Switch Inc (SWCH) 2021 Q3 法說會逐字稿

Hello, and welcome to the Switch, Inc. Third Quarter 2021 Earnings Conference Call. My name is Katie, and I'll be coordinating your call today. (Operator Instructions)

您好，歡迎參加 Switch, Inc. 2021 年第三季財報電話會議。我叫凱蒂，今天我將協調您的電話。 （操作員說明）

I'll now hand the call over to your host, Matthew Heinz, to begin. Matthew, please go ahead.

現在我將把電話交給主持人馬修·海因茨開始。馬修，請繼續。

Thank you, operator. Good afternoon, and welcome to Switch, Inc.'s Third Quarter 2021 Earnings Conference Call. On the call today are Thomas Morton, Switch President; and Gabe Nacht, Switch CFO.

謝謝你，接線生。下午好，歡迎參加 Switch, Inc. 的 2021 年第三季財報電話會議。今天參加電話會議的是 Switch 總裁 Thomas Morton；以及 Switch 財務長 Gabe Nacht。

Today's call may include forward-looking statements, including references to expectations, projections and other characterizations of future events or market conditions. Actual results may differ materially from those expressed in our forward-looking statements, which are subject to certain risks, uncertainties and assumptions. Our statements are made as of today, and we assume no obligation to update our disclosures. We described some of these risks in our SEC filings, specifically our Form 10-K in the section entitled Risk Factors.

今天的電話會議可能包含前瞻性陳述，包括對未來事件或市場狀況的預期、預測和其他特徵的提及。實際結果可能與我們的前瞻性陳述中所表達的結果有重大差異，這些陳述受到某些風險、不確定性和假設的影響。我們的聲明截至今天，我們不承擔更新揭露資訊的義務。我們在 SEC 文件中描述了其中一些風險，特別是我們的 10-K 表中標題為「風險因素」的部分。

In addition, today's call includes discussion of non-GAAP financial measures, which should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. Please refer to today's press release and supplemental package for further information, including a reconciliation of non-GAAP measures. Our third quarter 2021 earnings press release has been furnished to the SEC as part of our Form 8-K and is available on our investor website at investors.switch.com.

此外，今天的電話會議還討論了非公認會計準則財務指標，不應將這些指標與根據公認會計準則編制的財務資訊分開考慮，也不應將其視為替代根據公認會計準則編制的財務資訊。請參閱今天的新聞稿和補充資料包以了解更多信息，包括非公認會計原則措施的調節。我們的 2021 年第三季收益新聞稿已作為 8-K 表格的一部分提交給 SEC，並可在我們的投資者網站 Investors.switch.com 上取得。

I will now turn the call over to Switch President, Thomas Morton.

我現在將把電話轉給 Switch 總裁 Thomas Morton。

Thank you, Matt, and good afternoon, everyone. Thank you for joining us today for our third quarter 2021 earnings call. Switch accomplished another solid quarter as we continued to execute on our strategic growth initiatives, driven by strong enterprise demand for our highly resilient and sustainable data center infrastructure. Importantly, our strategic sales initiatives continue to gain traction, producing strong mid-teens revenue growth in the third quarter and a 25% increase in year-to-date incremental revenue signings.

謝謝你，馬特，大家下午好。感謝您今天參加我們的 2021 年第三季財報電話會議。在企業對我們高度彈性和可持續的資料中心基礎設施的強勁需求的推動下，我們繼續執行我們的策略成長計劃，Switch 又實現了穩健的季度業績。重要的是，我們的策略銷售計劃繼續獲得牽引力，在第三季度產生了強勁的中位數收入成長，並且年初至今的增量收入簽約量增加了 25%。

As disclosed in our earnings press release, I am pleased to announce that the Switch Board of Directors has voted unanimously to pursue REIT conversion, and we'll be targeting a REIT tax election on January 1, 2023. We look forward to sharing additional details as we continue to move forward with this exciting evolution in Switch's corporate structure.

正如我們的收益新聞稿中所披露的，我很高興地宣布，Switch 董事會已一致投票決定尋求 REIT 轉換，我們的目標是 2023 年 1 月 1 日進行 REIT 稅務選舉。將繼續推進Switch 公司結構這一令人興奮的演變。

Our Q3 2021 financial results detailed on Slide 4 of our investor deck reflect accelerating top line momentum across all of our prime campus locations. Third quarter revenue was $158.1 million, increasing 23% year-over-year. Excluding a $12 million revenue contribution from Data Foundry, Switch's revenue was $146.1 million, representing a 13.5% organic growth rate compared to the year-ago quarter.

我們投資者平台幻燈片 4 中詳細列出了我們 2021 年第三季的財務業績，反映出我們所有黃金園區的營收動能正在加速成長。第三季營收為 1.581 億美元，年增 23%。排除Data Foundry帶來的1,200萬美元營收貢獻，Switch的營收為1.461億美元，與去年同期相比有機成長率為13.5%。

Third quarter adjusted EBITDA increased 14.5% year-over-year to $76.9 million, including a $4.8 million contribution from Data Foundry. Our Q3 adjusted EBITDA margin of 48.6% was affected by seasonally driven increases in power costs, in addition to a full quarter contribution from Data Foundry's operations, where third quarter SG&A levels do not yet reflect the full benefit of merger-related synergies. Gabe will provide additional details on Q3 financial performance and 2021 guidance later on today's call.

第三季調整後 EBITDA 年成長 14.5%，達到 7,690 萬美元，其中包括 Data Foundry 的 480 萬美元貢獻。我們第三季調整後的EBITDA 利潤率為48.6%，受到季節性驅動的電力成本上漲的影響，此外還有Data Foundry 業務的整個季度貢獻，其中第三季度的SG&A 水平尚未反映合併相關協同效應的全部收益。 Gabe 將在今天的電話會議稍後提供有關第三季度財務業績和 2021 年指導的更多詳細資訊。

Our sales teams once again delivered solid third quarter bookings, signing over $16 million of incremental recurring revenue and a total contract value of more than $94 million, as detailed on Slide 13 of our investor deck. For the first 9 months of 2021, our incremental annualized revenue bookings increased 25% year-over-year to $50 million, and total annualized revenue signings increased 28% to $88 million, inclusive of $38 million in renewals.

我們的銷售團隊再次交付了穩定的第三季訂單，簽署了超過 1,600 萬美元的增量經常性收入，合約總價值超過 9,400 萬美元，如我們投資者幻燈片 13 中詳細介紹的那樣。 2021 年前 9 個月，我們的年化預訂收入增量年增 25%，達到 5,000 萬美元，年化總簽約收入成長 28%，達到 8,800 萬美元，其中包括 3,800 萬美元的續約收入。

Switch's strategy to expand its prime footprint equally and strategically across the United States has continued to pay dividends as our customers have increasingly exhibited demand for our world-class infrastructure across multiple Switch locations. As of Q3 2021, multicampus customers comprised over 38% of legacy Switch revenue compared to 33% in the prior year quarter. This represents a year-over-year growth rate of 26% in third quarter multicampus customer revenue.

隨著我們的客戶對我們在多個 Switch 地點的世界一流基礎設施的需求日益增加，Switch 在美國各地平等、策略性地擴大其主要業務足跡的策略繼續帶來紅利。截至 2021 年第三季度，多園區客戶佔傳統 Switch 收入的 38% 以上，而去年同期為 33%。這意味著第三季多園區客戶營收年增 26%。

Our revenue bookings mix also demonstrates the increasing diversity of our business with 60% of our Q3 total contract value coming from PRIMEs other than Las Vegas and 44% on a year-to-date basis. Switch's growth efforts in Texas continued to gain momentum in third quarter as Texas customers accounted for approximately $5 million of incremental annualized revenue signings in the period.

我們的營收預訂組合也顯示我們業務的多樣性日益增加，第三季總合約價值的 60% 來自拉斯維加斯以外的 PRIME，今年迄今為 44%。第三季度，Switch 在德州的成長勢頭繼續強勁，德州客戶在此期間的年度簽約收入增量約為 500 萬美元。

Notably, during Q3, we executed a 3-megawatt expansion with a Fortune 5 technology customer in Austin whose incremental deployment will utilize substantially all of the remaining capacity in the newest sector of our AUSTIN 3 data center. We believe this significant expansion from one of the world's largest technology companies represents a strong early validation for the Data Foundry acquisition, which closed just 5 months ago and sends a positive signal to the other large enterprises as Switch continues its build-out of The Rock Campus in Texas.

值得注意的是，在第三季度，我們與奧斯汀的財富 5 強技術客戶一起執行了 3 兆瓦的擴建，其增量部署將充分利用我們奧斯汀 3 資料中心最新區域的所有剩餘容量。我們相信，全球最大的科技公司之一的這一重大擴張代表了對Data Foundry 收購的強有力的早期驗證，該收購僅在5 個月前完成，並且隨著Switch 繼續擴建The Rock，向其他大型企業發出了積極的信號德克薩斯州校園。

Our funnel of sales opportunities remains robust for both inbound and outbound expansions by existing enterprise clients at The Rock Campus and across the other 4 Switch PRIMEs. We are pleased to report our first outbound expansion by a Texas customer in October, a health care organization that has signed to expand to Switch's Keep Campus in Atlanta. We remain confident that Switch's national data center footprint and global telecommunications cooperative will be of great value to customers within the legacy Data Foundry footprint, creating tremendous cross-selling opportunities and revenue synergies from this acquisition.

對於 The Rock Campus 和其他 4 個 Switch PRIME 的現有企業客戶的入站和出站擴張，我們的銷售機會管道仍然強勁。我們很高興地報告我們在 10 月由德克薩斯州客戶進行的首次對外擴張，該客戶是一家醫療保健組織，已簽約擴展到亞特蘭大 Switch 的 Keep Campus。我們仍然相信，Switch 的國家資料中心足跡和全球電信合作將為傳統 Data Foundry 足跡內的客戶帶來巨大價值，透過此次收購創造巨大的交叉銷售機會和收入協同效應。

I will now discuss some of Switch's notable third quarter activity and key metrics across the existing PRIME campus locations. In August, Switch announced the appointment of Jonathan King as our Chief Revenue Officer. Jonathan was previously an executive at Google Cloud, where he led partner ecosystem development, including the launch of Google Cloud's telecom and edge initiative and the Google Cloud VMware Engine. As Chief Revenue Officer from Switch, Jonathan will oversee Switch's go-to-market strategy and business development efforts to further accelerate revenue growth.

我現在將討論 Switch 第三季的一些值得注意的活動以及現有 PRIME 園區地點的關鍵指標。 8 月，Switch 宣布任命 Jonathan King 為我們的首席營收長。 Jonathan 先前曾擔任 Google Cloud 的高階主管，負責領導合作夥伴生態系統的開發，包括推出 Google Cloud 的電信和邊緣計畫以及 Google Cloud VMware Engine。身為 Switch 的首席營收官，Jonathan 將監督 Switch 的上市策略和業務開發工作，以進一步加速營收成長。

Following our land purchase agreement with Dell Technologies and receipt of zoning approval from the City of Round Rock, during Q3, we began underground preparation work on the future sites of our next Tier 5 Platinum data centers at The Rock Campus. We expect to begin shell construction on Austin 4 in Q2 of 2022 with a targeted completion in early 2024, and the time line for Austin 5 will be targeted for 6 to 9 months after completion of Austin 4. Including the Data Foundry assets, The Rock Campus ecosystem will be architected to provide more than 2 million square feet of data center space and 180 megawatts of power upon completion.

在與 Dell Technologies 簽訂土地購買協議並獲得朗德羅克市的分區批准後，我們在第三季度開始為位於羅克校區的下一個 5 級白金資料中心的未來場地進行地下準備工作。我們預計將於 2022 年第二季開始奧斯汀 4 號的外殼建設，目標於 2024 年初完工，奧斯汀 5 號的工期目標為奧斯汀 4 號完工後的 6 至 9 個月。生態系統建成後將提供超過200 萬平方英尺的資料中心空間和180 兆瓦的電力。

As previously mentioned, just 2 months after closing the acquisition of Data Foundry, Switch signed its first multi-megawatt expansion order with a legacy Data Foundry customer. The transaction involves a 5-year renewal of the client's existing space, and its 3-megawatt expansion will more than double its current footprint in Austin and Houston. We expect the customer to begin ramping into this new deployment in early 2022.

如前所述，在完成對 Data Foundry 的收購後僅 2 個月，Switch 就與 Data Foundry 的老客戶簽署了第一份多兆瓦擴容訂單。該交易涉及客戶現有空間的 5 年更新，其 3 兆瓦的擴建將使其目前在奧斯汀和休士頓的佔地面積增加一倍以上。我們預計客戶將於 2022 年初開始投入這項新部署。

Switch executed another multiyear expansion order with an existing global logistics customer for incremental colocation and telecommunication services in The Core Campus and The Keep Campus. On a combined basis, the order represents approximately $2.4 million of incremental annualized revenue and over $12 million in total contract value.

Switch 與現有的全球物流客戶執行了另一份多年擴張訂單，以在 The Core Campus 和 The Keep Campus 增加託管和電信服務。合併後，該訂單代表了約 240 萬美元的增量年收入和超過 1200 萬美元的合約總價值。

Subsequent to third quarter, this same customer also signed for an additional 220 cabinets in Atlanta. We signed a 1-megawatt expansion with a leading semiconductor manufacturer who is adding to its multicampus footprint in The Citadel Campus and The Keep Campus locations. The new order represents approximately $2.2 million in incremental revenue over a 5-year contract term.

第三季之後，該客戶還在亞特蘭大簽署了額外 220 個機櫃的合約。我們與一家領先的半導體製造商簽署了 1 兆瓦的擴建協議，該製造商正在擴大其在 Citadel 園區和 The Keep 園區的多園區足跡。新訂單代表 5 年合約期間約 220 萬美元的增量收入。

In October, Switch announced the commencement of the regional water improvement pipeline project in partnership with the Tahoe Reno Industrial Center and various state and local government agencies. This is the first public-private partnership of its kind in Nevada history. The project further Switch's industry-leading commitment to providing sustainable technology infrastructure for decades into the future. The pipeline will deliver 4,000 acre-feet of treated effluent water from a reclamation facility in Sparks, Nevada to the Tahoe Reno Industrial Center, enabling Switch's Citadel campus to operate indefinitely on 100% recycled water.

10 月，Switch 宣布與 Tahoe Reno 工業中心以及各州和地方政府機構合作啟動區域供水改善管道計畫。這是內華達州歷史上第一個此類公私合作夥伴關係。該項目進一步體現了 Switch 在未來幾十年提供可持續技術基礎設施的行業領先承諾。該管道將從內華達州斯帕克斯的一個回收設施中輸送 4,000 英畝 - 英尺的處理後的廢水到塔霍里諾工業中心，使 Switch 的 Citadel 園區能夠無限期地使用 100% 回收水運行。

In November, Switch was recognized for the third year in a row by being placed on the U.S. Environmental Protection Agency's national top 100 list of the largest green power users from the Green Power Partnership. Switch ranked in the top 10 on the EPA's top 30 technology and telecom list and 23rd on the top 100 list of companies based on renewable power usage with a perfect 100% ranking for the use of green power.

11 月，Switch 連續第三年被列入美國環保署綠色電力合作夥伴全國 100 家最大綠色電力用戶名單。 Switch 在EPA 基於再生能源使用的30 強技術和電信榜單中名列前10 位，在基於再生能源使用的100 強公司榜單中名列第23 位，綠色能源使用率達到100% 完美。

Now turning to our construction milestones and robust project pipeline. As can be seen on Slide 7 of our investor deck, Switch has a total of more than 3 million square feet of data center capacity that is either in progress or planned for future development through 2026. This represents a greater than 60% increase to the 5.1 million square feet of data center capacity currently in service.

現在轉向我們的建設里程碑和強大的專案管道。從我們的投資者幻燈片7 中可以看出，Switch 擁有總計超過300 萬平方英尺的資料中心容量，這些容量要么正在進行中，要么計劃在2026 年之前進行未來開發。容量成長了60% 以上。

During the quarter, we delivered the final sector of our TAHOE RENO 1 facility to an anchor customer, placing 10 megawatts and 780 cabinets into service. The massive 1.3 million square-foot data center at our Citadel Campus is now effectively fully committed to customers, and we are underway on the shell construction of TAHOE RENO 2 and the pad construction of Tahoe Reno 3. We continue to prioritize the acceleration of construction of 3 new data centers at The Core Campus, The Citadel Campus and The Keep Campus, totaling 1.3 million gross square feet and up to 160 megawatts of power at full build-out.

本季度，我們向主要客戶交付了 TAHOE RENO 1 設施的最後一個部分，使 10 兆瓦和 780 個機櫃投入使用。我們 Citadel 園區佔地 130 萬平方英尺的大型資料中心現已有效地全面交付給客戶，我們正在進行 TAHOE RENO 2 的外殼建設和 Tahoe Reno 3 的基座建設。 、The Citadel Campus 和The Keep Campus 的3 個新資料中心，總面積達130 萬平方英尺，全面擴建後功率高達160 兆瓦。

As illustrated in our development milestones table on Slide 19 of our investor presentation, we expect to complete construction on LAS VEGAS 15 in Q2 of 2022, TAHOE RENO 2 in Q1 of 2023, and ATLANTA 3 in Q2 of 2023. In order to maximize cost efficiency and accelerate the delivery of future capacity, we are also completing the underground utilities and data center pad preparation on 5 additional facilities spanning our Core Campus, Citadel Campus, Keep Campus and Rock Campus locations. Additional details are available on Slide 7 of the investor deck.

正如投資者簡報投影片19 中的開發里程碑表所示，我們預計將在2022 年第二季完成LAS VEGAS 15、2023 年第一季完成TAHOE RENO 2 和2023 年第二季完成ATLANTA 3 的建置。為了最大限度地提高成本為了提高效率並加速未來產能的交付，我們還在核心園區、Citadel 園區、Keep 園區和 Rock 園區等 5 個額外設施上完成地下公用設施和資料中心場地準備工作。更多詳細資訊請參閱投資者平台的幻燈片 7。

Please keep in mind that these facilities currently have planned completion dates ranging from 2024 through 2026 and thus will incur the majority of their capital spend much closer to the anticipated in-service dates, in accordance with our real-time evaluation of customer demand. Upon completion, we expect these 5 data centers will provide approximately 1.9 million incremental square feet and more than 200 megawatts of power capacity.

請記住，這些設施目前的計畫竣工日期為 2024 年至 2026 年，因此根據我們對客戶需求的即時評估，大部分資本支出將在更接近預期投入使用日期的情況下發生。完工後，我們預計這 5 個資料中心將提供約 190 萬平方英尺的新增面積和超過 200 兆瓦的電力容量。

We look forward to hosting our investors and analysts at our Las Vegas headquarters for the Switch Investor Day on November 15, 2021. Our Founder and CEO, Rob Roy, will present his vision and strategy for the company. Those in attendance will have the opportunity to tour our Las Vegas campus and spend time with a range of Switch executives as they present key elements of our strategy and operations. In addition, we will provide multiyear financial targets to help guide investors through our evolution over the next several years.

我們期待於2021 年11 月15 日在拉斯維加斯總部接待我們的投資者和分析師，參加Switch 投資者日。 。與會者將有機會參觀我們的拉斯維加斯園區，並與一系列 Switch 高層共度時光，聽他們介紹我們策略和營運的關鍵要素。此外，我們將提供多年財務目標，以幫助引導投資者完成未來幾年的發展。

I will now turn the call over to Gabe to discuss our financial results. Gabe?

我現在將把電話轉給加布，討論我們的財務表現。加布？

Thanks, Thomas. Today, I'm going to review our financial results for the third quarter of 2021 and discuss our outlook for the remainder of 2021. Starting with Slide 4 of our investor presentation. Switch reported total third quarter 2021 revenue of $158.1 million, an increase of $29.3 million or 22.8% compared to the third quarter of 2020. Excluding Data Foundry revenue of $11.9 million, Switch third quarter revenue totaled $146.2 million, an increase of $17.4 million or 13.5% organic growth compared to the third quarter of 2020.

謝謝，托馬斯。今天，我將回顧我們 2021 年第三季的財務業績，並討論我們對 2021 年剩餘時間的展望。 Switch 公佈的2021 年第三季總營收為1.581 億美元，較2020 年第三季成長2,930 萬美元，增幅為22.8%。 ，較2020 年第三季成長1,740 萬美元，增幅為13.5%。

Staying on Slide 4. Adjusted EBITDA totaled $76.9 million for Q3 2021 compared to $67.2 million in Q3 2020, reflecting a margin of 48.6% and year-over-year growth of 14.5%. Third quarter adjusted EBITDA margins were affected by seasonal power costs and the inclusion of a full quarter of Data Foundry results. Excluding Data Foundry's adjusted EBITDA contribution of $4.8 million, Switch adjusted EBITDA was $72.1 million, reflecting a margin of 49.3% compared to a margin of 52.1% in the year-ago quarter, again, primarily driven by an increase in power costs relative to Q3 2020.

維持在投影片 4 上。第三季調整後的 EBITDA 利潤率受到季節性電力成本和 Data Foundry 整個季度業績的影響。不包括 Data Foundry 調整後 EBITDA 貢獻的 480 萬美元，Switch 調整後 EBITDA 為 7,210 萬美元，利潤率為 49.3%，而去年同期利潤率為 52.1%，這主要是由於電力成本相對於第三季度的增加2020.

In the third quarter, Switch reported a net loss of $0.9 million compared to net income of $13.2 million in Q3 2020. The reduction in net income was primarily attributable to a $5.1 million reduction in income from operations and an $8.6 million increase in interest expense. Lastly on Slide 4, customer churn was 0.2% in Q3 2021, unchanged compared to the year-ago quarter.

第三季度，Switch 淨虧損 90 萬美元，而 2020 年第三季淨利為 1,320 萬美元。最後在投影片 4 上，2021 年第三季的客戶流失率為 0.2%，與去年同期相比沒有變化。

Looking now at our growing exascale portfolio on Slide 7. As of September 30, 2021, Switch had approximately 21,700 billing cabinet equivalents across its 5 PRIME campus locations, reflecting 600 net cabinet additions compared to the prior quarter. Included in this total is approximately 3,300 billing cabinet equivalents at Data Foundry compared to 3,200 in the prior quarter. Including a full quarter contribution from Data Foundry, the Switch average monthly recurring revenue per cabinet was over $2,375 in Q3 of 2021. Staying on Slide 7. As of September 30, 2021, the 5 Switch PRIMEs had capacity for approximately 29,100 cabinet equivalents within our open sectors, of which 91% were committed under contracts compared to 88% in the year-ago quarter.

現在看看投影片7 上我們不斷成長的百億億級產品組合。了600 個計費櫃。其中包括 Data Foundry 大約 3,300 個計費櫃，而上一季為 3,200 個。包括Data Foundry 的整個季度貢獻在內，2021 年第三季每個機櫃的Switch 平均每月經常性收入超過2,375 美元。容量可容納約29,100 個機櫃的容量開放部門，其中 91% 是根據合約承諾的，而去年同期為 88%。

Now turning to bookings on Slide 13. During Q3, we executed 657 contracts, representing total contract value of $94 million and annualized revenue of $27 million at full deployment, inclusive of both renewals and sales of incremental services. We are continuing to see strong customer demand in Texas and for the Data Foundry assets. Our third quarter bookings in Austin were a great example of the sales traction we are seeing with over $5 million in annualized revenue and approximately $40 million in total contract value from legacy Data Foundry customers. Excluding renewals, we signed $16.2 million of incremental annualized recurring revenue in Q3, including $15 million in incremental bookings from existing customers and approximately $1.2 million from 15 new logos.

現在轉向幻燈片13 上的預訂。 。我們繼續看到德州的客戶對 Data Foundry 資產的強勁需求。我們在奧斯汀的第三季預訂就是一個很好的例子，我們看到來自傳統 Data Foundry 客戶的年化收入超過 500 萬美元，合約總價值約為 4000 萬美元。不包括續約，我們在第三季簽署了 1,620 萬美元的增量年化經常性收入，其中包括來自現有客戶的 1500 萬美元的增量預訂以及來自 15 個新徽標的約 120 萬美元。

Now looking at revenue attribution on Slide 15. Total colocation revenue for the third quarter of 2021 was $125.9 million, up 20% compared to $105.1 million in the year-ago quarter. Excluding $8.3 million in colocation revenue from Data Foundry, Switch colocation revenue grew 12% to $117.7 million compared to the year-ago quarter. Total third quarter connectivity revenue was $29.3 million, increasing 31% from the year-ago quarter. Excluding Data Foundry connectivity revenue of $2.9 million, Switch third quarter connectivity revenue increased 9% sequentially and 18% year-over-year to $26.4 million on an organic basis.

現在看看投影片 15 上的營收歸屬。不包括來自 Data Foundry 的 830 萬美元託管收入，Switch 託管收入較去年同期成長 12%，達到 1.177 億美元。第三季連接總收入為 2,930 萬美元，比去年同期成長 31%。不計入 Data Foundry 連結營收 290 萬美元，Switch 第三季連結營收有機成長 9%，年增 18%，達到 2,640 萬美元。

On a consolidated basis, Switch had more than 10,500 billing cross-connects as of September 30, and cross-connects accounted for 4.2% of total revenue in Q3 2021, reflecting 26% year-over-year growth in cross-connect revenue. Finally, other revenue, including professional services, accounted for $2.9 million in Q3 2021, which includes approximately $750,000 from Data Foundry.

綜合來看，截至 9 月 30 日，Switch 擁有超過 10,500 個計費交叉連接，交叉連接佔 2021 年第三季總收入的 4.2%，反映出交叉連接收入年增 26%。最後，包括專業服務在內的其他收入在 2021 年第三季達到 290 萬美元，其中包括來自 Data Foundry 的約 75 萬美元。

Maintenance capital expenditures were $3.7 million for the third quarter of 2021 or 2.3% of revenue compared to $2 million and 1.6% of revenue in the same quarter last year. Growth CapEx excluding land purchases was $132.2 million for the third quarter of 2021 compared to $80.6 million in the year-ago quarter. Please refer to Slide 18 for a detailed breakdown of our capital expenditures by campus.

2021 年第三季的維護資本支出為 370 萬美元，佔營收的 2.3%，去年同期為 200 萬美元，佔營收的 1.6%。 2021 年第三季（不含土地購買）的成長資本支出為 1.322 億美元，而去年同期為 8,060 萬美元。請參閱投影片 18，以了解按校園劃分的資本支出的詳細分類。

Third quarter cost of revenue increased by $23.1 million compared to the year-ago quarter, of which $5.8 million was attributable to Data Foundry. The $15.2 million increase in Switch cost of revenue was primarily attributable to higher seasonal power costs and depreciation. Excluding depreciation, amortization and equity-based compensation, Switch's Q3 adjusted cost of revenue increased by $10.2 million, primarily driven by increases in power and connectivity costs compared to the year-ago quarter. We would note that power rates have normalized in September and October following an elevated forward pricing curve in the peak summer months.

第三季營收成本比去年同期增加了 2,310 萬美元，其中 580 萬美元來自 Data Foundry。 Switch 收入成本增加 1520 萬美元，主要歸因於季節性電力成本和折舊增加。不包括折舊、攤提和基於股權的薪酬，Switch 第三季調整後收入成本增加了 1,020 萬美元，主要是由於電力和連接成本與去年同期相比增加。我們注意到，在夏季用電高峰期遠期定價曲線上升之後，9 月和 10 月電價已正常化。

Third quarter SG&A expenses were $42.8 million, up from $31.5 million in the year-ago quarter. Normalizing the year-over-year comparison for Data Foundry, Switch's SG&A increased by $7.2 million, primarily attributable to higher professional services costs related to litigation and our ongoing REIT evaluation. In the third quarter of 2021, Switch accrued $4.7 million in litigation costs related to a lawsuit filed against the company in 2017 by Cobalt, a data center operator who ceased operations in or around 2015. Our prior expectation was for the trial to begin in 2022. However, the court set the trial date for mid-November 2021. We continue to believe the allegations lack merit, and thus, we intend to vigorously defend against the claims.

第三季銷售、管理及行政費用為 4,280 萬美元，高於去年同期的 3,150 萬美元。與 Data Foundry 的同比比較正常化後，Switch 的銷售及管理費用增加了 720 萬美元，這主要是由於與訴訟和我們正在進行的 REIT 評估相關的專業服務成本增加。 2021 年第三季度，Switch 因2017 年Cobalt（一家於2015 年左右停止營運的資料中心營運商）對該公司提起的訴訟而累計了470 萬美元的訴訟費用。 2022 年開始然而，法院將審判日期定為 2021 年 11 月中旬。

It has historically been our practice to exclude litigation costs from our presentation of adjusted EBITDA that are deemed to be unrelated to our patent portfolio or core business operations. As such, our third quarter adjusted EBITDA excludes the litigation fees incurred in connection with our defense of the allegations. We expect SG&A costs to remain elevated in the fourth quarter of 2021 in connection with these 2 items. However, any litigation costs related to the case will be excluded from our presentation of adjusted EBITDA.

我們歷來的做法是，在調整後的 EBITDA 列報中排除訴訟費用，因為這些費用被認為與我們的專利組合或核心業務運作無關。因此，我們在第三季調整後的 EBITDA 不包括與我們的指控辯護相關的訴訟費用。我們預計 2021 年第四季與這兩項相關的 SG&A 成本將維持在高水準。然而，與該案件相關的任何訴訟費用將不包括在我們調整後 EBITDA 的列報中。

Q3 2021 income from operations was $17.8 million compared to $22.9 million in Q3 of 2020. The year-over-year reduction in operating income was attributable to increases in depreciation and amortization, power costs and SG&A expense. Interest expense increased by $8.6 million year-over-year to $15.2 million in Q3 of 2021, primarily driven by higher debt balances related to the issuance of $1.1 billion in senior unsecured notes.

2021 年第三季的營運收入為 1,780 萬美元，而 2020 年第三季為 2,290 萬美元。 2021 年第三季度，利息支出年增 860 萬美元，達到 1,520 萬美元，主要是因為發行 11 億美元優先無擔保票據導致債務餘額增加。

Adjusted funds from operations or AFFO was $51.1 million in Q3 2021, a 9% decrease compared to $56 million in the year-ago quarter. AFFO per diluted share was $0.21 compared to $0.23 in Q3 2020, primarily due to increases in interest expense, maintenance capital expenditures and diluted shares outstanding compared to the year-ago quarter.

2021 年第三季度，來自營運或 AFFO 的調整後資金為 5,110 萬美元，比去年同期的 5,600 萬美元下降 9%。稀釋後每股 AFFO 為 0.21 美元，而 2020 年第三季為 0.23 美元，主要是由於與去年同期相比，利息支出、維護資本支出和稀釋後流通股增加。

Looking now at the balance sheet on Page 21. As of September 30, 2021, the company's total debt outstanding, net of cash and cash equivalents, was $1.5 billion, resulting in a net debt to last quarter annualized adjusted EBITDA ratio of 5.0x. The increase in our leverage ratio was driven by our historically lower Q3 EBITDA margin and the increase of $40 million on our revolver. As of September 30, 2021, Switch had liquidity of $488.3 million, including cash and cash equivalents and borrowings available on our revolver.

現在看第21 頁的資產負債表。倍。我們槓桿率的增加是由我們歷史上較低的第三季 EBITDA 利潤率和我們的左輪手槍增加 4000 萬美元推動的。截至 2021 年 9 月 30 日，Switch 的流動資金為 4.883 億美元，包括現金和現金等價物以及我們的左輪手槍可用的借款。

As of September 30, 2021, our recurring revenue backlog stood at $37 million compared to $63 million in the prior quarter. The reduction in backlog was a function of our nearly $40 million in annualized revenue commencements during Q3 of 2021. We expect our backlog to contribute approximately $3 million of incremental revenue for the remainder of 2021, representing an estimated $20 million of annualized revenue commencements during Q4. Please reference Slide 17 for further details on our backlog and expected timing of commencements.

截至 2021 年 9 月 30 日，我們的經常性收入積壓額為 3,700 萬美元，而上一季為 6,300 萬美元。積壓訂單的減少是我們2021 年第三季近4,000 萬美元年化收入開工的結果。年化收入開工2000 萬美元。請參閱投影片 17，以了解有關我們的積壓工作和預計啟動時間的更多詳細資訊。

As of September 30, 2021, there were 242 million total shares outstanding, including 137.5 million Class A shares and 104.5 million Class B shares. As disclosed in recent 8-K filings, during the third quarter of 2021, our members redeemed 6.1 million common units, resulting in the issuance of an equivalent number of Class A common shares. Including member redemptions totaling 6.2 million in October and November, our Class A public float now represents 59.4% of total shares outstanding.

截至2021年9月30日，已發行股份總數為2.42億股，其中A類股1.375億股，B類股1.045億股。正如最近的 8-K 文件所揭露的那樣，2021 年第三季度，我們的會員贖回了 610 萬股普通股，從而發行了同等數量的 A 類普通股。包括 10 月和 11 月總計 620 萬股的會員贖回在內，我們的 A 類公眾持股量目前佔已發行股份總數的 59.4%。

Now turning to guidance for 2021 on Page 22 of our investor presentation. We expect consolidated revenue in the range of $590 million to $595 million, including Data Foundry revenue of $27 million to $28 million. This represents 16% growth in consolidated revenue and over 10% organic growth excluding Data Foundry. Our implied revenue guidance for Q4 represents 17% organic growth at the midpoint, demonstrating significant acceleration from recent trends and a result of ongoing growth across our 5 PRIME campuses. We expect consolidated adjusted EBITDA of $307 million to $314 million, including $11 million to $12 million from Data Foundry, reflecting a consolidated adjusted EBITDA margin of 52.4% at the midpoint.

現在轉向我們投資人示範第 22 頁的 2021 年指引。我們預計綜合收入將在 5.9 億美元至 5.95 億美元之間，其中 Data Foundry 收入為 2,700 萬美元至 2,800 萬美元。這意味著合併收入成長了 16%，不包括 Data Foundry 的有機成長超過 10%。我們對第四季的隱含收入指引表示中點有機成長 17%，這顯示近期趨勢顯著加速，也是我們 5 個 PRIME 園區持續成長的結果。我們預計綜合調整後 EBITDA 為 3.07 億至 3.14 億美元，其中包括來自 Data Foundry 的 1,100 萬至 1,200 萬美元，反映綜合調整後 EBITDA 利潤率為 52.4% 的中位數。

Lastly, our guidance range for capital expenditures excluding land acquisitions has been increased to $410 million to $440 million, including $13 million to $17 million in The Rock Campus for development of the final sector of AUSTIN 3 and site preparation for the Austin 4 and Austin 5 facilities. The $25 million increase in our CapEx midpoint reflects an acceleration of equipment purchases and construction activity in response to strong customer demand, particularly as the sales funnel begins to build for our Las Vegas 15 opening in Q2 of 2022.

最後，我們的資本支出指導範圍（不包括土地收購）已增加至4.1 億至4.4 億美元，其中包括The Rock Campus 的1,300 萬至1,700 萬美元，用於開發AUSTIN 3 最後部分以及Austin 4 和Austin 5的場地準備設施。我們的資本支出中點增加了2500 萬美元，反映出為響應強勁的客戶需求而加速的設備採購和建設活動，特別是隨著我們在2022 年第二季度開業的拉斯維加斯15 的銷售頻道開始建立。

Relative to our prior guidance range, the 1% reduction in our 2021 revenue guidance midpoint is primarily related to lower-than-expected contribution from pass-through power revenue during the second half of 2021, in addition to a modest timing difference in customer deployments relative to prior expectations. The revenue impact from lower pass-through power is largely offset by lower-than-planned power costs for the second half of 2021, resulting in no material change to the full year adjusted EBITDA guidance. The portion of 2021 revenue guidance affected by the timing of installations was largely due to the strategic customer signing in Austin that occurred in Q3 but will begin the ramp on its 5-year contract in early Q1 2022.

相對於我們先前的指導範圍，我們的 2021 年收入指導中點下降 1%，主要與 2021 年下半年直通電力收入的貢獻低於預期有關，此外還與客戶部署的適度時間差異有關相對於之前的預期。較低的直通功率對收入的影響在很大程度上被 2021 年下半年低於計劃的電力成本所抵消，導致全年調整後 EBITDA 指引沒有重大變化。 2021 年收入指引中受安裝時間影響的部分主要是由於第三季在奧斯汀簽署的策略客戶，但將於 2022 年第一季初開始簽訂 5 年期合約。

And now I will turn it back to Thomas for some closing remarks.

現在我將把它轉回給托馬斯，讓他做一些結束語。

Thank you, Gabe. We firmly believe that Switch is favorably positioned for the rapid digital transformation among enterprises as they continue their migration to hybrid multi-cloud architectures. We are working hard to accelerate the delivery of additional data center capacity to meet the strong level of demand we are currently experiencing, and we are confident in our team's ability to execute.

謝謝你，加布。我們堅信，隨著企業持續向混合多雲架構遷移，Switch 在企業快速數位轉型中處於有利地位。我們正在努力加快交付額外的資料中心容量，以滿足我們目前面臨的強勁需求，並且我們對團隊的執行能力充滿信心。

On behalf of our entire management team, we would like to take this opportunity to thank our employees, customers, partners and our shareholders for their continued support of Switch. We would now like to open the line for questions.

我們謹代表我們整個管理團隊，並藉此機會感謝我們的員工、客戶、合作夥伴和股東對 Switch 的持續支持。我們現在想開通提問熱線。

Our first question comes from Eric Luebchow from Wells Fargo.

我們的第一個問題來自富國銀行的 Eric Luebchow。

I know some of this will -- you'll go over this at the Analyst Day. But just wondering if you could give us a little bit of color on the decision for a REIT conversion, some of the puts and takes and considerations in terms of why you think pursuing a REIT at this point is the right strategy.

我知道其中一些 - 你會在分析師日討論這個問題。但只是想知道您是否可以向我們介紹 REIT 轉換的決定、一些看跌期權和考慮因素，以及為什麼您認為此時追求 REIT 是正確的策略。

Yes, Eric. Thank you very much. We've always wanted to maximize shareholder value, and we believe that converting at this time is something that will drive shareholder value, and that is the reason we can do it. The Board has met with a variety of external advisers as well as the internal team, and they believe that the change is going to be favorable for shareholder value and will not have any sort of negative impact on our ability to operate and reach our growth initiatives. So we've worked out ways to balance all of those various imperatives, and we believe at this time that converting to a REIT is the way to maximize shareholder value.

是的，埃里克。非常感謝。我們一直希望實現股東價值最大化，我們相信此時的轉換將推動股東價值，這就是我們能夠做到這一點的原因。董事會會見了多位外部顧問以及內部團隊，他們認為這項變更將有利於股東價值，並且不會對我們的營運能力和實現成長計畫產生任何負面影響。因此，我們已經找到了平衡所有這些不同要求的方法，我們相信目前轉換為房地產投資信託基金是實現股東價值最大化的方法。

Okay. Great. And then one follow-up for me. Maybe you could just talk about your supply position today. Obviously, LAS VEGAS 15 coming online next year. Do you think you'll be a little more limited in terms of your ability to lease up new cabinets the next couple of quarters? Or -- as you mentioned, it sounds like the funnel is building for LAS VEGAS 15. Is that largely available to be pre-leased or presold the next couple of quarters as we enter the new year?

好的。偉大的。然後是我的後續行動。也許你今天可以談談你的供應狀況。顯然，LAS VEGAS 15 將於明年上線。您認為未來幾季您租賃新機櫃的能力會受到更多限制嗎？或者 - 正如您所提到的，聽起來拉斯維加斯 15 的漏斗正在建設中。

Yes, that's correct. We have existing inventory. That inventory is spread around our 4 or 5 PRIMEs now, and we believe that we will sell into that inventory. And then in the first half of 2022, we have LAS VEGAS 15 coming online, which will bring additional revenue to us. And then in the beginning of 2023, we have TAHOE RENO 2 coming online. So there will be a lot of inventory available for people to load into in the future, and we believe that we'll be able to meet that demand.

是的，這是正確的。我們有現有庫存。該庫存現在分佈在我們的 4 或 5 個 PRIME 周圍，我們相信我們將出售該庫存。然後在2022年上半年，我們有LAS VEGAS 15上線，這將為我們帶來額外的收入。然後在 2023 年初，我們將推出 TAHOE RENO 2。因此，未來將會有大量庫存可供人們裝載，我們相信我們將能夠滿足這項需求。

Eric, we are currently talking to customers today about LAS VEGAS 15. So yes, it is available for pre-leasing. And to reiterate Thomas' point, we have 1.3 million square feet coming online between early '22 and early '23. So we believe we're well positioned to continue growing in the future. And for the first few months of 2022, until LAS VEGAS 15 comes online, we do have inventory in Las Vegas, we do have inventory in Texas, we do have inventory in Atlanta.

Eric，我們今天正在與客戶討論 LAS VEGAS 15。 所以是的，它可以預租。重申托馬斯的觀點，我們在 22 年初到 23 年初期間將有 130 萬平方英尺投入使用。因此，我們相信我們有能力在未來繼續成長。在 2022 年前幾個月，直到 LAS VEGAS 15 上線之前，我們在拉斯維加斯有庫存，在德克薩斯州有庫存，在亞特蘭大有庫存。

(Operator Instructions) Our next question comes from Richard Choe from JPMorgan.

（操作員指示）我們的下一個問題來自摩根大通的 Richard Choe。

Now that you've had a full quarter of Data Foundry, it seems like the acquisition is going well. Can you give some update, given that guidance seemed pretty good, about the margin improvement? How should we think about it going forward?

現在您已經擁有了 Data Foundry 整整一個季​​度，看起來這次收購進展順利。鑑於指導似乎相當不錯，您能否提供有關利潤率改善的一些最新情況？今後我們該如何思考？

Sure, Richard. I'll take that. We're very happy with the acquisition. The team on the ground at Data Foundry has been fantastic. And as we talked about our strategy for that acquisition, it was really to give us a 2-year head start into the Texas market because we knew we were looking to build our facilities on the Dell campus. And by acquiring Data Foundry, we've got a fantastic staff that knows how to run high-quality data centers.

當然，理查德。我會接受的。我們對此次收購感到非常滿意。 Data Foundry 的現場團隊非常棒。當我們談論我們的收購策略時，這實際上是為了讓我們在進入德州市場方面獲得兩年的領先優勢，因為我們知道我們正在尋求在戴爾園區建造我們的設施。透過收購 Data Foundry，我們擁有了一支優秀的員工隊伍，他們知道如何運作高品質的資料中心。

We had a very strategic sale in the quarter that essentially takes the last sector of the existing Data Foundry facility. So we're really happy with the way things are going there. And as far as the synergies that we expected, we talked to The Street about expecting $2 million in annualized synergies. We are already exceeding that number.

我們在本季進行了一次非常具有戰略意義的出售，基本上佔據了現有 Data Foundry 設施的最後一個部分。所以我們對事情的進展非常滿意。至於我們預期的綜效，我們與《華爾街日報》談到，預計年化綜效將達到 200 萬美元。我們已經超過了這個數字。

Yes. Just to echo one thing that Gabe said, is our largest sale actually came from Data Foundry. And that team has done a really good job with the integration, and that has resulted in achieving synergies faster than expected. So very pleased, by the way, how that acquisition is rolling out.

是的。只是為了呼應 Gabe 所說的一件事，我們最大的銷售額實際上來自 Data Foundry。該團隊在整合方面做得非常好，從而比預期更快地實現了協同效應。順便說一句，我對這次收購的進展感到非常高興。

Was that sale already done, in the works before you acquired it? Or can you talk a little bit more about that?

在您購買之前，該銷售是否已完成？或者你能多談談這個嗎？

That sale was not done and not in the works before we acquired it. It was a post-acquisition opportunity that the Data Foundry team helped us successfully land.

在我們收購它之前，該銷售尚未完成，也沒有在進行中。這是Data Foundry團隊幫助我們成功落地的一個收購後的機會。

We take our next question from Aryeh Klein from BMO Capital Markets.

我們回答來自 BMO 資本市場的 Aryeh Klein 的下一個問題。

You brought in a chief revenue officer. Can you talk about how you expect your go-to-market strategy to evolve? And maybe where do you feel like you could be executing a little bit better with that?

您聘請了一位首席營收長。您能談談您期望您的上市策略如何發展嗎？也許你覺得你在哪些方面可以做得更好一點？

Well -- yes, Aryeh. Thank you very much. And we have pretty good growth in Q3 and then about 17% in Q4 organic growth projected, so we feel like we're doing quite well in our sales. But now that we are in 6 different cities in 5 different campuses, there is a need for a growing national footprint. We need a leader for the sales team for that sales footprint, and that is why Jonathan King has been brought onboard. And we think that he is going to be incredibly effective in deploying that group and enhancing our sales force, both in terms of numbers and strategy and approach.

嗯——是的，阿耶。非常感謝。我們在第三季的成長相當不錯，預計第四季的有機成長約為 17%，所以我們感覺我們的銷售表現相當不錯。但現在我們在 6 個不同的城市、5 個不同的校區，需要擴大全國足跡。我們需要一位銷售團隊的領導者來擴大銷售規模，這就是喬納森金 (Jonathan King) 加入的原因。我們認為，他在部署該團隊和增強我們的銷售團隊方面將非常有效，無論是在數量、策略和方法方面。

So we're really pleased to have him onboard. And it's just a natural evolution of the company in its size and its breadth and that we need a leader in the sales organization that is of the caliber that Mr. King is. So very, very pleased to have him onboard and look forward to the results as we move forward into 2022.

所以我們真的很高興他加入。這只是公司規模和廣度的自然演變，我們需要像金先生一樣有能力的銷售組織領導者。非常非常高興他加入，並期待我們進入 2022 年時的成果。

Got it. And then can you...

知道了。然後你能...

And one of the things that Jonathan brings to us -- Aryeh, I'm sorry, this is Gabe. He's been around the industry for 20-plus years. Rob has known Jonathan for many, many years, and he's always wanted to bring him onboard. But he's always been a very tough guy to get because people keep taking him wherever they go. But in addition to his experience at Google, he was previously at World Wide Technology, which is a very, very large talent partner. Not only do we expect him to build -- continue to build our direct sales force, we really do expect him to add a lot of channel expertise to our sales force and help us grow that national footprint.

喬納森帶給我們的東西之一——Aryeh，對不起，這是加布。他已經在這個行業工作了 20 多年。羅布認識喬納森很多很多年了，他一直想邀請喬納森加入。但他一直是個很難得到的人，因為無論走到哪裡，人們都帶著他。但除了在谷歌的經歷外，他還曾在 World Wide Technology 任職，這是一個非常非常大的人才合作夥伴。我們不僅希望他能夠繼續建立我們的直銷隊伍，我們確實希望他能夠為我們的銷售隊伍增加大量通路專業知識，並幫助我們擴大全國足跡。

Got it. And then, Gabe, I think you mentioned that there were some commencement timing issues in the guidance. It doesn't sound like it had a big impact. But could you just talk about that and what you're seeing there?

知道了。然後，加布，我想你提到指南中存在一些開始時間問題。聽起來影響並不大。但你能談談這個以及你在那裡看到的嗎？

Yes, sure. It was a very small impact to our guidance. The primary reason for adjusting our guidance was pass-through power revenue. When we talked in Q2, we had a forecast for power revenue that involved a forward curve increase. And we actually locked in power at lower rates than we were expecting, so we passed through those lower rates and therefore, get the lower revenue.

是的，當然。這對我們的指導影響非常小。調整指引的主要原因是轉嫁電力收入。當我們在第二季度討論時，我們對電力收入進行了預測，其中涉及遠期曲線成長。事實上，我們鎖定電力的利率比我們預期的要低，所以我們通過了這些較低的利率，因此獲得了較低的收入。

So the timing issue was really quite minimal, and it was really related to this large Texas transaction. So instead of selling into that last sector of AUSTIN 3, as we typically do with a variety of customers, this one customer took the entire sector and they're not ramping until early 2022. So that's really the primary driver behind the timing difference.

因此，時間問題實際上很小，而且確實與德克薩斯州的這筆大型交易有關。因此，我們並沒有像我們通常對各種客戶那樣出售 AUSTIN 3 的最後一個部門，而是這個客戶收購了整個部門，並且直到 2022 年初才會增加。

Our next question comes from Sami Badri from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的薩米·巴德里。

A couple of questions. Could you just walk through how Switch manages the power costs? And you've made several references to how that's managed and power cost savings to the customers, et cetera, but maybe we could just revisit how you guys are treating things. And also, do these treatments apply to both the Data Foundry customer base and Switch legacy? So this is question #1.

有幾個問題。能否簡單介紹一下 Switch 如何管理電力成本？您已經多次提到如何管理以及為客戶節省電力成本等等，但也許我們可以重新審視您對待事情的方式。此外，這些處理方法是否適用於 Data Foundry 客戶群和 Switch 傳統客戶群？這是問題#1。

And then question #2 is could you just give us an update on any kind of renewal activity and pricing that the existing Data Foundry customers are actually seeing? I know that's part of the synergy -- or the revenue synergy story for you guys. And I might have a follow-up.

那麼問題#2 是您能否向我們提供現有 Data Foundry 客戶實際看到的任何類型續訂活動和定價的最新資訊？我知道這是協同效應的一部分，或者說是你們收入協同故事的一部分。我可能會有後續行動。

Sure, Sami. With regard to power, historically, over the last decade or so, power costs have actually been going down for Switch. Primarily in 2017 when we decoupled from NV Energy, a utility provider in Las Vegas, and went to an open-market strategy, our power rates were able to drop quite significantly. This is really the first time that we've seen an increase in our power rates. So we typically have not adjusted our power rates upward, but because of this increase, we've specifically adjusted about half of our customers that have -- that provide us with the right to adjust power rates up. The average increase was about 4%.

當然，薩米。就電力而言，從歷史上看，在過去十年左右的時間裡，Switch 的電力成本實際上一直在下降。主要是在 2017 年，當我們與拉斯維加斯的公用事業提供者 NV Energy 脫鉤並採取開放市場策略時，我們的電價大幅下降。這確實是我們第一次看到電費增加。因此，我們通常不會上調電價，但由於這種增長，我們專門調整了大約一半的客戶，這為我們提供了上調電價的權利。平均增幅約為4%。

And we do lock in power wherever possible. Right now, we are currently locked in for the next 12 months, and we are actively working in the markets to lock in additional power for longer periods of time. We're also building our solar fields in Nevada, and we have 25-year power purchase agreements related to those solar fields.

我們確實會盡可能鎖定權力。目前，我們已鎖定未來 12 個月的電力，並且我們正在市場上積極努力，以在更長的時間內鎖定額外的電力。我們也在內華達州建造太陽能發電場，並且我們簽訂了與這些太陽能發電場相關的 25 年電力採購協議。

Got it. And then maybe the second question on that is renewals.

知道了。也許第二個問題是續約。

On the renewals and pricing?

關於續訂和定價？

And sorry, Gabe, one other clarification on the prior question is Data Foundry versus Switch. You may have addressed it, but just checking.

抱歉，Gabe，對上一個問題的另一個澄清是 Data Foundry 與 Switch。您可能已經解決了這個問題，但只是檢查一下。

Yes. No. Data Foundry in Texas has power rates that are coming from the utility as opposed to open-market purchases that we experience here in Las Vegas. So their power structure is different, and we didn't put any power pass-through for any of the Data Foundry customers.

是的。不會。因此，他們的電源結構是不同的，我們沒有為任何 Data Foundry 客戶提供任何電源傳遞。

And with regard to renewals in Data Foundry, the renewals are going quite well in addition to the large strategic signing that we made for the last sector in Data Foundry. We also had another large renewal and incremental increase from another large customer at Data Foundry at the same rate, so no rate reduction. So we're very happy with the way things are going at Data Foundry.

關於 Data Foundry 的更新，除了我們為 Data Foundry 的最後一個部門進行的大型策略簽署之外，更新進展得相當順利。我們還以相同的速率從 Data Foundry 的另一家大客戶處獲得了另一次大規模續訂和增量增加，因此沒有降低速率。因此，我們對 Data Foundry 的進展非常滿意。

Great. And...

偉大的。和...

Sami, one quick -- sorry. One quick addition. Just to let you know that we are building these solar fields in order to continue and proliferate our 100% commitment to green energy. And as you may have seen in our press release, the EPA just gave us accolades for being 100% green and rated us in the top 23 out of 100 companies on their scale of green energy companies. So we continue our commitment to our ESG initiatives, and we're doing that through power as well as the way that we operate our facilities.

薩米，快點——抱歉。快速補充一下。只是想讓您知道，我們正在建造這些太陽能發電場，以繼續並擴大我們對綠色能源 100% 的承諾。正如您可能在我們的新聞稿中看到的那樣，EPA 剛剛授予我們 100% 綠色的榮譽，並在其綠色能源公司規模的 100 家公司中將我們評為前 23 名。因此，我們繼續致力於 ESG 舉措，並透過權力以及我們營運設施的方式來實現這一目標。

Got it. And then just the renewal pricing question?

知道了。然後只是續訂定價問題？

Sorry, I think we already addressed that.

抱歉，我想我們已經解決了這個問題。

Yes, I think we addressed that.

是的，我想我們已經解決了這個問題。

Okay. The other follow-up question I had was more to do with supply chains, and it's a 2-part question. The first one is since Switch actually designs and has the IP for a lot of the actual industrial components that go into your data centers, how are you guys prioritized in the pecking order of manufacturing and shipments with your vendor supply base? So that's question #1. And then #2 is if you were to give us a percentage magnitude of the number of customers that you're working with that have seen delays of equipment to arrive to your facilities and therefore slowing down commencements, what percentage of the customer base or the incoming kind of commencements would you say have been paused or delayed because of supply chain issues?

好的。我的另一個後續問題與供應鏈有關，這是一個由兩部分組成的問題。第一個是，由於 Switch 實際上設計並擁有進入資料中心的許多實際工業組件的 IP，你們在供應商供應基地的製造和發貨順序中是如何確定優先順序的？這就是問題#1。然後#2 是，如果您要向我們提供與您合作的客戶數量的百分比，這些客戶發現設備到達您的設施出現延誤並因此減慢了開工速度，那麼客戶群或客戶的百分比是多少？即將到來的開工活動會因為供應鏈問題而暫停或延遲嗎？

All right. So Gabe, I'll take the first pass at this and then please weigh in. As to prioritizations, we have very long-standing relationships with our supply chain manufacturers. We do, do custom builds so they go in a different supply chain than just the commodity products. They're very long lead time items, so we've been able to plan and order those items a long time ago. And because they are custom builds, they go on a different route. So we have not had any significant impacts by supply chains delivering and being able to deliver us in a timely manner.

好的。所以，Gabe，我將首先考慮這一點，然後請您權衡一下。我們確實進行定制，以便它們進入與商品產品不同的供應鏈。它們的交貨時間非常長，因此我們很久以前就能夠規劃和訂購這些物品。而且因為它們是定制構建，所以它們走的是不同的路線。因此，供應鏈交付以及能夠及時交付我們並沒有對我們產生任​​何重大影響。

As to customers, we haven't experienced any customers doing significant delays or sharing with us that they've had significant delays in their need to obtain items to deploy in our facilities, and they have been deploying on time and on pace. So we haven't seen much in the way of a supply chain impact at least to date in our operations.

至於客戶，我們沒有遇到任何客戶出現嚴重延遲或與我們分享他們在獲取要在我們的設施中部署的項目的需求方面出現嚴重延遲的情況，而且他們一直在按時、按節奏進行部署。因此，至少到目前為止，我們的營運還沒有看到供應鏈受到太大影響。

Yes. I'll add to that, Sami. As Thomas said, our equipment suppliers really do build a very different product for Switch based on our patents. And you'll notice that we did increase our CapEx guidance by about $25 million this quarter. A lot of that has to do with ordering power equipment. We want to make sure that we are -- that we have all of the production slots that we need for our power and cooling equipment from those suppliers to meet our customer demand. So we're not anticipating any slowdowns in our delivery, and we're not anticipating any supply chain issues. But we did want to lock in all of those slots, and we've ordered all of the equipment.

是的。我要補充一點，薩米。正如托馬斯所說，我們的設備供應商確實根據我們的專利為 Switch 打造了一款非常不同的產品。您會注意到，本季我們確實將資本支出指引增加了約 2,500 萬美元。其中很大一部分與訂購電力設備有關。我們希望確保我們擁有這些供應商提供的電力和冷卻設備所需的所有生產槽位，以滿足客戶的需求。因此，我們預計交付不會出現任何放緩，也不會出現任何供應鏈問題。但我們確實想鎖定所有這些插槽，並且我們已經訂購了所有設備。

Next, we take our question from James Breen from William Blair.

接下來，我們回答威廉·布萊爾的詹姆斯·布林提出的問題。

Can you talk a little bit about customer interest across multiple data centers? Any color you can give us on which customers are taking space in all the facilities or mobile facilities?

能談談客戶對多個資料中心的興趣嗎？您可以用什麼顏色來告訴我們哪些客戶在所有設施或行動設施中佔用了空間？

Yes. The customers -- as we mentioned during our initial remarks, the number of customers cross-populating has continued to grow and proliferate, which is great. It's not tied to any particular industry or any particular organization in terms of the way that they are spreading across our campuses, but we are very pleased to see customers take space in multiple locations. And it was one of the reasons that we originally expanded back east and one of the reasons that we also expanded into Texas.

是的。客戶——正如我們在最初的評論中提到的，交叉填充的客戶數量持續增長和激增，這很棒。就其在我們園區的傳播方式而言，它與任何特定行業或任何特定組織無關，但我們很高興看到客戶在多個地點佔用空間。這是我們最初向東部擴張的原因之一，也是我們向德州擴張的原因之一。

But 38% of our customers -- well, 38% of our revenue is multicampus, which is continuing to grow. And we expect that to continue to increase, which is good in terms of elevating overall revenue, but it's also good in stability of customer engagement. So we are pleased by both of those numbers going up and the fact that it will help stabilize our platform.

但我們 38% 的客戶——嗯，我們 38% 的收入來自多校區，而且還在持續成長。我們預計這一數字將繼續增加，這對於提高整體收入而言是有利的，但對於客戶參與度的穩定性也有好處。因此，我們對這兩個數字的上升以及這將有助於穩定我們的平台這一事實感到高興。

And are you seeing a noticeable difference in customer churn between the multi-tenant customer versus single spot?

您是否發現多租戶客戶與單點客戶之間的客戶流失有明顯差異？

No, churn has remained unchanged. It's 0.2%, so it is unchanged from Q3 in 2020. So no appreciable differences there.

不，客戶流失率不變。為 0.2%，因此與 2020 年第三季相比沒有變化。

We have a question from Michael Rollins from Citi.

我們有來自花旗集團的邁克爾羅林斯 (Michael Rollins) 的提問。

Curious to just delve a little more into the REIT conversion. So first, do you have to purge any of the retained earnings and make a distribution to shareholders prior to conversion? And the second part of this topic I was curious about is what happens to the tax receivable agreement. How does REIT conversion impact the existing liability from shares already converted as well as the remaining liability from shares yet to be converted?

我很想更深入地研究房地產投資信託基金的轉換。因此，首先，您是否必須在轉換之前清除任何留存收益並向股東分配？我很好奇的這個主題的第二部分是應收稅協議會發生什麼。 REIT 轉換如何影響已轉換股份的現有負債以及尚未轉換股份的剩餘負債？

Sure, Mike. I'll take those. As far as the E&P purge that's required upon a REIT conversion, we are still working through those numbers. We'll provide additional detail at our Investor Day and really more additional detail next year. We're targeting January 1, 2023, election date, which means that during 2022 -- this is a complicated process. We need to go through all of our assets and income, determine which ones are going to be REIT qualifying, which ones are not, set up a taxable REIT subsidiary and divide up the business accordingly.

當然，麥克。我會接受那些。至於房地產投資信託基金轉換時所需的勘探和生產清理，我們仍在研究這些數字。我們將在投資者日提供更多詳細信息，並在明年提供更多詳細信息。我們的目標是 2023 年 1 月 1 日選舉日期，這意味著在 2022 年期間，這是一個複雜的過程。我們需要檢查我們所有的資產和收入，確定哪些資產和收入符合房地產投資信託基金資格，哪些不符合房地產投資信託基金資格，設立應稅房地產投資信託子公司並相應地劃分業務。

So there's a lot of work to be done. Two of the items that still need to be finalized are the E&P purge, but we don't believe that's going to be a materially large number for us. And as you mentioned, the TRA, the tax receivable agreement is another item. That -- we have a variety of alternatives to deal with the TRA, and those range from early termination of the TRA to continuing the TRA, depending on different structures that we utilize. So all of that is still being analyzed, and we'll provide additional information as we have it.

所以還有很多工作要做。仍需要最終確定的兩個項目是勘探與生產清理，但我們認為這對我們來說不會是一個很大的數字。正如您所提到的，TRA、應收稅協議是另一個項目。我們有多種選擇來處理 TRA，這些選擇的範圍從提前終止 TRA 到繼續 TRA，這取決於我們使用的不同結構。因此，所有這些仍在分析中，我們將提供更多資訊。

And then just an update on -- just as you look at the bookings and churn environment in general, how should investors think about the possible lumpiness of each, not really customer trend per se but revenue churn, which at certain moments has had elevated impacts? But then also, on the other side on the bookings, you've had a range of outcomes over the last number of quarters. So what's the right way to think about the lumpiness of each of these going forward?

然後更新一下——就像你總體上看待預訂和客戶流失環境一樣，投資者應該如何考慮每個因素可能存在的混亂性，不是真正的客戶趨勢本身，而是收入流失，這在某些時刻產生了更大的影響？但另一方面，在預訂方面，過去幾季也取得了一系列成果。那麼，對於未來這些問題的複雜性，正確的思考方式是什麼？

Yes. Actually, as far as our bookings number, our incremental annualized revenue has been relatively flat for the last 3 quarters. Q4 of 2020 was quite elevated because at year-end, we have some large signings that typically come in. But we've been running at over $15 million in incremental annualized bookings for the last 3 quarters. If you go back a year or so ago, we were typically running around $10 million of incremental annualized revenue. So we're really excited and quite happy with the increase in our bookings.

是的。事實上，就我們的預訂量而言，過去三個季度我們的年化收入增量相對持平。 2020 年第四季的收入相當高，因為在年底，我們通常會簽下一些大型球員。如果你回到大約一年前，我們的年化收入增量通常約為 1000 萬美元。因此，我們對預訂量的增加感到非常興奮和高興。

But you are correct. I mean there is lumpiness in our revenue as things -- as bookings commence and as ramps occur. We've signaled earlier in the year that we would have accelerated revenue going into the back half of the year because we had bookings that we knew would commence, and that's indeed exactly what's happened. If you look -- we obviously had 23% growth in Q3, and we're looking at 27% growth in Q4 at the midpoint of our guidance. But really, the exciting number is the 17% organic growth that we're looking for in Q4, and that's because of the commencements that we've had in the back half of this year as they roll through in comparison to the prior year same quarter revenue.

但你是對的。我的意思是，隨著預訂的開始和銷售的增加，我們的收入出現了波動。我們在今年稍早曾表示，我們將在今年下半年加速收入成長，因為我們知道我們的預訂將會開始，而這確實發生了。如果你看一下——我們顯然在第三季度實現了 23% 的增長，並且我們預計第四季度將實現 27% 的增長，處於我們指導的中點。但實際上，令人興奮的數字是我們希望在第四季度實現 17% 的自然成長，這是因為我們在今年下半年開始了與去年同期相比的開工建設季度收入。

So there is some lumpiness to our business. I think that's just a natural part of what we do. We have a number of retail clients, as you know, that take 1 cabinet to 5 cabinets to 10 cabinets to 30 cabinets. But then we have some very large customers that take hundreds of capitals. And as those companies ramp in, that's what creates a bit of the lumpiness.

所以我們的業務有些不穩定。我認為這只是我們工作的自然組成部分。如您所知，我們有許多零售客戶，需要 1 個櫃子、5 個櫃子、10 個櫃子、30 個櫃子。但我們有一些非常大的客戶，需要數百資本。隨著這些公司的加入，這就是造成一些混亂的原因。

I would say that Gabe is spot on. And it is true that we have some lumpiness as we do larger deals. They all have phase-ins or rollouts in the way that they deploy. And even -- it takes some time to close a large deal and then to figure out what their deployment schedule is and how that ramps in over time. Every deal is different. And even once you've closed the deal, there can be timing of when that revenue starts to flow in.

我想說加布是對的。確實，當我們進行較大規模的交易時，我們會遇到一些困難。它們都以部署的方式逐步投入或推出。甚至 - 完成一筆大交易需要一些時間，然後弄清楚他們的部署計劃是什麼以及隨著時間的推移如何逐步推進。每筆交易都是不同的。即使您完成了交易，收入也可能會在某個時間點開始流入。

But overall, their projection is onwards and upwards and is continuing to grow. And as Gabe said, we are looking at 17% organic growth in Q4. So we continue to -- our momentum of growth. And with Jonathan King coming onboard and us firming up the way that we do our sales, both direct sales and indirect sales in channel partners, we believe that we have built a platform to have sustained growth going into 2022 and beyond.

但總體而言，他們的預測是向前和向上的，並且還在繼續增長。正如 Gabe 所說，我們預計第四季有機將成長 17%。因此，我們繼續保持成長勢頭。隨著喬納森金 (Jonathan King) 的加入以及我們加強銷售方式（包括通路合作夥伴的直接銷售和間接銷售），我們相信我們已經建立了一個平台，可以在 2022 年及以後實現持續成長。

Additionally, Mike, you know our history well, and we've been a double-digit growth company for many, many years. And our compound annual growth rate continues to be double digits, but that doesn't mean it's double digits all the time. And our history proves that out. But over the long run, we're very excited about our future.

此外，麥克，您很了解我們的歷史，多年來我們一直是一家兩位數成長的公司。我們的複合年增長率繼續保持兩位數，但這並不意味著它一直都是兩位數。我們的歷史證明了這一點。但從長遠來看，我們對未來感到非常興奮。

We have 1.3 million square feet of space coming online in the relatively short future, and then another 1.9 million coming online after that. So we believe, from an inventory standpoint, nobody is building the kind of inventory that Switch is building right now. And certainly, no one is building the quality that Switch is building. So as corporate data centers -- corporations are looking to close their data centers and move to a colocation and hybrid cloud environment, we believe we are uniquely positioned to continue that growth.

在相對較短的未來，我們將有 130 萬平方英尺的空間投入使用，此後還有 190 萬平方英尺的空間投入使用。因此，我們相信，從庫存的角度來看，沒有人正在建立 Switch 目前正在建立的庫存。當然，沒有人能夠打造出 Switch 所打造的品質。因此，作為企業資料中心——企業正在尋求關閉其資料中心並遷移到託管和混合雲端環境，我們相信我們處於獨特的地位，可以繼續這種成長。

And just on the churn side, a year ago, I think it was in the fourth quarter, if I'm remembering this correctly, there was some incremental revenue churn that didn't come up in the customer churn. There was just some migrations that you had in 2 of them. Are there any of these chunky types of migrations or risks that we should just be mindful of as we're thinking out over the next 1 to 2 years as you kind of see what's coming up for renewal and you've had conversations with customers?

就流失而言，一年前，我認為是在第四季度，如果我沒記錯的話，有一些增量收入流失並沒有出現在客戶流失中。其中兩個只進行了一些遷移。當我們在未來 1 到 2 年內思考時，當您看到即將更新的內容並且您已經與客戶進行了對話時，是否有任何這些大塊類型的遷移或風險是我們應該注意的？

Yes. Right now, there really isn't anything that we see in the horizon that is going to be significant. We have normal customer deployments that are moving workloads from one facility to another, customers moving workloads to the cloud, back from the cloud. They've been doing that for 20 years. But there's nothing material that we're looking at over the near term. When you say multiple years out, that -- I don't have good data on what customers are going to do multiple years out, but we don't expect anything material.

是的。目前，我們確實沒有看到任何重大的事情。我們有正常的客戶部署，將工作負載從一個設施轉移到另一個設施，客戶將工作負載轉移到雲端，或從雲端轉移回來。他們這樣做已經20年了。但短期內我們沒有看到任何實質內容。當你說多年後，我沒有關於客戶多年後會做什麼的良好數據，但我們不期望任何實質的數據。

The next question comes from Frank Louthan from Raymond James.

下一個問題來自 Raymond James 的 Frank Louthan。

Can you give us some -- maybe I missed this, but can you give us an idea of what pass-through power has been running the last few quarters? Or is that disclosed somewhere? I think that's causing some confusion this morning.

您能給我們一些資訊嗎？或是在什麼地方透露過？我認為這在今天早上造成了一些混亂。

And then I've got another question on the REIT conversion. Do you think you're going to need to seek a PLR with the IRS in conjunction with that? And will you be able to get that done before January '23?

然後我還有一個關於房地產投資信託基金轉換的問題。您認為您是否需要同時向 IRS 尋求 PLR？您能在 23 日 1 月之前完成這項工作嗎？

I'll answer the second question, Gabe. And we don't think that we're going to need to seek a PLR. Conversion of data centers into REITs is pretty well vetted out, and there probably isn't a need to do that. But we continue to evaluate the various options and pads that we have to do this conversion to being a REIT, and we'll have more to speak about that on our Investment Day and throughout the course of the next year as we work towards implementation in January 1, 2023.

我來回答第二個問題，加布。我們認為我們不需要尋求 PLR。將資料中心轉換為房地產投資信託基金已經經過充分審查，而且可能沒有必要這樣做。但我們將繼續評估將其轉變為房地產投資信託基金所需的各種選擇和墊子，並且我們將在投資日以及明年的整個過程中更多地談論這一點，因為我們致力於在2023 年1 月1 日。

Gabe, do you want to speak to pass-through power?

加布，你想和傳遞力量說話嗎？

Sure. With regard to power, we sell contracts in a variety of different flavors. We have a number of circuit-based customers, where they will buy a cabinet with a circuit and they can use as much of that circuit as they like. We have customers that buy cabinets and then buy power separately. We have customers that commit to an all-in power commitment floor that includes both cabinets and power. So we sell a variety of different formulas. With regard to the increase that we passed through, as I mentioned, it affected about 50% of our customers -- of our utilization of power. And the typical increase was on average about 4%, and this is the first time we've ever done that.

當然。關於電力，我們出售各種不同風格的合約。我們有許多基於電路的客戶，他們會購買帶有電路的機櫃，並且可以隨意使用該電路。我們有客戶購買機櫃，然後單獨購買電源。我們的客戶承諾提供包括機櫃和電源在內的全功率承諾層。所以我們銷售各種不同的配方。至於我們經歷的成長，正如我所提到的，它影響了我們大約 50% 的客戶——我們的電力利用率。典型的平均增幅約為 4%，這是我們第一次這樣做。

Okay. But -- so as far as the guidance going forward coming down, I mean, you mentioned it was kind of no margin or low margin pass-through. Can you give us an idea like on a dollar basis, on a quarterly basis, what does that usually run so we can get an idea of the magnitude of how that -- what's really changed here?

好的。但是，就未來的指導方針而言，我的意思是，您提到這是一種無利潤或低利潤的傳遞。您能否給我們一個想法，例如以美元為基礎，以季度為基礎，通常會發生什麼，以便我們能夠了解其變化的程度 - 這裡真正發生了什麼變化？

Yes. The increase -- the reduction in the power revenue that we were expecting was about $4 million in Q4. And so that's the largest part of our decrease in guidance.

是的。我們預計第四季電力收入將減少約 400 萬美元。因此，這是我們指導下調的最大部分。

Okay. Is there anything else that was low margin in there to -- for the delta and the change? Or is it -- that pretty much it?

好的。還有其他什麼是低利潤的嗎——對於增量和變化？還是——差不多就是這樣了？

No, the other piece of the pie, as we talked about earlier, was really related to the timing of the large sale that we made in Texas.

不，正如我們之前談到的，另一塊餡餅確實與我們在德克薩斯州進行的大宗銷​​售的時機有關。

Next, we have Colby Synesael from Cowen.

接下來是來自 Cowen 的 Colby Synesael。

I guess I'm still confused, and I apologize, maybe everybody else understands it. So you reduced your guidance for lower pass-through. As you said, you got lower power pricing, and you passed it on to your customers. And that's the $4 million that you just referenced to Frank. But then you're also saying that -- for 50% of your revenue base, I think, you're saying that you just implemented a 4% increase to your pricing, which presumably would have, I guess, a positive benefit on revenues even though not necessarily on EBITDA in the fourth quarter and then into 2022.

我想我還是很困惑，我很抱歉，也許其他人都明白。因此，您減少了對較低傳遞的指導。正如您所說，您獲得了較低的電價，並將其傳遞給了您的客戶。這就是你剛才提到弗蘭克的 400 萬美元。但你也說，對於 50% 的收入基礎，我認為，你是說你剛剛將定價提高了 4%，我想這可能會給收入帶來積極的好處儘管不一定是第四季度和2022 年的EBITDA。

So I'm just trying to unpack those 2 things that seem kind of in polar opposites. And then secondly, to the extent that you guys see an opportunity for bigger deals than what you're accustomed to signing, particularly in markets where you may have a decent amount of capacity, so for example, Michigan, would you be interested in those types of deals even though they're -- what some may perceive as hyperscale when you've historically said you're more focused on enterprise?

所以我只是想解開這兩件看似完全相反的事。其次，在某種程度上，你們看到了比你們習慣簽署的更大交易的機會，特別是在你們可能擁有相當大容量的市場，例如，密西根州，你們會對這些感興趣嗎？儘管有些人可能認為是超大規模的交易，而您過去曾說過您更專注於企業？

Yes. Colby, with regard to the power, when we put forth our guidance in Q2, we were expecting a certain amount of power pass-through revenue to increase, and we had built in about $7 million or $8 million of additional pass-through revenue coming in the back half of the year. We actually locked in lower prices than we anticipated so that pass-through revenue is less than what we anticipated by about $4 million. But along with that comes lower power cost. That's why our EBITDA is not impacted. So hopefully, that helps. I mean that was part of our increase in guidance in Q2 based on that expectation. And now we have actual numbers, and we have adjusted guidance for that.

是的。 Colby，關於電力，當我們在第二季度提出指導時，我們預計電力直通收入會增加一定量，並且我們已經建立了約 700 萬美元或 800 萬美元的額外直通收入下半年。實際上，我們鎖定的價格比我們預期的要低，因此轉嫁收入比我們的預期少了約 400 萬美元。但隨之而來的是更低的電力成本。這就是為什麼我們的 EBITDA 沒有受到影響。希望這會有所幫助。我的意思是，這是我們根據這一預期增加第二季指引的一部分。現在我們有了實際數字，並且我們已經調整了指導。

As far as the types of sales that we're interested in, Thomas, do you want to...

至於我們感興趣的銷售類型，湯瑪斯，你想…

I mean before we go to that, so how does increasing pricing by 4% play into that? That seems -- is that separate then? And I guess, isn't that -- if you're raising pricing by 4%, doesn't that mean, for all intents and purposes, for 50% of your revenue, it's 4% higher and I guess, 2% for the total business? Is that separate from this pass-through component that you just described?

我的意思是，在我們討論這個之前，那麼將價格提高 4% 有何影響？看來──那是分開的嗎？我想，如果你將定價提高 4%，這是否意味著，無論出於何種意圖和目的，你的收入的 50% 都提高了 4%，我猜，提高了 2%總業務量？它與您剛才描述的傳遞組件是分開的嗎？

No, no, no. That is the component that we...

不，不，不。這就是我們...的組件

Yes. Some of it's going to be timing, too. I mean Gabe -- I mean we didn't have a full quarter of the increases in revenue. Those increases -- I'm sorry, increases in pricing. And those increases in pricing, we'll experience a full quarter in Q4. But it was only a partial quarter in Q3, and that's part of the reason you're seeing that it's not -- the increase in pricing doesn't offset the revenue.

是的。其中一些也將取決於時機。我的意思是加布——我的意思是我們的收入成長還沒有達到整個季度。這些增加——對不起，是價格的增加。而價格的上漲，我們將在第四季經歷整整一個季​​度。但這只是第三季的部分季度，這就是你看到事實並非如此的部分原因——定價的上漲並沒有抵銷收入。

Okay. We can take it offline.

好的。我們可以讓它離線。

Yes. Okay. As to larger customers, we absolutely are open to doing large customers. We had a customer last year that took 12 megawatts from us in Reno, which is fairly significant. We have talked to a number of enterprises.

是的。好的。對於大客戶，我們絕對願意當大客戶。去年，我們在裡諾的一位客戶從我們這裡拿走了 12 兆瓦的電力，這是相當可觀的。我們已經和多家企業進行了交談。

Just because they're -- not just, but because they're enterprises, it doesn't mean that they're small customers. Hyperscale, large scale, I mean, the cloud customers, it's 2 or 3 customers that you're talking about when we reference those customers, but we have very large-scale deployments in -- potentially in the queue. And those come from enterprises migrating out of their corporate data centers and into a colocation environment. And we're seeing those impacts and potential sales in all of our campuses, most notably up in Reno, where we have a large building coming online in 2023.

僅僅因為他們是企業，並不代表他們是小客戶。超大規模，大規模，我的意思是，雲端客戶，當我們提到這些客戶時，您談論的是 2 或 3 個客戶，但我們有非常大規模的部署——可能在隊列中。這些來自從企業資料中心遷移到託管環境的企業。我們在所有園區都看到了這些影響和潛在銷售，尤其是在裡諾，我們在那裡有一棟大型建築將於 2023 年投入使用。

And Colby, just to come back. I want to make sure that you're clear on what we're saying, and I don't want there to be any confusion. So running the numbers, if you look at our Q4 guidance, we're guiding at the midpoint to about $162 million, $161.8 million. About half of that revenue we're able to adjust for power, so you -- roughly at $81 million or so. And if you take a 4% increase on that, you're getting to about $3.5 million or so of additional quarterly revenue, and that's what's in our guidance today. Now in Q2, we thought that was going to be about double, and we were able to lock in lower rates. Does that clarify?

還有科爾比，只是為了回來。我想確保您清楚我們在說什麼，並且我不希望出現任何混亂。因此，如果您查看我們的第四季度指導，您會發現，我們的指導值約為 1.62 億美元、1.618 億美元。其中大約一半的收入我們可以根據電力進行調整，因此大約是 8,100 萬美元左右。如果在此基礎上增加 4%，您將獲得約 350 萬美元左右的額外季度收入，這就是我們今天的指導中的內容。現在在第二季度，我們認為這將是大約兩倍，並且我們能夠鎖定較低的利率。這澄清了嗎？

I think so.

我想是的。

Next, we have a question from Brendan Lynch from Barclays.

接下來，我們有來自巴克萊銀行的布倫丹·林奇的問題。

Maybe you can give us an update on the EDGE data center initiatives. It looks like in the slide deck you had a photo from Tennessee. Maybe just give us an idea how the rollout is going.

或許您可以向我們介紹 EDGE 資料中心計畫的最新情況。幻燈片中似乎有一張來自田納西州的照片。也許只是讓我們來了解一下推廣的進展。

Yes. Thank you, Brendan. Appreciate that. And yes, we did put a picture of the EDGE data center in Tennessee. That is looking to come online in the near future, and we're excited about that. We have other locations in the queue that we will be announcing and launching into.

是的。謝謝你，布倫丹。很欣賞這一點。是的，我們確實放了田納西州 EDGE 資料中心的圖片。該功能預計在不久的將來上線，我們對此感到很興奮。我們將在隊列中宣布並啟動其他位置。

But again, just remember -- remind everybody that the EDGE data center from a colocation point of view is not really a large contributor in terms of revenue. The opportunity with EDGE is to work on our VAULT platform through the fourth cloud in conjunction with our partners and expand our telecommunications network. EDGE will take some time to roll out and do so effectively, but we don't expect it to be a large contributor in 2021 or significant probably in 2022.

但再次提醒大家，從主機託管的角度來看，EDGE 資料中心在收入方面並不是真正的主要貢獻者。與 EDGE 合作的機會是與我們的合作夥伴一起透過第四雲在我們的 VAULT 平台上工作，並擴展我們的電信網路。 EDGE 需要一些時間才能有效地推出，但我們預計它不會在 2021 年成為重大貢獻者，也不會在 2022 年發揮重要作用。

So that is just an update on EDGE, if you will. Gabe, anything to add to that?

如果你願意的話，這只是 EDGE 的更新。加布，還有什麼要補充的嗎？

No, I think you covered it.

不，我想你已經涵蓋了。

Awesome.

驚人的。

Great. And maybe just a follow-up. You -- the press release alluded to you giving multiyear growth objectives at the Investor Day. Can you tell us if you're planning on giving specific revenue, EBITDA and AFFO targets or your growth objective is going to be more generalized?

偉大的。也許只是後續行動。您—新聞稿提到您在投資者日提出了多年成長目標。您能否告訴我們您是否計劃給出具體的收入、EBITDA 和 AFFO 目標，或者您的成長目標會更加籠統？

Well, we're going to give revenue growth targets over the long term. We're going to give an EBITDA margin target over the long range, and we'll provide some additional information on AFFO as well. But we're certainly looking forward to your tuning in to get that data.

好吧，我們將給出長期的收入成長目標。我們將給出長期的 EBITDA 利潤率目標，並且我們還將提供有關 AFFO 的一些附加資訊。但我們當然期待您收聽以獲取這些數據。

The next question comes from Nate Crossett from Berenberg.

下一個問題來自貝倫貝格的內特·克羅塞特。

Maybe just one follow-up on the REIT conversion in terms of the E&P distribution. When would the timing on something like that be? And how would you think about funding that? It kind of sounds like it's not going to be a large amount, but at the same time, I think your leverage levels are the highest they've ever been. So how should we kind of square that? And then just overall comments on leverage would be helpful.

就勘探與生產分配而言，也許只是房地產投資信託基金轉換的後續行動。那樣的事情的時機是什麼時候？您會如何考慮為其提供資金？聽起來好像金額不會很大，但同時，我認為您的槓桿水平是有史以來最高的。那我們該如何解決這個問題呢？然後，僅對槓桿作用進行總體評論就會有所幫助。

Sure. As far as the E&P purge, again, we're still determining exactly what that number is going to be, but we really don't believe it's going to be material or create a funding issue of any kind for us. As far as timing, we have to do that before we actually make the election. While the election is effective as of the tax year January 1, 2023, we actually have until we file our 2023 tax returns, which would be October 24, to make that election.

當然。至於勘探與生產清理，我們仍然在確定這個數字到底是多少，但我們真的不相信它會很重要，也不會給我們帶來任何形式的資金問題。就時間而言，我們必須在實際進行選舉之前這樣做。雖然該選擇自 2023 年 1 月 1 日納稅年度起生效，但實際上我們必須在提交 2023 年報稅表（即 10 月 24 日）之前進行該選擇。

Of course, we wouldn't want to wait that long. We'd want to be operating as a REIT as of '23 because, otherwise, you make your election and you're immediately a busted REIT if you haven't provided the dividends that you're required and separate your assets as you're required. But the E&P purge would likely take place in '23 at some point, but we don't believe it's going to be material.

當然，我們不想等那麼久。我們希望從 23 年開始作為房地產投資信託基金運營，因為否則，如果您沒有提供所需的股息並按照您的要求分離資產，那麼您做出選擇後，您將立即成為破產的房地產投資信託基金。重新需要。但勘探與生產清理可能會在 23 年的某個時候進行，但我們認為這不會是實質的。

And as far as leverage in general, we've -- we were operating at very low leverage from -- since the inception of the company really. And because of that, we were able to do the Data Foundry acquisition with no additional equity raise, which we think increased our enterprise value, benefited shareholders tremendously and used our balance sheet effectively. We're sitting at around 5x today, but we know, if you look back at our history, that Q3 is typically our lowest EBITDA margin quarter because of summer power rates in Nevada, and we expect leverage to come down in Q4.

就整體槓桿率而言，自公司成立以來，我們一直以非常低的槓桿率運作。正因為如此，我們能夠在不進行額外股權融資的情況下完成對 Data Foundry 的收購，我們認為這增加了我們的企業價值，使股東受益匪淺，並有效地利用了我們的資產負債表。我們今天的利率約為5 倍，但我們知道，如果你回顧一下我們的歷史，由於內華達州夏季電價的原因，第三季度通常是我們EBITDA 利潤率最低的季度，而且我們預計第四季度槓桿率會下降。

Okay. Just in terms of the dividend level upon converting to a REIT, is there any color you could give us there? I mean there is a disparity across the space about payouts, so I'm just -- what's your thinking on that?

好的。就轉換為 REIT 時的股息水準而言，您能給我們什麼建議嗎？我的意思是，整個領域在支付方面存在差異，所以我只是——你對此有何看法？

We will provide more information on that as we have it. That's just one of the many complexities that we're still working on as part of this REIT conversion.

我們將根據掌握的情況提供更多相關資訊。作為房地產投資信託基金轉換的一部分，這只是我們仍在解決的眾多複雜問題之一。

Okay. And then just one quick on just liquidity of the shares. It's been picking up a lot last year. I'm just curious what the latest redemption would get you to.

好的。然後簡單介紹一下股票的流動性。去年已經有很多回升了。我只是好奇最新的救贖會帶給你什麼。

Yes. If we look at our latest reductions through November, we'll be at just under 60% publicly floated shares. So we're quite happy with the float as it currently sits. We've got good trading volume. The concerns about low float has essentially dissipated. We're not hearing that anymore. And we'll see additional redemptions next year. We have another 8 opportunities for our partners to redeem shares next year.

是的。如果我們看看截至 11 月的最新減持情況，我們的公開發行股票數量將略低於 60%。所以我們對目前的浮標非常滿意。我們有很好的交易量。對低流通量的擔憂已基本消除。我們不再聽到這樣的聲音了。明年我們將看到更多的贖回。明年我們還有8次機會供我們的合作夥伴贖回股票。

Yes, that's correct. We currently trade more -- north of $50 million worth of stock a day. So most people do not consider us an illiquid stock in any respect. So we really -- Gabe's right, we really don't get many questions on that. And we will crest over 60% in the near future.

是的，這是正確的。目前我們的股票交易量有所增加，每天交易量超過 5000 萬美元。因此，大多數人在任何方面都不認為我們是流動性不足的股票。所以我們確實——加布是對的，我們確實沒有收到太多關於這一點的問題。在不久的將來我們將達到60%以上。

(Operator Instructions) We take our next question from Erik Rasmussen from Stifel.

（操作說明）我們接受 Stifel 的 Erik Rasmussen 提出的下一個問題。

Maybe just to -- a lot's been addressed. But the EBITDA margins obviously were impacted by the higher power costs, but it sounds like a return to more normalized rates in Q4. But what's sort of the limiting factor at this point? Is it really just the Data Foundry business that's creating some of the headwind given the margin structure?

也許只是為了——很多事情已經解決。但 EBITDA 利潤率顯然受到了電力成本上升的影響，但聽起來第四季將恢復到更正常化的水平。但目前的限制因素是什麼？考慮到利潤結構，真的只是 Data Foundry 業務造成了一些阻力嗎？

Yes. I think that's -- go ahead, Thomas.

是的。我認為那就是——繼續吧，托馬斯。

Yes. Well, couple -- all right. Thank you. The Q3 power costs are always higher than the other quarters. So that's a seasonal item that we see every year. It's summer, it's hot. We use more electricity to run the HVAC units and the price of that electricity goes up. That's nothing new. And then we have Data Foundry that we've brought onboard, and we have the first 3 months on Data Foundry, which resulted in about a 75 basis point reduction in margins.

是的。好吧，情侶——好吧。謝謝。第三季的電力成本始終高於其他季度。所以這是我們每年都會看到的季節性商品。現在是夏天，天氣很熱。我們使用更多的電力來運行暖通空調裝置，電價上漲。這不是什麼新鮮事。然後我們引入了 Data Foundry，我們在使用 Data Foundry 的前 3 個月，導致利潤率下降了約 75 個基點。

Okay. Great. And then maybe just clarifying. You talked about accelerated equipment purchases. Is that really more just demand? Or is it there's some of the supply chain issues in the market that's at hand, knowing that getting access to critical components and whatnot is a little more challenging?

好的。偉大的。然後也許只是澄清一下。您談到了加速設備採購。這真的是更公正的需求嗎？或者市場上是否存在一些供應鏈問題，因為知道獲取關鍵組件等更具挑戰性？

Yes. Some of it is just the fact that we are growing our facilities at such a rapid rate. And the other is to just avoid any supply chain issues, putting our orders in early, making sure that our suppliers know that the orders are there, that they have the money that they need to continue their builds and that we adjust ourselves and our own expectations for the potential of a longer supply chain. So what we have done is place the orders earlier to both help our demand curve and also make sure that our suppliers had adequate time to provide us the equipment that we need without delay.

是的。其中一些原因是我們的設施建設速度如此之快。另一個是避免任何供應鏈問題，儘早下訂單，確保我們的供應商知道訂單在那裡，他們有繼續建造所需的資金，並且我們調整自己和我們自己的產品對更長供應鏈潛力的期望。因此，我們所做的就是儘早下訂單，以幫助我們的需求曲線，並確保我們的供應商有足夠的時間立即為我們提供我們所需的設備。

Yes. Erik, I'll add to that a bit. If you look at our build plan, not only is LAS VEGAS 15 coming online but the other facilities are also going to be coming online about a year after that. But we're also adding a lot of equipment to our Reno facilities due to customer demand. We're adding equipment to LAS VEGAS 11 due to customer demand. We're adding equipment to our Atlanta facility due to customer demand. So I think it's primarily demand-driven. But as Thomas said, we also want to lock in those production slots from our suppliers.

是的。艾瑞克，我會補充一點。如果您查看我們的建設計劃，您會發現，不僅 LAS VEGAS 15 即將上線，其他設施也將在大約一年後上線。但由於客戶需求，我們也為裡諾工廠增加了大量設備。應客戶需求，我們正在為 LAS VEGAS 11 新增設備。由於客戶需求，我們正在為亞特蘭大工廠添加設備。所以我認為這主要是需求驅動的。但正如托馬斯所說，我們也希望鎖定供應商的生產位置。

Okay. There are no further questions, which now brings this call to an end. Thank you all for joining. You may now disconnect your lines.

好的。沒有其他問題了，本次通話至此結束。感謝大家的加入。現在您可以斷開線路。

Thank you.

謝謝。