Switch Inc (SWCH) 2021 Q4 法說會逐字稿

Hello, and welcome to Switch, Inc.'s Fourth Quarter and Full Year 2021 Results Conference Call. My name is Alex, and I will be coordinating the call today. (Operator Instructions) I will now hand over to your host, Matthew Heinz, VP of Investor Relations. Over to you, Matthew.

您好，歡迎參加 Switch, Inc. 2021 年第四季和全年業績電話會議。我叫亞歷克斯，今天我將協調通話。 （操作員指示）我現在將會議交給主持人投資者關係副總裁 Matthew Heinz。交給你了，馬修。

Thank you, operator. Good afternoon, and welcome to Switch, Inc.'s Fourth Quarter and Full Year 2021 Earnings Call. On the call today are Thomas Morton, Switch President; and Gabe Nacht, Switch's CFO. Today's call may include forward-looking statements, including references to expectations, projections or other characterizations of future events or market conditions.

謝謝你，接線生。下午好，歡迎參加 Switch, Inc. 的 2021 年第四季和全年財報電話會議。今天參加電話會議的是 Switch 總裁 Thomas Morton；以及 Switch 財務長 Gabe Nacht。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、預測或其他特徵的提及。

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 describe some of these risks in our SEC filings, specifically our Form 10-K in the section entitled Risk Factors.

實際結果可能與我們的前瞻性陳述中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.

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。

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

我們的 2021 年第四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。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 on our fourth quarter and full year 2021 earnings call. Switch accomplished another solid quarter as we continue to execute on our strategic growth initiatives and sales opportunities driven by strong enterprise demand for our Tier 5 and environmentally sustainable data center infrastructure. We view 2021 as a transformational year for Switch as the company delivered upon its strategic priorities, including the successful acquisition and integration of data foundry, coinciding with the launch of our fifth prime campus in Texas known as The Rock.

謝謝你，馬特，大家下午好。感謝您今天參加我們的 2021 年第四季和全年財報電話會議。在企業對 Tier 5 和環境永續資料中心基礎設施的強勁需求的推動下，我們繼續執行策略性成長計畫和銷售機會，Switch 又取得了穩健的季度業績。我們認為2021 年對Switch 來說是轉型的一年，因為該公司實現了其戰略重點，包括成功收購和整合數據鑄造廠，同時我們在德克薩斯州的第五個優質園區The Rock 也啟動了。

Switch also gained Board approval to move forward with its plan for a REIT conversion effective January 2023 in addition to the advancement of construction on new data center capacity totaling 1.3 million square feet.

Switch 還獲得董事會批准，除了推進總計 130 萬平方英尺的新資料中心建設之外，還推進其 REIT 轉換計劃，該計劃將於 2023 年 1 月生效。

We intend to build upon this momentum in 2022 with another year of solid execution as we progress towards our 2023 REIT conversion and the achievement of our 5-year growth objectives presented at the Investor Day last November.

我們打算在 2022 年在此勢頭的基礎上再接再厲，邁向 2023 年 REIT 轉換並實現去年 11 月投資者日提出的 5 年增長目標。

Our fourth quarter and full year 2021 financial results detailed on Slide 4 of our investor deck, reflects strong top line momentum across all of our prime campus locations. Switch's fourth quarter 2021 revenue growth accelerated to 26% year-over-year, and organic revenue growth was 17% year-over-year excluding the contribution from Data foundry.

我們投資者平台的幻燈片 4 中詳細介紹了我們的 2021 年第四季度和全年財務業績，反映出我們所有黃金園區位置的強勁營收勢頭。 Switch 2021 年第四季營收年增 26%，剔除 Data Foundry 的貢獻後，有機營收年增 17%。

Full year 2021 revenue of $592 million was increased 16% year-over-year, which includes a $27.4 million revenue contribution from Data foundry. Organic revenue growth was 10.4% for the full year furthering Switch's strong track record of double-digit organic top line growth.

2021 年全年營收為 5.92 億美元，年增 16%，其中包括來自 Data Foundry 的 2,740 萬美元收入貢獻。全年有機收入成長 10.4%，進一步鞏固了 Switch 兩位數有機營收成長的強勁記錄。

We are especially pleased to achieve this milestone in 2021 despite our relatively constrained inventory position coming into the year and COVID-related delays in customer ramps that affected growth in the first half of 2021. Fourth quarter adjusted EBITDA increased 22% year-over-year to $85.8 million including a $5.1 million contribution from Data foundry.

我們特別高興在 2021 年實現這一里程碑，儘管我們今年的庫存狀況相對有限，而且與新冠疫情相關的客戶增加延遲影響了 2021 年上半年的增長。 8,580 萬美元，其中包括Data Foundry 的510 萬美元捐款。

Full year 2021 adjusted EBITDA increased 17% year-over-year to $315.1 million, exceeding the high end of our guidance range on stronger-than-expected margins. Our full year adjusted EBITDA margin of 53.2% increased 70 basis points compared to the prior year despite absorbing the lower-margin data foundry assets, which contributed $11.6 million in adjusted EBITDA over 7 months of operations.

2021 年全年調整後 EBITDA 年成長 17%，達到 3.151 億美元，超出了我們指導範圍的上限，利潤率強於預期。儘管吸收了利潤率較低的數據代工廠資產（在7 個月的運營中為調整後EBITDA 貢獻了1160 萬美元），但我們全年調整後EBITDA 利潤率為53.2%，與上年相比增長了70 個基點。

Gabe will provide additional details on our Q4 financial performance and 2022 guidance later on today's call. Our sales teams continue to execute favorably upon a strong demand pipeline, delivering fourth quarter incremental annualized revenue bookings of nearly $30 million, the second highest quarter since our IPO and exceeding the trailing 12-month average of $22 million per quarter.

Gabe 將在今天的電話會議稍後提供有關我們第四季度財務業績和 2022 年指導的更多詳細資訊。我們的銷售團隊繼續在強勁的需求管道中順利執行，第四季度的年化收入預訂增量接近3000 萬美元，這是我們IPO 以來第二高的季度，超過了過去12 個月每季度2200 萬美元的平均值。

For the full year 2021, our incremental annualized revenue bookings totaled a record of $80 million, eclipsing the prior record of $76 million set in 2020. 2021 was also a record year for connectivity revenue bookings with $29 million of annualized recurring revenue contracted including $11 million signed during the fourth quarter.

2021 年全年，我們的增量年化收入預訂總額達到創紀錄的8000 萬美元，超過了2020 年創下的7600 萬美元的先前紀錄。經常性收入為2,900 萬美元，其中包括1,100 萬美元第四季簽署。

These bookings represent large-scale network migrations by highly strategic customers, which I will describe in greater detail later in the call. New logo acquisitions remained solid with 81 new logos added during 2021, including 19 first-time clients added in Q4.

這些預訂代表了高度策略性客戶的大規模網路遷移，我將在稍後的電話會議中更詳細地描述這一點。新徽標的收購保持穩定，2021 年新增了 81 個新徽標，其中包括第四季度新增的 19 個首次客戶。

Switch's strategy to develop differentiated exascale technology ecosystems across the United States continues to drive increased customer engagement as enterprise clients have increasingly exhibited demand for our industry-leading infrastructure across multiple Switch locations.

Switch 在美國各地開發差異化的百億億次技術生態系統的策略繼續推動客戶參與度的提高，因為企業客戶對我們跨多個 Switch 地點的行業領先基礎設施的需求日益增加。

As of December 2021, multicampus customers comprised over 40% of total revenue compared to 35% in the same period last year. Our sales activity also demonstrates the increasing diversity of our business with just over 40% of our annualized revenue signings coming from PRIMES other than Las Vegas both in the fourth quarter and full year 2021.

截至 2021 年 12 月，多園區客戶佔總營收的 40% 以上，去年同期為 35%。我們的銷售活動也顯示了我們業務的日益多元化，在 2021 年第四季和全年，我們的年化收入簽約額中超過 40% 來自拉斯維加斯以外的 PRIMES。

These PRIMES contributed an impressive 67% of our full year 2021 organic revenue growth with particularly strong growth in the Citadel and Keep Campus locations. For the fourth quarter of 2021, The Core Campus represented 62% of total revenue followed by The Citadel, Rock, Keep and Pyramid PRIMEs, representing a combined 28% of total revenue.

這些 PRIMES 為我們 2021 年全年有機收入成長貢獻了令人印象深刻的 67%，其中 Citadel 和 Keep Campus 地點的成長尤其強勁。 2021 年第四季，核心園區佔總營收的 62%，其次是 Citadel、Rock、Keep 和 Pyramid PRIME，合計佔總營收的 28%。

The remaining 10% of fourth quarter revenue was comprised of The Core cooperative and other revenue, which is not allocated to a specific PRIME campus. This information can be found on Slide 17 of our investor presentation. I will now discuss some of our notable fourth quarter activity and key metrics across the Switch PRIMEs.

第四季收入的其餘 10% 由 The Core 合作社收入和其他收入組成，未分配給特定的 PRIME 園區。這些資訊可以在我們的投資者簡報的幻燈片 17 中找到。我現在將討論我們第四季的一些值得注意的活動和 Switch PRIME 的關鍵指標。

Switch signed a 2-megawatt agreement with an existing cloud software vendor at the LAS VEGAS 15 facility, representing nearly $4 million of annualized revenue. This represents our initial customer signing at our newest Tier 5 Platinum data center at The Core Campus, which remains on track to open in early Q2 of this year.

Switch 與 LAS VEGAS 15 設施的現有雲端軟體供應商簽署了一份 2 兆瓦的協議，相當於年收入近 400 萬美元。這是我們在核心園區最新的第 5 級白金資料中心簽約的首批客戶，該資料中心仍有望於今年第二季初開幕。

Due to an exceptionally strong demand funnel for this new facility, we have accelerated the build-out of the building second sector to enable a back-to-back opening for the first 2 sectors of LAS VEGAS 15. This will facilitate expedited installations for tenants looking to quickly ramp up deployments and drive accelerated revenue recognition from our newest asset.

由於對該新設施的需求異常強勁，我們加快了大樓第二部分的建設，以便 LAS VEGAS 15 的前 2 個部分能夠連續開放。的加速收入確認。

We also completed a colocation and network services agreement with an existing Fortune 100 global technology customer totaling more than $6.5 million of incremental annualized revenue.

我們也與現有的財富 100 強全球技術客戶簽訂了託管和網路服務協議，年度增量收入總計超過 650 萬美元。

This agreement will expand the customer's existing footprint at The Core Campus and also migrate significant portions of its telecommunications network to The Core Cooperative. Switch executed a multiyear expansion order with an existing global logistics customer for incremental colocation and telecommunication services at The Core Campus and Keep Campus.

該協議將擴大客戶在 The Core Campus 的現有覆蓋範圍，並將其電信網路的重要部分遷移到 The Core Cooperative。 Switch 與現有的全球物流客戶簽訂了一份多年擴張訂單，以在 The Core Campus 和 Keep Campus 增加託管和電信服務。

The contract represents approximately $5 million of incremental annualized revenue and over $40 million in total contract value. Subsequent to year-end, the same customer signed an additional network deal that is expected to generate over $6 million of annualized revenue per switch. This transaction will result in the migration of over 800 network locations to The Core Cooperative driving a greater than 400% increase in the customers port bandwidth capacity and at the same time, reducing its current network cost by over 30%.

該合約代表了約 500 萬美元的增量年收入和超過 4000 萬美元的合約總價值。年底後，同一客戶簽署了一項額外的網路協議，預計每台交換機將產生超過 600 萬美元的年收入。此交易將導致 800 多個網路位置遷移至 The Core Cooperative，從而使客戶連接埠頻寬容量增加 400% 以上，同時將其當前的網路成本降低 30% 以上。

This represents an exciting win for the Switch telecom sales team and further validates the power of our unique telecommunications purchasing cooperative. During the fourth quarter, Switch completed multiyear renewals with 2 of its top 20 customers, representing a combined $8 million of annualized revenue and $36 million of total contract value. Subsequent to Q4, we completed a 4-megawatt expansion order with an existing global cloud service provider at our Core Campus. We expect this transaction to commence billing in the fourth quarter of 2021 with ramps extending through 2024.

這對 Switch 電信銷售團隊來說是一次激動人心的勝利，並進一步驗證了我們獨特的電信採購合作社的實力。第四季度，Switch 與其前 20 名客戶中的 2 名完成了多年續約，年化收入總計 800 萬美元，合約總價值 3,600 萬美元。第四季之後，我們在核心園區與現有的全球雲端服務供應商完成了 4 兆瓦的擴建訂單。我們預計該交易將於 2021 年第四季開始計費，並將持續到 2024 年。

Also subsequent to Q4, we finalized another key renewal with a Top 5 customer. extending the client's term through 2025 and securing $46 million of total recurring revenue over the new contract term.

同樣在第四季之後，我們與前 5 名的客戶完成了另一次金鑰續訂。將客戶的合約期限延長至 2025 年，並​​在新合約期間確保總經常性收入達到 4,600 萬美元。

And finally, in December, Switch announced that it received the highest environmental rating from S&P Global's new ESG Credit Indicator Report Card. Switch is the only company among more than 180 issuers in S&P's global telecom sector to achieve an E1 rating, including all other public and private peers in the United States data center industry.

最後，12 月，Switch 宣布獲得 S&P Global 新的 ESG 信用指標報告卡頒發的最高環境評級。 Switch 是標準普爾全球電信業 180 多家發行人中唯一一家獲得 E1 評級的公司，其中包括美國數據中心行業的所有其他公共和私人同行。

Now turning to our construction milestones and robust project pipeline. During 2021, we delivered a total of 40 megawatts of new power capacity and approximately 1,600 cabinet equivalents across the portfolio. This includes the delivery of one new sector and 30 megawatts of additional power at TAHOE RENO 1 and the second sector plus a 10-megawatt power system at ATLANTA 1.

現在轉向我們的建設里程碑和強大的專案管道。 2021 年，我們在整個產品組合中總共交付了 40 兆瓦的新發電容量和約 1,600 個機櫃當量。這包括在 TAHOE RENO 1 提供一個新區域和 30 兆瓦的額外電力，以及在 ATLANTA 1 提供第二個區域和 10 兆瓦的電力系統。

All of the aforementioned infrastructure delivered in 2021 was substantially committed by customer contracts prior to being placed into service. Turning to our 2022 development priorities. We continue to make significant headway on active development projects in LAS VEGAS, TAHOE RENO and ATLANTA, totaling 1.3 million square feet and 150 megawatts of power capacity. These 3 facilities represent approximately half of our 2022 capital expenditures budget.

上述所有 2021 年交付的基礎設施在投入使用之前均已根據客戶合約進行了實質承諾。談談我們 2022 年的發展重點。我們在拉斯維加斯、塔霍里諾和亞特蘭大的積極開發項目繼續取得重大進展，總面積達 130 萬平方英尺，發電量達 150 兆瓦。這 3 個設施約占我們 2022 年資本支出預算的一半。

Our most immediate priority is the delivery of LAS VEGAS 15, which is expected to be open for customer deployments in the second quarter of 2022. As previously discussed, we have secured a 2-megawatt anchor customer in Sector 1 and possess strong visibility in the sales funnel to have significant portions of sectors 1 and 2 committed by mid-2022. We are also engaging in customer discussions regarding presale commitments in TAHOE RENO 2 and ATLANTA 3, which are scheduled for completion in the first quarter and second half of 2023, respectively.

我們最迫切的任務是交付LAS VEGAS 15，預計將於2022 年第二季開放供客戶部署。的知名度。我們也正在就 TAHOE RENO 2 和 ATLANTA 3 的預售承諾與客戶進行討論，預計分別於 2023 年第一季和下半年完成。

As can be seen on Slide 7 of our investor deck, Switch has a total of approximately 4 million square feet of data center capacity that is on track to be developed through 2026. This represents an 80% increase to the 5.1 million square feet of data center capacity currently in service. For definitional clarity, our planned development projects on Slide 7 includes 7 data centers scheduled for completion between 2024 and 2026.

正如我們投資者幻燈片 7 中所示，Switch 總共擁有約 400 萬平方英尺的資料中心容量，預計將在 2026 年之前開發。服務能力。為了清楚起見，我們在投影片 7 上規劃的開發案包括 7 個資料中心，計劃於 2024 年至 2026 年之間完工。

In order to maximize cost efficiency and accelerate the delivery of future capacity, we are completing the underground utility work, pad completion and additional site preparation for subsequent facilities spanning all 5 PRIME Campus locations.

為了最大限度地提高成本效率並加速未來產能的交付，我們正在完成地下公用設施工作、墊層竣工以及跨越所有 5 個 PRIME 園區地點的後續設施的額外場地準備工作。

The preliminary work on these 7 facilities represents approximately 20% of our 2022 CapEx budget, and the remainder will be incurred closer to the anticipated in-service dates in accordance with our real-time evaluation of customer demand. I will now turn the call over to Gabe to discuss our financial results. Gabe?

這 7 個設施的初步工作約占我們 2022 年資本支出預算的 20%，其餘部分將根據我們對客戶需求的即時評估，在接近預期投入使用日期時進行。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 fourth quarter and full year 2021 and discuss our outlook for 2022. Starting with Slide 4 of our investor presentation, Switch reported full year 2021 total revenue of $592 million, growing 15.7% compared to the prior year revenue of $511.5 million.

謝謝，托馬斯。今天，我將回顧我們2021 年第四季和全年的財務業績，並討論我們對2022 年的展望。 ，年成長15.7%上年營收為 5.115 億美元。

Excluding a $27.4 million revenue contribution from Data Foundry, Switch revenue increased 10.4% year-over-year to $564.7 million on an organic basis. Full year 2021 adjusted EBITDA was $315.1 million, increasing 17.4% from the prior year.

不包括 Data Foundry 的 2,740 萬美元營收貢獻，Switch 有機營收年增 10.4% 至 5.647 億美元。 2021 年全年調整後 EBITDA 為 3.151 億美元，較上年成長 17.4%。

Adjusted EBITDA margin was 53.2%, reflecting a year-over-year increase of 70 basis points. Now turning to Slide 5. Switch reported fourth quarter 2021 revenue of $161.4 million, an increase of $33.6 million or 26.3% compared to the fourth quarter of 2020. Excluding Data Foundry revenue of $12.1 million, Switch fourth quarter revenue totaled $149.3 million, representing 16.8% organic growth compared to the fourth quarter of 2020.

調整後 EBITDA 利潤率為 53.2%，較去年同期成長 70 個基點。現在轉向幻燈片5。總計1.493 億美元，佔16.8%。

Staying on Slide 5, adjusted EBITDA totaled $85.8 million for Q4 2021 compared to $70.6 million in Q4 2020 reflecting a margin of 53.2% and year-over-year growth of 21.6%. We continue to focus on finding operational efficiencies throughout our business, and we believe our fourth quarter results reflect this initiative.

如圖 5 所示，2021 年第四季調整後 EBITDA 總額為 8,580 萬美元，而 2020 年第四季為 7,060 萬美元，利潤率為 53.2%，年增 21.6%。我們繼續致力於提高整個業務的營運效率，我們相信我們第四季度的業績反映了這一舉措。

Excluding Data Foundry's adjusted EBITDA contribution of $5.1 million, Switch adjusted EBITDA was $80.8 million, reflecting a margin of 54.1% compared to a margin of 55.2% in the year ago quarter. Compared to the prior year, Q4 2021 margin included an increase in power costs, partly offset by efficiencies in labor and SG&A expense.

不包括 Data Foundry 調整後 EBITDA 貢獻的 510 萬美元，Switch 調整後 EBITDA 為 8,080 萬美元，利潤率為 54.1%，而去年同期利潤率為 55.2%。與前一年相比，2021 年第四季的利潤率包括電力成本的增加，但部分被勞動效率和 SG&A 費用所抵銷。

In the fourth quarter of 2021, a Switch reached a $35 million settlement paid in stock related to a lawsuit filed against the company by Cobalt data centers, which failed and ceased operations in/or around 2015. We are pleased to have moved on from this legal matter, which has been pending since 2017.

2021 年第四季度，一家Switch 達成了3,500 萬美元的和解協議，和解協議涉及Cobalt 資料中心對該公司提起的訴訟，該訴訟在2015 年/或前後失敗並停止營運。一困境法律問題，自 2017 年以來一直懸而未決。

As a result of this charge, Switch reported a fourth quarter net loss of $18.5 million compared to net income of $15.3 million in Q4 of 2020. Excluding charges related to the settlement and a $4.2 million gain on interest rate swaps, net of tax provision and noncontrolling interest, our adjusted net income was $4.1 million in the fourth quarter or $0.03 per diluted share.

由於這項費用，Switch 報告第四季度淨虧損1850 萬美元，而2020 年第四季淨利潤為1530 萬美元。和利息）。

Lastly, on Slide 5, customer churn was 0.5% in Q4 2021 compared to 0.4% in the year ago quarter. I will now provide a summary of our fourth quarter operating results. Fourth quarter cost of revenue increased by $23.6 million compared to the year ago quarter, of which $8.3 million was attributable to data foundry.

最後，在投影片 5 中，2021 年第四季的客戶流失率為 0.5%，去年同期為 0.4%。我現在將總結我們第四季的經營業績。與去年同期相比，第四季的收入成本增加了 2,360 萬美元，其中 830 萬美元來自數據鑄造。

The $15.3 million increase in Switch cost of revenue was primarily attributable to higher power costs and depreciation. Excluding depreciation, amortization and equity-based compensation, Switch's Q4 adjusted cost of revenue was $42 million, increasing $9 million compared to the year ago quarter.

Switch 收入成本增加 1530 萬美元，主要歸因於電力成本和折舊增加。不計折舊、攤提和股權薪酬，Switch 第四季調整後收入成本為 4,200 萬美元，比去年同期增加 900 萬美元。

Excluding the noncash litigation charges, fourth quarter SG&A expenses were $43.7 million compared to $31.6 million in the year ago quarter. Excluding depreciation, amortization and equity-based compensation, Switch's Q4 SG&A increased by $8.2 million, primarily attributable to litigation fees incurred prior to the settlement and higher professional fees related to our previously announced REIT conversion.

不包括非現金訴訟費用，第四季的銷售、管理及行政費用為 4,370 萬美元，去年同期為 3,160 萬美元。不包括折舊、攤提和基於股權的補償，Switch 第四季度的 SG&A 增加了 820 萬美元，主要歸因於和解之前產生的訴訟費用以及與我們之前宣布的 REIT 轉換相關的更高的專業費用。

Switch reported a $10.8 million loss from operations in Q4 2021 compared to income from operations of $26.3 million in Q4 of 2020. In addition to the legal charges, the year-over-year reduction in operating income was partly attributable to increases in depreciation and amortization and power costs.

Switch 報告稱，2021 年第四季營運虧損 1,080 萬美元，而 2020 年第四季營運收入為 2,630 萬美元。

Interest expense increased by $4.4 million year-over-year to $13.5 million in Q4 2021, primarily driven by higher debt balances due to the utilization of our revolver and the issuance of $500 million in senior unsecured notes in Q2 of 2021.

2021 年第四季度，利息支出年增 440 萬美元，達到 1,350 萬美元，主要是由於我們的左輪手槍的使用以及 2021 年第二季度發行的 5 億美元高級無擔保票據導致債務餘額增加。

Adjusted funds from operations, or AFFO, was $68 million in Q4 2021, a 22% increase compared to $55.6 million in the year ago quarter. AFFO per diluted share was $0.27 compared to $0.23 in Q4 2020.

2021 年第四季的調整後營運資金 (AFFO) 為 6,800 萬美元，比去年同期的 5,560 萬美元成長 22%。稀釋後每股 AFFO 為 0.27 美元，而 2020 年第四季為 0.23 美元。

Looking now at our growing exascale portfolio on Slide 8. As of December 31, 2021, the 5 Switch PRIMEs had capacity for approximately 28,600 cabinet equivalents within our open sectors, of which 93% were committed under contracts compared to 88% in the year ago quarter.

Looking now at our growing exascale portfolio on Slide 8. As of December 31, 2021, the 5 Switch PRIMEs had capacity for approximately 28,600 cabinet equivalents within our open sectors, of which 93% were committed under contracts compared to 88% in the year ago四分之一.

Billing cabinets totaled 22,800 at year-end equating to 80% of our total in-service cabinet inventory. Now turning to bookings on Slide 15. During Q4, we executed 545 contracts, representing total contract value of $163.3 million and annualized revenue of $47.6 million at full deployment, inclusive of both renewals and sales of incremental services.

截至年底，計費櫃總數為 22,800 個，占我們在用櫃庫存總數的 80%。現在轉向幻燈片15 上的預訂。 。

Excluding renewals, Switch signed $29.5 million of incremental annualized recurring revenue in Q4, the second highest quarterly bookings since our IPO. Now looking at revenue attribution on Slide 17, Total colocation revenue for the fourth quarter of 2021 was $128.7 million, up 23% compared to $104.8 million in the year ago quarter.

不包括續約在內，Switch 在第四季度的年度經常性收入增量為 2,950 萬美元，這是自我們 IPO 以來第二高的季度預訂量。現在來看看投影片 17 上的營收歸屬，2021 年第四季的總託管收入為 1.287 億美元，比去年同期的 1.048 億美元成長 23%。

Excluding $7.8 million in colocation revenue from Data Foundry, Switch colocation revenue grew 15% year-over-year to $120.8 million. Total fourth quarter connectivity revenue was $29.7 million, increasing 38% from the year ago quarter. Excluding Data foundry connectivity revenue of $2.9 million, Switch fourth quarter connectivity revenue increased 2% sequentially and 23% year-over-year to $26.8 million on an organic basis. Other revenue, including professional services, accounted for $3 million in Q4 of 2021, which includes approximately $1.4 million from Data foundry.

不包括來自 Data Foundry 的 780 萬美元託管收入，Switch 託管收入年增 15%，達到 1.208 億美元。第四季連接總收入為 2,970 萬美元，比去年同期成長 38%。排除資料代工連線收入 290 萬美元，Switch 第四季連線營收有機成長 2%，年增 23%，達到 2,680 萬美元。 2021 年第四季度，包括專業服務在內的其他收入為 300 萬美元，其中包括來自 Data Foundry 的約 140 萬美元。

Now turning to our key revenue drivers on Slide 20. As of December 31, 2021, our recurring revenue backlog stood at $43 million, up from $37 million in the prior quarter. The sequential backlog increase was driven by our nearly $30 million of incremental revenue signings offset by approximately $23 million of annualized revenue commencements.

現在轉向投影片 20 上我們的主要收入驅動因素。積壓訂單的環比增長是由於我們近 3000 萬美元的增量收入簽約被約 2300 萬美元的年化收入開始所抵消。

We expect a $23 million incremental revenue contribution from backlog in 2022, which is factored into our current guidance. On a consolidated basis, Switch had approximately 22,800 billing cabinet equivalents across its 5 PRIME Campus locations.

我們預計 2022 年積壓訂​​單將帶來 2,300 萬美元的增量收入貢獻，這已納入我們目前的指導中。綜合來看，Switch 在其 5 個 PRIME Campus 地點擁有約 22,800 個計費櫃。

Our consolidated average monthly recurring revenue per cabinet was $23.58 in Q4 of 2021. Excluding the Data Foundry assets, Switch's MRC per cabinet was $25.80 in Q4, representing a 4% year-over-year increase. Switch had more than 10,500 billing cross-connects as of December 31, and cross-connects accounted for 4% of total revenue in Q4 of 2021, reflecting 24% year-over-year growth in cross-connect revenue.

2021 年第四季度，我們每個機櫃的合併平均每月經常性收入為 23.58 美元。截至 12 月 31 日，Switch 擁有超過 10,500 個計費交叉連接，交叉連接佔 2021 年第四季總營收的 4%，反映出交叉連接收入年增 24%。

Now looking at capital expenditures on Slides 21 and 22. Growth CapEx, excluding land purchases, was $110.7 million for the fourth quarter of 2021 compared to $94.5 million in the year ago quarter. Our CapEx spend was slightly above the high end of our full year guidance range due to our efforts to expedite construction and accelerate certain equipment purchases to meet the strong client demand currently reflected in our backlog and our near-term sales funnel.

現在看看投影片 21 和 22 上的資本支出。我們的資本支出略高於全年指導範圍的上限，因為我們努力加快建設並加速某些設備採購，以滿足目前積壓訂單和近期銷售管道中反映的強勁客戶需求。

Given the high utilization rates across our existing PRIME footprint, our investment priorities are particularly focused on meeting or exceeding the target delivery dates on facilities in active construction pipeline, including LAS VEGAS 15, TAHOE RENO 2 and ATLANTA 3. Maintenance capital expenditures were $2.8 million for the fourth quarter of 2021 or 1.8% of revenue compared to $3.4 million and 2.7% of revenue in the same quarter last year. Switch's low ratio of maintenance CapEx to revenue is attributable to our proprietary designs and meticulous approach to data center construction.

鑑於我們現有 PRIME 設施的利用率很高，我們的投資重​​點特別關注滿足或超過正在建設的設施的目標交付日期，包括 LAS VEGAS 15、TAHOE RENO 2 和 ATLANTA 3。年第四季，佔營收的1.8%，而去年同期為340 萬美元，佔營收的2.7%。 Switch 的維護資本支出與收入之比較低，這要歸功於我們的專有設計和一絲不苟的資料中心建立方法。

Looking now at the balance sheet on Slide 24. As of December 31, 2021, the company's total debt outstanding, net of cash and cash equivalents was $1.63 billion. This results in a net debt to last quarter annualized adjusted EBITDA ratio of 4.7x, down from 5.0x in the prior quarter.

現在看投影片 24 上的資產負債表。這導致淨負債與上季年化調整後 EBITDA 的比率為 4.7 倍，低於上一季的 5.0 倍。

As of December 31, 2021, Switch had liquidity of $411.4 million, including cash and cash equivalents and borrowings available under our revolver. As of December 31, 2021, there were 243.5 million total shares outstanding, including 145.2 million Class A shares and 98.3 million Class B shares, including dilutive options and unvested RSUs, our weighted average diluted share count was 249.0 million for the fourth quarter.

截至 2021 年 12 月 31 日，Switch 的流動資金為 4.114 億美元，包括現金和現金等價物以及我們的左輪手槍下的可用借款。截至2021 年12 月31 日，已發行股份總數為2.435 億股，其中包括1.452 億股A 類股和9830 萬股B 類股，包括稀釋期權和未歸屬的RSU，我們第四季度的加權平均稀釋股數為2.490 億股。

As disclosed in our recent 8-K filings during the fourth quarter of 2021, our members redeemed 6.2 million common units resulting in the issuance of an equivalent number of Class A common shares.

正如我們在 2021 年第四季最近的 8-K 文件中所揭露的，我們的會員贖回了 620 萬股普通股，從而發行了同等數量的 A 類普通股。

Including member redemptions totaling $2.6 million in January and February, our Class A public float now represents approximately 61% of total shares outstanding.

包括 1 月和 2 月總計 260 萬美元的會員贖回在內，我們的 A 類公眾持股量目前約佔已發行股份總數的 61%。

Now turning to 2022 guidance, which can be seen on Page 25 of our investor presentation. We expect revenue in the range of $660 million to $674 million, reflecting 13% growth at the midpoint. We expect adjusted EBITDA of $345 million to $357 million, reflecting an adjusted EBITDA margin of 52.6% at the midpoint.

現在轉向 2022 年指導，可以在我們的投資者簡報第 25 頁上看到。我們預計營收在 6.6 億美元至 6.74 億美元之間，中間成長率為 13%。我們預計調整後 EBITDA 為 3.45 億美元至 3.57 億美元，反映出調整後 EBITDA 利潤率為中點 52.6%。

Lastly, our guidance range for capital expenditures, excluding land acquisitions is $510 million to $560 million as we continue to accelerate new data center expansion across all 5 of our PRIME Campus locations.

最後，隨著我們繼續加快所有 5 個 PRIME Campus 地點的新資料中心擴建，我們的資本支出指引範圍（不包括土地收購）為 5.1 億至 5.6 億美元。

Regarding our 2022 guidance, please note that our committed cabinet utilization is 93% across the portfolio, including 95% at The Core Campus and 99% at The Citadel Campus. Our guidance for the year reflects the timing of LAS VEGAS 15 opening and the expected installation of our robust booked but not billed backlog.

關於我們的 2022 年指導，請注意，我們承諾整個投資組合的機櫃利用率為 93%，其中核心園區為 95%，Citadel 園區為 99%。我們今年的指導反映了 LAS VEGAS 15 開幕的時間以及我們大量預訂但未開票積壓的預期安裝。

As demonstrated by our Q4 bookings performance and strong wins already signed in 2022, we are accelerating our development activities across the PRIMES and remain encouraged by the strength of our pre-leasing activity. At our Investor Day in November of last year, we shared our multiyear plan, and today, we have even greater conviction in achieving these targets. And now I will turn it back to Thomas for some closing remarks.

正如我們第四季度的預訂表現和 2022 年已簽署的強勁合約所證明的那樣，我們正在加快整個 PRIMES 的開發活動，並繼續對我們的預租賃活動的實力感到鼓舞。在去年 11 月的投資者日上，我們分享了我們的多年計劃，今天，我們對實現這些目標更有信心。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.

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。

Our current sales funnel is the strongest in the company's history, and we are working diligently to ensure the timely delivery of additional data center capacity to meet this strong level of demand. 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.

我們目前的銷售管道是公司歷史上最強大的，我們正在努力確保及時交付額外的資料中心容量，以滿足這一強勁的需求。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。

(Operator Instructions) Our first question for today comes from Erik Rasmussen of Stifel.

（操作員說明）我們今天的第一個問題來自 Stifel 的 Erik Rasmussen。

Yes. Maybe just starting with the outlook. Maybe you could provide some -- the relative puts and takes and where you think the revenue shortfall lies compared to consensus. Obviously, 13% is above the peer group. But I think if we look at your 4Q run rate for revenue relative to the midpoint, it would seem that guidance is conservative. Just trying to understand sort of what the driving factors there to the lighter outlook.

是的。也許只是從前景開始。也許你可以提供一些東西——相對的看跌期權和賣出期權，以及你認為與共識相比收入缺口在哪裡。顯然，13%高於同行。但我認為，如果我們看看第四季度收入相對於中點的運行率，那麼指導似乎是保守的。只是想了解一些驅動因素導致前景更加光明。

Yes, a couple of -- thank you very much, Eric. A couple of initial thoughts. First of all, these are relatively uncertain times in the market and politically in certain times. So, we wanted to put out a number that we had a very high degree of confidence that we would hit.

是的，有幾個——非常感謝你，艾瑞克。一些初步的想法。首先，目前是市場和政治上相對不確定的時期。因此，我們想給出一個我們非常有信心能夠達到的數字。

And then as we progress through the year, we may gain confidence in different numbers, and then we will share those as we go through the year. As to particular numerical factors, I'll let Gabe weigh in on those.

然後，隨著這一年的進展，我們可能會對不同的數字充滿信心，然後我們將在這一年中分享這些數據。至於特定的數字因素，我會讓加布來權衡這些因素。

Yes, Eric, it's primarily based on our expectations for filling LAS VEGAS 15. As you know, and as you see in the numbers, we're essentially sold out on our campus locations. We're 95% utilized in LAS VEGAS. We're at 99% utilized in Citadel. We're at 99% utilized in Grand Rapids. And we're building as much space as quickly as we possibly can. LAS VEGAS 15 is about to open.

是的，埃里克，這主要是基於我們對拉斯維加斯 15 的期望。我們在拉斯維加斯的使用率為 95%。我們在 Citadel 的使用率達到 99%。大急流城的利用率達 99%。我們正在盡快建造盡可能多的空間。拉斯維加斯15即將開幕。

Thomas announced that we've already signed our first 2-megawatt customer in LAS VEGAS 15, but that will ramp in and we have ongoing discussions with additional customers in fact, that same customer is looking for an additional 2 megawatts as well as others.

Thomas 宣布，我們已經在LAS VEGAS 15 簽署了第一個2 兆瓦客戶，但這將會逐漸增加，我們正在與其他客戶進行持續討論，事實上，同一客戶正在尋找額外的2 兆瓦以及其他客戶。

But by the time they ramp in, revenue impact will be more towards the back half of the year. But we do have upside potential on the telecom side. We've signed some very large telecom deals recently that we've discussed publicly. And of course, that's not subject to any space constraints. And we want to -- as Thomas said, we want to make sure that we're starting out with numbers that we have a high degree of confidence in, and then we will see how the year progresses.

但當它們投入使用時，對收入的影響將更多地發生在今年下半年。但我們在電信方面確實有上升潛力。我們最近簽署了一些非常大的電信協議，並已公開討論過這些協議。當然，這不受任何空間限制。正如托馬斯所說，我們希望確保我們從我們有高度信心的數字開始，然後我們將看到今年的進展。

Great. I understand that. And maybe just the EBITDA margins. They were strong and it looks like the outlook again, is for, I think, outperformance here. So maybe just highlight some of the contributing factors to that outperformance versus consensus. I know you had made a couple of comments in the prepared remarks, but maybe any additional color would be appreciated.

偉大的。我明白這一點。也許只是 EBITDA 利潤率。他們很強大，看起來前景又是，我認為，這裡的表現出色。因此，也許只是強調一些導致表現優於共識的因素。我知道您在準備好的評論中發表了一些評論，但也許任何其他顏色都會受到讚賞。

Sure. I mean we continue to integrate data foundry. And as we integrate on that and execute on that integration, we're finding increased operational efficiencies that improve our overall margins. and that leads to lower labor and G&A costs as a percentage of our revenue.

當然。我的意思是我們繼續整合數據鑄造廠。當我們整合並執行整合時，我們發現營運效率提高了，從而提高了我們的整體利潤。這導致勞動力和一般管理成本占我們收入的比例降低。

And our forecasted professional fees in 2021 also came under guidance due to the settlement of the cobalt litigation, which I mentioned in our opening remarks. But we're expecting some increase in the power costs in 2022 that will be offset in large part by increases in power revenue. And we continue to gain efficiencies in the way that we operate our campuses and leveraging the fact that we have single PRIMEs, 6 of them, that we are able to use at scale and thereby achieve operational efficiencies.

由於我在開場白中提到的鈷訴訟的和解，我們預測的 2021 年專業費用也受到了指導。但我們預計 2022 年電力成本將會增加，這將在很大程度上被電力收入的增加所抵消。我們繼續透過營運園區的方式提高效率，並利用我們擁有單一 PRIME（其中 6 個）的事實，我們能夠大規模使用這些 PRIME，從而實現營運效率。

Thank you. Our next question comes from Michael Rollins of Citigroup.

謝謝。我們的下一個問題來自花旗集團的邁克爾·羅林斯。

Was curious that -- 2 things, if I could, please. The first question is when you look at the existing facilities that you already have in service, how much power capacity is available that hasn't yet been purchased or deployed on behalf of your customers? And what kind of incremental revenue opportunity over time can that provide for Switch, if customers start using more of that power capacity in the same space that they're operating within?

我很好奇——有兩件事，如果可以的話，拜託。第一個問題是，當您查看已投入使用的現有設施時，有多少可用電力容量尚未代表您的客戶購買或部署？如果客戶開始在他們營運的同一空間內使用更多的電力容量，隨著時間的推移，這能為 Switch 帶來什麼樣的增量收入機會？

And then just a separate question to follow up on some of your comments earlier, given what you're describing on inventory should the market be mindful that there might be 1 or 2 quarters in the future that might not have risk because the supply is constrained here are you at a full leasing activity is beyond that, and you don't have a constraint in terms of what you can sell.

然後是一個單獨的問題來跟進您之前的一些評論，考慮到您對庫存的描述，市場是否應該注意，未來可能有一兩個季度可能不會有風險，因為供應有限完整的租賃活動超出了這一範圍，並且您在可以出售的商品方面沒有任何限制。

Sure. Mike, I appreciate that. And the first as to the -- how much power capacity is available. We have some information that we put out on that point. But just to give you an example, in NAP 7, that building is designed to carry 100 megawatts of power capacity.

當然。麥克，我很感激。第一個是關於有多少電力容量可用。我們已經就這一點發布了一些資訊。但舉個例子，在 NAP 7 中，該建築的設計容量為 100 兆瓦。

We currently have deployed 70 megawatts inside of that building, and that leaves 30 megawatts of power capacity remaining to be sold inside of that facility, allowing customers to refresh in place and thereby increase revenue from those customers without having to take incremental space.

目前，我們已在該大樓內部署了70 兆瓦的電力，這使得該設施內剩餘30 兆瓦的電力容量可供出售，從而使客戶能夠就地更新，從而增加來自這些客戶的收入，而無需佔用增量空間。

As we move into our newer facilities, customers are becoming more efficient and consuming larger portions of that power capacity as those customers are operating at densities that are greater than the densities that we're seeing at our legacy data centers.

隨著我們搬入新的設施，客戶的效率越來越高，並且消耗了更大的電力容量，因為這些客戶的運作密度高於我們在舊資料中心看到的密度。

Now that being said, Mike, we don't put in the power capacity until customers actually need it. And part of Rob's designs are modular power systems that can actually be put outside of a building and plugged in if we need to. So we have almost indefinite capacity to expand power in the existing shelves. When we talk about our utilization numbers, as you know, we're talking about cabinet capacity and essentially floor space, and we are pretty full. With regard to your second question, on the bookings and the potential constraints in bookings because of space.

話雖這麼說，麥克，直到客戶真正需要時我們才會投入電力容量。羅布的設計的一部分是模組化電源系統，實際上可以將其放置在建築物外部，並在需要時插入電源。因此，我們幾乎有無限的能力來擴展現有貨架的功率。如您所知，當我們談論利用率數據時，我們談論的是機櫃容量和基本的佔地面積，而且我們已經相當滿了。關於你的第二個問題，關於預訂以及由於空間而導致預訂的潛在限制。

But we do have 3 sectors in LAS VEGAS 15 that is available for bookings. And we are already talking to customers about RENO 2 and ATLANTA 3 because customers are looking that far in advance for what they might need as for space.

但我們在 LAS VEGAS 15 確實有 3 個航段可供預訂。我們已經在與客戶討論 RENO 2 和 ATLANTA 3，因為客戶很早就在尋找他們可能需要的空間。

Our next question comes from Colby Seine of Cowen Company.

我們的下一個問題來自 Cowen 公司的 Colby Seine。

This is Michael on for Colby. Two questions, if I may. First, we've seen a theme in the sector of record leasing among the public peers. And now you're talking about essentially the strongest pipeline that you've ever seen. Just want to break down the pipeline and get a better sense of whether you're seeing a greater contribution from hyperscalers in that pipeline?

這是科爾比的邁克爾。如果可以的話，有兩個問題。首先，我們在公共同行中看到了創紀錄的租賃領域的主題。現在您談論的是您所見過的最強大的管道。只是想分解管道並更好地了解您是否看到超大規模企業在該管道中做出了更大的貢獻？

And then second, to the extent a hyperscaler were to want to acquire land from Switch to develop a data center adjacent to your campus. Is that something that you'd be open to?

其次，超大規模企業希望從 Switch 購買土地來開發毗鄰園區的資料中心。您對此持開放態度嗎？

All right. So it sounds like, Mike, you might have a prospective customer sent to us. But the first statement is as to hyperscalers what percentage of the mix they are, they tend to be about a consistent percentage of the mix. We target around 20% of our revenue coming from hyperscalers. And those hyperscale do, do significant deployments with us in terms of size, but they pay retail rates.

好的。聽起來，麥克，您可能有一位潛在客戶發送給我們。但第一個聲明是關於超大規模企業在混合中所佔的百分比，它們往往是混合中的一致百分比。我們的目標是 20% 左右的收入來自超大規模企業。那些超大規模確實在規模上與我們進行了重大部署，但他們支付零售費率。

And they pay those rates because they want access to our customer ecosystem and they see value in that as well as seeing the value in our data centers. So we continue to attract a variety of hyperscalers in the proportions that we believe are well balanced for our ecosystem and at rates that are profitable for us to engage with those hyperscalers. As to land, if somebody came to us with a request for a build-to-suit, we definitely have some land, particularly in TAHOE RENO, and we would entertain a discussion on building a build-to-suit for them on that basis.

他們支付這些費用是因為他們希望訪問我們的客戶生態系統，並且他們看到了其中的價值以及我們資料中心的價值。因此，我們繼續以我們認為對我們的生態系統來說非常平衡的比例以及對我們來說與這些超大規模企業合作有利可圖的比例來吸引各種超大規模企業。至於土地，如果有人來找我們要求定制，我們肯定有一些土地，特別是在 TAHOE RENO，我們會在此基礎上討論為他們建造定制的土地。

And as Thomas has talked about in his remarks earlier, post Q4, we signed an additional 4.5 megawatts with a cloud provider that would be considered a hyperscaler in the general marketplace, but they're not taking wholesale powered shelf from us. They are taking the exact same product that every other customer takes -- we're taking the same technology, the same resiliency and they're paying the equivalent rate that a non-hyperscale cloud company would pay for that level of utilization. And because they want access to the customers, our customers want access to their cloud. The cloud is a necessary component to our ecosystems and having a true hybrid cloud, low-latency, highly secure availability zone for all of the cloud companies is super important to our customers and to them.

正如托馬斯早些時候在第四季度後的演講中所說，我們與一家雲端提供商額外簽署了4.5 兆瓦的合同，該提供商在一般市場上被視為超大規模提供商，但他們並沒有從我們這裡拿走批發供電架。他們採用與其他客戶完全相同的產品——我們採用相同的技術、相同的彈性，而且他們支付的費用與非超大規模雲端公司為該利用率等級支付的費用相同。因為他們希望訪問客戶，所以我們的客戶也希望訪問他們的雲端。雲端是我們生態系統的必要組成部分，為所有雲端公司提供真正的混合雲、低延遲、高度安全的可用性區域對我們的客戶和他們來說都非常重要。

Our next question comes from Brendan Lynch of Barclays.

我們的下一個問題來自巴克萊銀行的布倫丹·林奇。

Thomas, you had mentioned one customer kind of relocating 800 network locations. Maybe you just give us a little bit more detail on that? And what extent maybe other customers would follow suit?

Thomas，您曾提到一位客戶遷移了 800 個網路位置。也許您只是給我們更多細節？其他客戶在多大程度上可能會跟進？

Yes. That is the continuing elevation of The Core Cooperative. We are attracting -- as we attract more and more enterprise customers relocating their enterprise hubs us. They are bringing their telecommunications needs to us. As Core continues to evolve and power and breadth and scope, it is attracting even larger potential deployments.

是的。這就是核心合作社的持續提升。我們正在吸引越來越多的企業客戶將他們的企業中心遷往我們這裡。他們正在向我們提出他們的電信需求。隨著 Core 不斷發展，其功能、廣度和範圍不斷發展，它正在吸引更大的潛在部署。

This was one of the largest deployments we've ever had the opportunity to do. We're very pleased to have done it with a large colocation tenant or customer. And we look forward to doing future transactions of this size and greater in the coming years.

這是我們有機會進行的最大規模的部署之一。我們很高興與大型託管租戶或客戶合作。我們期待在未來幾年內進行如此規模甚至更大的交易。

And we've had a few of them in the past. Last year, we talked about a large network transfer agreement that we did with a major logistics company that is also a major colocation company. And then we've also connected a major retailer with 500-plus of their retail locations through The Core Cooperative.

我們過去也有過一些這樣的經驗。去年，我們討論了與一家大型物流公司簽訂的大型網路傳輸協議，該公司也是一家大型託管公司。然後，我們也透過 The Core Cooperative 將一家大型零售商與其 500 多個零售店連接起來。

And they are also a colocation customer, but they spend more with us on telecommunications. But with regard to that customer that Thomas just mentioned, I want people to really understand the power of our cooperative. We are giving them over 400% additional bandwidth capacity while saving them 30% on their existing spend.

他們也是託管客戶，但他們在電信方面的花費更多。但對於湯瑪斯剛才提到的客戶，我希望人們能真正了解我們合作社的力量。我們為他們提供超過 400% 的額外頻寬容量，同時為他們節省 30% 的現有支出。

If one were to look at what they would otherwise have spent for that 400% capacity increase, the savings would have been more like 80%. And so it is an extremely powerful tool that enterprise customers are beginning to understand how to use more effectively.

如果考慮他們原本會為增加 400% 的容量而花費多少錢，那麼節省的費用大約是 80%。因此，它是一個極其強大的工具，企業客戶開始了解如何更有效地使用它。

Great. That's very helpful. Maybe just one other question on power and your ability to increase rates in reaction to increased power costs. Is that only a renewal? Can you do that in real time?

偉大的。這非常有幫助。也許只是關於電力以及您提高費率以應對電力成本增加的能力的另一個問題。難道只有這樣才能續訂嗎？你能即時做到這一點嗎？

And if I understood correctly, in the past, at some point, you've been contractually allowed to raise prices but have not done so to remain at the market level. Maybe you could just give us some color around that and as power costs become more pertinent?

如果我理解正確的話，在過去的某個時候，合約上允許你提高價格，但並沒有這樣做以保持在市場水平。也許你可以給我們一些關於這個問題的顏色，並且隨著電力成本變得更加相關？

Yes. Our contracts all provide us with the ability to proportionately increase rates commensurate with increases that we received from utility providers. So the risk, if you will, of power rate fluctuations is borne by the customer, who is the consumer of that electricity. In the past, there are uncertain fluctuations that we believe to have been short term in the marketplace, and we have chosen to absorb those costs rather than impact customer relationships.

是的。我們的合約都使我們能夠根據我們從公用事業提供者收到的費用按比例提高費率。因此，如果您願意的話，電價波動的風險由客戶（即該電力的消費者）承擔。過去，我們認為市場上有短期的不確定波動，我們選擇吸收這些成本，而不是影響客戶關係。

That was a business strategy decision versus a contractual right decision. But as a going forward, an overall method or an overall theme is that we have the ability to fluctuate power costs with our customers commensurate with the cost that we are seeing from our competitors.

這是一個商業策略決策與合約上的正確決策。但展望未來，整體方法或總體主題是，我們有能力與客戶一起波動電力成本，使其與我們從競爭對手那裡看到的成本相稱。

And in the past, if you look historically for the past 15-plus years, power costs have actually been going down. We typically do our annual rate increase for colocation rates in the March time frame. When we saw power rates spike last year, we did a separate increase of our power rates in the August, September time frame and reported that in our Q3 call.

在過去，如果你回顧過去 15 年多的歷史，電力成本實際上一直在下降。我們通常會在三月的時間範圍內提高託管率的年度成長率。當我們去年看到電價飆升時，我們在 8 月和 9 月的時間範圍內單獨提高了電價，並在第三季度的電話會議中報告了這一點。

Our next question comes from Brett Feldman of Goldman Sachs.

我們的下一個問題來自高盛的布雷特·費爾德曼。

So the CapEx budget that you outlined for this year came in higher than I think we and others had expected. And you articulated why during your remarks, you're responding to a strong demand environment. You currently are very highly utilized. And so it seems like you're pulling forward. So I guess the question is, is that the right way of thinking about it?

因此，您今年概述的資本支出預算高於我認為我們和其他人的預期。您在演講中闡明了為什麼您要應對強勁的需求環境。您目前的利用率非常高。所以看起來你正在向前推進。所以我想問題是，這是正確的思考方式嗎？

And how much runway for growth does that create for you? In other words, this year is an interesting year where you're going to have a little bit of a deceleration in revenue or pull forward of CapEx. Do we end up on the other side of that as we go into 2023? Or is this still kind of a moving target?

這為您創造了多少成長跑道？換句話說，今年是有趣的一年，收入將略有放緩，資本支出將提前。當我們進入 2023 年時，我們最終會陷入困境嗎？或者這仍然是一個移動的目標？

Yes. We actually do end up on the other side, but we presented a 10-year build plan at our Investor Day. and we expect to keep building and building and filling facilities as we build them. We're seeing robust demand for our product, we believe we can fill our facilities as fast as we can build them.

是的。事實上，我們確實站在了另一邊，但我們在投資者日提出了一個 10 年建設計劃。我們希望在建造設施的同時不斷建造和填充設施。我們看到對我們產品的強勁需求，我們相信我們能夠以最快的速度填充我們的設施。

You are correct that this year, the only building that is opening up is that LAS VEGAS 15 facility. But next year, we'll have RENO 2 and ATLANTA 3 opening in between those 3 facilities, that's 1.3 million square feet of space that will be available for sale. And then we've got another 2 million behind that will come online between then and 2026.

你說得對，今年唯一開放的建築是 LAS VEGAS 15 設施。但明年，我們將在這 3 個設施之間開設 RENO 2 和 ATLANTA 3，可供出售的空間為 130 萬平方英尺。然後我們還有另外 200 萬個將在那時到 2026 年間上線。

So we are building very, very aggressively because we see that demand. And if you recall at our Investor Day back in November, I presented a slide that showed how a building typically fills. We'll open up a sector, and we'll typically get that sector fully committed in terms of sales. either as it's opening or certainly within 6 months.

因此，我們正在非常非常積極地建設，因為我們看到了這種需求。如果您還記得 11 月的投資者日活動，我展示了一張幻燈片，展示了建築物通常如何填充。我們將開放一個部門，我們通常會讓該部門在銷售方面完全投入。要嘛是開業時，要嘛是 6 個月內。

But then that sector will fill over an 18-month horizon typically as customers ramp in. Meanwhile, they'll be selling the second sector, which will then also have that same fill rate and the third sector, which will also have that same fill rate. So a building reaches its prime growth period in months 12 through 24 of its activity.

但隨著客戶的增加，該部門通常會在18 個月的時間內被填滿。相同的填充率速度。因此，建築物在其活動的第 12 至 24 個月內達到其黃金增長期。

So if you sort of model that out between LAS VEGAS 15, RENO 2 and ATLANTA 3, you'll see that we as we fill those facilities, we see accelerated growth in '23 and even greater accelerated growth into '24.

因此，如果您對拉斯維加斯15、裡諾2 和亞特蘭大3 進行建模，您會發現，當我們填充這些設施時，我們會看到23 年的加速成長，甚至到24 年的加速成長。

Got it. That's great color. And maybe just a follow-up on an earlier question, I think it was around EBITDA margins. Obviously, the guidance applies something that I think was higher than we would have guessed. And you just sort of acknowledge that you were finding more efficiencies. Is there anything more you can add to that?

知道了。那顏色真棒。也許只是之前問題的後續，我認為這是關於 EBITDA 利潤率的問題。顯然，該指南所適用的內容我認為比我們的猜測要高。你只是承認你正在尋找更高的效率。您還有什麼可以補充的嗎？

And is it something that's maybe just an incremental step-up in efficiency gains this year and things will start to, I don't know, grow at a more predictable glide path after that? Or do you think this is something you can continue to do?

這是否可能只是今年效率提升的逐步提升，而之後事情將開始以更可預測的下滑路徑增長？或者你認為這是你可以繼續做的事情嗎？

Well, we did say that our long-term target is a 55% EBITDA margin. And so to get there, we've got to keep increasing our margins annually. The guide for next year is a bit down from where we are today because we've got an additional 5 months of data foundry and they do operate at a lower margin.

嗯，我們確實說過我們的長期目標是 55% 的 EBITDA 利潤率。因此，為了實現這一目標，我們必須每年不斷增加利潤。明年的指南比我們現在的水平稍低一些，因為我們還有額外 5 個月的數據鑄造時間，而且他們的營運利潤率確實較低。

And as buildings open, we shifted what is capitalized expense to operating expense. But then as those campuses continue to fill out we see the efficiency of our campus model. So as we build the next facilities in Reno and in Atlanta and in Grand Rapids in Texas, we'll continue to gain efficiencies. That's why we're confident we'll reach that 55% milestone.

隨著大樓投入使用，我們將資本化費用轉為營運費用。但隨著這些校園的不斷壯大，我們看到了校園模式的效率。因此，當我們在裡諾、亞特蘭大和德克薩斯州大急流城建造下一個設施時，我們將繼續提高效率。這就是為什麼我們有信心達到 55% 的里程碑。

Yes. Brett, the short answer to your question is, yes, we will continue to seek and believe that there are additional efficiencies for us to monetize inside of our operations, and we do have a long-term target of 55% EBITDA margin.

是的。 Brett，對你的問題的簡短回答是，是的，我們將繼續尋求並相信我們可以提高營運內部貨幣化的效率，而且我們確實有 55% EBITDA 利潤率的長期目標。

Our next question comes from Nate Crossett of Berenberg.

我們的下一個問題來自貝倫貝格的內特·克羅塞特。

Maybe just one on the reconversion time line, what should we kind of be watching this year in terms of milestones for that? And just an update on maybe the E&P potential distribution and your thoughts on the TRA would be helpful.

也許只是重新轉換時間表上的一個，今年我們應該在里程碑方面關注什麼？只需更新一下勘探與生產潛力分佈以及您對 TRA 的想法就會有所幫助。

Yes. So we are on track with our REIT conversion. We plan to effectively operate REIT as of January 1, 2023. And we are working with our various outside advisers to complete that conversion in the most effective and efficient manner possible. There will be some, obviously, some outside expenses for professional and consultant fees in connection with that conversion process, but we are on place and on track and on target to complete the process.

是的。因此，我們的房地產投資信託基金轉換工作已步入正軌。我們計劃從 2023 年 1 月 1 日起有效營運 REIT。顯然，與該轉換過程相關的專業和顧問費用會產生一些外部費用，但我們正在按計劃、按計劃、按目標完成該過程。

Yes. Nate, as we talked about in previous calls, this is a process. Most companies take 12 to 24 months to go through this conversion because there's a lot of work to be done. We have to go through each of our income streams and assets and determine which ones are going to be REIT qualifying, which ones aren't, which ones will go with TRS.

是的。 Nate，正如我們在之前的電話中談到的，這是一個過程。大多數公司需要 12 到 24 個月的時間來完成此轉換，因為有大量工作要做。我們必須仔細檢查我們的每項收入流和資產，並確定哪些將符合 REIT 資格，哪些不符合資格，哪些將符合 TRS。

And then what sort of cash flows will come from those and determine how we move forward. So we're in that process. Right now, we are -- it's only February. We do -- did say that we would be taking the year to make this conversion. So we're deep into the weeds right now of that. And we'll keep updating the market as we move through the process.

然後這些現金流將產生什麼樣的現金流並決定我們如何前進。所以我們正在這個過程中。現在，我們只是二月。我們確實說過，我們將用一年的時間來實現這一轉變。所以我們現在正深入研究這個問題。我們將在整個過程中不斷更新市場狀況。

As far as the E&P distribution, I think we've stated publicly in the past that we don't think E&P is going to be material distribution. We continue to believe that will be the case. And as far as the TRA, again, that is going to be something that we talk about after we go through the nuts and bolts of breaking apart the assets and income streams because that's going to determine what benefit, if any, there will be to the TRA holders and guide us in our strategy on what we should do with that TRA.

至於勘探與生產分配，我認為我們過去曾公開表示，我們認為勘探與生產不會成為物質分配。我們仍然相信情況將會如此。就 TRA 而言，這將是我們在詳細了解資產和收入流的具體細節之後討論的問題，因為這將決定我們將獲得什麼利益（如果有的話）。如何處理該TRA 的策略。

But as we also stated publicly in the past, we don't have to do anything, there's nothing that contractually obligates us to do anything with the TRA. We can continue as is. But obviously, we want to do the right thing for all of our constituents.

但正如我們過去也公開表示的那樣，我們不必做任何事情，沒有任何合約規定我們必須對 TRA 做任何事情。我們可以繼續原樣。但顯然，我們希望為所有選民做正確的事。

I'm just thinking how large the CRA is and then the CapEx spend guidance for this year, is there a need for equity? I know you haven't done it since the IPO, but -- or maybe just if you could talk about just the leverage levels this year?

我只是在想 CRA 有多大，然後是今年的資本支出指導，是否需要股本？我知道自首次公開募股以來您還沒有這樣做過，但是 - 或者也許您可以只談論今年的槓桿水平嗎？

Yes. We are not seeing a need for equity this year that we don't expect to be a cash taxpayer again this year. So while the TRA is a balance on our balance sheet, it is typically paid out over a 15- to 25-year period. It has a very, very long tail and only gets paid out to the extent that we're a cash taxpayer, which we don't expect to be this year.

是的。我們認為今年不需要股權，因此我們預計今年不會再次成為現金納稅人。因此，雖然 TRA 是我們資產負債表上的餘額，但它通常會在 15 到 25 年的時間內支付。它有一個非常非常長的尾巴，只有在我們成為現金納稅人的情況下才能得到支付，而我們預計今年不會這樣做。

So that isn't going to create a funding need or a cash need for us as far as a TRA payment is concerned. With regard to how we operate as a REIT, there's still a lot of decisions to be made about the assets that are going to qualify and not qualify what's going to happen in the TRS, what depreciation lives we're going to use and what that ultimately means for taxable income in our required distributions as a REIT.

因此，就 TRA 付款而言，這不會為我們帶來資金需求或現金需求。關於我們作為房地產投資信託基金的運作方式，仍然需要做出很多決定，涉及哪些資產將符合或不符合 TRS 中將發生的情況、我們將使用什麼折舊年限以及什麼最終意味著我們作為房地產投資信託基金所需分配的應稅所得。

But we have liquidity to fund our build plan this year. We don't see any need to go to the markets for any additional funding.

但我們有流動資金來資助今年的建設計劃。我們認為沒有必要去市場尋求任何額外的資金。

Our next question comes from Frank Louthan of Raymond James.

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

Great. Have you seen any acceleration of any sales cycles over fears of concern to some of your customers of finding availability or any supply chain issues and moving them to act more quickly. And then on the Austin market, when do you -- maybe just give us an update if you've broken ground and you have land on that campus to build some of your own sort of style of facilities? Have you already begun that and if not, when do you expect thing.

偉大的。您是否看到任何銷售週期的加速，因為您的一些客戶擔心發現可用性或任何供應鏈問題並促使他們更快採取行動。然後在奧斯汀市場，如果您已經破土動工並且您在該園區擁有土地來建造一些您自己風格的設施，那麼您什麼時候可以向我們提供最新情況？你已經開始了嗎？

Yes. Perfect. Frank, thank you. And as to acceleration, yes, we are seeing an acceleration in our pipeline. We are also seeing customers because when they log with us, they do it ramps, where they will deploy inside the facilities over a course of time. We've said before that they tend to sign up for their minimum time line for loading into the facility. And then there is a tendency to accelerate that during COVID.

是的。完美的。弗蘭克，謝謝你。至於加速，是的，我們看到我們的管道正在加速。我們也看到了客戶，因為當他們登入我們時，他們會進行斜坡，隨著時間的推移，他們將在設施內部署。我們之前說過，他們傾向於簽署裝載到設施的最短期限。在新冠疫情期間，這種情況有加速的趨勢。

We didn't necessarily see that acceleration, though we saw great signings. We are now beginning to see that acceleration come back. and people start to be more comfortable and move into our facilities at a greater rate. I'm not so sure that, that's a beer-based item, but it is certainly something as we gain increased traction with enterprises and they see more and more benefit financially and infrastructure-wise to being in our facilities there is an increased uptake and need for our facilities.

儘管我們看到了很棒的簽約，但我們不一定會看到這種加速。我們現在開始看到加速回歸。人們開始變得更加舒適，並以更高的速度入住我們的設施。我不太確定，這是一種以啤酒為基礎的產品，但隨著我們對企業的吸引力越來越大，他們看到越來越多的利益在我們的​​設施中，在財務和基礎設施方面都有越來越多的好處，這肯定是有的。

So we're happy regardless of motivation of the increased demand for our facilities and the fact that we are preselling into facilities that haven't yet been built. As to Austin, we have started building on AUSTIN 4 on the Dell Campus.

因此，無論對我們設施的需求增加的動機如何，以及我們正在預售尚未建成的設施，我們都很高興。至於奧斯汀，我們已經開始在戴爾園區的 AUSTIN 4 上進行建造。

And we have -- in our investor deck, we have a time line of when those facilities will be coming online, and I'd refer you to that for all the facilities that are coming out and the time lines thereof.

在我們的投資者平台上，我們有這些設施何時上線的時間表，我建議您參考該時間表，以了解所有即將推出的設施及其時間表。

Yes, Frank, let me just jump in on one more thing. I think your question is actually really interesting one because historically, Switch not being a wholesale data center company has not done a lot of pre-leasing of our buildings. We tend to open up a building and most of our sales come from existing customer expansion.

是的，弗蘭克，讓我再講一件事。我認為你的問題實際上非常有趣，因為從歷史上看，Switch 不是一家批發資料中心公司，沒有對我們的建築物進行大量預租。 我們傾向於開設一棟大樓，我們的大部分銷售額來自現有客戶的擴展。

So we know that they're going to expand into our buildings. But with LAS VEGAS 15, we're already selling into that. It's not open yet. And I think your point about customers thinking about whether it's their own supply chains or just more strategically about planning, they're thinking longer term. And so for customers that are looking for larger deployments, 3 megawatts, 5 megawatts and beyond, they're starting to talk to us much earlier.

所以我們知道他們將擴展到我們的建築。但對於《LAS VEGAS 15》，我們已經開始進行銷售了。還沒開放。我認為你的觀點是，客戶考慮的是自己的供應鏈，還是只是更具策略性的規劃，他們正在考慮更長遠的問題。因此，對於尋求更大部署（3 兆瓦、5 兆瓦及以上）的客戶來說，他們會更早開始與我們交談。

As I think I mentioned in my remarks earlier, we're already talking to customers about RENO 2 and ATLANTA 3. These buildings won't be open until 2023. And we've already got customers that are very interested in taking space in those facilities. That's not something that we've historically seen. So we find that very encouraging for the demand for our product.

正如我之前在演講中提到的，我們已經在與客戶討論 RENO 2 和 ATLANTA 3 的事宜。 。這不是我們歷史上見過的事。因此，我們發現對我們產品的需求非常令人鼓舞。

And with regard to Austin, we're already in the permitting phase. We're working as fast as we can on building on that Dell land. Appreciate the well wishes.

至於奧斯汀，我們已經處於許可階段。我們正在盡最大努力在戴爾的土地上建造。欣賞美好祝福。

Our next question comes from Sami Badri of Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的薩米·巴德里。

Thank you very much. So I have two questions, and they're interconnected to each other on there. So the first one is on the CapEx guide that you guys just issued. A lot of equipment providers in the actual industry are getting a bit pressured on costs, and it's because they have contractual agreements with a lot of customers to lock in pricing over long periods of time.

非常感謝。所以我有兩個問題，它們是相互關聯的。第一個是你們剛發布的資本支出指南。實際產業中許多設備供應商都面臨著一定的成本壓力，這是因為他們與許多客戶簽訂了合約協議，長期鎖定價格。

Some of those equipment providers have seen a bit of adverse effects of that as costs of materials and labor have gone up quite a bit without pricing being revised. For the first part, the first question I have is of your CapEx guide that was revised up versus what a lot of analysts were actually modeling. How much of that is just because things just cost more, and therefore, your CapEx is, therefore, just higher as a function of equipment being more expensive. So this is question number one.

其中一些設備供應商已經看到了一些不利影響，因為材料和勞動力成本大幅上漲，而價格卻沒有調整。對於第一部分，我的第一個問題是關於您的資本支出指南，該指南已根據許多分析師實際建模的內容進行了修訂。其中有多少只是因為東西成本更高，因此，您的資本支出隨著設備更昂貴而更高。這是第一個問題。

And then tied to question number one, going to question number two is, when we look at your revenue growth for the year. How much of that growth is volumetric versus actual pricing and renewals right? And we just need to kind of understand the curve here, what's going on because we would look at this environment as being a high demand, very conducive for your business as far as limited supply with your product being in demand. So could you just frame that out for us as well?

然後與第一個問題相關，第二個問題是，當我們查看您今年的收入成長時。與實際定價和續訂相比，這種增長有多少是數量增長？我們只需要了解這裡的曲線，了解正在發生的事情，因為我們認為這種環境需求很高，非常有利於您的業務，因為您的產品需求有限，供應有限。那麼您能否也為我們制定一下這一點？

Sure. Well, first of all, on the CapEx guide and the increased costs, one thing that is great about Rob Roy's designs is that we have people building air handling units and other equipment for us that is very unique. And so whereas people that have just a generic product are seeing hyperscalers and others come in and demand that product and pay premiums for it, and there is a demand for a limited amount of supply because our product and our HVAC units, et cetera, are one-offs and built just for us, there isn't the market competition for our goods, and we are able to purchase enough volume to keep customers -- or suppliers busy on a particular supply chain.

當然。嗯，首先，在資本支出指南和增加的成本方面，羅布·羅伊設計的一大優點是，我們有人為我們建造空氣處理機組和其他非常獨特的設備。因此，儘管只有通用產品的人們看到超大規模廠商和其他人進來，需要該產品並為其支付溢價，但對供應量的需求有限，因為我們的產品和 HVAC 裝置等我們的產品是一次性的，專為我們打造，我們的產品不存在市場競爭，我們能夠購買足夠的數量來讓客戶或供應商在特定的供應鏈上忙碌。

So we are not seeing the same increase in costs that others might be experiencing because there isn't the market for our goods that there would be for the goods that are sold to others. So there is some catch in there to make sure that we've covered pricing, but it is not as incremental as others might be seeing, which may allow us to increase the profits that we have, targeting again the trend towards that 55% that we spoke to earlier. As to revenue growth, I'll let Gabe talk to how much of that is volumetric.

因此，我們沒有看到其他人可能經歷的成本增加，因為我們的商品沒有像出售給其他人的商品那樣的市場。因此，其中存在一些問題，以確保我們已經覆蓋了定價，但它並不像其他人可能看到的那樣增量，這可能使我們能夠增加我們擁有的利潤，再次瞄準 55% 的趨勢我們之前談過。至於收入成長，我會讓加布談談其中有多少是體積成長。

And on the CapEx side, Sami, most of that increase in our guide is because we're building more and we're building fast as quickly as we can. It really isn't driven by price increases. It's driven by just additional construction going on, on all of the campus locations because if you look at our utilization, we've been very fortunate. It's a nice problem to have, but people like what we build, and we're full.

在資本支出方面，薩米，我們指南中的大部分增長是因為我們正在建設更多，並且我們正在盡可能快地建設。它實際上不是由價格上漲所驅動的。這是由所有校園地點正在進行的額外建設所推動的，因為如果你看看我們的利用率，我們就非常幸運。這是一個很好的問題，但人們喜歡我們建造的東西，而且我們已經很滿足了。

As far as our revenue growth, most of what we're expecting for next year is going to come from volume. It's going to come from LAS VEGAS 15, and it's also going to come from our backlog as our backlog fills in, into our existing space, which is committed but not yet filling.

就我們的營收成長而言，我們對明年的預期大部分將來自銷售。它將來自 LAS VEGAS 15，也將來自我們的待辦事項，當我們的待辦事項填滿時，進入我們現有的空間，該空間已承諾但尚未填滿。

Got it. I have one other follow-up, and it has kind of -- well, actually two quick follow-ups. One actually tying to a prior question that was asked regarding reconversion costs in the TRA. And I guess we don't need to know at least maybe you guys have those numbers, I guess you would tell us. But I guess what we'd really like to know is maybe timing. Do you guys have like a timing road map on when you're going to communicate what you're going to do with the TRA and when you're going to absorb the REIT costs for the conversion?

知道了。我還有另一個後續行動，實際上有兩個快速後續行動。這實際上與先前提出的關於 TRA 中的再轉換成本的問題有關。我想我們不需要知道，至少也許你們有這些數字，我想你們會告訴我們。但我想我們真正想知道的也許是時機。你們是否有一個時間路線圖，說明什麼時候要傳達你們將如何處理 TRA，以及何時要承擔轉換的 REIT 成本？

And then not related to that, when we look at the Data Foundry MRR per cabinet or MRC per cabinet, is there going to be an effort to increase MRC per cabin and the data founder asset? I know this question has been asked a couple of times in the past, but I guess as we saw demand come in, it's looking like you guys are in a little bit of a better position. I just want to know a little bit more of what you guys are going to do.

與此無關的是，當我們查看每個機櫃的 Data Foundry MRR 或每個機櫃的 MRC 時，是否會努力增加每個機艙的 MRC 和數據創始人資產？我知道這個問題過去已經被問過幾次了，但我想當我們看到需求進來時，看起來你們處於一個更好的位置。我只是想多了解一點你們要做什麼。

Sure. As far as the REIT conversion costs and when we expect to absorb them, the professional fees related to those are being absorbed right now. We're working with our legal teams with our tax teams going through the conversion process. So we have signaled that there will be additional professional fees this year as we go through that conversion process.

當然。就房地產投資信託基金轉換成本以及我們預計何時吸收它們而言，與這些相關的專業費用目前正在吸收。我們正在與法律團隊和稅務團隊合作完成轉換程序。因此，我們已經表示，今年在我們完成轉換過程時將收取額外的專業費用。

With regard to the timing of the TRA, as I just finished speaking to, there's a lot of prework that has to be done to get to the cash flows to determine what that value is to TRA holders, if any, and that will help determine what we do. We expect to be able to communicate that toward the second half of this year and are working diligently toward that.

關於 TRA 的時間安排，正如我剛才所說，需要做很多前期工作才能獲得現金流，以確定 TRA 持有者的價值（如果有的話），這將有助於確定我們做什麼。我們預計能夠在今年下半年傳達這一點，並正在為此努力工作。

As to Data Foundry MRC per cabinet, I mean, that asset can -- it's able to supply so much power. It's not one of the switch assets. So it is -- it has limitations on the amount of power it can provide per cabinet. We always look to increase the revenue we can per cabinet, and there is one way to do that.

至於每個機櫃的 Data Foundry MRC，我的意思是，該資產可以——它能夠提供如此多的電力。它不是切換資產之一。確實如此——它對每個機櫃可以提供的電量有限制。我們始終希望增加每個機櫃的收入，並且有一種方法可以做到這一點。

That is not currently in the Data Foundry model as it existed before we bought it, and that's Core. We have 400 new customers inside of Data Foundry who we look to bring into The Core Cooperative and show them the benefits thereof and increase the monetization from those customers as a result of their participation in the telecommunications cooperative.

它目前不在 Data Foundry 模型中，因為它在我們購買之前就已經存在，而這就是 Core。我們在 Data Foundry 內有 400 名新客戶，我們希望將他們引入 The Core Cooperative，並向他們展示其好處，並透過參與電信合作社來增加這些客戶的貨幣化。

Our next question comes from Eric Luebchow of Wells Fargo.

我們的下一個問題來自富國銀行的 Eric Luebchow。

So I was looking at Page 23 of your supplemental, it looks like a couple of projects were pushed out a few quarters, LAS VEGAS, Sector 3 pushed back to early 2024. TAHOE and RENO pushed out a couple of quarters versus last year Q3 presentation. So anything to call out in terms of delays in permitting or development that are specific to those time line changes.

所以我在看你的補充資料的第23 頁，看起來有幾個項目被推遲了幾個季度，拉斯維加斯，第3 區推遲到了2024 年初。 TAHOE 和RENO 推遲了幾個季度。因此，在特定於這些時間線變化的許可或開發方面的任何延遲都值得指出。

Yes. I'm not sure that's the case. We've actually -- Sector 2 of LAS VEGAS 15 is going to be open earlier, although the power system for that won't be supplied until Q3. But because of our ability to port power from one power room to any other cabinet in a building. We're able to begin selling into LAS VEGAS sector 2 in advance of that power system providing -- being provided in Q3.

是的。我不確定情況是否如此。實際上，LAS VEGAS 15 的第 2 區將提前開放，儘管其電力系統要到第三季才會提供。但因為我們能夠將電力從一個配電室轉移到建築物中的任何其他機櫃。我們能夠在第三季提供電力系統之前開始向拉斯維加斯第 2 區銷售。

As far as LAS VEGAS Sector 3, that's slated for Q1 of 2024 today. If we can bring that earlier, we will, particularly if we're seeing the demand for that.

至於拉斯維加斯第 3 區，預計將於今天 2024 年第一季舉行。如果我們能早點實現這一目標，我們就會這麼做，特別是當我們看到對此的需求時。

Yes. The answer -- the short answer, Eric, is that we're trying to build everything as fast as we can to meet the demand of our customers. As we get incremental EBITDA, it will allow us to expand more capital and stay within the constraints of our leverage covenant. And we will absolutely be doing everything we can to move demand forward or move product forward into the pipeline as fast as we can.

是的。答案——簡單來說，埃里克，我們正在努力盡快建立一切，以滿足客戶的需求。當我們獲得增量 EBITDA 時，它將允許我們擴大更多資本並保持在槓桿契約的限制範圍內。我們絕對會盡一切努力盡快推動需求或將產品推向生產線。

Great. And just one follow-up for me. Can you give us any color at all on your expectations for AFFO or AFFO per share this year? I know it's not a metric you guide to, but you did provide a multiyear guide on at least AFFO. Anything you can provide some of the moving pieces between EBITDA and AFFO per share. Is that something that we should see scale at greater than 10% again this year.

偉大的。這只是我的一個後續行動。您能否透露一下您對今年 AFFO 或 AFFO 每股的預期？我知道這不是您指導的指標，但您確實提供了至少關於 AFFO 的多年指南。任何你可以提供每股 EBITDA 和 AFFO 之間的一些變化因素的東西。今年我們應該會再看到超過 10% 的規模嗎？

Well, we are expecting EBITDA to grow quite nicely next year, and we're not expecting to issue equity at this point. So I think you can do the calculation on where you would think AFFO per share will shake out, but we do expect it to continue to increase similarly to EBITDA.

嗯，我們預計 EBITDA 明年將會有相當好的成長，而且我們預計目前不會發行股票。因此，我認為您可以計算您認為每股 AFFO 將會出現什麼變化，但我們確實預計它會繼續與 EBITDA 類似地增長。

Our next question comes from Aryeh Klein of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Aryeh Klein。

Maybe just a follow-up on the CapEx outlook for this year. It's a bit above what you provided at the Analyst Day back in November. I appreciate that demand is quite strong. But did something change from then until now that has that above the range?

也許只是今年資本支出前景的後續行動。這略高於您在 11 月分析師日提供的數據。我意識到需求相當強勁。但從那時到現在，有什麼變化導致該值超出了範圍嗎？

Yes. Aryeh, we talked at the Investor Day that we expect CapEx over the long term to average $400 million to $500 million per year. We still expect that to be the case. Next year is going to be a bit higher than that. And really, what changed is we booked $30 million of incremental revenue, and we want to get that revenue in.

是的。 Aryeh，我們在投資者日談到，我們預期長期資本支出每年平均為 4 億至 5 億美元。我們仍然希望情況如此。明年會比這個高一點。事實上，改變的是我們預訂了 3000 萬美元的增量收入，我們希望獲得這筆收入。

So we're responding to customer demand. And as I've said, we're already talking to customers about RENO 2 and ATLANTA 3. So the demand is out there, and we want to make sure that we have as much availability as we possibly can to meet that demand.

因此，我們正在響應客戶的需求。正如我所說，我們已經在與客戶討論 RENO 2 和 ATLANTA 3。 所以需求就在那裡，我們希望確保我們有盡可能多的可用性來滿足該需求。

Got it. And then maybe just on churn. It looked like it was a tad higher than normal. And it also looks like -- and at The Rock Campus committed and build cabinets ticked down a little bit. Can you just -- is there something worth calling out there or something happened in the quarter?

知道了。然後也許只是流失。看起來比平常高了一些。看起來，在 The Rock Campus，承諾和建造的櫥櫃也略有下降。您能否—有什麼值得呼籲的事情或本季發生的事情嗎？

Yes. No. When you say a tad higher than normal, I think we went from 0.4 to 0.5. So it's still ridiculously low. I think it's just a matter of whatever customer happened to leave in that quarter, which very, very rarely happens, as you know. With regard to The Rock cabinets, when we purchased Data Foundry, they had a small outpost in the Virginia facility that they were subleasing from Equinix that we are going to be exiting. So that's what's causing that.

是的。不。所以它仍然低得離譜。我認為這只是該季度發生的任何客戶離開的問題，正如你所知，這種情況非常非常罕見。關於 The Rock 機櫃，當我們購買 Data Foundry 時，他們在弗吉尼亞州的設施中擁有一個小型前哨站，他們從 Equinix 轉租了該設施，我們將退出該設施。這就是造成這種情況的原因。

Our next question comes from Richard Choe of JPMorgan.

我們的下一個問題來自摩根大通的理查德喬。

I just wanted to follow up on the Data Foundry. The colocation revenue fell to $7.8 million in the quarter from $8.3 million, I think, last quarter. Is this kind of the low point the Data Foundry revenue? And should we -- what are the expectations for any guidance for '22? And is that driving or help drive the margin improvement? And then I have a follow-up.

我只是想跟進 Data Foundry。我認為，本季託管收入從上季的 830 萬美元降至 780 萬美元。這是Data Foundry收入的低點嗎？我們是否應該－對 '22 的任何指導有何期望？這是否推動或幫助推動了利潤率的提高？然後我有一個後續行動。

Yes. We expect revenue from Data Foundry to increase and grow as customers that we have signed for continue to deploy there. And as I said before, we expect to monetize some of the Data Foundry people as they join into The Core Cooperative, and that will increase the revenues from those facilities. -- and we will be building, of course, the AUSTIN 4 facility, which is located on the Dell Campus.

是的。隨著我們簽約的客戶繼續在 Data Foundry 部署，我們預計 Data Foundry 的收入將會增加和成長。正如我之前所說，我們希望在一些 Data Foundry 人員加入核心合作社時將其貨幣化，這將增加這些設施的收入。 ——當然，我們將建造位於戴爾園區的 AUSTIN 4 設施。

Yes. With regard to Data Foundry, I think we spoke earlier that there was a large company that took another 3 megawtts in that last pod of the Data Foundry facility that was yet to be built out. That will be coming online this quarter. And the customer will be ramping in throughout the year.

是的。關於 Data Foundry，我想我們之前說過，有一家大公司在 Data Foundry 設施的最後一個尚未建成的吊艙中又佔用了 3 兆瓦的電量。該功能將於本季上線。而且全年客戶都會不斷增加。

So we definitely expect Data Foundry revenue to grow in 2022. But their facilities only operate at a lower density than typical Switch facilities. So their revenue per cabinet is lower, but we do expect revenue to grow out of Data Foundry. And as far as margin improvement, we are ahead of the $2 million of run rate synergies that we had spoken to The Street about. We're pushing $3 million at this point. So yes, that is some of the cause of the margin improvement.

因此，我們肯定預期 Data Foundry 的營收將在 2022 年成長。因此，他們每個機櫃的收入較低，但我們確實預期 Data Foundry 的收入將會成長。就利潤率改善而言，我們已經領先於我們與華爾街談論的 200 萬美元的運行率協同效應。我們目前正在推動 300 萬美元。是的，這是利潤率改善的部分原因。

Great. And then wanted to talk a little bit more about the committed versus billing? Because I think, look, you're kind of committed at 99% in The Citadel and a very high level on The Keep. Last quarter, The Citadel went up from 54% billing to 64% so 10 percentage points gain there, but The Keep went up from 53% to 89%.

偉大的。然後想多討論承諾與計費？因為我認為，看，你在 The Citadel 的投入度達到了 99%，在 The Keep 的投入度也非常高。上個季度，The Citadel 的使用率從 54% 上升到 64%，上升了 10 個百分點，而 The Keep 的使用率則從 53% 上升到 89%。

So I guess in guidance, like are you expecting to be at 99% billing if everything was kind of stay static and they moved in, kind of what kind of uptake are you expecting from The Citadel from that 64% over the year?

所以我想在指導中，如果一切都保持靜態並且他們搬進來，您是否期望達到 99% 的計費，您預計 The Citadel 在這一年中從 64% 獲得什麼樣的使用率？

Yes. The reason that we're at 99% is -- and the difference between committed and our billing is our backlog. That's the $43 million of backlog revenue, which we expect about $30 million of that to commence in 2022, $22 million of revenue will actually hit, but it will be $30 million of annualized commencements.

是的。我們達到 99% 的原因是——承諾和計費之間的差異是我們的積壓工作。這是 4,300 萬美元的積壓收入，我們預計其中約 3,000 萬美元將在 2022 年開始，實際收入將達到 2,200 萬美元，但年化開工額將達到 3,000 萬美元。

And the remainder will come in 2023 and a bit that trails on beyond that. But that's what that backlog represents is that difference between sold, which is our committed number and our billing as customers ramp in. The reason Citadel ramped 10 points in terms of billing is we had a large commencement.

其餘部分將於 2023 年完成，還有一些會在此之後完成。但這就是積壓所代表的問題，即銷售量（我們承諾的數量）與客戶增加時的賬單之間的差異。

We had about $23 million of commencements in this last quarter, and that was one of them. The other one was, as you pointed out, was at the Keep where a large customer began billing in the second sector of that facility.

上個季度我們啟動了大約 2300 萬美元的項目，這就是其中之一。正如您所指出的，另一個是在 Keep，一位大客戶開始在該設施的第二部分計費。

And now that customer will continue to ramp power in. They started billing with certain powered cabinets and certain reserved unpowered cabinets as those cabinets become powered, they will ramp into higher revenue per cabinet growth rates. But those were 2 of the larger commencements.

現在，客戶將繼續增加電力。 他們開始對某些通電機櫃和某些預留的未通電機櫃進行計費，隨著這些機櫃通電，他們將獲得更高的每個機櫃收入增長率。但那是兩個較大的畢業典禮。

Right. And as we said before, customers tend to accelerate faster than their contracted ramp. But in COVID times, that's a little less predictable than it was previously. But it is a trend that we're beginning to see re-evolve in 2021, continuing into 2022.

正確的。正如我們之前所說，客戶的加速速度往往快於合約規定的速度。但在新冠疫情時期，這種情況比以前更難預測。但我們開始看到這一趨勢在 2021 年重新演變，並持續到 2022 年。

Our final question for today comes from James Breen of William Blair.

我們今天的最後一個問題來自威廉布萊爾的詹姆斯布林。

Just along those lines on the billing versus committed The Rock showed at 77% on the committed side and build side. Is there anything that has to be done there to get that up into the 90s? Is it a structural issue? Or is it just increasing sales within that group?

沿著這些路線，The Rock 的計費與承諾方面的比例為 77%。是否需要做一些事情才能使其進入 90 年代？是結構性問題嗎？或只是增加該群體內的銷售額？

And then secondly, on the CapEx, you said about 20% of the guidance for this year is for future projects and sort of the foundation work. I'm assuming, does that apply to sort of the planned development products -- projects that are that 2.7 million square feet that you've looked at in 2024 and beyond.

其次，關於資本支出，您說今年大約 20% 的指導是針對未來專案和某種基礎工作的。我假設，這是否適用於某種計劃的開發產品——您在 2024 年及以後看到的 270 萬平方英尺的專案。

Yes. I'll take the second question first. That's exactly what it applies to -- it's doing all of the site work and preparation work for the next 2 buildings on each of the campuses we're developing. LAS VEGAS 15 is opening now, but we've done the site work for LAS VEGAS 14 and 16 at the same time.

是的。我先回答第二個問題。這正是它所適用的——它正在為我們正在開發的每個園區的接下來的兩座建築進行所有現場工作和準備。 LAS VEGAS 15現已開幕，但我們已同時完成LAS VEGAS 14和16的場地工作。

In Reno, we've got RENO 2 coming online in 2023, but we're also developing the site and pad for RENO 3. And in Atlanta, we have ATLANTA 3 opening in 2023, but we're developing the site pad for ATLANTA 4 at the same time. That's going to let those second buildings go up that much faster, and we'll monetize that savings as those buildings go up.

在裡諾，我們的 RENO 2 將於 2023 年上線，但我們也在開發 RENO 3 的網站和平台。這將使第二棟建築的建設速度更快，隨著這些建築的建設，我們將把節省下來的資金貨幣化。

With regard to The Rock and its utilization rate, our Texas campus that we purchased from Data Foundry does have some capacity in the Houston data center, which we are looking to fill this year. And the last pod has not yet come online. That is coming online this year. But as I mentioned before, a one specific customer took the entire thing, took all 3 megawatts. So as that comes online, that will also be committed, and you'll see that 77% number rise.

關於 The Rock 及其利用率，我們從 Data Foundry 購買的德州園區在休士頓資料中心確實有一些容量，我們希望今年能夠填補這一容量。而最後一個 Pod 還沒上線。該功能將於今年上線。但正如我之前提到的，一個特定的客戶拿走了整個事情，拿走了全部 3 兆瓦。因此，當它上線時，這也將被承諾，你會看到這個數字增加了 77%。

Again, we're doing everything to build and increase inventory as fast as possible because the demand pipeline is robust.

同樣，由於需求管道強勁，我們正在盡一切努力盡快建立和增加庫存。

Yes. And I'd like to -- well, that may be our last question. I just I think you're hearing it from Thomas and myself that we are extremely, extremely pleased with our performance this year. We're extremely bullish on what Switch's prospects are. We know that the demand is out there for our product, we build buildings, we will fill them.

是的。我想——嗯，這可能是我們的最後一個問題。我只是認為你從托馬斯和我自己那裡聽到，我們對今年的表現非常非常滿意。我們非常看好 Switch 的前景。我們知道我們的產品有需求，我們建造建築物，我們會填充它們。

We don't have to buy any more land. We don't have to negotiate any new telecom contracts. We don't have to negotiate any new legislative agreements with tax authorities. We have everything we need in place to build and fill and build and fill. And we think the demand for our industry-leading product is out there. So we are super, super excited about Switch's future.

我們不必再買土地了。我們不必談判任何新的電信合約。我們不必與稅務機關談判任何新的立法協議。我們擁有建造、填充、建造、填充所需的一切。我們認為對我們行業領先產品的需求是存在的。所以我們對 Switch 的未來感到非常非常興奮。

As Gabe mentioned, for the first time in really our history, we are preselling into not yet built buildings. And that is how robust the demand pipeline is. And so our job over this year index is to just get buildings into service as fast as possible.

正如加布所提到的，我們歷史上第一次預售尚未建成的建築。這就是需求通路的強勁程度。因此，我們今年指數的工作就是盡快讓建築物投入使用。

Thank you. We have no further questions for today. That concludes today's conference call. Thank you for joining. You may now disconnect.

謝謝。今天我們沒有其他問題了。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。