Financial Data and Key Metrics Changes - The preliminary results indicate that the proposal to elect eight directors was carried, and the selection of Ernst and Young LLP as the independent registered public accounting firm for the fiscal year ending 12/31/2025 was ratified [14][15]. Business Line Data and Key Metrics Changes - No specific financial data or key metrics related to individual business lines were provided in the meeting [13]. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [13]. Company Strategy and Development Direction and Industry Competition - The company’s board of directors recommended against the stockholder proposal regarding the adoption of a human rights policy, stating that it is unnecessary as the company already complies with local requirements [12][13]. Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [13]. Other Important Information - The meeting included a proposal from the AFL CIO Equity Index Funds urging the board to adopt a human rights policy, which was ultimately not approved [15]. Q&A Session Summary - There were no questions submitted regarding the items presented during the meeting [13].

Financial Data and Key Metrics Changes - The company reported record revenue of $269 million, representing a 22% year-over-year increase [14] - Adjusted EBITDA grew 88% year-over-year, reaching a record $40.2 million, indicating strong profitability flow-through from revenue growth [6][16] - Gross margin improved to approximately 35.3%, up about 80 basis points year-over-year, reflecting ongoing revenue diversification [15] Business Line Data and Key Metrics Changes - Online casino revenue grew 25% year-over-year, while online sports betting revenue increased by 15% [7] - Monthly Active Users (MAUs) in North America grew by over 30%, with a notable increase in iCasino markets [8] - In Latin America, MAUs grew over 40% year-over-year, with Mexico showing over 125% growth [9][11] Market Data and Key Metrics Changes - Michigan's revenue grew 42% year-over-year, West Virginia grew 47%, and Delaware grew 74% [10] - Ontario in Canada saw a 25% growth year-over-year, the fastest since 2023 [11] - Colombia's Gross Gaming Revenue (GGR) increased over 70% year-over-year, although net revenue was flat due to higher bonusing [11] Company Strategy and Development Direction - The company is focusing on expanding its presence in Alberta and has launched multi-state poker with shared player pooling [12] - The strategy emphasizes markets where the full suite of gaming offerings can be deployed to maximize player value [8] - The company is optimistic about future growth despite headwinds from increased taxes in the U.S. and Colombia, raising full-year revenue and EBITDA guidance [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's positive momentum, which outweighs tax-related headwinds [13] - The company anticipates continued player engagement and growth in markets, particularly in Colombia post-VAT tax [39] - Management highlighted the importance of maintaining a strong cash position to invest in new market opportunities [30] Other Important Information - The company remains debt-free with cash reserves of $241 million as of the quarter-end [17] - A deferred tax asset of approximately $145 million was recognized, reflecting expected future tax benefits [19] Q&A Session Summary Question: What are the assumptions regarding taxes in the guidance? - The company has included the impacts of higher state taxes in Illinois and New Jersey in its guidance, along with the temporary VAT tax in Colombia [23] Question: What is the growth outlook for Mexico? - Mexico is expected to become one of the largest markets in Latin America due to its population size and the company's early success compared to Colombia [25][27] Question: How is cash being utilized, and are there plans for M&A? - The company is focused on investing in new markets, particularly iCasino, while being opportunistic with share repurchases [30][32] Question: What is the outlook for Colombia post-VAT tax? - Management expects an increase in revenue and player engagement once the VAT tax is lifted, with a significant uplift in margins and free cash flow anticipated [39] Question: How does the company view the prediction markets? - The company is monitoring the situation closely, believing that increased prediction markets could accelerate the legalization of iCasino, which is a priority [58] Question: What is the strategy for Live Dealer offerings? - The company is focusing on enhancing the Live Dealer experience by offering a diverse range of games and exclusive content [70][72] Question: What is the outlook for G&A expenses? - G&A expenses are expected to rise sequentially, but the company aims to maintain leverage over this line item [75]

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]

Financial Data and Key Metrics Changes - Microsoft reported annual revenue of over $281 billion, up 15% year over year, with operating income exceeding $128 billion, an increase of 17% year over year [30][31] - For Q4, revenue was $76.4 billion, up 18% in constant currency, with earnings per share at $3.65, a 24% increase [31][32] - Microsoft Cloud revenue reached $46.7 billion, growing 27% in constant currency, with a gross margin percentage of 68% [33][34] Business Line Data and Key Metrics Changes - Productivity and Business Processes revenue was $33.1 billion, growing 16% in constant currency, driven by M365 Commercial and Consumer Products [34][36] - Intelligent Cloud segment revenue was $29.9 billion, up 26% in constant currency, primarily due to Azure's growth [37][38] - More Personal Computing revenue was $13.5 billion, growing 9%, with Xbox content and services revenue increasing 13% in constant currency [39][40] Market Data and Key Metrics Changes - Azure surpassed $75 billion in annual revenue, up 34%, with significant growth across all workloads [6][8] - Microsoft Fabric revenue increased 55% year over year, making it the fastest-growing database product in the company's history [12] - LinkedIn revenue grew 9%, with a 30% increase in comments and a 20% rise in video uploads [27] Company Strategy and Development Direction - Microsoft is focusing on building a comprehensive suite of AI products and tech stack, emphasizing innovation and efficiency [7][10] - The company is investing in expanding its cloud infrastructure, with over 400 data centers across 70 regions [8][9] - Microsoft aims to leverage AI to enhance its product offerings, with a strong emphasis on customer-centric solutions [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive long-term growth, particularly through AI and cloud services [29][55] - The outlook for FY 2026 includes expectations for double-digit revenue and operating income growth, with continued investment in capital expenditures [44][45] - Management highlighted the importance of maintaining operational agility while focusing on revenue growth [46][55] Other Important Information - Microsoft returned $9.4 billion to shareholders through dividends and share repurchases, totaling over $37 billion for the fiscal year [43] - The company reported a cash flow from operations of $42.6 billion, up 15% year over year [42] Q&A Session Summary Question: Insights on Azure Migration Activity - Management noted that migrations, particularly from SAP and VMware, are driving Azure growth, with cloud-native applications also contributing significantly [80][81] Question: Monetization of AI for SaaS - Management discussed the evolving monetization strategies for AI applications, emphasizing the importance of usage and efficiency in driving revenue [64][73] Question: Azure Growth and CapEx Outlook - Management indicated that CapEx is closely tied to the contracted backlog, with a focus on delivering capacity to meet demand [104][106] Question: Margin Management Amidst AI Focus - Management highlighted that revenue growth and product competitiveness are key drivers for margin improvement, alongside operational efficiencies [114]

Financial Data and Key Metrics Changes - In Q2 2025, Carvana achieved a record revenue of $4.84 billion, representing a 42% year-over-year increase [14] - Retail units sold reached 143,280, marking a 41% increase and a new company record [13] - Adjusted EBITDA was $601 million, an increase of $246 million year-over-year, with an adjusted EBITDA margin of 12.4%, up 2 percentage points [18][19] - Net income was $308 million, an increase of $260 million, with a net income margin of 6.4%, up 5 percentage points [18] - GAAP operating income was $511 million, a new record, with a GAAP operating margin of 10.6%, up 3 percentage points [18] Business Line Data and Key Metrics Changes - Non-GAAP retail GPU increased by $195, driven by reductions in reconditioning and inbound transport costs [15] - Non-GAAP wholesale GPU decreased by $85, influenced by faster growth in retail units sold [16] - Non-GAAP other GPU increased by $126, attributed to better cost of funds and a higher attachment rate on vehicle service contracts [16] Market Data and Key Metrics Changes - Carvana currently holds approximately 1.5% of the U.S. used car market and about 1% of the total U.S. car market, indicating significant growth potential [9] - The overall automotive market grew by less than 5% in units during the quarter, contrasting with Carvana's growth rate of 41% [6] Company Strategy and Development Direction - Carvana aims to sell 3 million cars per year and achieve a 13.5% adjusted EBITDA margin within the next five to ten years [12] - The company focuses on driving significant long-term growth, improving operational efficiencies, and building foundational capabilities [12] - Carvana is positioned as the second-largest retailer of used cars, with ambitions to become the largest [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a strong Q2 performance and expectations for continued growth in Q3 and Q4 [20] - The management highlighted the importance of maintaining operational efficiency and customer experience as key drivers of future success [25][80] - There is an acknowledgment of the challenges in the automotive market, but management remains optimistic about Carvana's unique competitive advantages [10][11] Other Important Information - Advertising expenses increased by $29 million, with expectations for further increases in Q3 as the company invests in brand awareness [17] - The company is integrating additional ADESA locations to enhance inventory management and operational efficiency [63] Q&A Session Summary Question: Incremental adjusted EBITDA margin - Management noted that the incremental adjusted EBITDA margin of over 17% reflects general leverage in the business and improvements made [22][23] Question: Expansion beyond used cars - Management emphasized the focus on current operations while remaining open to future opportunities, but the primary focus remains on enhancing customer experience [24][25] Question: APR and pricing strategies - Management discussed the vertically integrated model that allows for intelligent pricing decisions based on real-time data [28][30] Question: Reconditioning capacity and inventory growth - Management confirmed that sales grew by 41% year-over-year, with inventory available for customers increasing by 50% [39] Question: Demand fluctuations due to tariffs - Management indicated that overall demand remained consistent, with minor fluctuations noted but nothing materially impactful [44] Question: Marketing and brand awareness - Management highlighted ongoing efforts to improve brand awareness and customer trust, with significant opportunities for growth in these areas [50][52] Question: Capacity expansion and sourcing vehicles - Management explained that expanding capacity would enhance operational efficiency and reduce transportation costs, benefiting overall supply acquisition [66] Question: Retail GPU performance - Management detailed that retail GPU increased due to improvements in reconditioning and transport costs, with a notable impact from tariff announcements [75][76] Question: Holistic business view and levers - Management discussed the various levers available to improve customer experience and operational efficiency, emphasizing continuous improvement [84][86] Question: Cohort performance - Management stated that trends across cohorts remain consistent, with broad-based progress observed [90] Question: Operational cost efficiencies - Management provided insights into the components of operational costs, highlighting gains from technology and process improvements [93]

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew by 4% to $19.5 billion, with revenue increasing by over 4% to $2.73 billion [9][35] - Non-GAAP operating income rose by 8% to $775 million, and non-GAAP earnings per share increased by 16% year over year to $1.37 [9][35] - The take rate was 14%, showing a modest year-over-year increase, with advertising, shipping, and financial services contributing positively [42][44] Business Line Data and Key Metrics Changes - Focus categories experienced GMV growth of over 10%, significantly outpacing core categories [10][36] - Collectibles, particularly trading cards, were the largest contributor to growth, with triple-digit GMV growth for Pokémon cards [10][11] - Motors, Parts, and Accessories contributed nearly one point of year-over-year GMV growth, driven by strength across major markets [13] Market Data and Key Metrics Changes - U.S. market GMV growth accelerated to 7%, exceeding expectations due to healthy consumer demand [38][39] - International GMV grew nearly 2% on an FX neutral basis, with foreign exchange providing a tailwind [39][41] - The U.K. and Germany investments helped navigate lower growth environments, with cross-border volume growth remaining stable [40][41] Company Strategy and Development Direction - The company is focused on enhancing the customer experience through generative AI, improving listing quality, and personalizing customer engagement [17][18][32] - eBay Live is a significant area of investment, aimed at transforming how enthusiasts discover and compete for high-demand inventory [22][23] - The company is expanding its Klarna partnership in the U.S. to attract younger demographics and improve conversion rates on high-ticket items [27][29] Management's Comments on Operating Environment and Future Outlook - Management noted that the business performed well in July, reflecting sustained healthy consumer trends in the U.S. [46] - The outlook for Q3 anticipates GMV between $19.2 billion and $19.6 billion, with revenue growth expected to be modestly higher than GMV [47][50] - The company remains cautious about potential disruptions from tariffs and trade policy changes [47][50] Other Important Information - eBay was recognized as one of Time's World's Most Sustainable Companies and Newsweek's World's Greenest Companies 2025 [31] - The company returned approximately $760 million to shareholders through repurchases and cash dividends [35][45] Q&A Session Summary Question: Insights on marketing and AI's impact on traffic generation - Management highlighted a full funnel marketing approach and noted efficiencies in lower funnel marketing spend due to competitive dynamics [56][57] Question: Future category growth expectations - Management indicated that existing focus categories will continue to drive growth, with strong performance across collectibles and P&A [62][64] Question: U.S. market strength and international comparison - Management noted broad-based strength in the U.S. market, while Europe remains challenging, but investments are offsetting some macro trends [71][72] Question: Trading cards market sustainability - Management acknowledged that trading card growth is not linear but remains optimistic about long-term growth potential [88] Question: Margin recovery and operating leverage - Management emphasized that top-line growth leads to healthy margins, focusing on balancing growth and profitability [90][91]

Carvana (CVNA) Q2 2025 Earnings Call July 30, 2025 05:30 PM ET Speaker0Good afternoon, and welcome to the Carvana Second Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Meg Kehan, Investor Relations. Please go ahead.Speaker1Thank you. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's second quarter twenty twenty five earnings conference ca ...

Financial Data and Key Metrics Changes - Microsoft reported annual revenue of over $281 billion, up 15% year over year, with operating income exceeding $128 billion, an increase of 17% year over year [28][29] - For the fourth quarter, revenue was $76.4 billion, up 18% in constant currency, with earnings per share at $3.65, reflecting a 24% increase [29][30] - Commercial bookings surpassed $100 billion for the first time, increasing 37% in constant currency [29][30] - The commercial remaining performance obligation rose to $368 billion, up 37% in constant currency [30] Business Line Data and Key Metrics Changes - Microsoft Cloud revenue reached $46.7 billion, growing 27% in constant currency, with a gross margin percentage of 68% [31][32] - Productivity and Business Processes revenue was $33.1 billion, up 16% in constant currency, driven by M365 Commercial and Consumer Products [32][33] - Intelligent Cloud segment revenue was $29.9 billion, growing 26% in constant currency, primarily from Azure and on-premises server business [34] - More Personal Computing revenue was $13.5 billion, growing 9%, with Xbox content and services revenue increasing 13% in constant currency [36][37] Market Data and Key Metrics Changes - Azure surpassed $75 billion in annual revenue, up 34%, with significant growth across all workloads [6][7] - Microsoft Fabric revenue increased 55% year over year, with over 25,000 customers [11] - LinkedIn revenue grew 9%, with Talent Solutions impacted by hiring market weakness [33][25] - Xbox had 500 million monthly active users, with Game Pass annual revenue reaching nearly $5 billion for the first time [26][27] Company Strategy and Development Direction - Microsoft is focusing on building a comprehensive suite of AI products and tech stack at scale, with significant investments in AI infrastructure [6][10] - The company is expanding its data center capacity, with over 400 data centers across 70 regions, and is committed to maintaining leadership in the cloud infrastructure market [7][8] - Microsoft aims to enhance its commercial cloud offerings to meet unique data residency and sovereignty requirements, introducing the Microsoft Sovereign Cloud [9] - The company is also innovating in consumer applications, integrating AI features across its products, including Copilot in Microsoft 365 and Edge [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive long-term growth amid a generational tech shift with AI [27][51] - The outlook for FY 2026 includes expectations for double-digit revenue and operating income growth, with continued investments in capital expenditures and operating expenses [41][42] - Management highlighted the importance of maintaining operational agility and delivering revenue growth while managing costs effectively [42][51] Other Important Information - Microsoft launched over 100 new security capabilities over the past year, securing nearly 2 million general AI applications [24] - The company reported cash flow from operations of $42.6 billion, up 15%, and returned $9.4 billion to shareholders through dividends and share repurchases [39][40] Q&A Session Summary Question: Insights on Azure migration activity - Management noted that migrations, particularly large ones like Nestle's, are driving Azure growth, alongside the scaling of cloud-native applications and new AI workloads [74][76] Question: Surprises in quarterly performance - Management indicated that while there were no major surprises, the rapid development of stateful app patterns and the sophistication of application frameworks were notable [81][82] Question: Copilot's role in data importance - Management acknowledged that Copilot is just the starting point, with increasing importance placed on data and the development of asynchronous applications [88][90] Question: CapEx and Azure growth outlook - Management emphasized that CapEx is closely tied to the $368 billion contracted backlog, focusing on delivering capacity to meet demand [99][101] Question: Margin management amid AI offerings - Management highlighted that revenue growth and product innovation are key drivers of margin improvement, alongside efficiency gains from AI [108][110]

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew by 4% to $19.5 billion, with revenue increasing by over 4% to $2.73 billion [7][30] - Non-GAAP operating income rose by 8% to $775 million, and non-GAAP earnings per share increased by 16% year over year to $1.37 [7][30] - The take rate was 14%, showing a modest year-over-year increase, with advertising, shipping, and financial services contributing positively [38] Business Line Data and Key Metrics Changes - Focus categories experienced GMV growth of over 10%, significantly outpacing core categories [8][31] - Collectibles, particularly trading cards, were the largest contributors to growth, with triple-digit GMV growth for Pokémon cards [8][9] - Motors, Parts, and Accessories (P&A) contributed nearly one point of year-over-year GMV growth, driven by strength across major markets [11] Market Data and Key Metrics Changes - U.S. market GMV growth accelerated to 7%, driven by healthy consumer demand and strong performance in trading cards [33] - International GMV grew nearly 2% on an FX neutral basis, with foreign exchange providing a tailwind [34] - The U.K. and Germany investments helped navigate lower growth environments, with cross-border volume growth remaining stable [35] Company Strategy and Development Direction - The company is focused on enhancing the consumer-to-consumer (C2C) experience in the U.K. and expanding capabilities in live commerce [19][20] - Generative AI is being leveraged to optimize listings and personalize customer engagement, driving higher quality visits [14][15] - The company aims to maintain a disciplined balance between top and bottom line growth while investing in strategic initiatives for long-term value [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of trading card categories despite potential fluctuations in growth [9][86] - The company anticipates continued healthy consumer trends in the U.S. and plans to reinvest a portion of top-line upside into strategic initiatives [41][44] - The outlook for the remainder of the year considers potential disruptions from tariffs and the elimination of de minimis exemptions [42][46] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends [30] - eBay was recognized as one of Time's World's Most Sustainable Companies and Newsweek's World's Greenest Companies 2025 [27] - The company plans to target share repurchases of approximately $2.5 billion for the full year [47] Q&A Session Summary Question: Insights on marketing and AI positioning - Management highlighted a full funnel marketing approach and noted efficiencies in lower funnel marketing spend due to competitive dynamics [54][56] Question: Future category growth expectations - Management indicated that existing focus categories will continue to drive growth, with ongoing investments in both new and established categories [61][62] Question: U.S. market strength and strategic investments - Management noted favorable macro conditions in the U.S. and emphasized the importance of strategic investments in C2C initiatives and AI [68][70] Question: Sustainability of GMV growth and active buyer base - Management confirmed that active buyers are crucial for maintaining GMV growth, with a focus on converting active buyers to enthusiasts [90][92] Question: Trading cards market durability and margin outlook - Management acknowledged that trading card growth is not linear but remains optimistic about long-term potential, while also discussing the relationship between top-line growth and margins [85][87]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported revenues of $2,260 million, a 5% increase year-over-year, driven by strong recurring revenue growth of 7% [15][32] - Adjusted EBITDA margins reached 50% for the first time in history, with adjusted EBITDA of approximately $1,130 million [16][32] - AFFO per share increased by 8% year-over-year, totaling $972 million, exceeding expectations due to strong operating performance and lower income tax expenses [16][33] 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 [6][27] - 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 [22][23] - The Americas region led cabinet billing, contributing to solid MRR per cabinet yields [7][34] Market Data and Key Metrics Changes - The company noted a notable uptick in inter and intra-region sales, particularly in cloud and AI expansion activities [6][22] - The demand for digital infrastructure is being driven by trends in AI, hybrid, and multi-cloud strategies, with significant customer reliance on Equinix for these needs [10][14] Company Strategy and Development Direction - The company outlined its "Build Bolder" strategy focused on capital expenditure for capacity expansion, aiming to accelerate revenue growth [10][12] - Investments will primarily target major markets generating over $100 million in annual revenue, leveraging established customer relationships [12] - The company anticipates a path to double-digit revenue growth as the "Build Bolder" strategy becomes fully operational [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong customer momentum and a robust pipeline for Q3 and Q4 [20][21] - The company expects to see a meaningful step-up in non-recurring revenues in the second half of the year, particularly in Q4 [16][38] - Management emphasized the importance of addressing customer demand signals, particularly in AI and cloud connectivity [70][72] Other Important Information - The company has 59 major projects underway globally, including 12 XScale projects, and has expanded its footprint in Southeast Asia with the acquisition of three data centers in the Philippines [24][25] - The balance sheet increased to approximately $39 billion, with elevated cash and short-term investments totaling around $4.5 billion [34][35] Q&A Session Summary Question: What helped the interconnection adds this quarter and expectations for future metrics? - 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 strong bookings momentum to start Q3? - Management highlighted broad-based activities across regions and segments, with strong pricing and intra-regional pickups contributing to the momentum [48][50] 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 through fewer build phases and increased enterprise customer demand [57][59] Question: What is the outlook for ExScale leasing in the back half of the year? - Management confirmed a strong track record in ExScale, with 85% of facilities leased or pre-leased, and a robust pipeline supporting step-up in NRR [94][96]