動能也持續累積。

Let me share some recent customer examples that bring our momentum to life. Leading AI cloud infrastructure provider, OrionVM, selected Equinix to power its fully managed private agentic AI bundle. helping enterprises deploy and scale sovereign Agentic AI with a clear path to measurable ROI. Built on our secure neutral infrastructure, the bundle supports private AI deployments, heterogeneous compute, and autonomous AI capabilities. And through OrionVM's collaboration with Tenstorrent, customers gain greater choice and flexibility at the AI accelerator layer.

我想分享一些近期的客戶案例，讓各位更具體感受我們的動能。領先的 AI 雲端基礎設施供應商 OrionVM 選擇 Equinix，為其全代管的私有代理式 AI（agentic AI）套裝方案提供支援，協助企業部署並擴展主權型代理式 AI，並提供清晰可行的路徑以實現可衡量的投資報酬率（ROI）。該套裝方案建構於我們安全的中立基礎設施之上，支援私有 AI 部署、異質運算（heterogeneous compute）以及自主式 AI 能力。此外，透過 OrionVM 與 Tenstorrent 的合作，客戶在 AI 加速器層（AI accelerator layer）獲得更大的選擇與彈性。

FCX AI, Australia's sovereign AI infrastructure provider, partnered with Equinix to build the country's first sovereign AI inferencing node leveraging our Sydney operations. Equinix enables a faster, more governed path to integrating AI into core operations with a scalable foundation for expansion across Asia Pacific.

FCX AI，澳洲的主權 AI 基礎設施供應商，與 Equinix 合作，運用我們在雪梨的營運據點，打造該國首個主權 AI 推論節點。Equinix 以可擴展的基礎支撐亞太地區的擴張，讓 AI 更快速且在更完善治理下整合進核心營運。

Raymond James, one of the leading financial services firm selected Equinix to augment their on-premise models to our multicloud infrastructure. Our ability to enable low latency connectivity to their customers, cloud and SaaS providers as well as the strength of our overall financial services industry ecosystem were key factors in their decision to grow their business using Equinix.

Raymond James 作為領先的金融服務公司之一，選擇 Equinix 將其內部部署模型延伸至我們的多雲基礎設施。我們能為其客戶、雲端與 SaaS 供應商提供低延遲連線的能力，以及我們整體金融服務產業生態系的優勢，是其決定透過 Equinix 擴大業務的關鍵因素。

And we are working with Verizon to deliver enhanced enterprise connectivity by combining their adaptive network fabric with Equinix neutral interconnection hubs. This integration via APIs allows for near real-time provisioning. Our unmatched metro density global scale and advanced automation capabilities help customers like Verizon, lower execution risk and accelerate service delivery.

我們也正與 Verizon 合作，將其自適應網路架構與 Equinix 的中立互連樞紐結合，以提供更強化的企業連線能力。透過 API 進行的此一整合，可實現近乎即時的佈建。我們無可匹敵的都會密度、全球規模與先進自動化能力，協助像 Verizon 這樣的客戶降低執行風險並加速服務交付。

These examples are enabled by our progress against our strategic pillars. Starting with Serve Better, we delivered annualized gross bookings of $424 million, up 23% year over year and notable acceleration from Q1. In addition, we delivered approximately $110 million of preselling activity. Collectively, that's over a 30% growth in total sales activity in the quarter. We have a robust pipeline entering the back half of the year and we've already closed over 45% of our bookings target for Q3.

這些案例得以實現，源於我們在策略支柱上的進展。先從「Serve Better」開始，我們達成年度化毛預訂額 4.24 億美元，年增 23%，且較第一季明顯加速。此外，我們完成約 1.10 億美元的預售活動。合計而言，本季總銷售活動成長超過 30%。我們在下半年伊始即擁有強勁的案源管道，且第三季的預訂目標目前已完成超過 45% 的簽約。

Our preselling motion continues to show very encouraging trends. as we have now sold approximately 30% of our remaining 2026 retail capacity expansion. Secure Cabinet Express, our standardized business-ready colocation offering, is continuing to gain traction with carbonate orders up more than 30% year over year. It's a great example of how we're simplifying the customer buying experience to accelerate growth.

我們的預售推進模式持續展現令人振奮的趨勢，因為我們目前已售出約 2026 年剩餘零售容量擴張的 30%。Secure Cabinet Express（我們標準化、可立即投入營運的機櫃共置產品）持續獲得市場採用，碳酸鹽（carbonate）訂單年增超過 30%。這是我們如何簡化客戶採購體驗以加速成長的絕佳例子。

Also smarter, we are turning the demands of enterprise AI into products customers can deploy today. Most enterprises know what they want to build. The infrastructure to support that scale is the challenge.

在「Also smarter」方面，我們正把企業 AI 的需求轉化為客戶今天就能部署的產品。多數企業知道自己想打造什麼。真正的挑戰在於支撐該規模的基礎設施。

Our expanded collaboration with Cisco and NVIDIA tackles this head on by bringing standardized AI factory blueprint and automation across our global IBX network. And through our new partnership with Presidio, customers can test and validate before they scale.

我們與 Cisco 與 NVIDIA 擴大的合作，透過在全球 IBX 網路導入標準化的 AI 工廠藍圖與自動化，正面迎戰此一挑戰。並且透過我們與 Presidio 的新合作夥伴關係，客戶可在擴大規模前先行測試與驗證。

That's how we help enterprises move faster with greater certainty. Data sovereignty is a challenge for enterprises and an opportunity for Equinix. Most networks were built for performance, not compliance. Our new Fabric Geo Zones offering was built for both. Traffic either flows along compliant path or it is blocked. Sovereignty is no longer a configuration.

這就是我們如何協助企業以更高確定性更快速前進。資料主權對企業而言是挑戰，對 Equinix 而言則是機會。多數網路是為效能而建，而非為合規而建。我們全新的 Fabric Geo Zones 產品同時為兩者而打造。流量要嘛沿著合規路徑傳輸，要嘛就會被阻擋。主權不再只是設定選項。

It is a property of the network itself. Fabric Geo Zones is in preview with approximately 80 enterprises around the world. These are two examples of our customer-focused product road map, and we're just getting started.

它是網路本身的屬性。Fabric Geo Zones 目前以預覽形式提供，全球約有 80 家企業參與。以上是我們以客戶為中心的產品路線圖的兩個例子，而我們才正要開始。

This week, we welcomed Chris Audie to Equinix as our Chief Product Officer. He brings extensive experience to the role, most recently as HashiCorp Chief Product and Technology Officer for Infrastructure and AI. His strong background spanning product software and infrastructure will help us accelerate and expand our solution portfolio.

本週，我們歡迎 Chris Audie 加入 Equinix，擔任首席產品長。他在此職務上具備豐富經驗，最近的職務為 HashiCorp 的基礎設施與 AI 產品暨技術長。他橫跨產品、軟體與基礎設施的深厚背景，將協助我們加速並擴大解決方案組合。

We also named Bruce Owen, a 16-year Equinix veteran with deep experience across our business as EVP Global markets, overseeing our three regions. Chris and Bruce strengthened our leadership team at exactly the right moment.

我們也任命在 Equinix 服務 16 年、對公司各面向具深厚經驗的 Bruce Owen 擔任全球市場執行副總裁（EVP Global Markets），負責監督我們的三大區域。Chris 與 Bruce 在恰到好處的時點強化了我們的領導團隊。

Turning to Build Bolder, our teams continue to execute at a high level. our acceleration of more than 7,000 cabinets from 2027 into Q4 2026, reflects our confidence in our ability to deliver as well as our commitment to bring capacity online faster to meet growing demand. This quarter, we announced significant new projects in Chicago, Istanbul and Johor. with more expected throughout the remainder of the year.

接著談「Build Bolder」，我們的團隊持續以高水準執行。我們將原本 2027 年的超過 7,000 個機櫃加速提前至 2026 年第四季，反映我們對交付能力的信心，也展現我們致力於更快上線容量以滿足成長中需求的承諾。本季，我們宣布在芝加哥、伊斯坦堡與柔佛州的重大新專案，且預期今年剩餘期間還會有更多專案。

We now have 52 major projects underway across 33 markets. I also want to take a moment to emphasize something that matters deeply to us as we expand. In the communities where we build and operate, we're not a visitor. We are a neighbor. And that distinction has defined our approach for nearly 30 years as we have built the essential infrastructure that underpins the everyday experiences and connections people depend upon.

目前我們在 33 個市場共有 52 個重大專案進行中。我也想花點時間強調一件對我們在擴張時極為重要的事。在我們建設與營運的社區中，我們不是過客。我們是鄰居。而這項差異在近 30 年來定義了我們的做法：我們建構支撐人們日常體驗與連結所依賴的關鍵基礎設施。

Across all of our markets, we engage early and transparently, we listen and adapt to local needs and we invest for the long term because we are there to stay. That's how we build trust. It's what makes communities stronger over time. And it's why we have been able to consistently execute our projects on time and at scale.

在我們所有市場中，我們都會及早且透明地參與、傾聽並因應在地需求，並以長期投入，因為我們會長久在此。這就是我們建立信任的方式。這也讓社區隨時間推移變得更強韌。也因此，我們才能一貫地按時並以規模化方式執行專案。

This quarter, we published our US community principles. They reflect the standards that have long guided our approach and that we hold ourselves to. This includes funding energy and grid infrastructure costs directly, investing in renewable energy and water use efficiency and creating meaningful opportunities for the people around us from construction and skilled trade jobs to pathways for veterans, to programs that build the next generation of technical talent.

本季，我們發布了美國社區原則。這些原則反映了長期以來指引我們做法、且我們對自身要求的標準。其中包括：直接負擔能源與電網基礎設施成本、投資再生能源與用水效率，並為周遭居民創造有意義的機會——從施工與技術工種工作，到退伍軍人職涯途徑，再到培育下一代技術人才的計畫。

Based on our long-time leadership in these areas, I was in Washington, DC last week to support the Ratepayer Protection Pledge. And our commitment to being a good neighbor extends to every community we're part of around the world.

基於我們在這些領域長期的領導地位，我上週在華盛頓特區支持「費率支付者保護承諾」（Ratepayer Protection Pledge）。而我們致力成為好鄰居的承諾，也延伸至全球每一個我們所屬的社區。

Let me close by saying Q2 was an exceptionally strong quarter and reflects a business that is hitting its stride. We have been deliberate about our strategy, focused in our execution and disciplined in where we invest. Now as the market evolves and expands, our efforts are paying off. And our decision to raise our guidance and put more capital to work reflects our confidence going forward.

最後我想說，第二季表現格外強勁，反映公司正進入最佳節奏。我們在策略上審慎布局、在執行上聚焦，並在投資方向上保持紀律。如今隨著市場演進與擴張，我們的努力正在開花結果。而我們決定上調財測並投入更多資本，也反映我們對未來的信心。

I'll now turn it over to Olivier to take you through the financials in detail.

接下來我把時間交給 Olivier，請他帶各位詳細說明財務表現。

Thank you, Adaire. Our unique positioning and strong execution are evident in our performance and raised outlook through 2029. We're driving momentum across our business with demand strength in every vertical, product and channel. Looking at Q2 results on slide 7 of our earnings presentation with growth rates discussed on a normalized and constant currency basis.

謝謝你，Adaire。我們獨特的市場定位與強勁的執行力，已清楚反映在我們的業績表現以及上調後、延伸至 2029 年的展望中。在每個垂直產業、產品與通路上，我們都受惠於強勁需求，推動整體業務動能。請看我們財報簡報第 7 頁的第二季結果，其中成長率以標準化與固定匯率基礎進行討論。

Recurring revenues increased 11% year-over-year, reflecting the underlying strength of our business and record bookings converted into revenue. Total revenues increased 16% year-over-year. As expected, we closed 134 megawatts of xScale leases, including Anton, which contributed approximately $120 million in nonrecurring fees. Our adjusted EBITDA margin was 53%, up 300 basis points year-over-year. This is a result of continued cost discipline, scaling our operating leverage and our scale leasing fees.

經常性收入年增 11%，反映我們業務的基本面強勁，以及創紀錄的預訂轉化為收入。總收入年增 16%。如預期，我們完成 134 兆瓦的 xScale 租賃簽約（包含 Anton），帶來約 1.20 億美元的一次性費用。調整後 EBITDA 利潤率為 53%，年增 300 個基點。這主要來自持續的成本紀律、營運槓桿的擴張，以及我們的規模化租賃費用。

Excluding xScale leasing fees, our adjusted EBITDA margin was up approximately 150 basis points year over year, and AFFO per share increased 18% year over year. Our nonfinancial metrics also continue to demonstrate momentum and our strategy in action.

若排除 xScale 租賃費用，我們的調整後 EBITDA 利潤率年增約 150 個基點，而每股 AFFO 年增 18%。我們的非財務指標也持續展現動能，並體現我們策略的落地執行。

We added a record 9,700 net interconnections, we added 4,200 net cabinet billings and our backlog sold but not yet installed is at a record level. Churn was 1.8% primarily due to our renewal process execution and some delayed churn. We expect to be near the lower end of our typical 2 to 2.5 range for the back half of the year.

我們新增了9,700條淨互連紀錄，新增了4,200個淨機櫃計費項目，而我們已售出但尚未安裝的積壓訂單處於歷史新高水準。客戶流失率為1.8%，主要由於我們在續約流程的執行，以及部分延後認列的流失。我們預期今年下半年將接近我們典型2%至2.5%區間的低端。

On slide 10, you see that our capital investments delivered very strong returns. Our 194 stabilized assets are collectively 82% utilized and generated a 27% cash on cash yields on growth to PP&E. We continue to achieve these upside returns on assets we have delivered in recent years. reflecting our focus on offering differentiated infrastructure and services to our customers.

在第10頁投影片中，你可以看到我們的資本投資帶來非常強勁的回報。我們的194項已穩定資產整體使用率為82%，在成長性PP&E（不動產、廠房及設備）投資上產生27%的現金對現金報酬率。我們持續在近年交付的資產上實現這些上行回報，反映我們專注於為客戶提供差異化的基礎設施與服務。

On slide 11, total capital expenditures for the quarter were about $1.6 billion, approximately 90% of which was invested in capacity expansion. Since the last earnings call, we opened new projects in Madrid, Milan and Silicon Valley.

在第11頁投影片，本季資本支出總額約為16億美元，其中約90%投入於產能擴張。自上次財報電話會議以來，我們在馬德里、米蘭與矽谷啟用了新專案。

Turning to our capital structure on slide 12. we have approximately $7.7 billion of available liquidity, including our recently upsized revolving credit facility and our net leverage was 3.6 times annualized adjusted EBITDA. We continue to execute on our access to lower cost capital around the world to fund our growth.

接著看第12頁投影片的資本結構。我們約有77億美元的可用流動性，包括我們近期擴大的循環信用額度，而我們的淨槓桿為年化調整後EBITDA的3.6倍。我們持續在全球執行取得更低成本資金的策略，以支持成長。

Now please refer to slide 14 to 18 for an updated view of our 2026 guidance. with all growth rates on a normalized and constant currency basis. Based on the robust environment and the team execution, we're raising 2026 guidance for the second consecutive quarter.

現在請參考第14至第18頁投影片，以查看我們更新後的2026年指引，所有成長率皆以標準化及固定匯率基礎呈現。基於強勁的環境與團隊的執行力，我們連續第二個季度上調2026年指引。

The rate reflects our recent outperformance and a stronger outlook for the rest of the year. For the third quarter, we anticipate continuing strength, including MRR growth of 9% to 11% year-over-year, total revenue growth of 10% to 12% year-over-year and an adjusted EBITDA margin of 51%.

上調幅度反映我們近期的優於預期表現，以及對今年剩餘期間更強的展望。對第三季，我們預期將延續強勢表現，包括MRR年增9%至11%、總營收年增10%至12%，以及調整後EBITDA利潤率為51%。

For the full year, with dollar amounts discussed prior to FS adjustments. We're raising total revenue guidance by $100 million, improving our expected growth range to 11% to 12%. We expect MRR growth to be around 10% at the high end of our prior range.

就全年而言，以下美元金額為在FS調整前所討論的數字。我們將總營收指引上調1億美元，將預期成長區間提升至11%至12%。我們預期MRR成長約為10%，位於先前區間的高端。

We are raising adjusted EBITDA guidance by $62 million resulting in an adjusted EBITDA margin of approximately 51%, a 200-basis point improvement over last year. We're raising AFFO guidance by approximately $50 million, driving an increase in our expected AFFO per share growth range to 10% to 12%. And excluding real estate acquisition and xScale, we expect total capital expenditures to be $5 billion to $6 billion as we accelerate capacity expansion into the year.

我們將調整後EBITDA指引上調6,200萬美元，使調整後EBITDA利潤率約為51%，較去年提升200個基點。我們將AFFO指引上調約5,000萬美元，帶動我們預期的每股AFFO成長區間提高至10%至12%。此外，排除不動產收購與xScale後，我們預期總資本支出為50億至60億美元，因我們在今年加速產能擴張。

As Adaire mentioned, a significant portion of our planned capacity additions for the remainder of 2026, are already committed through bookings and presales, providing increased visibility into future growth and returns.

如Adaire所提到，我們在2026年剩餘期間規劃新增的產能中，有相當大一部分已透過訂單與預售承諾，提升了對未來成長與回報的能見度。

Now turning to our long-term outlook update. We are clearly in a stronger environment, and the team is executing very well. We have been closely analyzing the market opportunity to calibrate where we stand and where we are headed.

接著談我們長期展望的更新。我們顯然處於更強勁的環境中，而團隊的執行也非常到位。我們一直密切分析市場機會，以校準我們目前的位置以及未來走向。

Through this, we have gained even stronger conviction in our strategy, positioning and trajectory. With AI as an accelerant, we expect demand to remain robust as customers modernize their technology architectures and increasingly orchestrate the strategies on our platform.

透過這些分析，我們對自身策略、定位與發展軌跡的信心更為堅定。在AI加速推動下，我們預期需求將維持強勁，因客戶正現代化其技術架構，並日益在我們的平台上協調其策略。

Scaling our business will continue to be a focus, driving revenues, controlling expenses and enhancing our margins. Our competitive advantages drive returns on development that are unmatched.

擴大我們的業務規模仍將是重點，推動營收、控制費用並提升利潤率。我們的競爭優勢帶來的開發回報無可匹敵。

Recognizing this strength, we have developed a demand-driven capacity expansion plan that accelerates delivery timeline, enables deployment flexibility in response to demand signals, minimizes earnings drag and maximizes our long-term growth profile.

基於對此優勢的認知，我們制定了以需求驅動的產能擴張計畫，加速交付時程、在回應需求訊號時提供部署彈性、將獲利拖累降至最低，並最大化我們的長期成長輪廓。

Demand is clearly exceeding the assumptions in our prior long-term outlook. Bookings, presales, backlog and pricing are strong, and we are uniquely positioned to meet the durable demand by deploying capital over the next few years.

需求顯然超出我們先前長期展望中的假設。訂單、預售、積壓訂單與定價皆表現強勁，而我們具備獨特優勢，可在未來幾年透過資本投入來滿足這項持久需求。

We expect $5 billion to $7 billion of capital expenditures annually from 2027 to 2029 with the vast majority focused on capacity expansion, delivered into a target market where our value proposition is increasingly differentiated. More than 80% of this expansion will be our top 25 major global metros. The result will be a higher-growth portfolio build over 30 years that is uniquely fit to serve the new technology era.

我們預期2027年至2029年每年資本支出為50億至70億美元，其中絕大多數將聚焦於產能擴張，並投放於我們價值主張日益差異化的目標市場。其中超過80%的擴張將位於我們全球前25大主要都會區。其結果將是在30年期間打造一個更高成長的資產組合，並能獨特地契合新科技時代的服務需求。

And as always, our balance sheet and diversified capital program are critical differentiators. In combination with significant retained cash flow, we'll continue to access lower cost sources of capital to fund our robust growth opportunity.

一如既往，我們的資產負債表與多元化資本方案是關鍵差異化因素。結合可觀的留存現金流，我們將持續取得更低成本的資金來源，以支持我們強勁的成長機會。

Referring to slide 19. We expect the following for 2027 through 2029. Total revenue growth ranging from 10% to 13% per year. beginning the period at the low end of this range and accelerating as the benefit of our capacity expansion plan builds. Adjusted EBITDA margin to reach 53% or higher by 2029.

請參考第19頁投影片。我們對2027年至2029年的預期如下。總營收成長每年介於10%至13%，在期間初期位於區間低端，並隨著產能擴張計畫效益逐步顯現而加速。調整後EBITDA利潤率在2029年前達到53%或更高。

AFFO per share growth in the 9% to 12% range per year. capital expenditures in the $5 billion to $7 billion range per year, excluding real estate acquisitions and xScale and dividend growth to approximate AFFO per share growth.

每股AFFO成長每年介於9%至12%；資本支出每年介於50億至70億美元（排除不動產收購與xScale）；股利成長將大致與每股AFFO成長相當。

Utilizing our balance sheet, we will achieve this with only a moderate leverage increase, allowing us to maintain our current and critically important investment grade credit ratings.

運用我們的資產負債表，我們將僅以適度提高槓桿來達成上述目標，使我們得以維持目前且至關重要的投資級信用評等。

In conclusion, demand is stronger and more durable. The team is executing our confidence in future growth has increased and we are accelerating capacity expansion to capture the opportunity in front of us.

總結而言，需求更強且更具持久性。團隊執行到位，我們對未來成長的信心提升，並正加速產能擴張以把握眼前機會。

I'll now turn the call back over to Adaire.

我現在把電話交回給Adaire。

Thanks, Olivier. The first half of 2026 has been a strong one, and it has set the stage for something bigger. The demand signals are clear. Our strategy is working. and the investments we are making today are designed to drive sustainable long-term growth well above our prior expectations.

謝謝你，Olivier。2026年上半年表現強勁，並為更大的發展奠定了基礎。需求訊號十分明確。我們的策略正在奏效，而我們今天所做的投資旨在推動可持續的長期成長，且將顯著高於我們先前的預期。

We will maintain our relentless focus on disciplined execution that solves the challenges our customers face and creates value for our shareholders. And our team stands ready to capture the opportunities ahead.

我們將持續以不懈的專注力，秉持紀律執行，解決客戶面臨的挑戰並為股東創造價值。我們的團隊也已準備就緒，迎接並把握前方的機會。

With that, let's open the line for questions.

接下來，我們開放提問。

(Operator Instructions) Eric Luebchow, Wells Fargo.

(接線員指示) Eric Luebchow，富國銀行。

Great. Adaire, I just wanted to get your view on the long-term guidance raise. Obviously, a huge change from last year. So maybe you could just talk through a high level kind of what you're seeing in the market that's given you the degree of confidence to raise CapEx this much.

很好。Adaire，我想請教你對長期指引上調的看法。顯然，這與去年相比是很大的變化。所以也許你可以從較高層次談談，你在市場上看到了哪些情況，使你有足夠信心把資本支出提高到這麼多。

And as we think about the forward growth mechanism for revenue of 10% to 13%, I think previously you had talked more about it being more based on MRR per cabinet growth than install the billable cabinets.

另外，當我們思考未來營收10%至13%的成長機制時，我記得你之前更多提到的是以每機櫃MRR成長為主，而不是靠安裝可計費機櫃的數量。

Has that changed at all based on the CapEx increase based on the pipeline that you talked about in your remarks?

基於您在談話中提到的管線所帶動的資本支出（CapEx）增加，這方面有任何改變嗎？

Thanks so much for the question, Eric. Let me maybe start with the view from this year to last. I think that we have seen definitely acceleration in the AI infrastructure cycle, as I mentioned in my prepared remarks, and that plays directly to the strengths of Equinix. We're uniquely positioned, I believe, to enable our customers and our partners to execute their AI strategies, particularly as they shift to inferencing.

Eric，非常感謝你的提問。我先從今年相較去年的觀點談起。我認為，正如我在事先準備的發言中提到的，我們確實看到 AI 基礎設施週期正在加速，而這正好直接契合 Equinix 的優勢。我相信，我們具備獨特的定位，能協助客戶與合作夥伴執行其 AI 策略，特別是在他們轉向推論（inferencing）之際。

And we're pretty rapidly seeing customers become much more sophisticated in how they are pursuing their AI requirements. I think it's fair to say that broadly, we have a broad depth and breadth of customer demand across our portfolio. So AI is an accelerant to the ongoing digitization activities of our customers. In Q2, we saw that the vast majority of our largest deals were driven by AI workloads similar to what we've seen in the previous quarters.

而且我們相當快速地看到，客戶在追求其 AI 需求的方式上變得更加成熟。我想可以公平地說，整體而言，我們在整個產品組合中擁有深度與廣度兼具的客戶需求。因此，AI 是推動客戶持續數位化活動的加速器。在第二季，我們看到絕大多數最大型的交易都是由 AI 工作負載所驅動，與我們在前幾季所見相似。

We also spoke about the execution of our team, how our team has performed exceptionally well. I think if I look at the difference between this time last year, execution is essentially better across the board sales activity, how we're operating margins and cash flows, capacity expansion, how we're financing our growth.

我們也談到團隊的執行力，以及團隊表現得非常出色。我認為若看與去年此時的差異，執行面基本上全面提升：銷售活動、我們如何管理營業利益率與現金流、產能擴張，以及我們如何為成長進行融資。

And I mentioned externally the market dynamics changing to move inference ahead of perhaps where we initially scheduled or intended that it would be at, and that's much stronger than everything we saw a year ago.

我也在對外提到，市場動態的變化使得推論（inference）進程提前，可能比我們最初排定或預期的時間更早到來，而這比我們一年前看到的任何情況都要強勁得多。

We've been very thoughtful. We've gone back and looked at everything, including the shape of our customer demand, including the optimization of things like our expenses, our CapEx and our finance plans. So our revised outlook, I think, reflects more than a strong quarter.

我們一直非常審慎。我們回頭檢視了所有事情，包括客戶需求的形狀（結構）、以及像是費用、資本支出（CapEx）與融資計畫等項目的最佳化。因此，我認為我們修訂後的展望反映的不僅是一個強勁的季度。

It reflects a market opportunity that has materially improved over the past 12 months. And this has been a huge collective effort, and I'd like to just take a moment to thank our team for all of the work that they've done in this year.

它反映的是在過去 12 個月中已實質改善的市場機會。而這是一項巨大的集體努力，我也想花一點時間感謝我們的團隊在今年所做的一切工作。

One additional point, it is important, Eric, we put that in our prepared remarks, most of the deployment of the capital, 80% of it will be on our top 25 metros. market where we, that we understand well, where we have a competitive advantage, where demand is higher than supply, and we have already today a strong ecosystem. with the utility providers, with the global contractors with the community. So we feel today as comfortable as it could be about this updated long-term guidance.

另外補充一點，Eric，這很重要，我們也在事先準備的發言中提到：大部分的資本部署，其中 80% 將投入在我們前 25 大都會市場（metros）。這些市場我們非常熟悉、具備競爭優勢、需求高於供給，而且我們目前已經擁有強大的生態系，包含公用事業供應商、全球承包商以及社群。因此，對於這次更新後的長期指引，我們目前的信心可以說是相當高。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO Capital Markets。

Adaire, with AI strategies being implemented, are you seeing any changes in underlying deal metrics or composition are different markets, more demand? What about deal sizes and interconnection attach rates, especially with the strong net adds this quarter?

Adaire，隨著 AI 策略的落地，你們是否看到基礎交易指標或交易組成出現任何變化——例如不同市場、更多需求？另外，交易規模與互連（interconnection）附加率（attach rates）如何，特別是在本季淨新增表現強勁的情況下？

Thank you. Thanks, Aryeh, for the question. I think we're definitely seeing some changes in terms of deal structures. Certainly, the density of our deals is moving upwards as customers seek to secure the capacity that they need for their energy and their compute future. So that's absolutely one change that we're seeing in the deal mix.

謝謝。Aryeh，謝謝你的提問。我認為我們確實看到交易結構方面出現一些變化。當然，隨著客戶希望確保其未來能源與運算所需的產能，我們交易的密度正在上升。因此，這絕對是我們在交易組合中看到的一項變化。

As far as interconnection is concerned, as you can see from our prepared remarks, we had a very strong interconnection quarter, adding over 9,700 net adds and interconnection revenue growing at around 9%. And as customers come on to our platform in the first instance, then we see our interconnection revenue increase as that progresses.

就互連而言，如你從我們事先準備的發言中所見，我們本季互連表現非常強勁，淨新增超過 9,700，互連營收成長約 9%。而當客戶一開始進入我們的平台後，隨著其使用深化，我們會看到互連營收隨之增加。

I think even in the face of increasing footprint sizes from our customers, our pricing has remained very firm. and we are managing to secure the yields that you have come to see from Equinix over the past.

我認為即便面對客戶占用空間（footprint）規模的增加，我們的定價仍然非常穩健，而且我們也持續能夠取得你們過去所熟悉的 Equinix 報酬率（yields）。

I would say, Aryeh, to add and the cover that in a prepared remark. The complexity of the ecosystem we are serving is more, is increasing more than ever before. cloud providers, Neo cloud, enterprise AI model, all of this trend is playing to Equinix strength.

我會說，Aryeh，再補充一點，我們在事先準備的發言中也有提到。我們所服務的生態系複雜度比以往任何時候都更高、也正在持續提升。雲端服務供應商、Neo cloud、企業 AI 模型——所有這些趨勢都在發揮 Equinix 的優勢。

Matt Niknam, Truist.

Matt Niknam，Truist。

Congrats on the quarter. Maybe related on interconnect. Adaire, maybe there, if you can speak to where you're seeing some of this increased demand coming from? And if, in fact, you have a product that is in such high demand. How do you think about the opportunity for maybe incremental pricing actions on interconnect over the longer term?

恭喜本季表現。也許延伸到互連。Adaire，你是否能談談你們看到這些新增需求主要來自哪裡？以及如果你們的產品需求如此強勁，你們如何看待在較長期內，互連可能採取額外（incremental）的定價措施的機會？

Thanks for your remarks. Matt, I appreciate that. So just reiterating again, you saw the demand reflected in the ads of, to our interconnection franchise. I think this is one of the unique value propositions of Equinix, one of the things that continues to differentiate us as a company.

謝謝你的評論。Matt，我很感謝。我再重申一次，你已經從我們互連業務的新增量中看到需求的反映。我認為這是 Equinix 獨特的價值主張之一，也是持續讓我們作為一家公司與眾不同的因素之一。

We have, of course, added capabilities to our interconnection portfolio through our fabric product suite, most recently the Fabric Geo Zones, which support sovereignty requirements and I think in last quarter, I mentioned that 20 customers were in preview with this product, and we already have 80 in preview this quarter with our products.

當然，我們也透過 Fabric 產品套件為互連產品組合新增了能力；最近的是 Fabric Geo Zones，用以支援主權（sovereignty）需求。我記得在上一季我提到有 20 位客戶在預覽（preview）這項產品，而本季我們已有 80 位客戶在預覽我們的產品。

Fabric intelligence providing additional capabilities of observability and management for our customers. So I think that there is the opportunity here to really look at the compelling value proposition that Equinix offers and then the opportunity to elevate that value proposition for our customers through some of these fabric offerings, it's one of the jobs that Chris will have on day one, which today is actually his day one as he gets started as our Chief Product Officer. because we can see some very significant growth rates in FCR, for example, our cloud router 170% of year-on-year in bookings there.

Fabric intelligence 為客戶提供額外的可觀測性（observability）與管理能力。因此，我認為這裡的機會在於：真正去檢視 Equinix 所提供的強大價值主張，並透過這些 Fabric 方案，為客戶進一步提升該價值主張。這也是 Chris 上任第一天要做的工作之一——而今天其實就是他上任第一天，他開始擔任我們的首席產品長（Chief Product Officer）。因為例如在 FCR，我們可以看到非常顯著的成長率；以我們的雲端路由器（cloud router）為例，訂單（bookings）年增 170%。

And some of that driven through non colo customers, which is also an interesting proposition for us. So this, I think, is an exciting area for us to continue to mine.

其中一部分是由非機房託管（non colo）客戶所帶動，這對我們來說也是一個有趣的命題。因此，我認為這是一個令人振奮的領域，我們可以持續深耕挖掘。

Frank Louthan, Raymond James.

Frank Louthan，Raymond James。

When we're looking at the new guide and kind of going forward, what's the right level to think of the normal for nonrecurring revenue and the long-term guidance as a percentage of total revenue? How should we think about that with the new guidance level you said?

當我們看新的指引並往前看時，對於非經常性收入（nonrecurring revenue）的「正常」水準，以及在長期指引中其占總營收的百分比，應該如何思考才是合適的？在你提到的新指引水準下，我們應該怎麼看待這件事？

You should assume the traditional 5% of total revenue, that would be a good moderate assumption.

你應該假設維持傳統的總營收 5%，這會是一個不錯、偏中性的假設。

Michael Rollins, Citi.

Michael Rollins，Citi。

Thanks, and good afternoon. So within the new guidance for revenue, can you share how each of the three geographic regions are progressing, how they should grow in each relative to the total portfolio.

謝謝，下午好。在新的營收指引之下，你能否分享三個地理區域各自的進展情況，以及它們相對於整體產品組合應該如何成長？

And as you invest more in the business, is your expectation that revenue growth within this range should be similar in each year? Do you see it accelerating? How does the higher investment levels kind of come through the P&L if you look over the next three plus years?

另外，當你們加大對業務的投資時，你的預期是：在這個區間內的營收成長在每一年都應該相近嗎？你是否看到它加速？如果看未來三年以上，更高的投資水準會如何在損益表（P&L）中體現出來？

Thanks, Mike. I'll take the first part and Olivier perhaps will take the second part of the question. I think one of the benefits that we have at Equinix is the diversification of our customer base and of our portfolio. We have no concentration risk in terms of how our revenue is deployed across both our regions, the industries that we serve and the product groups and cohorts that we manage.

謝謝你，Mike。我先回答問題的第一部分，Olivier 可能會回答第二部分。我認為我們在 Equinix 的一項優勢，是客戶基礎與產品組合的多元化。就我們的營收在各區域、所服務的產業，以及我們管理的產品群組與客群（cohorts）之間的分布而言，我們沒有集中度風險。

As you can see from the deck, the page 8 of the deck that accompanied earnings, we had a very strong performance in the Americas as it related to revenue performance.

如同你從簡報中看到的，在隨財報一併提供的簡報第 8 頁，我們在美洲地區的營收表現非常強勁。

And even if we normalize for Hampton inside that performance for the transaction, the NRR transaction that concluded in Q2, we still have low teens double-digit growth in our Americas portfolio.

即使我們將該表現中與 Hampton 交易相關的因素做常態化調整（即於第二季完成的 NRR 交易），我們的美洲產品組合仍維持在低十幾%的雙位數成長。

And we had an amazing quarter in APAC, and I think that's beginning to pick up for us. A lot of tremendous activity from the teams there. in terms of bringing new customers into the Equinix portfolio. And EMEA continues to perform exceptionally well, notwithstanding that two of our main metros in EMEA, Frankfurt and Amsterdam are highly constrained metros.

而我們在亞太（APAC）也有一個非常出色的季度，我認為這正開始為我們帶來動能。當地團隊在將新客戶導入 Equinix 產品組合方面，有大量且非常亮眼的活動。此外，EMEA 仍持續表現極為出色，儘管 EMEA 的兩個主要都會區——法蘭克福與阿姆斯特丹——都是高度受限的市場。

So this balance, I think, is an important aspect of the overall portfolio that we manage. I think we will continue to see this kind of growth in the Americas given that much of the AI activity and company base exists here in the first instance.

因此，我認為這種平衡是我們所管理整體產品組合的一個重要面向。我認為美洲將持續看到這類成長，因為多數 AI 活動與公司基礎最初就集中在這裡。

But as we move across the different regions, we can see that rapidly following in APAC, for example, with local vendors moving into the Southeast Asia market, in particular.

但當我們放眼不同區域時，也能看到例如亞太正快速跟進，特別是本地供應商正進入東南亞市場。

And then with EMEA, it might have a different feel on it in that our growth portfolio may be underpinned by the offers that we have around sovereignty, which are particularly relevant to EMEA customers and clients. So I would say a strong balance following what you see already in the regional performance.

至於 EMEA，可能會呈現不同的樣貌，因為我們的成長型產品組合可能會由我們在「主權」（sovereignty）相關方案所支撐，而這對 EMEA 的客戶與用戶尤其重要。所以我會說，從你已經看到的區域表現來看，我們的平衡相當強健。

Olivier, just on that breakdown?

Olivier，關於那個拆分說明一下？

Yes. If you look, Michael, at the range of growth per year, we expect the growth to be higher at the end of the planning period by 2029. This is going to be a byproduct of our CapEx deployment, and you should expect AFFO to follow the revenue growth.

好的。Michael，如果你看每年的成長區間，我們預期到 2029 年、也就是規劃期末端，成長會更高。這將是我們資本支出（CapEx）投放的結果，你也應該預期 AFFO 會跟隨營收成長。

You could have a bit of volatility due to the lumpiness of NRR in a particular year, but that would be the overall trajectory. Another comment also, we think it's important in terms of CapEx deployment at stabilization, which is about three to four years post RFS, we expect to deliver the traditional 25% cash-on-cash returns that we have mentioned now for a number of quarters and years.

由於某一年 NRR 的不均勻性（lumpiness），可能會有一些波動，但整體軌跡會是如此。另外也補充一點：我們認為在資本支出投放與達到穩定期（stabilization）方面很重要；大約在 RFS 後 3 到 4 年，我們預期可實現我們過去幾季與幾年一直提到的傳統 25% 現金對現金報酬率（cash-on-cash returns）。

Jonathan Atkin, RBC.

RBC 的 Jonathan Atkin。

Interested looking at the forward guidance in the contribution of things like renewal spreads to the upside guidance on a multiyear basis? And then as we think about the CapEx plan going forward, what are the financing tools available to you? And how do you think about leverage?

想請教，從前瞻指引來看，像續約價差（renewal spreads）這類因素，在多年期的上修指引中貢獻度如何？另外，談到未來的資本支出計畫，你們有哪些可用的融資工具？以及你們如何看待槓桿？

Okay. Thanks for the question, Jonathan. Look, let me take the first part of the question, and I'll pass the second on the opportunities to raise and fund this to Olivier. If we look at the P&Q side of the equation, if I look at the pre side, I can absolutely see healthy and very firm pricing. And you see that reflected in the revenue growth that we have posted.

好的。謝謝你的問題，Jonathan。我先回答第一部分，第二部分關於籌資與資金來源的選項，我交給 Olivier。如果我們看 P&Q 這個等式，先看 P（價格）端，我確實看到健康且非常堅挺的定價。你也能在我們公布的營收成長中看到這點。

And then on the Q side, our teams are focused on delivering critical capacity and accelerating that delivery and doing this against this growing demand backdrop. From a pricing perspective, our per kilowatt pricing is highly attractive because of the superior value that we're delivering to our customers.

再看 Q（數量）端，我們的團隊專注於交付關鍵產能、並加速交付，在需求持續成長的背景下推進這些工作。就定價而言，我們的每千瓦（per kilowatt）定價非常具吸引力，因為我們為客戶提供了更優越的價值。

And our net pricing actions were strong in Q2, and they continue to trend very, very favorably. However, we recognize that we are in a demand and supply continuum. That is absolutely in our favor. And we definitely see meaningful mark-to-market opportunity over the time period of our long-range guide.

我們在第二季的淨定價行動（net pricing actions）表現強勁，且趨勢仍非常、非常有利。不過，我們也認知到我們處於需求與供給的連續體之中。而這明顯對我們有利。在我們長期指引的期間內，我們確實看到顯著的按市價重估（mark-to-market）機會。

And this is probably particularly true when we think about highly constrained markets such as those that I've mentioned already and adding a couple of US ones like Ashburn to that picture.

當我們想到我先前提到的那些高度受限市場時，這點可能尤其成立；另外再加上一些美國市場，例如 Ashburn。

So this is something that the team are consciously looking at as we look at bringing on additional capacity in our top 25 metros.

因此，當我們在前 25 大都會區導入額外產能時，團隊正有意識地在評估這件事。

Going back to your debt question, Jonathan, our balance sheet is a strategic differentiator. We want to tip it this way, keeping investment-grade rating is really a core pillar to our capital strategy. We would expect to fund the growth through two levers: one, retained cash flow, as you know, we have a payout ratio in the 50% range. So we will have a sizable returned cash flow. And the rest of the financing will be done through to debt.

回到你的負債問題，Jonathan，我們的資產負債表是策略性的差異化優勢。我們希望朝這個方向傾斜；維持投資級評等是我們資本策略的核心支柱。我們預期透過兩個槓桿來支應成長：第一是留存現金流；如你所知，我們的配息率約在 50% 區間。因此我們將有相當可觀的留存現金流。其餘融資將透過負債來完成。

We are, today, looking to use the lever, which will have the most favorable cost of capital. If you were to look at, as a result of this leverage, which was part of your question, we would expect leverage to increase by about a turn between now and the end of the planning period. And to finalize the blended cost of capital should increase by about 150 basis points, again, blended Jonathan.

目前我們會選擇使用資本成本最有利的工具。至於你提到的槓桿，因應這些安排，我們預期槓桿在現在到規劃期末之間大約會上升 1 倍（one turn）。最後，整體加權資本成本（blended cost of capital）預期將上升約 150 個基點；再次強調，是整體加權的，Jonathan。

Nick Del Deo, MoffettNathanson.

MoffettNathanson 的 Nick Del Deo。

Can you talk about the steps you're taking from an operational and risk management perspective to ensure that you can effectively deploy as much CapEx as your budgeting over the next few years? And can adjust if realized demand doesn't match your forecast for some reason.

能否談談你們從營運與風險管理角度採取哪些措施，以確保未來幾年能有效部署你們預算中的資本支出（CapEx）？以及如果實際需求因某些原因與你們的預測不一致時，能夠如何調整？

And I guess when you look out to 2029, do you think the capacity that you'll have online will largely match demand? Do you think you'll still be short supply relative to what customers desire?

另外，當你們展望到 2029 年時，你們認為屆時上線的產能大致會與需求匹配嗎？還是你們認為相對於客戶想要的水準，供給仍會偏緊？

Great question. Thank you. So I guess as we look out to 2029, our job is to be very thoughtful about how we deploy our CapEx. How we deploy it and order for highest value and how we deploy it in those metros where we know we will have a maximal opportunity to maximize our returns. and metros that, of course, we're familiar with because we operate in those metros today, understand the customer landscape at the customer layout and so on.

問得很好。謝謝。我想，當我們展望到 2029 年，我們的工作是非常審慎地思考如何部署資本支出。如何以最高價值的順序部署，以及如何在我們知道能最大化報酬的都會區部署；當然，這些都會區我們今天就已在營運，我們熟悉，也了解客戶版圖、客戶分布等。

So as we look forward, we're striking, I think, the balance between the opportunity and the managing of our CapEx profile as a company. And when we look to the opportunities to accelerate if we saw more opportunity ahead of us. And certainly, I think we've given some demonstrated proof of that already.

因此，往前看，我認為我們正在在機會與公司資本支出輪廓（CapEx profile）的管理之間取得平衡。而當我們看到前方有更多機會時，也會評估加速的可能性。而且我認為我們已經提供了一些明確的證明。

In 2025, we were able to accelerate 20% of our retail footprint into 2026. And in our cabinet projections for Q4 of this year, you can see that we're almost tripling the number of cabinets that we will have available at that timeframe, bringing additional into that Q4 footprint.

在 2025 年，我們能夠把 20% 的零售版圖（retail footprint）加速到 2026 年。而在今年第四季的機櫃（cabinet）預測中，你可以看到我們在那個時間點可提供的機櫃數量幾乎增加到三倍，將更多產能納入第四季的版圖。

So the team has the opportunity to accelerate. There's some demonstrated proof of doing that. When you look at market dynamics, I guess, in a very thoughtful way and perhaps through a lens that others don't because we're fairly unique in the market in terms of our target focused customer base.

因此，團隊有機會加速推進。而且在這方面已經有一些可驗證的成果。當你以非常審慎的方式、也許透過一個其他人不會採用的視角來看市場動態時——因為就我們所鎖定、聚焦的目標客戶群而言，我們在市場上相當獨特。

And it is a multifaceted look we've developed somewhat, I think, of a proprietary model to enable us to really understand the demand that sits in front of us, a combination of external measures and our internal pipeline, relationship with customers and the fact that we plan alongside them.

我們已經建立了一個多面向的觀察方式；我認為我們也發展出某種專有模型，使我們能真正理解眼前的需求——結合外部指標與我們內部的銷售管線、與客戶的關係，以及我們與客戶共同規劃的事實。

So we think with this long-term guide, we've got a very good balance of meeting the demand that sits in the market, meeting the capacity requirements of our customers and managing in a prudent mature way.

因此我們認為，透過這份長期指引，我們在滿足市場需求、滿足客戶的容量需求，以及以審慎且成熟的方式進行管理之間，取得了非常好的平衡。

Michael Funk, Bank of America.

Michael Funk，美國銀行。

Yes. Great. So questions around the development spending that you laid out this evening and in the broader context of a lot of my larger amounts we've seen across the space for others are also developing large scale. So what gives you confidence to increase development spending in current environment that the durability of supply and demand is going to stack?

是的。很好。我想問關於你們今晚所提出的開發支出；放在更大的脈絡下，因為我們也看到同業在這個領域投入了更大規模的金額、也在做大型開發。那麼，在目前的環境下，你們憑什麼有信心提高開發支出，並相信供需的持久性會成立？

I'll tackle that question. Thank you very much for the question, Michael. So first off, when you look at it from a performance point of view, over the past four quarters and particularly since this time last year, we've seen some tremendous performance from our team around our total sales activity, very firm pricing and churn heading downwards.

我來回答這個問題。非常感謝你的提問，Michael。首先，從績效角度來看，過去四個季度、尤其是自去年此時以來，我們看到團隊在整體銷售活動上表現非常亮眼，定價非常穩健，客戶流失率也在下降。

Equinix in the market is unique in many respects on our focus. We are focused on the enterprise sector. And we believe in the long term that the enterprise sector will be the beneficiaries of AI technology and that on a broad basis, they will continue their path to digitization.

Equinix 在市場上在許多方面都很獨特，尤其是我們的聚焦。我們聚焦於企業客戶領域。我們相信長期而言，企業將會是 AI 技術的受益者，而且從更廣泛的角度來看，他們會持續走向數位化。

And many things that we're seeing in the market now, now play directly to our strengths because our focus is driven by the unique value proposition that we offer our customers the very dense interconnected environment ecosystems that are present in our environment already, our global footprint, our presence in metros. So many of the market requirements and opportunities are playing to some of those fundamental strengths that differentiate Equinix.

而我們目前在市場上看到的許多事情，都直接對應到我們的優勢，因為我們的聚焦來自於我們為客戶提供的獨特價值主張：我們環境中既有的高度密集互連生態系、我們的全球佈局、以及我們在各大都會區的據點。因此，許多市場需求與機會都在強化這些讓 Equinix 脫穎而出的基本優勢。

And we've been very thoughtful about how we've looked at this opportunity and the durability of this opportunity, the durability of this demand, which we believe is persistent. I mentioned, I'm passing a previous answer to the question that we've looked at this through the lens of a proprietary demand model that we've built out because there is no one who is really looking at this segment at the market at the level of detail and the level of execution and the levels of engagement that we are here at Equinix.

我們也非常審慎地評估這個機會，以及這個機會的持久性、這個需求的持久性；我們相信這是持續存在的。我在前一個回答中提到，我們透過自建的專有需求模型來看待這件事，因為在這個市場區隔上，沒有任何人能像 Equinix 一樣，以我們這樣的細緻程度、執行力度與客戶互動深度來進行分析。

And when we look at it through a number of external lenses, there are a few things that are very strong facts. First of all, we're drilled very, very early in enterprise AI. And colo is a durable model as things still settle, who's going to be the dominant player, all of these things play out, we're still very, very early, and we're a very durable end state for customers who are having to make decisions today.

當我們從多個外部視角來看，有幾點是非常強而有力的事實。第一，我們仍處於企業 AI 的非常早期階段。而在各種事情仍在定型之際——誰會成為主導者等——共置（colo）仍是一種具持久性的模式；我們仍非常早期，而對於今天就必須做決策的客戶而言，我們是一個非常耐久的最終落點。

Secondly, we can see that networking demand is also very durable, and it is increasing and AI requirements are additive to these connectivity budgets. and we can see this in rising spend points around networking requirements of our customers.

第二，我們也看到網路需求同樣非常持久，而且正在增加；AI 的需求會在連線預算上形成額外增量。

In addition to those two pieces, you have enterprise IT budgets, which are healthy and actually firming, you have enterprise server demand, which notwithstanding price changes there is actually accelerating. We look at the backlog of competitors in the OEMs, a partners in the OEM segment. to understand what their backlog looks like.

除了上述兩點之外，企業 IT 預算維持健康、甚至正在轉強；企業伺服器需求即便面臨價格變動，實際上也在加速。我們也會看 OEM 端的競爭對手與合作夥伴的訂單積壓（backlog），以了解他們的 backlog 狀況。

And data center silicon is accelerating in both volume and price. So a whole series of factors that allow us to be very confident in the durability of the demand that we see based on some of those external factors, coupled with our own pipeline, our relationship with our customers that has us planning alongside them in a very long-term way. And then, of course, I guess the demonstrated proof of our team to execute against that opportunity as they have been over the past four quarters.

而資料中心晶片（silicon）在數量與價格兩方面都在加速成長。因此有一整套因素，使我們能對所見需求的持久性非常有信心：一方面來自這些外部因素，另一方面結合我們自身的銷售管線、與客戶的關係——我們以非常長期的方式與他們共同規劃。當然，還有我們團隊在過去四個季度已經展現出能針對這個機會有效執行的實證。

And another one, Michael, we did also a bottom-up approach to this pain exercise. And again, 80% plus of our CapEx will be deployed, and I know we keep repeating this, but we think it's important in only 25 metros, where we understand the ecosystem very well, we have a differentiated value proposition and our relationship with utilities, community and general contractors is unique. So we think we have bottom up top-down approach, which gives us a fair amount of confidence on this trajectory.

另外，Michael，我們也對這次規劃工作採取了由下而上的方法。同樣地，我們 80% 以上的資本支出將會投入——我知道我們一直重複，但我們認為這很重要——而且只會投入在 25 個都會市場；在這些市場我們非常了解生態系，擁有差異化的價值主張，並且我們與公用事業單位、社區以及總承包商的關係也很獨特。因此我們認為，結合由下而上與由上而下的方法，讓我們對這條成長軌跡有相當程度的信心。

Michael Elias, TD Cowen.

Michael Elias，TD Cowen。

I want to build on that point in terms of the bottom-up approach. We talk a lot about the demand, but it would be great to talk a bit about the supply side. recognizing that a lot of this incremental capacity is going to come in those top 25 markets, which are also the most power constrained.

我想延伸你剛才提到的由下而上方法。我們談了很多需求面，但也希望能談談供給面，尤其考量到這些新增容量多半會落在前 25 大市場，而這些市場同時也是電力最受限的。

How should we think about the percentage of the incremental capacity supported by this CapEx where there's an explicit ESA with a utility and you have visibility into that power.

我們應該如何看待：在這筆資本支出所支持的新增容量中，有多少比例是與公用事業單位簽有明確的 ESA（電力供應協議），因此你們對電力供應具有可視性？

And then also, if you could give us color into the visibility that you have on the MEP that you would need and as part of that, the skilled labor to deliver the incremental capacity. Any color there would be helpful.

另外，如果你們也能補充一下：你們對所需的 MEP（機電管線）有哪些可視性；以及其中包含交付新增容量所需的熟練勞動力。任何相關說明都會很有幫助。

All right. Thanks very much, Michael. It's a really comprehensive question quite a bit to it. So let me unpack it a little. Today, we have 3 gigawatts of land under control.

好的。非常感謝，Michael。這是一個非常全面的問題，涵蓋很多面向。我來稍微拆解一下。目前，我們掌控的土地可支撐 3 吉瓦的容量。

We're building about 700 megawatts of that right now. We are not speculative land developers or land purchases. So those 3 gigawatts were either certain of our power in that it is contracted, or that we have a high degree of confidence that, that power will be contracted, a very high degree of confidence that, that power will be contracted.

其中我們現在正在建置約 700 兆瓦。我們不是投機性的土地開發商，也不是投機性買地。因此，這 3 吉瓦要嘛我們已確定電力供應（因為已簽約），要嘛我們對該電力將會簽約具有高度信心——非常高度的信心，該電力將會簽約。

One of the things that we're very cognizant of is when we announce and we tend to announce new projects when we've been through some internal gating. And that gazing relates to elements like the power and energization of that plot of land and also permitting. And that is one of the reasons why our projects proceed on time and to scale.

我們非常留意的一點是：當我們對外宣布新專案時——而我們通常是在通過一些內部關卡後才宣布。而這些關卡包含像是該地塊的電力與送電（energization），以及許可（permitting）等要素。這也是我們的專案能按時、並以既定規模推進的原因之一。

To the broader point around the supply chain in general, we have a very, very strong procurement team who look at this very thoughtfully in a very considered way. as well as very significant and in some cases, full 360-degree relationships with our main suppliers.

就更廣泛的供應鏈議題而言，我們有一支非常強的採購團隊，以非常周全、審慎的方式來處理這些事；同時，我們與主要供應商之間也建立了非常深厚的關係，在某些情況下甚至是全方位（360 度）的合作關係。

And we have, as Olivier has already mentioned, the benefit of a very strong balance sheet which has meant that we have been able, where appropriate, to secure our MCE by prepurchasing elements of the equipment that we need for our data centers.

而且如 Olivier 先前提到的，我們也受益於非常強健的資產負債表，這使得我們在適當情況下，能透過預先採購資料中心所需的部分設備，來確保我們的 MCE。

And across our design footprint, our design is fungible. So that gives us the opportunity to move equipment around the entirety of our footprint. So we're feeling very comfortable about where we are on the supply chain dynamics as it relates to the MCE and the other equipment that comes into our data center environment.

而且在我們的設計版圖內，我們的設計具有可互換性。因此，這讓我們有機會在整個版圖範圍內調度設備。所以，就供應鏈動態而言，特別是與 MCE 以及其他進入我們資料中心環境的設備相關，我們對目前的狀況感到非常安心。

I would also say that in the markets where we build and particularly in the North America market, we have a very deep and long-standing relationship with the GCs here. And that is something that has stand in good stead as they often have choice about where they will deploy their own capabilities and skills.

我也想說，在我們建置的市場，尤其是在北美市場，我們與這裡的總承包商（GCs）有非常深厚且長期的合作關係。而這一點一直都很有助益，因為他們往往可以選擇將自身的能力與技能部署到哪裡。

So we're feeling that very confident on the supply side that we have managed all of the risks that we are aware of to the best of our ability, putting to work a combination of relationships, process, operation and our balance sheet where necessary.

因此，在供應端我們非常有信心：我們已在能力所及範圍內，針對我們所知的所有風險進行了管理，必要時結合關係網絡、流程、營運以及資產負債表來加以應對。

The final statistic, Michael, a typical data center we will build is about 60 megawatts. So very different than the 1 gigawatt developed by other players in those markets. Much more manageable.

最後一個數據，Michael，我們通常建置的資料中心約為 60 兆瓦。因此，這與其他業者在那些市場開發的 1 吉瓦非常不同。更容易管理。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I was wondering if you could talk about the $5 billion to $7 billion annual CapEx plan in terms of IT capacity. I think over three years, that $11 million per megawatt that would translate to about like 1.6 gigawatts out of the 3 gigawatts of developable capacity.

我想請你談談每年 50 億到 70 億美元的資本支出（CapEx）計畫，從 IT 容量的角度來看。我想以三年來看，按每兆瓦 1,100 萬美元計算，這大概會對應到約 1.6 吉瓦，佔可開發容量 3 吉瓦中的一部分。

Is that a reasonable way to think about it from an IT capacity perspective? And how are you thinking about refilling the land bank at the end of the three years will, we have 3 gigawatts or more? Or will it get worked down?

從 IT 容量的角度，這樣理解合理嗎？另外，你們如何看待在三年期末補充土地儲備（land bank）？我們會有 3 吉瓦或更多嗎？還是會被逐步消耗下降？

Yes. By the end of the planning period, we will have about 2 gigawatts still available and this additional CapEx we use about 0.3 gigawatts of power.

是的。在規劃期結束時，我們仍將有約 2 吉瓦可用，而這筆額外的資本支出將使用約 0.3 吉瓦的電力。

Cameron McVeigh, Morgan Stanley.

Cameron McVeigh，摩根士丹利。

I was curious if you're seeing evidence in your leasing pipeline that open weight models are driving incremental private AI or enterprise inference deployments. And then secondly, Olivier, now that you've had a few months in the CFO role, curious how you're framing the capital allocation opportunity and what the key priorities might be for you? And then to that point, are there any updates on how we should think about the puts and takes to the margin expansion over the next few years?

我想了解，你們是否在租賃管線中看到證據，顯示開放權重模型正在推動額外的私有 AI 或企業推論部署？第二點，Olivier，你擔任 CFO 幾個月後，想請教你如何界定資本配置的機會，以及你認為的關鍵優先事項是什麼？另外，就此而言，關於未來幾年利潤率擴張的正負因素（puts and takes），我們應該如何看待？是否有任何更新？

Absolutely. In terms of capital allocation, the company has been very prudent. We're not going to change this in terms of leverage. I mentioned that earlier. We are serving exciting markets.

當然。就資本配置而言，公司一直非常審慎。我們不會在槓桿水準方面做出改變。我先前提過。我們所服務的是令人振奮的市場。

We have a different value proposition. We believe we can get an exciting return from this deployment of capital. So we'll invest mainly internally.

我們有不同的價值主張。我們相信這樣的資本部署可以帶來可觀的回報。因此我們主要會投資於內部。

If you look at the margin, I'm glad you're asking the question. We are targeting a 53% plus EBITDA margin, which would be driven by three factors: One, that Adaire has mentioned, extensively, which is pricing. Demand is oversupply. So pricing would be a lever. And then cost of revenue improvement and SG&A scaling would be also two other levers.

至於利潤率，我很高興你問到這個問題。我們的目標是 EBITDA 利潤率達到 53% 以上，這將由三個因素驅動：第一，如 Adaire 多次提到的，定價。需求大於供給。因此定價會是一個槓桿。另外，營收成本改善以及 SG&A 規模化也會是另外兩個槓桿。

Let me give you a few colors on this. We are a functionalized organization. So all the elements of the value chain at Equinix are functionalized and functionalization drive standardization allows us also to automate AI, our processes, so we believe that, that will drive margin expansion and this improvement of the various functions will impact go-to-market operations and also all the support functions.

我再補充一些說明。我們是一個職能化的組織。因此，Equinix 價值鏈的所有環節都已職能化；職能化推動標準化，也讓我們能夠將 AI 自動化導入我們的流程。我們相信這將推動利潤率擴張，而各項職能的改善將影響市場推進（go-to-market）營運以及所有支援職能。

Thanks, Olivier. So maybe let me conclude the answer to the question around the kind of use cases that we're seeing today in our enterprise customer base. Actually, there is four distinct types of AI use cases that we're seeing today.

謝謝你，Olivier。那麼我也許來總結一下，關於我們目前在企業客戶群中看到的各類使用情境。事實上，我們目前看到四種截然不同的 AI 使用情境。

The first I'm going to call stack which is where enterprises are running open models but on private AI infrastructure. And they're doing that to cut down their token cost.

第一種我稱之為「堆疊（stack）」，也就是企業在私有 AI 基礎設施上運行開放模型。他們這麼做是為了降低 token 成本。

And that's a use case that speaks well to the AI-ready data centers of Equinix, the connectivity that we have the cloud, the partnership with our OEM vendors and so on.

這種使用情境非常契合 Equinix 的 AI 就緒資料中心、我們的連線能力、雲端、與 OEM 供應商的合作夥伴關係等等。

The second use case that we see is sovereign. This is where our companies are deploying sovereign AI stacks for data residency and compliance reasons. We're very attractive for that for customers because we have a presence in 36 countries and our fabric capability allows our customers to geofence the traffic into a particular country.

我們看到的第二種使用情境是「主權（sovereign）」。也就是企業因資料駐留與合規需求而部署主權 AI 堆疊。對客戶而言我們在這方面很有吸引力，因為我們在 36 個國家有據點，而我們的 Fabric 能力讓客戶可以將流量地理圍欄（geofence）限制在特定國家內。

The third use case that we're seeing from customers is a batch use case. This is where they're deploying centers of excellence AI factories for model training, but also for batch inferencing at Equinix. And a lot of this is driven by our opportunity to provide liquid cooling in our facilities.

第三種客戶使用情境是「批次（batch）」。也就是他們在 Equinix 部署卓越中心（centers of excellence）的 AI 工廠，用於模型訓練，也用於批次推論。其中很大一部分是由於我們能在設施中提供液冷的機會所驅動。

And the fourth use case that we see from our customers is a agency sensitive one, where the infra stack needs to be present in a metro for latency and also to reduce costs around data backhaul. So those are the four main use cases that we're seeing a stack use case, a sovereign use case, a batch use case and a latency sensitive on today in our data centers.

第四種我們從客戶看到的使用情境是「對延遲敏感」的情境，其中基礎設施堆疊需要部署在某個都會區，以滿足延遲需求，並降低資料回傳（data backhaul）的成本。以上就是我們目前在資料中心看到的四大主要使用情境：堆疊、主權、批次，以及對延遲敏感。

Thank you. That is all the time we have. I will turn it back to Ryan.

謝謝。我們的時間就到這裡。我把時間交回給 Ryan。

Thanks, Julien, and thank you all for joining us today. We look forward to talking to many of you in the coming days and coming weeks. Take care.

謝謝你，Julien，也謝謝各位今天加入我們。我們期待在接下來幾天與幾週內，與各位中的許多人進一步交流。保重。

Thank you for your participation. Participants, you may disconnect at this time.

感謝您的參與。各位與會者，您現在可以斷線。