Equinix, Inc. (EQIX) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the Equinix third 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 第三季財報電話會議。(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 third 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 identified in today's press release and our filings with the SEC. 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.

下午好，歡迎參加我們的第三季電話會議。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）提交之文件中所識別風險的影響。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，鑑於《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. We have made available on the IR page of our website a presentation that we will refer to along with certain supplemental financial information and other data. With us today are Adaire Fox-Martin, CEO and President; Olivier Leonetti, CFO and Phillip Konieczny, SVP of Finance.

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）今日新聞稿中，提供這些指標與最直接可比 GAAP 指標之調節表。我們也已在網站的 IR 頁面提供一份簡報，我們將搭配若干補充財務資訊及其他數據一併引用。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。

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

此刻，我將把電話交給 Adaire。

Thank you, Ryan, and good afternoon, everyone. Q3 was a strong quarter that demonstrated the growing importance and differentiated position of Equinix in an evolving market. Enterprises are relying on our interconnected ecosystem more than ever, and you can see this in our results. We delivered double-digit growth in monthly recurring revenue, interconnection revenue and AFFO per share. These are the key metrics that drive long-term value creation, and we are once again raising our full year guidance.

謝謝你，Ryan，各位下午好。第三季表現強勁，展現了 Equinix 在市場演變中日益重要的地位與差異化優勢。企業比以往任何時候都更依賴我們互聯的生態系，從我們的業績表現即可看出。我們的月度經常性收入、互連收入以及每股 AFFO 均實現雙位數成長。這些是推動長期價值創造的關鍵指標，我們也再次上調全年指引。

I want to thank our teams around the world for the disciplined execution that went into delivering such strong performance. We've met with many of you over the past few months. A few common themes emerged. I'd like to speak to these themes directly today. First, why we believe our demand is durable and how our pricing strategy reflects the value we enable for customers and partners.

我要感謝全球團隊以嚴謹的執行力，促成如此強勁的表現。過去幾個月我們與許多各位投資人會面。我們歸納出幾個共同主題。我今天想直接就這些主題進行說明。第一，為何我們相信需求具備韌性，以及我們的定價策略如何反映我們為客戶與合作夥伴所創造的價值。

Second, how we are delivering capacity at pace in an environment where power availability, legislation and community sentiment are creating some industry headwinds. Third, how our balance sheet is an advantage when it comes to funding growth amidst the volatility we have all seen in recent weeks. I will frame this quarter's results through these three lenses, so that you have a clear view of each. I'll start with demand. It's strong, it's broad-based and it's durable.

第二，在電力供應可用性、法規與社區觀感造成產業逆風的環境下，我們如何以速度交付產能。第三，在近幾週大家都看到的波動之中，我們的資產負債表如何在為成長提供資金方面成為優勢。我將透過這三個面向來框架本季的業績，讓各位能清楚掌握每一點。我先從需求談起。需求強勁、涵蓋面廣，而且具備持久性。

We have a unique purview to this. We serve customers across nearly every industry and workload, and no single customer accounts for more than 2.5% of our revenue. During the quarter, we executed more than 25,000 transactions across more than 3,200 customers. The breadth of our customer base means that our results don't rely on any single customer, industry, geography or technology trend. Our ecosystem adds to the durability of demand, including more than 0.5 million interconnections and every new participant makes it more valuable for everyone within it.

我們對此擁有獨特的觀察視角。我們服務幾乎所有產業與各類工作負載的客戶，且沒有任何單一客戶的營收占比超過 2.5%。本季我們在超過 3,200 家客戶之間執行了超過 25,000 筆交易。客戶基礎的廣度意味著，我們的業績不依賴任何單一客戶、產業、地理區域或技術趨勢。我們的生態系也提升了需求的韌性，其中包括超過 50 萬條互連；每新增一位參與者，都會讓生態系內所有人更具價值。

As we actively engage with our customers and review market data, we see firm evidence of sustained enterprise infrastructure investment, both traditional and AI-related. Large enterprises, particularly in financial services, are building out their own hybrid AI infrastructure. This is contributing to what you see in the industry data. Server spending is projected to grow more than 80% and AI server backlogs have doubled this year. More than 80% of enterprises are running or planning AI at the edge.

當我們積極與客戶互動並檢視市場數據時，我們看到企業基礎設施投資持續的明確證據，涵蓋傳統投資與 AI 相關投資。大型企業，特別是金融服務業，正在建置自有的混合式 AI 基礎設施。這也反映在你們所看到的產業數據中。伺服器支出預計成長超過 80%，而 AI 伺服器的積壓訂單今年已翻倍。超過 80% 的企業正在邊緣端運行或規劃運行 AI。

And more than one-third of large enterprises have used five or more AI models, a trend we expect will continue as they optimize their token costs. Against this backdrop, enterprises have a growing need for solutions that simplify complexity, accelerate deployment times, maximize returns on their investments and deliver lasting value. These are the things that Equinix does exceptionally well, and it's showing up in our results. Monthly recurring revenue grew 11% on a normalized and constant currency basis, our fourth straight quarter of double-digit growth. Interconnection revenue grew 10%, with Fabric up 24%.

此外，超過三分之一的大型企業已使用五個或以上的 AI 模型；我們預期隨著他們優化 token 成本，這一趨勢將持續。在此背景下，企業對於能夠簡化複雜度、加速部署時程、最大化投資報酬並提供長期價值的解決方案需求日益增加。這些正是 Equinix 特別擅長的領域，也已反映在我們的業績中。以標準化並以固定匯率計算，月度經常性收入成長 11%，為連續第四季達成雙位數成長。互連收入成長 10%，其中 Fabric 成長 24%。

Churn was just 1.7%, an indicator of how enduring our customer and partner relationships are strengthened by interconnection. Sales volume accelerated. We delivered record annualized gross bookings of $533 million, up 35%. Total sales activity, which includes presales, grew 38%, marking our third straight quarter north of 30% growth. We are profitably growing our market share, and we have already booked 60% of our Q4 bookings target.

流失率僅 1.7%，顯示我們與客戶及合作夥伴的關係在互連的強化下具有高度持久性。銷售量加速成長。我們創下年化毛預訂額（annualized gross bookings）5.33 億美元的紀錄，年增 35%。總銷售活動（包含售前）成長 38%，為連續第三季成長率超過 30%。我們在提升市占的同時維持獲利性成長，且已完成第四季預訂目標的 60%。

All of this is contributing to strong financial performance. AFFO per share grew 12% on a normalized basis, excluding the atNorth transaction. Including atNorth, AFFO per share was up 18%. In this environment of growing demand and constrained supply, pricing is a top focus. There's no question this is becoming a more meaningful lever for us, and we expect that strength to continue.

上述因素共同帶動強勁的財務表現。以標準化口徑計算（不含 atNorth 交易），每股 AFFO 成長 12%。若包含 atNorth，每股 AFFO 成長 18%。在需求成長且供給受限的環境下，定價是我們關注的重點。毫無疑問，定價正成為對我們更具意義的槓桿，我們也預期這股動能將持續。

It starts with new deals, which are a leading indicator. Pricing on new deals was up 12% year-over-year in the quarter. That same demand strength also benefits in place contracts that come up over time. We've made renewals a focus, and we are already seeing results, including healthy increases in negotiated pricing. Customers need access to an ecosystem, not just space and power.

這首先體現在新案上，新案是領先指標。本季新案定價年增 12%。同樣的需求強度也會隨時間推進，惠及到期的既有合約。我們將續約作為重點，且已看到成果，包括協商定價的健康上調。客戶需要的是進入一個生態系，而不只是空間與電力。

The value we deliver for them is reflected both in our pricing and in our strong yields. We see a meaningful pricing opportunity as contracts renew and our innovation creates even more value for our customers. This quarter, we announced strong innovation across our portfolio. Last month, we introduced Equinix Inference Exchange with NVIDIA and Together AI. It gives enterprises a faster path from pilot to production with the freedom to choose from more than 200 open models for every workload.

我們為客戶所交付的價值，反映在我們的定價以及強勁的收益率上。隨著合約續約，以及我們的創新為客戶創造更多價值，我們看到顯著的定價機會。本季我們宣布在產品組合上取得強勁創新成果。上個月，我們與 NVIDIA 及 Together AI 推出 Equinix Inference Exchange。它讓企業能以更快的速度從試點走向正式上線，並可自由選擇超過 200 個開放模型以支援各類工作負載。

We also unveiled Equinix Fabric One, which will broaden the opportunity for interconnection. It lets customers simply define the connectivity outcome they need and the network composes itself. AWS and Google Cloud are our lead integration partners. And we're entering beta with a broad range of customers ahead of general availability early next year. And just last week, we opened a global network of innovation centers where enterprises can test liquid cooled AI infrastructure in real-world conditions before they scale.

我們也發布了 Equinix Fabric One，這將擴大互連的機會。它讓客戶只需定義所需的連線成果，網路便會自動完成組成。AWS 與 Google Cloud 是我們的主要整合合作夥伴。而且在明年年初正式全面推出之前，我們正與廣泛的客戶群進入 Beta 測試。就在上週，我們啟用了全球創新中心網路，企業可在擴大部署前，於真實世界條件下測試液冷 AI 基礎設施。

This is an area of growth with Q3 liquid cooling bookings up more than tenfold year-over-year. These kind of solutions will help us stay ahead of what our customers and partners need. I'll highlight just a few examples of these types of needs we're seeing and how we met them in Q3. Eaton, a global leader in intelligent power management, used Equinix Managed Solutions, Network Edge and Fabric to deploy a new compute, storage and network platform for rapid application migration. They chose Equinix because we bring these capabilities together in one place with the global reach and necessary interconnection between systems.

這是一個成長領域，第三季液冷訂單預訂量較去年同期成長超過十倍。這類解決方案將幫助我們持續領先，滿足客戶與合作夥伴的需求。我將僅舉幾個例子，說明我們在第三季看到的這些需求類型，以及我們如何滿足它們。全球智慧電力管理領導者 Eaton 使用 Equinix Managed Solutions、Network Edge 與 Fabric，部署新的運算、儲存與網路平台，以加速應用程式遷移。他們選擇 Equinix，是因為我們能在同一處整合這些能力，並具備全球覆蓋與系統間所需的互連。

Virtu Financial, one of the world's leading electronic market makers, continues to expand its footprint with Equinix. Our proximity to major exchanges, market data providers and partners helped Virtu deliver the speed, availability and connectivity its trading platforms demand. We are collaborating with Texas A&M Engineering Experiment Station to build a next-generation AI research environment. Together with Dell and AMD, Equinix is delivering a 1.2-megawatt liquid cooled AI deployment in Dallas, providing the agency with the power, connectivity and room to scale needed to achieve new breakthroughs. Customer demand is only part of the picture.

全球領先的電子造市商之一 Virtu Financial，持續擴大其在 Equinix 的佈局。我們鄰近主要交易所、市場數據供應商與合作夥伴的優勢，協助 Virtu 提供其交易平台所需的速度、可用性與連線能力。我們正與德州農工大學工程實驗站（Texas A&M Engineering Experiment Station）合作，打造下一代 AI 研究環境。Equinix 與 Dell、AMD 攜手，在達拉斯交付 1.2 兆瓦的液冷 AI 部署，為該機構提供實現新突破所需的電力、連線能力與擴充空間。客戶需求只是整體圖像的一部分。

Capacity is what ultimately turns that demand into sustained growth. So I'll turn to that next. We've been building data centers for nearly 30 years. Whilst power availability, legislation and community sentiment have created some headwinds for the industry, our results continue to demonstrate our ability to expand our capacity and accelerate our delivery time lines. We have significantly increased the number of cabinets we initially plan to deliver in the second half of this year, and we now expect to exceed our retail capacity plan for the full year by nearly 40%.

最終將需求轉化為持續成長的是產能。因此我接下來將談這一點。我們建置資料中心已近 30 年。儘管電力可用性、法規與社區觀感為產業帶來一些阻力，我們的成果仍持續展現我們擴充產能並加速交付時程的能力。我們已大幅提高今年下半年原先規劃交付的機櫃數量，現在預期全年零售產能交付將較原計畫高出近 40%。

We expect more than 13,000 cabinets in Q4, our highest quarter of delivery on record and more than 20% of that Q4 capacity has been presold. We're well on our way to filling future capacity with 15% of retail capacity coming online in 2027 already presold. But what matters most of all for the road ahead is our pipeline. We have 3 gigawatts of developable capacity, which includes our projects currently in progress. About 80% of that is in our top 25 metros, and the land, power and permitting is largely secured.

我們預期第四季交付超過 13,000 個機櫃，這將是我們有史以來交付量最高的一季，其中超過 20% 的第四季產能已預售。我們也正穩步填補未來產能，2027 年上線的零售產能中已有 15% 完成預售。但對未來道路最重要的是我們的管線。我們擁有 3 吉瓦的可開發產能，其中包含目前正在進行的專案。其中約 80% 位於我們前 25 大都會區，且土地、電力與許可大多已取得。

On top of that 3 gigawatts, the atNorth transaction we completed this quarter with CPP Investments brings an active development pipeline of 800 megawatts coming online over the next 5 years as well as an additional 1 gigawatt of opportunity for future expansion. I want to emphasize that capacity isn't simply a numbers game. Where a megawatt sits matters, a megawatt in a major interconnection hub is worth more than one elsewhere. That's why we focus on yield, not just megawatts and why we can deliver returns well above our cost of capital. We serve core critical workloads that run the everyday economy.

在這 3 吉瓦之外，我們本季與 CPP Investments 完成的 atNorth 交易，帶來一條活躍的開發管線：未來 5 年將有 800 兆瓦陸續上線，並另有 1 吉瓦的機會可供未來擴張。我想強調，產能並不只是數字遊戲。每一兆瓦位於何處很重要；位於主要互連樞紐的一兆瓦，比其他地方的一兆瓦更有價值。因此我們專注於收益率，而不僅是兆瓦數；也因此我們能交付遠高於資本成本的報酬。我們服務的是支撐日常經濟運作的核心關鍵工作負載。

Our new retail builds are sized for these use cases, generally 60 megawatts or less, and they are substantially smaller than the large scale campuses drawing the most regulatory attention. We also don't depend on any single build to meet our growth objectives. We have 48 projects across 32 markets currently in progress. That lets us manage risk and opportunity across the construction process. All of this gives us a high degree of confidence in our ability to execute against our development pipeline.

我們新的零售型建置規模是為這些使用情境而設計，通常為 60 兆瓦或以下，且明顯小於那些引發最多監管關注的大型園區。我們也不依賴任何單一建置來達成成長目標。目前我們在 32 個市場共有 48 個專案正在進行中。這讓我們能在施工過程中管理風險與機會。以上種種，使我們對於執行開發管線的能力具備高度信心。

As our industry expands, communities have legitimate questions and concerns. We take these concerns seriously. It's incumbent on companies to earn trust in their communities. Equinix has built strong relationships with the municipalities, utilities and neighbors since our founding. We show up early and we engage openly before we build.

隨著產業擴張，社區提出合理的問題與疑慮。我們嚴肅看待這些疑慮。企業有責任在其社區中贏得信任。自成立以來，Equinix 與地方政府、公用事業單位及鄰里建立了穩固關係。我們會及早投入，並在建置前以開放態度溝通互動。

We listen intently and adapt to local feedback, and we invest for the long term. That's how we've always done business, and it's why we're so well positioned today. Our teams bring deep experience and a clear understanding of how to align the needs of our business with the needs of our neighbors. And our recent work in Georgia is a good example of this. This quarter, we announced a 20-year agreement with Central Georgia Electric Membership Corporation.

我們專注傾聽並依據在地回饋調整，同時進行長期投資。這一直是我們的經營方式，也是我們今日能如此有利定位的原因。我們的團隊具備深厚經驗，並清楚理解如何讓企業需求與鄰里需求一致。我們近期在喬治亞州的工作就是很好的例子。本季，我們宣布與 Central Georgia Electric Membership Corporation 簽署一份為期 20 年的協議。

Equinix will fund the new substation and transmission lines our campus requires and cover all costs undertaken by the utility on our behalf. This protects local ratepayers whilst giving us reliable long-term access to the power we need to grow. Our investment is also expected to bring up to $20 million a year in local property tax revenue and nearly 1,000 local jobs, creating a true win-win. We build with communities not around them, and this will remain our approach as we deliver the capacity our customers need. Delivering capacity at pace takes capital.

Equinix 將出資興建我們園區所需的新變電站與輸電線路，並承擔公用事業單位代表我們所產生的全部成本。這在保障當地用戶電價負擔的同時，也讓我們能可靠地長期取得成長所需的電力。我們的投資亦預期每年可帶來最高 2,000 萬美元的地方財產稅收入，以及近 1,000 個在地工作機會，形成真正的雙贏。我們與社區一起建置，而不是繞過社區；在交付客戶所需產能的過程中，這仍將是我們的做法。要以速度交付產能需要資本。

My view on this is pretty simple. How and where you allocate capital matters as much as what you build, especially when markets are volatile and uncertain. This is where our financial strength is a true competitive advantage as it provides stability whilst enabling value-creating investments in growth. We believe we will be able to drive significant capacity expansion whilst maintaining our investment-grade credit rating, low leverage and favorable cost of capital. Our stabilized portfolio generated a 27% cash-on-cash return during the quarter.

我對此的看法很簡單。在市場波動且不確定時，你如何以及在哪裡配置資本，與你建什麼同樣重要。這正是我們財務實力成為真正競爭優勢之處：它在提供穩定性的同時，也使我們能進行創造價值的成長投資。我們相信，在維持投資級信用評等、低槓桿與有利資本成本的同時，我們仍能推動顯著的產能擴張。本季，我們的穩定化資產組合產生了 27% 的現金對現金報酬率。

We have consistently earned mid-20% returns and we expect to do the same on new capacity in the coming years. Those returns, combined with our broader competitive advantages, creates an engine of compounding growth and value creation. That's why we expect revenue and AFFO growth through our long-term outlook period. Our financial strength allows us to make sustained investment in growth, and it's a big reason we're confident in the road ahead. Olivier will walk you through more detail on our performance, balance sheet and outlook.

我們一向穩定取得約 20% 中段的報酬率，並預期未來幾年在新增產能上也能達到同樣水準。這些報酬率，加上我們更廣泛的競爭優勢，形成複利式成長與價值創造的引擎。因此，我們預期在長期展望期間，營收與 AFFO 都將成長。我們的財務實力使我們能持續投資成長，這也是我們對前路充滿信心的重要原因。Olivier 將為各位更詳細說明我們的業績、資產負債表與展望。

Olivier, over to you.

Olivier，交給你。

Thank you, Adaire. Our strong third quarter performance reflects our differentiated market position and ability to support a diverse and evolving set of technology requirements. Through unmatched infrastructure, interconnection and ecosystem, we're helping customers simplify complexity, accelerate deployment, maximize returns and deliver value.

謝謝你，Adaire。我們第三季的強勁表現，反映出我們差異化的市場定位，以及支援多元且持續演進之技術需求的能力。透過無可匹敵的基礎設施、互連與生態系，我們正協助客戶簡化複雜性、加速部署、最大化報酬並創造價值。

Turning to Slide 7 on the earnings presentation, with all growth rates presented on a normalized and constant currency basis. Monthly recurring revenues increased 11% year-over-year and total revenues increased 12% year-over-year, reflecting underlying demand strength and conversion of record bookings into revenue. Our adjusted EBITDA margin was [51.4%], up 180 basis points year-over-year driven by strong revenue performance, continued cost discipline and operating leverage. And AFFO per share increased 12% year-over-year on a normalized basis. Including the atNorth closing, AFFO per share increased 18% year-over-year.

接著請看財報簡報的第7頁，所有成長率皆以標準化及固定匯率基礎呈現。月度經常性收入年增11%，總收入年增12%，反映基本需求強勁，以及創紀錄的預訂量轉化為收入。我們的調整後EBITDA利潤率為[51.4%]，年增180個基點，主要受惠於強勁的收入表現、持續的成本紀律與營運槓桿。以標準化基礎計算，每股AFFO年增12%。包含atNorth完成交割在內，每股AFFO年增18%。

Our nonfinancial metrics also demonstrated continued momentum and clear progress against our strategy. As Adaire mentioned, pricing on new deals was up 12% year-over-year, we expect this pricing strength will be durable. Churn was again well managed at 1.7%, primarily due to renewal execution and timing. Customers churned out at an average density of 5 kilowatts per cabinet and in at an average density of 7-kilowatt per cabinet, reflecting rising densities from AI workloads. We added 6,900 net interconnections in the quarter, and we increased net cabinet billing by 5,700 in the quarter, while our backlog sold but not yet installed reached a record level.

我們的非財務指標也展現持續動能，並在策略推進上取得明確進展。如Adaire所提，新案定價年增12%，我們預期此一定價強勢將具持久性。流失率再次維持良好管理，為1.7%，主要與續約執行與時點有關。流失客戶的平均密度為每機櫃5千瓦，而新增客戶的平均密度為每機櫃7千瓦，反映AI工作負載帶動密度提升。本季我們新增6,900條淨互連，並將淨機櫃計費量增加5,700個；同時，我們已售出但尚未安裝的積壓訂單達到歷史新高。

Slide 10 details the strong performance and returns generated by our investments. Our 193 stabilized assets are collectively 83% utilized and interconnection revenue in this pool increased 10% year-over-year, outpacing colocation revenue performance at a strong 7% growth year-over-year. We generated a 27% cash-on-cash yield, reflecting the differentiated value we provide for our customers.

第10頁詳述我們投資所帶來的強勁表現與報酬。我們的193項成熟資產合計使用率為83%，該資產池的互連收入年增10%，優於同置（colocation）收入年增7%的強勁表現。我們創造了27%的現金對現金報酬率，反映我們為客戶提供的差異化價值。

On Slide 11, total capital expenditures for the quarter were approximately $1.6 billion, with roughly 90% directed towards capacity expansion. Since our last earnings call, we opened six new projects across six metros, including Dubai, Frankfurt, Miami, Paris and Sydney.

在第11頁，本季資本支出總額約為16億美元，其中約90%用於擴充產能。自上次財報電話會議以來，我們在六個都會區啟用六個新專案，包括杜拜、法蘭克福、邁阿密、巴黎與雪梨。

Turning to Slide 12. Our balance sheet and capital strategy are competitive advantages that enable significant growth due to the mix of low leverage, favorable cost of capital and the strong returns we generate. A few highlights. We have 4.1 times net leverage, $9.1 billion of available liquidity, a 3.2 percentage blended in-place borrowing rate primarily fixed with an average maturity over six years, access to lower cost capital globally to fund growth. And as Adaire mentioned, a significant spread between our cost of capital and the mid-20% cash-on-cash yields we achieved on investment.

接著看第12頁。我們的資產負債表與資本策略是競爭優勢，憑藉低槓桿、有利的資金成本組合，以及我們所創造的強勁報酬，得以支持顯著成長。幾個重點如下。我們的淨槓桿為4.1倍，可用流動性為91億美元；加權平均在位借款利率為3.2個百分點，且以固定利率為主、平均到期年限超過六年；並可在全球取得更低成本資金以支持成長。此外，如Adaire所提，我們的資金成本與投資所達成的約中20%區間現金對現金報酬率之間，存在顯著利差。

We utilize the wide range of capital sources available to us. Our capital strategy is helping drive multiple years of outsized growth while retaining the stability focused aspects of our financial position. Per our long-term outlook, we will plan to double the size of our portfolio with only a modest leverage increase, allowing us to maintain our current and critically important investment grade credit ratings.

我們運用多元且廣泛的資金來源。我們的資本策略在維持財務體質中以穩健為核心的同時，正推動連續多年的超常成長。依據我們的長期展望，我們計畫在僅小幅提高槓桿的情況下，將投資組合規模倍增，使我們得以維持目前且至關重要的投資級信用評等。

Please now turn to Slides 14 to 17 for an update to our guidance. All growth rates are presented on a normalized and constant currency basis. Supported by the robust demand environment and strong execution, we are raising our 2026 guidance. It reflects our recent outperformance and improved outlook for the remainder of the year.

接下來請看第14至第17頁，了解我們最新的財測指引。所有成長率皆以標準化及固定匯率基礎呈現。在強勁需求環境與優異執行力的支持下，我們上調2026年指引。此反映我們近期的優於預期表現，以及對今年剩餘期間展望的改善。

For the fourth quarter, we expect continuing strength, including year-over-year monthly recurring revenue growth of 10% to 11% and total revenue growth of 12% to 13%. For the full year, we are raising guidance for the following key items: total revenue by $100 million to approximately 12% growth year-over-year. Monthly recurring revenue to a range of 10% to 11% growth year-over-year. Adjusted EBITDA by $70 million to a margin of approximately 51%, AFFO by $90 million, including a $31 million contribution from atNorth and AFFO per share of $0.92 to a range of 11% to 12% growth year-over-year. Excluding real estate acquisitions and xScale, we continue to expect total capital expenditures of $5 billion to $6 billion.

就第四季而言，我們預期強勢將延續，包括月度經常性收入年增10%至11%，以及總收入年增12%至13%。就全年而言，我們上調以下關鍵項目的指引：總收入上調1億美元，至年增約12%。月度經常性收入至年增10%至11%的區間。調整後EBITDA上調7,000萬美元至利潤率約51%；AFFO上調9,000萬美元（其中包含atNorth貢獻的3,100萬美元）；每股AFFO為0.92美元，對應年增11%至12%的區間。排除不動產收購與xScale後，我們仍預期資本支出總額為50億至60億美元。

As Adaire noted, a significant proportion of our planned capacity addition for the remainder of 2026 and 2027 is already committed through bookings and presales, increasing visibility into future growth and returns.

如Adaire所指出，我們在2026年剩餘期間及2027年的計畫新增產能中，有相當比例已透過預訂與預售承諾，提升了對未來成長與報酬的能見度。

In closing, our differentiated positioning, strong performance and strategic execution provide a high degree of confidence in our robust outlook for 2026 and the coming years.

總結而言，我們的差異化定位、強勁表現與策略執行，讓我們對2026年及未來數年的強勁展望具備高度信心。

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

接下來我把電話交回給Adaire。

Thanks, Olivier. I'll sum up by saying demand is strong across our diverse customer base with greater pricing power beginning to materialize in our results. Capacity is expanding ahead of plan, and the strength of our balance sheet is enabling investments in growth at attractive returns. We're extremely well positioned in the current market and our Q3 results bear this out, driven by sustained progress against our strategic pillars of Serve Better, Solve Smarter and Build Bolder.

謝謝，Olivier。我總結一下：在我們多元的客戶基礎中，需求依然強勁，而更高的定價能力也開始在我們的結果中逐步顯現。產能擴張進度超前計畫，而我們資產負債表的強健，使我們能以具吸引力的報酬投入成長投資。在目前市場環境下，我們具備極佳的定位，第三季結果也印證了這一點；其動能來自我們在「服務更好（Serve Better）」、「更聰明地解決（Solve Smarter）」與「更大膽地建設（Build Bolder）」等策略支柱上的持續進展。

We will remain agile and resilient with our relentless focus on what we control and disciplined execution to capitalize on the significant opportunities ahead. Equinix is the neutral exchange enterprises trust to run, connect and orchestrate their most critical workloads. Our differentiated platform, our disciplined approach to capital and our ability to execute at scale set us apart. That's the foundation of long-term value creation, and it's why we're confident in our direction.

我們將持續保持敏捷與韌性，專注於我們可控的事項並以紀律化執行，把握前方重大的機會。Equinix是企業信賴的中立交換平台，用以運行、連接並協調其最關鍵的工作負載。我們差異化的平台、對資本的紀律化方法，以及規模化執行能力，使我們脫穎而出。這是長期價值創造的基礎，也是我們對前進方向充滿信心的原因。

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

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

David Guarino, Green Street.

David Guarino，Green Street。

Hey, thanks. A question on the gross bookings number since that's still a new metric we're getting used to. Any additional detail is helpful. But was this an outlier quarter? Or do you think the business has the potential to push north of $0.5 billion going forward as a sustainable pace?

嗨，謝謝。我想問一下總預訂額（gross bookings）這個數字，因為這仍是我們正在適應的新指標。任何額外細節都很有幫助。但這一季是否屬於異常偏高的一季？或者你們認為，未來業務有潛力把可持續的節奏推升到5億美元以上？

And then could you just remind us, too, if the atNorth portfolio was included in the 3Q figures or if that's excluded?

另外也請提醒我們，atNorth投資組合是否已納入第三季數據，還是被排除在外？

Hi, David, thank you for the question. Annualized gross bookings, are those bookings that occur within the quarter where we anticipate that we will be able to convert them to revenue within a 90-day window. This was our first milestone past $0.5 billion in annualized gross bookings, and didn't represent actually the full exchange -- the full range of our total sales activity, which if we include presales, meant that our growth rate year-on-year was at 38%.

嗨，David，謝謝你的提問。年化總預訂額（annualized gross bookings）是指在本季度內發生、且我們預期能在90天窗口內轉換為營收的預訂。這是我們首次達成年化總預訂額超過5億美元的里程碑，但這並未實際涵蓋——也就是未完整反映——我們全部的交易量範圍；若將售前（presales）也納入，我們的年對年成長率為38%。

We have a very strong disciplined execution. We have a very strong pipeline. And as I mentioned in my prepared remarks, we have 60% of our Q4 target budget already closed. So the momentum in the business is very strong at this point.

我們的執行非常強而且自律。我們有非常強勁的案源管線（pipeline）。而且如我在事先準備的發言中提到的，我們第四季目標預算已有60%完成簽約結案。因此，目前業務動能非常強。

As it relates to atNorth, can I just get reminded of the question, unless -- did you catch, Olivier?

至於 atNorth 的部分，我可以請你再提醒我一下問題是什麼嗎——除非——Olivier，你有聽到嗎？

Yes, I did. So David, atNorth was not part of those statistics. This is not going to be a consolidated entity. We will use the equity method to recognize our share of ownership of atNorth, and you will see that in the earnings, other incomes. But no impact in the numbers we have just discussed.

有，我有聽到。所以 David，atNorth 不包含在那些統計數據之內。這不會是一個合併報表的實體。我們將採用權益法（equity method）認列我們在 atNorth 的持股份額，你會在損益表的其他收入（other incomes）中看到。但對我們剛才討論的那些數字沒有影響。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO Capital Markets。

Thanks and good afternoon. Hoping you can provide a little bit more color on the pricing opportunity you've talked about. You've also previously alluded to potentially shifting cross-connect pricing towards more of a consumption based model, would that represent an incremental opportunity on top of the renewal pricing?

謝謝，下午好。希望你們能就你們談到的定價機會提供更多細節。你們先前也曾提到，可能將交叉連接（cross-connect）定價轉向更偏向用量計費（consumption based）的模式；這是否代表在續約定價（renewal pricing）之外的額外增量機會？

And then lastly, stabilized recurring revenue growth has generally been in the mid-single digits and was 7% this quarter. With the various pricing levers you have available, what do you think that growth could ultimately look like?

最後，穩定化經常性收入（stabilized recurring revenue）成長通常在中個位數區間，而本季為7%。在你們可運用的各種定價槓桿之下，你認為這個成長最終可能會呈現什麼樣的水準？

Okay. Aryeh, there's three big questions in there. So perhaps Olivier and I will jointly answer them. Let me first refer to pricing, and I'll probably do this more broadly. I think as we discuss pricing, the most important element for us in any discussion around pricing is the value that we deliver to our customer.

好的。Aryeh，你這裡面有三個大問題。所以也許 Olivier 和我會一起回答。我先談定價，而且我可能會更廣泛地說明。我認為在我們討論任何定價議題時，最重要的要素是我們為客戶交付的價值。

So that's front and center for us from an environment perspective, though, it is fair to say that we are in an exceptionally strong environment and particularly as it relates to colocation because much of the CapEx in our industry is focused elsewhere, there isn't enough capacity to satisfy the demand that we see in the market. So we believe that we're at the very early stage of durable pricing strength going forward.

因此，這對我們而言是最核心的。不過就環境面來看，公平地說，我們正處於一個特別強勁的環境，尤其是在機房託管（colocation）方面，因為我們產業的資本支出（CapEx）多數集中在其他領域，市場上沒有足夠的容量來滿足我們看到的需求。因此，我們相信我們正處於未來可持續定價力（durable pricing strength）的非常早期階段。

There are a few elements that drive this. First off, let me walk you through them. The first off is new deals. So this is the going rate for a unit of capacity. And as you can see, that was a 12% growth year-on-year this quarter.

有幾個要素驅動這件事。首先，我帶你逐一說明。第一個是新交易（new deals）。也就是一個容量單位的市場成交價（going rate）。如你所見，本季年對年成長為12%。

As you look at the entry point, that ultimately obviously moves its way into MRR further in the customer life cycle. But it does give you an opportunity then to review your installed base through the lens of the price that you have at entry and to look at the spread current to the -- against the current going rate.

當你看進場價（entry point）時，它最終顯然會在客戶生命週期的後續逐步反映到 MRR（每月經常性收入）中。但它也讓你有機會，透過進場時的價格來檢視既有客戶基礎（installed base），並比較目前價格與——相對於當前市場成交價之間的價差（spread）。

We have a very clear view of our available to renew. We have a very large installed base, as you know, and we are proactively activating opportunities to renew at higher rates. This is something that we will be able to enact over the course of the next period of time because often, our contracts are shorter in duration than those that exist in the wholesale window, that gives us the ability to review those contracts and pricing in shorter time frames.

我們對可續約的合約（available to renew）有非常清楚的掌握。如你所知，我們有非常龐大的既有客戶基礎，而且我們正主動啟動以更高費率續約的機會。這是我們在接下來一段時間內能夠推動的事情，因為我們的合約期限往往比批發（wholesale）市場的合約更短，這讓我們能在更短的時間框架內檢視合約與定價。

And finally, once you look at our pricing capability in terms of new deals, the opportunity to do a mark-to-market with our installed base, then you can look at the incremental opportunities that we can add on top of our market momentum, incremental opportunities, such as the power densities within our footprint and of course, our interconnection portfolio. All of these pieces fuel MRR per cab, and all of them contributed to the stabilized yield of 27% cash and cash returns that you saw. So just a little bit of overview on our pricing dynamics.

最後，當你看完我們在新交易上的定價能力、以及對既有客戶基礎進行按市價重估（mark-to-market）的機會之後，你就可以再看我們能在市場動能之上疊加的增量機會，例如我們機房版圖內的電力密度（power densities），當然還有我們的互連（interconnection）產品組合。所有這些都會推動每機櫃 MRR（MRR per cab），而且它們都對你所看到的27%穩定化收益率（stabilized yield），也就是現金與現金回報（cash-on-cash returns），有所貢獻。以上是我們定價動態的一點概述。

The second part of your question related to interconnection pricing. Interconnection, as you know, is an extremely important differentiator for us. We currently have 2 times number of interconnections to our next largest competitor. And we've undertaken an intentional evolution of our interconnection offering where we are looking to enhance our interconnection offering with new products, both of which we launched last quarter, Equinix Fabric One and the Equinix Inference Exchange, because this will provide an increasing enabler for enterprises executing against our evolving technology strategy.

你問題的第二部分與互連定價有關。如你所知，互連對我們而言是極其重要的差異化因素。我們目前的互連數量是下一個最大競爭對手的2倍。我們也在有意識地推動互連產品的演進，透過新產品來強化互連供給；這兩項產品我們在上季都已推出：Equinix Fabric One 與 Equinix Inference Exchange，因為這將為企業在執行我們不斷演進的技術策略時提供更強的賦能。

So as we look at interconnection, which represents, as you know, 19% of our revenue, we are looking at this through the lens of the ability to look at packaging and pricing as part of our new product portfolio. But I think a great indicator of the trend for interconnection longevity in terms of pricing is our stabilized assets. As Olivier mentioned in his prepared remarks, interconnection shows a 10% growth over the 7% growth in stabilized assets colo revenue. I think, an indicator of a trend for the broader base within Equinix.

因此，當我們看互連（如你所知約占我們營收的19%）時，我們會從新產品組合的角度來看其包裝（packaging）與定價能力。但我認為，觀察互連在定價面向的長期趨勢，一個很好的指標是我們的穩定化資產（stabilized assets）。如 Olivier 在事先準備的發言中提到，互連在穩定化資產中呈現10%的成長，高於穩定化資產機房託管（colo）營收7%的成長。我認為這是 Equinix 更廣泛客群基礎的一個趨勢指標。

On your second question about the return on the stabilized assets and how this pricing dynamic, which is just the start and positive, will influence our mid-20% cash-on-cash yields. Clearly, we're executing well. I'm not going to go through the details of the various levers. And we'll come back to you when these numbers need to change. But clearly, the team is doing a great job at maximizing the value of the great assets we have built over the years.

至於你第二個問題，關於穩定化資產的回報，以及這個定價動態（目前只是開始且是正向的）將如何影響我們20%中段（mid-20%）的現金對現金收益率（cash-on-cash yields）。很明顯，我們執行得很好。我不會逐一細談各種槓桿的細節。當這些數字需要調整時，我們會再回來更新你。但很明顯，團隊在最大化我們多年來打造的優質資產價值方面做得非常出色。

Michael Rollins, Citi.

Michael Rollins，Citi。

Thanks and good afternoon. So first, curious if you could share more detail as to what's been driving down your MRR churn on a quarterly basis? And when you think about the guidance that you gave for annual revenue growth over the long term, so the annual rate, I think you said it at 10% to 13%. I'm curious what churn assumption you thought about there because if it's the 2% to 2.5% that you historically used, so 2.25% at the midpoint, you've been averaging like 1.7% to 1.8% last three quarters. That's a 50 basis point difference from an annualized basis, 2%. I'm just trying to wonder what that means for your revenue growth opportunities over time.

謝謝，下午好。首先想請教，你是否能分享更多細節，說明是什麼因素在季度層面推動你們的 MRR 流失率（churn）下降？另外，關於你們給出的長期年度營收成長指引，我想你提到的年增率是10%到13%。我好奇你在那裡採用的流失率假設是什麼，因為如果是你們歷史上使用的2%到2.5%（中點2.25%），但你們過去三個季度平均大約是1.7%到1.8%。以年化基礎來看，這相當於比2%低了50個基點。我只是想了解，這對你們隨時間推進的營收成長機會意味著什麼。

And then secondly, in the prepared comments, you referred to 25,000 transactions from a certain cohort of customers. And I think in the past that you kind of framed that in deal terms as opposed to transactional terms. And so I'm curious if you could put some context around what makes up a transaction? And how does that 25,000 compare historically, just to put that into context in terms of the volume of business that you're processing?

其次，在你們事先準備的評論中，你提到某一客群有 25,000 筆交易。我記得過去你們比較常用「成交（deal）」的角度來描述，而不是用「交易（transaction）」的角度。所以我想請你補充一些背景：一筆「交易」具體包含哪些內容？另外，從歷史角度來看，這 25,000 筆相較於過去如何，能否也幫我們放在你們正在處理的業務量脈絡中理解？

Thank you so much, Mike. So let me address the churn question in the first instance. We have a number this quarter of 1.7%, and that follows on from similar numbers in previous quarters. There are probably a number of contributing factors to this. One, I think, is the execution of our team, getting our arms around our available to renew, engaging with our customers early and ensuring that perhaps it isn't just an opportunity to renew, but an opportunity to look at the negotiated pricing and an opportunity for upsell of other products and services within the Equinix portfolio.

非常感謝你，Mike。那我先回應流失率（churn）這個問題。我們本季的數字是 1.7%，而且前幾季也大致是類似的水準。這背後可能有幾個因素共同造成。第一，我認為是我們團隊的執行力：把握可續約客戶（available to renew），提早與客戶互動，並確保續約不只是「續約」本身，也是一個檢視議價後價格、以及在 Equinix 產品與服務組合內進行加售（upsell）的機會。

I think the second element, of course, is market conditions. We are in a constrained capacity environment. And so customers are less likely to churn out in that environment in an environment where they perhaps have more multiple choices that are available to them today, particularly given the colo market dynamics.

第二個因素當然是市場環境。我們目前處於容量受限的環境。在這種情況下，客戶較不容易流失；相較之下，如果他們今天有更多可選擇的方案，流失的可能性會更高，尤其考量到機房代管（colo）市場的動態。

So those two, I think, are two elements. I don't see either of those two necessarily changing in the short to medium term. We continue for the remainder of this year to look at 2% to 2.5%, and that's something that we will refresh when we refresh our guide in February. However, as we do look at our installed base and we look at the opportunity to mark-to-market in our installed base, it is possible that we may choose to do selective churns where we may choose to churn out with intention a customer that's operating at a particular price point and perhaps low interconnection or network density and churn in a customer that has some of the opposite parameters. And so you may see that number move as a result of some intentional activity on our part as we look at the opportunity for mark-to-market pricing during our renewal process.

所以我認為主要是這兩個因素。我不認為這兩點在短到中期內會有必然的改變。今年剩餘期間，我們仍預期流失率在 2% 到 2.5% 之間；我們會在 2 月更新指引時再行更新。不過，當我們檢視既有客戶基礎（installed base），並評估在既有客戶中進行市價調整（mark-to-market）的機會時，我們也可能選擇進行選擇性流失：也就是有意識地讓某些在特定價格點、且互連或網路密度較低的客戶流失，並引入具備相反特徵的客戶。因此，當我們在續約流程中把握市價調整定價的機會時，你可能會看到這個數字因為我們的主動作為而有所變動。

Your second question related to the number of transactions and the 25,000 number that we mentioned. We have actually mentioned this in previous earnings. This is primarily the transactions that run through our portal. The transactions that are self-served by customers, they might tend to be extensions to existing facilities. That might be a couple of additional cross-connects or something where you don't really want to deploy the cost of sale on providing that service through to a customer.

你的第二個問題是關於交易筆數，以及我們提到的 25,000 這個數字。其實我們在過去的財報電話會議中也提過。這主要是透過我們入口網站（portal）進行的交易。也就是客戶自助完成的交易，通常可能是既有機房設施的延伸。例如新增幾條交叉連接（cross-connects）之類的需求，這種情況下你不一定希望投入銷售成本去為客戶提供該服務。

So the portal process is an important aspect of our go-to-market motion, it extends our reach, manages our cost of scale and allows customers to sell serve in a very simplistic way in order to increase their footprint at Equinix as appropriate.

因此，入口網站流程是我們市場進入策略（go-to-market motion）的重要一環：它能擴大我們的觸及範圍、管理規模化成本，並讓客戶以非常簡單的方式自助服務，從而在適當時機擴大其在 Equinix 的佈局規模。

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行。

Thanks for taking the question. So I know it's only been 1 quarter since you updated the long-term guidance range. But just thinking through the strong bookings that you had in the third quarter, and it sounds like you're off to a very good start in Q4, the ramping capacity deliveries, but then just coupling that with changing interest rates up a lot since you last reported. How that all informs how we should think about the long-term guide, the lower half versus the upper half as we look forward into 2027 versus the latter part of the guide?

謝謝讓我提問。我知道你們更新長期指引區間才過了 1 個季度。但回頭看第三季強勁的簽約（bookings），而且聽起來第四季開局也非常好，再加上產能交付正在加速；同時利率自你們上次報告以來又上升不少。綜合這些因素，這會如何影響我們對長期指引的看法——當我們展望到 2027 年、以及指引後段期間時，應該更偏向區間下緣還是上緣？

Thanks so much, Eric. Thank you for -- and thank you for commenting that it's only been 90 days since we updated our outlook. Look, at a high level, we are actualizing exceptionally well against our expectations. Demand is strong. You can see this in the record sales activity in the lower churn and in the revenue performance.

非常感謝你，Eric。也謝謝你——謝謝你提到我們更新展望才過了 90 天。整體而言，我們在落實（actualizing）既定預期方面表現非常出色。需求強勁。你可以從創紀錄的銷售活動、較低的流失率，以及營收表現中看得出來。

We have a very healthy pricing environment with new deal pricing up 12%. Expenses are very well controlled, and I think with more to come over the next few years. We're delivering capacity ahead of schedule and at consistently strong returns. And this is a testament to the very hard work of our GDC teams globally. And the team remains highly focused on delivering the critical capacity that we need in order to support our customers' growth and across our portfolio.

我們的新案定價環境非常健康，新交易定價上升 12%。費用控管得非常好，而且我認為未來幾年還會有更多改善空間。我們的產能交付進度超前，且持續維持強勁的報酬。這也證明了我們全球 GDC 團隊非常辛勤的努力。團隊仍高度聚焦於交付我們所需的關鍵產能，以支持客戶成長並覆蓋我們的整體產品組合。

So we don't really see this as a demand question. It's really an execution opportunity against a complex and dynamic environment. And in our outlook, we had assumed some higher levels of rates because rates have moved higher. And we believe that we have some real cost of capital advantages. So I guess, all in all, we're pretty confident about our long-term guide.

所以我們不太把這視為需求面的問題。這更像是在複雜且動態的環境中，把握執行面的機會。而在我們的展望中，我們已假設利率水準會更高，因為利率確實已上升。我們也相信自己在資本成本（cost of capital）方面具備一些實質優勢。因此總體來說，我們對長期指引相當有信心。

Michael Funk, Bank of America.

Michael Funk，美國銀行。

Yeah, great. Thank you for the questions today so Adaire, earlier I think you mentioned you have a number of projects in progress, of course, across various areas. But can you comment on any development delays that you're seeing within those projects and particularly where those delays exist? And then maybe one if I could. On the margin expansion, you're showing good progress this year. Can you walk us through the opportunity for further margin expansion and leverage you can pull?

好的，很棒。謝謝今天的提問。Adaire，我記得你先前提到你們在多個領域都有不少專案正在進行中。你能否談談你們在這些專案中看到的任何開發延遲情況，特別是延遲主要出現在哪些地方？另外如果可以再問一個：今年你們的利潤率擴張（margin expansion）進展不錯。能否帶我們了解一下進一步擴大利潤率的機會，以及你們可以運用哪些槓桿？

Okay. Thank you so much for the question. I'll take the project question, and perhaps Olivier will comment for you on the margin expansion. I guess there's a number of concerns in the market more broadly around a few factors that impact our segment. Factors such as power availability, community sentiment and regulation, all three converging on our industry simultaneously.

好的，非常感謝你的問題。我先回答專案的問題，至於利潤率擴張，或許 Olivier 會為你說明。我想市場整體對於幾個會影響我們產業區塊的因素，確實有不少疑慮。例如電力供應可用性、社區觀感與法規監管，這三者同時在我們的產業匯聚。

I think there are a few factors here that are extremely important to understand about Equinix' ability to navigate those three sets of very different challenges. And of course, the concerns that you voice are very valid concerns. We've been operating and building data centers for three decades, so we are not a new entrant to this market. And that means that we have a track record of collaboration, of transparency, of early engagement, of stewardship, all of the things that matter to the communities that we operate in and all of the things that we engage directly with communities on.

我認為這裡有幾點對理解 Equinix 如何因應這三類截然不同的挑戰非常重要。當然，你提出的疑慮都是非常合理的。我們營運並建置資料中心已經三十年，因此我們不是這個市場的新進者。這代表我們在協作、透明度、及早溝通、以及管理責任（stewardship）方面都有長期紀錄——這些都是我們所營運的社區所重視的，也都是我們與社區直接互動時會著力的重點。

We have a very differentiated pipeline when it looks at our builds. First of all, our build profile is quite different. We're building between 40 to 60 megawatts on average, and underpinning everyday core critical workloads with that. As I mentioned, we do have 3 gigawatts of developable capacity. But we only announce when we've been through some external hurdles.

在建置方面，我們擁有非常差異化的開發管線（pipeline）。首先，我們的建置輪廓（build profile）相當不同。我們平均每個案子建置約 40 到 60 兆瓦，並以此支撐日常核心關鍵工作負載。如我所提，我們確實有 3 吉瓦的可開發容量。但我們只會在通過一些外部門檻之後才對外公告。

In other words, when we know that we have cleared permitting schedules, when we have energized that land and so on. We have a very diversified portfolio and pipeline. This quarter alone, we have 48 builds across 32 cities. So this means that we can manage opportunity and we can manage challenge, moving one project forward to perhaps supplement another that might have slowed down.

換句話說，當我們知道已經完成許可時程、已為該土地通電等等時。我們擁有非常多元化的投資組合與專案管線。光是本季，我們就在32個城市進行48個建置案。這表示我們能夠管理機會，也能夠管理挑戰，將某個專案往前推進，以便在另一個可能放緩的專案上提供補充。

And I also think it's important to understand that we're not doing very many greenfield developments where we're breaking soil on greenfield in the first instance. Most of our developments are in industrial zones. Often, it's the sixth building on a campus where there may already be 5 and people are very familiar with us. And so that kind of mitigates a little some of the sentiments that other larger builders are potentially feeling. It doesn't mean that we're immune to all of the things that are happening in the industry.

我也認為重要的是要理解，我們並沒有做很多綠地開發，也就是一開始就在綠地上破土動工的那種。我們大多數的開發都在工業區內。很多時候，這是某個園區的第六棟建築，可能已經有5棟，而大家對我們非常熟悉。因此，這在某種程度上緩解了其他大型建商可能感受到的一些情緒。但這並不代表我們對產業正在發生的一切完全免疫。

For example, we had a project underway that we were looking at in Dubai. And given what's happening in the region at a macro level, we delayed that project.

例如，我們在杜拜有一個正在推進、我們也在評估的專案。鑑於該地區在宏觀層面正在發生的情況，我們延後了該專案。

But again, because we run a portfolio, we were able to supplement other projects in. It also doesn't mean that we don't experience some delays as it relates to power. But typically, with the utilities because we're asking for a much smaller footprint than others, we have more certainty about that power delivery.

但同樣地，因為我們是以投資組合方式在運作，我們能夠以其他專案來補上。這也不代表我們在電力相關方面不會遇到一些延遲。但通常就公用事業單位而言，由於我們要求的占地規模遠小於其他人，因此在電力交付上我們有更高的確定性。

And so all in all, we feel really confident given the different way that we're executing against our capacity, even against the backdrop that we are not tone-deaf to, we're very confident about our ability to deliver the capacity that our growth objectives need. Olivier do you want to comment?

總體而言，鑑於我們以不同方式來執行產能擴張，即使在我們並非充耳不聞、而是非常清楚的外部背景之下，我們仍然非常有信心能交付成長目標所需的產能。Olivier，你要補充一下嗎？

Yeah, to comment on the profitability, clearly, our team is executing very well on multiple levels. So we are operationalizing our game plan, the elements of our 2029 guide very well. Few statistics and Michael, I know you know those. But a reminder, we are going to -- we expect to increase the EBITDA margin by 2 points in 2026 relative to last year.

好的，談到獲利能力，很明顯我們的團隊在多個層面都執行得非常好。因此，我們正在把我們的作戰計畫、以及2029年指引的各項要素落地執行得很好。提供幾個數據，Michael，我知道你也很清楚。提醒一下，我們預期在2026年相較去年將EBITDA利潤率提高2個百分點。

And we said we'll be -- it would end up the year at about 51%. And we said we will be over 53% or over by 2029. Now your questions about the levers, multiple pricing, and we spend a lot of time on this call to describe how well we are doing today in terms of new deal pricing, renewal and upsell. SG&A is also a key lever. You can read that in the P&L today, the progress we are making at Equinix functionalization, standardization, automation are the levers we will use there.

我們也說過，今年年底大約會在51%左右。並且我們表示到2029年將超過53%或更高。至於你問到的槓桿，包括多重定價（pricing），我們在這通電話上花了很多時間說明我們目前在新合約定價、續約與加購（upsell）方面做得多好。SG&A也是一個關鍵槓桿。你今天可以從損益表（P&L）中看到，我們在Equinix的職能化、標準化與自動化方面取得的進展，這些就是我們將在那裡使用的槓桿。

And last but not least, our team and our operating team is managing cost to build data centers very well as well despite the environment. So we feel good about how we are operationalizing margin improvement, Michael.

最後但同樣重要的是，儘管環境如此，我們的團隊與營運團隊也把資料中心建置成本管理得非常好。因此，我們對於如何把利潤率改善落地執行感到很有信心，Michael。

Nick Del Deo, MoffettNathanson.

Nick Del Deo，MoffettNathanson。

Hi, thanks for taking my question. Adaire, you seem very excited about Equinix Fabric One and the Inference Exchange. I was wondering if you could talk a little bit about the degree to which those products stem from Equinix trying to anticipate where the market is heading, and trying to get in front of those trends versus responding to customers saying that these are solutions we need? And anything regarding the degree to which you think they might help revenue growth over the coming years would be interesting, too.

嗨，謝謝讓我提問。Adaire，你看起來對Equinix Fabric One和Inference Exchange非常興奮。我想請你談談，這些產品在多大程度上是源自Equinix試圖預判市場走向、並搶先布局這些趨勢，而不是回應客戶表示「我們需要這些解決方案」？另外，關於你認為它們在未來幾年可能對營收成長有多大幫助的任何看法，也會很有意思。

Thanks very much. Thanks very much, Nick. Yes. You're right. I'm very excited about the capabilities that we're providing to customers here with these new products.

非常感謝。非常感謝你，Nick。是的，你說得對。我對我們透過這些新產品為客戶提供的能力感到非常興奮。

I guess, elements of this is really trying to get ahead of some of the challenges that we think our customers will need to navigate as they look to agentify large proportions of their business. And of course, we don't do this in absentia of customer feedback. We have very active customer advisory boards and get a lot of input from real-world challenges that you're facing.

我想，其中一部分確實是試著走在前面，提前因應我們認為客戶在將其業務很大一部分「代理化（agentify）」時需要面對的一些挑戰。當然，我們並不是在缺乏客戶回饋的情況下做這些事。我們有非常活躍的客戶諮詢委員會，並從你們正在面對的真實世界挑戰中獲得大量意見。

For us, Fabric One is really about enhancing the platform. It will allow networking to occur in minutes what used to take weeks to put together with a whole variety of different items that you had to go and separately procure can now be done in minutes. Think of it almost like as the agentification of this function. It's like the easy button for network -- for networking. Customers are going to identify where their data is, where they want it to go and any additional parameters.

對我們而言，Fabric One主要是用來強化平台。它將使得原本需要數週才能完成的網路建置，在幾分鐘內就能完成；過去你必須分別採購各式各樣不同項目，現在都能在幾分鐘內搞定。你可以把它想成幾乎是把這個功能「代理化」。它就像是網路的「一鍵搞定」按鈕——用於網路連線。客戶將會標示他們的資料在哪裡、想把資料送到哪裡，以及任何額外的參數。

And then in the background, it will execute the complexity of the network to deliver that, automate that through AI automation.

然後在背景中，它會執行網路的複雜性以交付該結果，並透過AI自動化來完成自動化。

And we think that this is going to be a significant help for customers who are looking to enable their own inference and agentic strategies. We were delighted to have both AWS and Google Cloud involved with us at Horizon as our integration partners, and we're working to ensure that more clouds join soon and continue expanding it across the ecosystem because it is a true point of multi-cloud, multimodal, multi-process interconnection and differentiation.

我們認為，這將對那些希望推動自身推論（inference）與代理式（agentic）策略的客戶帶來重大助益。我們很高興在Horizon活動上有AWS與Google Cloud與我們一同參與，作為整合合作夥伴；我們也正努力確保很快會有更多雲端加入，並持續在整個生態系中擴展，因為這是一個真正的多雲（multi-cloud）、多模態（multimodal）、多流程（multi-process）互連與差異化的匯聚點。

With the Inference Exchange, this is a partnership with NVIDIA. NVIDIA will provide the compute. We provide the space power interconnection, the ecosystem. Together AI is the first inferencing platform in. They provide the inferencing layer.

至於Inference Exchange，這是與NVIDIA的合作。NVIDIA將提供運算（compute）。我們提供空間、電力、互連以及生態系。Together AI是第一個進駐的推論平台。他們提供推論層（inferencing layer）。

In their inferencing layer there is access to over 200 open models. And this will enable our customers, in a sea of ambiguity because there are a lot of architectural decisions that are being made now, but there is a whole range of changes that are happening at accelerated pace in terms of the technology. So in this type of environment with access to 200 open models allows our customers to avoid lock-in and to be able to change their services in a very, very flexible way.

在他們的推論層中，可存取超過200個開放模型。這將使我們的客戶在一片不確定性之中——因為目前正在做出許多架構決策，同時技術也正以加速的速度發生一連串變化——因此，在這種環境下，能夠存取200個開放模型，讓客戶得以避免被綁定（lock-in），並能以非常、非常彈性的方式調整他們的服務。

And so these, I think, are two additional unique magnets. They're drawing customers into our ecosystem. The official launch is next year. We will be entering beta for both of these products over the course of this quarter, in fact, in the next few days, and with a number of customers for both of these. And then I think once we've come out of that process and gone into GA, then we will have defined pricing and packaging, and we'll be able to share what that might look like going forward in terms of impact on our longer-term guide.

因此，我認為這兩項是額外的、獨特的吸引磁鐵。它們正在把客戶吸引進我們的生態系。正式上市會在明年。事實上，就在本季期間、甚至接下來幾天內，我們將讓這兩項產品進入beta測試，並與多位客戶一同進行。接著我想，一旦我們完成該流程並進入GA（正式可用），我們就會有明確的定價與包裝方案，並能分享未來在對我們長期指引影響方面可能會是什麼樣子。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

Great. Thank you. Congrats on the good quarter. I wanted to ask, with all the kind of disruption in the capital markets right now, there's a lot of new entrants that are sort of struggling in the project financing market. Obviously, Equinix is insulated from that with your investment-grade balance sheet. I guess given that backdrop, do you view Equinix as potentially being a consolidator in this environment, maybe particularly with your xScale business?

很好。謝謝。恭喜本季表現亮眼。我想請教，鑑於目前資本市場的各種動盪，專案融資市場出現許多新進者，且似乎正面臨一些困境。顯然，Equinix 具備投資級資產負債表，因此相對不受影響。在這樣的背景下，您是否認為 Equinix 在此環境中可能成為整併者，尤其是在你們的 xScale 業務方面？

We have a strong balance sheet. We're going to put our balance sheet mainly to fund the exciting growth we have in front of us, and I said that in my prepared remarks, we'll be able to double the capacity while increasing our leverage only moderately. It's at 4.1%. We will be opportunistic if good opportunities are facing us. Yes, that's where we leave it for now.

我們的資產負債表很強健。我們將主要運用資產負債表來資助眼前令人振奮的成長機會；我在事先準備的發言中也提到，我們將能在僅溫和提高槓桿的情況下，把容量擴增一倍。目前在 4.1%。若有好的機會出現，我們也會把握。是的，現階段我們就先說到這裡。

But clearly, we are in a strong position to manage what is in front of us on that front, too.

但很明顯地，在那個面向上，我們也處於非常有利的位置，足以因應眼前的情勢。

Yeah, and just one thing I'd add with regards to being opportunistic, exactly as Olivier said, I think the clear focus and where we're seeing a lot of the momentum is on the retail side of the business. So with regards to where we see those opportunities, I think that would be kind of more of the orientation if those opportunities presented themselves versus on the xScale side.e orientation of those opportunities presented themselves versus on the Xscale side.

是的，另外我想補充一點，關於把握機會這件事，正如 Olivier 所說，我認為我們清楚的重點、以及目前看到動能最強的地方，是在業務的零售端。因此就我們看到的機會而言，如果機會出現，我認為方向會更偏向零售端，而不是 xScale 端。e orientation of those opportunities presented themselves versus on the Xscale side.

David Barden, New Street Research.

David Barden，New Street Research。

Thank you guys so much for taking the questions. Appreciate it. So I guess the first question, Adaire, three years ago, when we found out the Dominion was not going to be able to deliver power as expected to the community of data center desire, it started a cycle of meaningful price increases and maybe even a renaissance in the price volume equation or at least the perception of the price volume equation. And I wanted to get back to something I think Mike asked earlier was this idea that we are now facing potentially a new kind of rolling wave of concern, the data centers are the manifestation of AI, and we can't protest AI, but we can protest data centers. So therefore, is this really a threat? Or is it an opportunity?

非常感謝各位回答問題。很感激。我想第一個問題是，Adaire，三年前，當我們得知 Dominion 無法如預期向資料中心需求社群提供電力時，便引發了一輪顯著的價格上漲，甚至可以說是價格與量之間關係的復興，或至少是市場對價格量關係的觀感改變。我想回到我認為 Mike 先前提到的一點：我們現在可能正面臨一波新的、滾動式的擔憂——資料中心是 AI 的具體呈現，我們無法抗議 AI，但我們可以抗議資料中心。因此，這真的是威脅嗎？還是其實是機會？

Hi, David, nice to hear your voice. I guess we could probably say it could be both. I don't want to be tone deaf to the remarks that you made around power availability. As I mentioned already, we tend to build at a much lower power footprint than many of the wholesale or hyperscale environments build at. This means that there's an easier path for utilities to be able to meet our power demand.

嗨，David，很高興聽到你的聲音。我想我們大概可以說，兩者皆有可能。我不想對你提到的電力可用性議題顯得麻木不仁。如我先前提到的，我們的建置通常採用的電力足跡遠低於許多批發或超大規模環境。這表示公用事業單位更容易滿足我們的用電需求。

But it also means that we have to be innovative as we look at larger campuses about how we're accessing and procuring our power.

但這也意味著，當我們著眼於更大型的園區時，必須在如何取得與採購電力方面持續創新。

In my prepared remarks, I mentioned, for example, Georgia and the type of agreement that we put in place there, which gives the utility a certainty. We pay the costs associated with the infrastructure that we would need to build out in order to secure our power. And there's a very strong win-win, both for the community, for the utility and Equinix in those types of relationships. And they are not unique. In terms of opportunities, if there are a number of projects canceled, then it only makes what is already scarce capacity, much more of a scarce resource.

在我事先準備的發言中，我舉例提到喬治亞州，以及我們在那裡所建立的協議類型，這能為公用事業單位提供確定性。我們會支付為了確保電力供應而需要建置的相關基礎設施成本。在這類合作關係中，對社區、對公用事業單位以及對 Equinix 都是非常強的雙贏。而且這並非特例。就機會而言，如果有不少專案被取消，那只會讓原本就稀缺的容量變得更加稀缺。

And particularly today, the vast majority of the CapEx in the industry, as you mentioned, is focused on the wholesale side, enterprises are truly growing their multi-cloud hybrid private environments. And we're a very significant part of that. So I think that's an opportunity to continue to look at what mark-to-market pricing might look like as if capacity was to become scarcer as a result of power changes. I think Olivier would also like to comment a little on the power dynamic.

尤其是目前，如你所提到的，產業中的絕大多數資本支出都集中在批發端；企業客戶則確實正在擴張其多雲、混合雲與私有環境。而我們在其中扮演非常重要的角色。因此我認為，若因電力變化導致容量更稀缺，這將是我們持續觀察「按市價重估（mark-to-market）」定價可能呈現何種樣貌的機會。我想 Olivier 也會想就電力動態再補充一些看法。

And David, you're aware of this. We have mentioned it on the call. We're not tone deaf for sure. Now we have been able to increase capacity this year by 40%, 80% of our new capacity expansion is in metros where we are good neighbors, where we have been for now for a few years, a few decades even.

David，你也了解這點。我們在電話會議中提過。我們當然不是麻木不仁。今年我們已將容量提升了 40%，而我們新增容量擴張中有 80% 位於我們一直是好鄰居的都會區——我們在那裡已經深耕多年，甚至數十年。

And also, we have a diverse portfolio. We have 48 projects, major projects. So again, if one maybe go to the left, the other one usually goes to the right. That's what our team has been able to execute to date.

此外，我們的投資組合相當多元。我們有 48 個專案、重大專案。所以再說一次，如果某一個可能往左，另一個通常會往右。這就是我們團隊迄今為止能夠執行到位的原因。

Matt Niknam, Truist.

Matt Niknam，Truist。

Thanks so much for taking the question and congrats on the great quarter. Just 2 for me. First, a follow-up on the 4Q guide for EBITDA margins. So I think the guide calls for 49% to 50%. Next quarter, that's relative to 51.4%.

非常感謝讓我提問，也恭喜本季表現出色。我有兩個問題。第一個是關於第四季 EBITDA 利潤率指引的追問。我想指引是 49% 到 50%。相較之下，本季是 51.4%。

Is the dip mainly tied to some of the new capacity that's coming online? Or are there other maybe unique factors to consider?

這個下滑主要是因為有一些新產能即將上線嗎？還是有其他可能需要考量的特殊因素？

And then just secondly, can you speak to maybe how material neoclouds have been to your business, whether as a percent of total revenue or some of the recent bookings and whether you're changing your approach to these types of customers just in light of maybe a more riskier perceived credit profile on their part?

第二個問題，能否談談 neocloud 對你們業務的重要性有多大——例如占總營收的比例，或近期訂單中的占比——以及鑑於他們可能被視為信用風險較高，你們是否正在調整對這類客戶的策略？

Thanks very much. I'll take the neo question, and then perhaps, Olivier, if you would like to take the EBITDA margin question for the quarter, that would be great. Look, neos are an important and they're an evolving part of the ecosystem. They offer a wide range of services from infrastructure to operational expertise.

非常感謝。我先回答 neo 的問題，然後如果 Olivier 願意回答本季 EBITDA 利潤率的問題，那就太好了。你看，neo 是生態系中重要且正在演進的一環。他們提供的服務範圍很廣，從基礎設施到營運專業能力都有。

They bring flexibility into the ecosystem. And certainly, they offer a lower cost of compute. I think it's fair to say that over the past period of time, their clients have largely been large SaaS companies, hyperscalers and the work focus for them has largely been AI model training work. And what we're seeing is a transformation with the neos to looking at inference as an opportunity and enterprise as a much broader base of customers for them to execute against. And in those transformations, Equinix is quite a natural partner for them.

他們為生態系帶來彈性。而且可以確定的是，他們提供較低成本的運算能力。可以說，在過去一段時間，他們的客戶主要是大型 SaaS 公司、超大規模雲服務商，而其工作重點多半是 AI 模型訓練。我們看到 neo 正在轉型，把推論（inference）視為機會，並把企業客戶視為更廣泛的客群基礎來推進。在這些轉型過程中，Equinix 對他們而言是相當自然的合作夥伴。

We partner in a number of ways. We have deployed network nodes for neos for connectivity. We added 31 network nodes in the last quarter. So now we have 150 network nodes, which we have curated across our ecosystem. We deploy inference nodes where there are densely populated metros for a couple.

我們以多種方式合作。我們已為 neos 部署網路節點以提供連線能力。我們在上一季新增了 31 個網路節點。因此目前我們共有 150 個網路節點，並已在我們的生態系中加以精選配置。我們也會在高人口密度的大都會區部署推論節點，為期數個……

They all connect to Fabric because this is the mechanism, the mesh through which they access the enterprise customers that sit at Equinix. And then in a couple of occurrences, there are sovereignty examples where we've supported neos as it comes with -- as it comes to supporting different countries and jurisdictions.

它們全都連接到 Fabric，因為這是其運作機制——也就是它們用以存取位於 Equinix 的企業客戶的網狀網路。此外，在少數情況下，也有主權（sovereignty）的案例，我們已支援 neos，以因應——以因應支援不同國家與司法管轄區的需求。

They're innovating at an absolutely tremendous pace, and we know that there are massive investments going into the segment as well as massive concerns from investors. There's over 100 providers now in this segment, lots of different business models, and we're absolutely certain that there's going to be winners and losers as this plays out.

他們正以極其驚人的速度創新；我們也知道，該領域正有大量投資湧入，同時投資人也有巨大的疑慮。目前這個領域已有超過 100 家供應商、各式各樣的商業模式；我們非常確定，隨著局勢發展，必然會出現贏家與輸家。

Now that being said, in total, for us, we are very considered in terms of how we support the growth of neos whilst applying strict credit protections and managing our risk. And even if I take the totality of the neo presence at Equinix today, in total, that cohort as a class represents less than 2% of our MRR. So curating them on -- curating them on to Fabric, curating them as part of our network is as value-add for our enterprise customers as it is for them, and it creates a flywheel of growth that plays to Equinix' strength. The neutral ground where all parties in this AI ecosystem can connect.

話雖如此，整體而言，對我們來說，在支持 neos 成長的同時，我們也非常審慎地採取嚴格的信用保護並管理風險。即便我把今天在 Equinix 的 neo 相關客戶整體加總來看，該族群作為一個類別合計也僅占我們 MRR 的不到 2%。因此，將他們精選導入 Fabric、並將其納入我們的網路，不僅對他們有利，對我們的企業客戶同樣是加值；同時也會形成一個成長飛輪，發揮 Equinix 的優勢。也就是在這個 AI 生態系中，所有參與方都能連接的中立場域。

On your EBITDA margin, traditionally, you have a Q4 EBITDA margin declining relative to the prior quarter. This year will be no exception. So it's due to seasonality of spend. And in Q4, the year-on-year EBITDA margin will be up 140 basis points. So again, keep improving the profitability of the business, Matt.

關於你們的 EBITDA 利潤率，傳統上，你們第四季的 EBITDA 利潤率會相較前一季下滑。今年也不例外。這是因為支出具有季節性。而在第四季，EBITDA 利潤率將年增 140 個基點。所以，再次強調，持續提升業務的獲利能力，Matt。

Frank Louthan with Raymond James.

Raymond James 的 Frank Louthan。

Great. Thank you. So I assume you've locked up the resources you need for the projects that you have lined up. If you can give us an idea of sort of how far out you've got the resources, labor, materials and so forth. And then what if any of those resources are most at risk, particularly with some of the pledges you made for power and so forth. How should we think about that? Thanks.

很好。謝謝。所以我假設你們已經鎖定了你們為已排定專案所需的資源。如果可以的話，請給我們一個概念：你們已把資源（人力、材料等等）鎖定到多遠的期間。另外，若有的話，哪些資源風險最高，特別是考量到你們對電力等方面所做的一些承諾。我們應該如何看待這件事？謝謝。

Thanks, Frank. We're very fortunate in that our team, our GDC team have done an amazing job both from a procurement perspective and also from an execution perspective. When we announced the project, so when you see it in our expansion tracker, you should be aware that at that point, we have cleared permitting hurdles and that we are largely secured in terms of power. If it's not contracted, it's very near to contract by the time that we put it visible to you in our expansion tracker.

謝謝你，Frank。我們非常幸運，我們的團隊——我們的 GDC 團隊——無論在採購面或執行面都做得非常出色。當我們宣布專案時——也就是當你在我們的擴張追蹤器（expansion tracker）中看到它時——你應該知道，在那個時間點，我們已經排除許可（permitting）方面的障礙，而且在電力方面大致已經確保到位。如果尚未簽約，當我們把它在擴張追蹤器中對你可見時，也已非常接近簽約。

Now that doesn't mean, Frank, that there wouldn't be -- there can't be bumps along the way. And that's certainly something that we manage as part of the construction process, the ins and the outs and the risks. But when we put these projects into our expansion tracker, they are not early announcements with then an intention to permit and energize, they are permitted and energized when they hit the expansion tracker.

當然，Frank，這並不代表一路上不會——不可能出現顛簸。而這確實是我們在施工流程中會管理的一部分：各種進出項、以及風險。但當我們把這些專案放進擴張追蹤器時，它們並不是先行公告、之後才打算去申請許可並通電；它們在進入擴張追蹤器時就已經取得許可並完成通電。

Secondly, I think, particularly if I look at the Americas, we have a very deep relationship with the GCs that we operate with here. And there is a clear line of sight to the GC requirements that we have for the projects that are underway and to -- in many cases, to their preference to work with Equinix because of the history that they have with us.

第二點，我認為，特別是如果我看美洲地區，我們與在此合作的總承包商（GCs）有非常深厚的關係。而且我們對於進行中專案所需的 GC 需求有清楚的可視性——並且在許多情況下，他們也更傾向與 Equinix 合作，因為他們與我們之間有既有的合作歷史。

As it relates to the MCE and other equipment that goes into the data center and enables it to be RFS, we have prebooked and preordered large parts of our MCE footprint. We do this in order to ensure that what comes off production line, we know is coming off for Equinix. Also because we have a design that we're working through, our MK3 design, it means that many parts of the components that go into our data centers are fungible across our data centers, enabling us then to -- if we see a project accelerating to move some kits to that location versus if we see one decelerating, we can move it to elsewhere.

至於 MCE 以及其他進入資料中心、使其能達到 RFS（Ready for Service，可提供服務）狀態的設備，我們已預先預訂並預先下單我們 MCE 版圖中的很大一部分。我們這麼做是為了確保生產線下線的產品，我們知道會是供 Equinix 使用。此外，由於我們正在推進一套設計——我們的 MK3 設計——這代表許多進入我們資料中心的零組件可在各資料中心之間互通（fungible），使我們能夠——如果看到某個專案加速，就把部分套件移到該地點；反之若看到某個專案減速，我們也可以把它移到其他地方。

So I think we've done a broad look at all of the different elements of risk across the construction cycle. That, coupled with the portfolio that we're working with is what enables us to accelerate the way that you've seen us accelerate throughout this year.

因此我認為，我們已對施工週期中各種不同的風險要素做了全面檢視。再加上我們正在運作的投資組合，正是這些因素讓我們能夠加速——也就是你今年所看到我們一路加速的原因。

Thank you all for joining us today. We look forward to engaging with you in the coming weeks and coming months. Take care.

感謝各位今天加入我們。我們期待在接下來幾週與幾個月持續與各位交流。保重。

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

感謝各位的參與。各位與會者，現在可以中斷連線。