Financial Data and Key Metrics Changes - In Q2, the company reported revenues of $2,260 million, a 5% increase year-over-year, driven by strong recurring revenue growth of 7% [15][33] - Adjusted EBITDA margins reached 50% for the first time in history, with adjusted EBITDA of approximately $1,130 million [16][33] - AFFO per share increased by 8% year-over-year, totaling $972 million, which was well above expectations [16][34] Business Line Data and Key Metrics Changes - The company closed 4,100 deals across more than 3,300 customers, resulting in $345 million of annualized gross bookings for the quarter [7][15] - Interconnection revenues grew by 8% year-over-year, surpassing $400 million in quarterly revenues for the first time, with a net addition of 6,200 total interconnections [21][22] Market Data and Key Metrics Changes - The Americas region led in cabinet billing, contributing to solid monthly recurring revenue (MRR) per cabinet yields [8][35] - The company added nine new retail projects in key markets, including Chicago, Dallas, London, and Silicon Valley, and commenced its first build in Bangkok, Thailand [24] Company Strategy and Development Direction - The company outlined a long-term vision focusing on AI, hybrid and multi-cloud, and networking opportunities, with significant capital expenditures aimed at capacity expansion [9][10] - The "Build Bolder" strategy emphasizes creating new capacity to meet future demands for digital infrastructure, with a focus on major markets generating over $100 million in annual revenue [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting strong customer demand signals and the need for digital infrastructure to support AI and cloud strategies [10][14] - The company anticipates an accelerated path to stabilization for new assets compared to historical trends, aiming for double-digit revenue growth as the strategy becomes fully operational [12][60] Other Important Information - The company raised its 2025 revenue guidance by $58 million, maintaining a growth rate of 7% to 8% [39] - Capital expenditures for 2025 are expected to range between $3.8 billion and $4.3 billion, including approximately $450 million of on-balance sheet XScale spend [40] Q&A Session Summary Question: What helped the interconnection adds this quarter and expectations for the coming quarters? - Management noted strong interconnection performance with revenues up 8% year-on-year, driven by cloud and AI expansion opportunities [44][45] Question: What is driving the strong bookings momentum to start Q3? - Management highlighted broad-based activities across regions and segments, with strong pricing and intra-regional transactions contributing to the momentum [48][51] Question: Can you provide an update on the timing to stabilization in the Build Bolder plan? - Management indicated that the typical build profile is 18 to 24 months, but they expect to accelerate stabilization due to larger enterprise customer footprints and potential pre-sales [56][58] Question: What is the outlook for XScale leasing in the back half of the year? - Management confirmed that 85% of XScale facilities are leased or pre-leased, with a strong pipeline supporting a step-up in net recurring revenue in the second half [92]