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Digital Realty Reports Record Growth in Data Center Demand Amid AI Boom

Digital Realty experienced record growth in the Americas and EMEA regions, showcasing its ability to cater to a wide range of customer needs. The company achieved notable growth through various-sized deployments in its zero to one megawatt business, confirming its full spectrum strategy’s effectiveness.

Strong Performance Metrics and Customer Engagement

Interconnection bookings reached $15 million, nearly matching last quarter’s record. The company also reported a record 166 new clients, indicating a healthy demand for data center services across its global platform. Hyperscalers, or large-scale cloud providers, were significant contributors to this activity, pushing record export activity to various regions.

Robust Financial Outlook and Capital Strategy

Record EMEA exports and heightened transatlantic bookings contributed to an impressive backlog of booked but unbilled leases, now estimated at roughly $800 million at year-end. This provides strong revenue visibility for 2024 and beyond. The company has also improved its financial position by reducing leverage below five times through asset sales, joint ventures, and successful fundraising efforts.

Government Initiatives Fueling AI Development

Digital Realty’s CEO participated in France’s AI Action Summit, where he highlighted ongoing government efforts, including a $500 billion initiative to support American AI development. Such endeavors are expected to further drive data center spending and innovation in the industry.

The Cycle of Innovation and Demand for Data Centers

Current market trends echo past patterns, as technology continues to fuel demand. Following record data center leases, which were 80% higher than previous years, a surge in cloud computing and AI-related uses is driving growth into 2024. Hyperscalers have shown no signs of slowing their investments in data center infrastructure, crucial for supporting AI innovation.

Successful Collaborations Highlighting Network Effects

This quarter, Digital Realty partnered with Tenstorrent, a maker of AI accelerators, to host an R&D lab. By leveraging PlatformDIGITAL, Tenstorrent achieved faster chip development through enhanced efficiency and connectivity with partners. Other notable collaborations included major financial institutions and research organizations improving their cloud connectivity through Digital Realty’s high-density colocation capabilities.

Commitment to Sustainable Practices

In terms of environmental efforts, Digital Realty’s South African affiliate, Teraco, began construction on a 120-megawatt solar power plant—the first owned and operated by a data center provider. This project aims to generate renewable energy by late 2026. In addition, the company signed community solar agreements for nearly 20 megawatts as part of Illinois’ clean energy initiatives.

Recognitions and Future Innovations

The company has made significant strides in sustainability, now matching over 150 data centers worldwide with 100% renewable electricity and over 1.5 gigawatts of solar and wind capacity. Digital Realty’s innovative collaboration with Ecolab aims to implement AI-driven water conservation solutions, potentially reducing water use by up to 15% at various sites.

On that note, Digital Realty received NAREIT’s Leader in the Light award for the eighth consecutive year, further solidifying its reputation in sustainability efforts. With a promising future ahead, the company looks forward to continuing its mission under the leadership of its CFO, Matt Mercier.

Matt Mercier — Chief Financial Officer

Thank you, Andy. Indeed, 2024 was a transformative year for Digital Realty. We achieved record leasing results while expanding our capacity by over 75%, all while lowering our leverage from 6.2 times to 4.8 times. This was largely due to our focus on diversifying and strengthening our capital sources.

By adjusting our portfolio and attracting private capital for hyper-scale development, we managed to accelerate our growth and improve our balance sheet simultaneously.

Digital Realty Reports Strong Q4 Results Amid Strategic Growth

Healthy Financial Position and Planning for Future Opportunities

As we reflect on our current standing, Digital Realty boasts over $6 billion in liquidity, below-target leverage, and diverse funding options. These assets equip us to invest in ongoing projects and to pursue attractive opportunities on the horizon. Achieving this success was a collaborative effort, and I want to acknowledge the hard work of my Digital Realty teammates in 2024.

Record Lease Signings Propel Growth

In the fourth quarter, we secured $100 million in new leases, highlighted by an impressive $76 million in our zero to one megawatt interconnection segment—a 16% increase over last quarter’s record. The greater than one-megawatt category contributed $23 million predominantly from EMEA and APAC, following a strong performance in the Americas last quarter.

Strong Pricing and Sustainable Growth

We experienced solid pricing within our zero to one megawatt category, primarily driven by transactions in APAC and the Americas. Notably, nearly 60% of signed leases feature annual rent escalators of 4% or more, or are linked to CPI, which supports our long-term growth strategy. By year-end, our backlog reached $797 million, slightly below the previous quarter as $147 million in commencements surpassed new bookings. Almost $400 million of our backlog is scheduled to begin in 2025, with two-thirds expected by mid-year.

Renewals and Financial Performance

In 2024, we renewed leases worth $250 million, achieving a blended 4.7% increase on a cash basis. Renewal trends were consistent with our original guidance of a 4% to 6% uplift. Overall, our renewal spreads for the full year were at a healthy 9%, enhanced by advantageous package deals. When adjusted for those, our renewal spreads still stood at 5.2%. In the fourth quarter, churn was effectively managed at 2%, while core FFO per share reached $1.73, reflecting a 6.1% year-over-year growth driven by robust revenue and adjusted EBITDA performance.

Robust Revenue Growth and Increased NOI

Data center revenue grew 8% year over year. Strong renewal spreads, rent escalators, and new lease commencements effectively compensated for over $1 billion in property disposals during 2024. Adjusted EBITDA rose by 7.4%, aligning with data center revenue growth. Full-year normalized total revenue and adjusted EBITDA grew by 10% and 13%, respectively. In the fourth quarter, same capital cash NOI increased by 1.4% year over year, impacted by the rise in property operating costs.

Investment Activity and Development Pipeline

Throughout 2024, Digital Realty invested approximately $3 billion in development capex, with around $2 billion on a net basis. The fourth quarter saw all new capacity deliveries backfilled with new starts, keeping our construction at 644 megawatts. We delivered and commenced 42 megawatts of new capacity during the quarter, with 70% of this pipeline pre-leased yielding anticipated returns of up to 12.1%.

Strengthening the Balance Sheet

In the fourth quarter, we reinforced our balance sheet, achieving leverage below our target while raising nearly $3 billion in new capital since late September. Notably, we issued $1.15 billion in exchangeable notes and eliminated the remaining $500 million on our US dollar term loan. We are set with only EUR 650 million in maturing debt through 2025, and our maturity schedule remains well-laddered through 2035. As of year-end, our net debt to adjusted EBITDA ratio improved to 4.8 times.

Future Guidance Reflecting Continued Strength

We are setting our core FFO guidance range for 2025 at $7.05 to $7.15 per share, signifying a 5.7% year-over-year growth thanks to our business’s inherent strength balanced with increased development spending and lower overall leverage. We anticipate over 10% growth in total revenue and adjusted EBITDA on a normalized basis in 2025, with cash NOI growing between 3.5% and 4.5%.

Anticipating a Positive Environment

We expect the favorable operating conditions for data centers to persist. Cash renewals should increase by approximately 4% to 6%, even as we face high expiring rates in the greater than one megawatt sector. Occupancy rates are projected to rise by 100 to 200 basis points. Capital expenditures will increase to between $3 billion and $3.5 billion, while gross capex approaches $4.5 billion, with development yields expected to remain robust. We will continue to actively manage capital restructuring with anticipated dispositions and joint venture capital of $500 million to $1 billion this year.

Questions & Answers:

Operator

[Operator instructions] Our first question today is from David Barden with Bank of America. Please proceed.

David Barden — Analyst

Hey team, thank you for the insights. Chris, can you share your thoughts on how we should approach the discussion on DeepSeek?

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Digital Realty Reflects on Strong Growth Prospects Amid AI Infrastructure Demands

Prepared Remarks on Industry Dynamics

During our recent discussions, we emphasized the framework of tokens, watts, and dollars. Expanding on this, I would like to know how your conversations with major hyperscale customers following their capital expenditure forecasts impact Digital Realty’s outlook. Are we looking at a more encouraging future or heightened concerns? Thank you.

Andy Power — President and Chief Executive Officer

Thanks, Dave. I will let Chris elaborate shortly, but you’ve pinpointed a key issue. Following the DeepSeek announcement, we engaged with several key customers, and their feedback has been reassuring. They recognize this as a significant achievement in driving greater efficiency. However, this does not detract from the critical investment our major clients must make to enhance their AI infrastructure. The capital expenditure outlook remains strong, estimated at over $300 billion, continuing to grow each year. We’ve observed a consistent demand for our digital services both before and after the DeepSeek news. Chris, would you like to add more detail?

Chris Sharp — Chief Technology Officer

Thank you for the question, David. I concur that the tokens, watts, and dollars framework is helpful for analyzing our industry. AI is becoming more accessible, thanks in part to innovations like DeepSeek that enhance efficiencies. Alongside advancements in GPUs, we expect ongoing significant increases in AI usage among a wider range of customers, thereby boosting demand for our facilities.

Many of our facilities are designed with AI capabilities in mind, including HD Colo solutions mentioned by Andy. We are well-prepared to support the rising demand as AI technologies evolve. Ultimately, we believe that Jevons Paradox will exceed the pace of Moore’s Law in this area.

Operator

The next question comes from Richard Choe of J.P. Morgan. Please proceed.

Richard Choe — Analyst

Hello, I want to inquire about your cash renewal outlook, which is currently forecasted at 4% to 6% for this year. Last year, you started at the same percentage but ended with an impressive 9%. Do you think a similar outcome is possible this year, or will it require additional bundled deals?

Andy Power — President and Chief Executive Officer

Thanks for your inquiry. As you mentioned, we initially projected a 4% to 6% renewal rate, and we’re positioned similarly for 2025. Our strong performance last year was bolstered by bundled deals that we managed to pull in from future periods. Our current guidance doesn’t anticipate that kind of advance booking for 2025. However, we are witnessing positive trends in renewals, particularly as we look to future years.

Operator

Next is Irvin Liu from Evercore ISI. Please go ahead.

Irvin Liu — Analyst

Thank you. I’d like to discuss your expectations for future bookings. While I know bookings can vary significantly, you did achieve over $1 billion this past year. Given the current pipeline and your capacity of 3.5 gigawatts, do you believe this annual booking rate is sustainable?

Andy Power — President and Chief Executive Officer

Thank you, Irvin. It’s important to break this down into larger projects versus smaller ones. We reached a record $1 billion in new agreements last year, nearly double our previous high. This has created a substantial development pipeline, with approximately 70% pre-leased at just above 12% ROI. As for future bookings, we see a gradual rollout, with significant contributions expected in 2026. Our framework for large capacity leasing suggests that subsequent leasing efforts will link to future deliveries. While we are pleased with our current 500 megawatts of capacity, we know some deliveries won’t occur until late this year or even into 2026. We prioritize securing the right clients and fostering diverse ecosystems in our facilities.

On a positive note, we have seen significant success in our smaller interconnection category, reporting $76 million in the fourth quarter alone—up 16% from the previous quarter. We believe this segment has plenty of room for growth moving into 2025.

Operator

The next question comes from Jonathan Atkin at RBC. Please continue.

Jonathan Atkin — Analyst

Thanks. Last year, you indicated a guidance range suggesting mid-single-digit growth, with expectations for acceleration. Looking ahead, what growth trajectory should we anticipate for core FFO per share as your bookings transition to billings over the coming quarters?

Andy Power — President and Chief Executive Officer

Thanks, Jon. I’ll invite Matt to elaborate on the details post-2025. We maintain our outlook of normalized top-line and EBITDA growth in the double digits, leading to improved bottom-line performance in the mid-single digits on a constant currency basis. Matt will provide additional insights into potential growth for 2025 into 2026.

Matt Mercier — Chief Financial Officer

Thank you, Jon. Our forecast aligns with earlier messaging. We expect to see mid-single-digit growth in 2025, with potential for continued improvement into the future.

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Strong Growth Forecast Speaks to Digital’s Strategic Positioning

Setting the Scene for Future Growth

In the recent earnings call, company leaders highlighted how their efforts in 2024 have laid the groundwork for continuous improvement. With 200 megawatts under development and an additional 500 megawatts available, the company is well-poised for growth. A backlog of $700 million will begin to take shape over the next two years. The outlook for leases is encouraging, projecting better same-store growth as well.

Notably, the firm boasts $6 billion in liquidity, comfortably below its leverage targets. This financial strength appears to create ideal conditions for sustained growth in 2024, 2025, and the years that follow.

Engaging Analysts: Leasing Trends and Market Share

Following the company’s overview, Michael Rollins from Citi posed inquiries concerning the under one megawatt sector. He questioned whether recent performance boosts were a broad market trend or if Digital was gaining market share. Furthermore, he sought clarity on the company’s focus: is the emphasis solely on organic growth, or is there room for potential acquisitions?

Andy Power, the President and CEO, responded that the emphasis remains on leveraging the strong financial standing for organic development. Meanwhile, encouraging trends in the under one megawatt segment are visible, with a record-setting performance anticipated to continue into 2025. This growth reflects strong results across diverse markets in the Americas and EMEA regions, bolstering confidence in their offerings.

A Closer Look at Demand and Client Diversity

Colin McLean, the Chief Revenue Officer, added depth to the discussion, noting significant diversity within client demand. A notable 50% of bookings in the zero to one megawatt segment came from large enterprises, while service provider engagement surged as well. The interaction between these client types creates a synergy that supports overall company growth.

Understanding Growth Projections Amid Challenges

Matthew Niknam from Deutsche Bank sought clarification on projected growth for the upcoming year. The firm anticipates organic growth to exceed 10%. Matt Mercier, the Chief Financial Officer, clarified that external factors like foreign exchange impacts and declining utility reimbursements might create headwinds affecting growth rates. Specifically, FX pressures could account for around 200 basis points of decline in core Funds From Operations (FFO).

Despite these factors, the company remains optimistic, looking to maintain over 10% growth on a normalized basis by addressing variables like asset dispositions.

Future AI Demand and Business Impact

A robust industry discussion about artificial intelligence (AI) surfaced, particularly after the DeepSeek advancements. Ari Klein from BMO asked how the company anticipates changes in demand for different megawatt segments. Andy Power noted a significant 30% of signed megawatts related to AI, hinting at an ongoing trend in core markets.

Chris Sharp, the Chief Technology Officer, emphasized that the current demand primarily enhances existing capabilities. As AI technology grows, larger capacity blocks will likely drive demand, potentially shifting interest toward capacities greater than one megawatt. The company remains focused on establishing long-term viability as AI evolves in relevance and consumer engagement.

Overall, the insights shared during the earnings call reflect a company strategically navigating its landscape, with solid financials guiding its future growth trajectory.

Insights on Digital Realty’s Leasing Activity and Future Prospects

Overview of AI Capabilities and Leasing Activity

Recent discussions highlighted the evolution of artificial intelligence (AI) capabilities, notably from large tech firms, which are making significant inroads into the market. In parallel, the development of private AI solutions is expected to emerge, offering unique inference elements. Excitement remains high about Digital Realty’s AI-ready facilities that can accommodate a wide range of power density demands and capacity needs.

Question on New Leasing Activity

The operator opened the floor for questions, starting with David Guarino from Green Street.

David Guarino — Analyst

In relation to the recent surge in leasing activity under one megawatt, could you clarify whether most of these deals took place in older, legacy assets? These agreements could greatly improve occupancy rates once they take effect. Alternatively, were most leases signed in newly constructed buildings that align with today’s deployment requirements?

Andy Power — President and Chief Executive Officer

Well, David, the leasing activity is quite varied across the board. Key markets include Northern Virginia, London, Los Angeles, Frankfurt, and Chicago. In cities like London, Los Angeles, and Chicago, we have existing sites that focus more on enterprise-level services. We haven’t built new assets in these areas for nearly a decade since I joined Digital Realty. Many of the leases signed relate to colocation needs across several sectors, including financial services and healthcare. The overall trend in first-generation and second-generation signings has remained consistent, if not showing slight growth as the year concludes.

On the subject of same-store occupancy, we encountered some self-inflicted challenges. A portion of our leased space converted to vacancy due to a previous transaction. This presents an opportunity to attract new tenants and better fill our capacity aligned with our goal of expanding our enterprise customer base.

Exploring Facilities Allocation for Future Needs

The operator invited Frank Louthan from Raymond James to present his question.

Frank Louthan — Analyst

Thank you for taking my question. Can you share your anticipated breakdown of facilities allocated for leases under one megawatt? How much of that space is designed for high-power density computing rather than regular machines?

Andy Power — President and Chief Executive Officer

Frank, our approach has been consistent for the past few years—prioritizing enterprise capabilities across network-oriented services, cloud solutions, and high-performance computing. This allows us to cater to increasing power densities that our customers demand. We aim to develop buildings that can meet these needs, ensuring modularity and flexibility. We’re shifting towards larger facilities dedicated to these specific customer needs, which will reduce the variety of clients within a single building. This priority has led to about a 22% growth in capacity for this specific segment last year, and we expect further acceleration moving forward.

Customer Sentiments Post-Stargate Announcement

The operator then asked Jim Schneider from Goldman Sachs to proceed with his question.

Jim Schneider — Analyst

Good afternoon. I would like to ask about your discussions with major customers regarding the Stargate announcement. How are they planning to continue or expand their relationship with Digital Realty? Also, have there been any shifts in how hyperscalers approach pre-leasing capacity compared to a few months ago?

Andy Power — President and Chief Executive Officer

Thank you, Jim. The Stargate announcement reflects activities from recent months while showcasing our top customers’ dedication to investing in infrastructure. Last year, we consistently achieved record signings with different hyperscale customers, indicating a diverse client base. As we approach 2025, we expect to attract varied companies to lead our signings.

However, the appetite for capacity has fluctuated; demand isn’t constant throughout the year. Larger projects with expensive infrastructure often require board approvals, which are not frequently granted. Demand appears to be trending upwards, but we anticipate periodic lulls, similar to trends seen in 2024. Digital Realty is strategically positioned to accommodate these variations and deliver substantial data capacity, with approximately 500 megawatts of planned development and over three gigawatts of growth in land holdings.

Capital Recycling Strategy Discussion

The operator continued with Eric Luebchow from Wells Fargo.

Eric Luebchow — Analyst

Hi, thanks for taking my question. I’d like to hear more about your capital recycling strategy for the year. You mentioned plans to generate $500 million to $1 billion. Can you provide clarification on the mix of asset dispositions, joint ventures, and potential new fund structures compared to seeking other capital sources like equity issuance?

Andy Power — President and Chief Executive Officer

Thanks, Eric. I’ll turn it over to Matt for a brief overview of the numbers, followed by Greg to delve deeper into the details.

Company Strategizes $300-400 Million Capital Plan for Growth and Asset Disposition

Matt Mercier — Chief Financial Officer

Thanks, Eric. To summarize our strategic capital initiatives, we’re planning to allocate approximately $300 million to $400 million. About $300 million to $400 million will be used mainly for selling off non-core assets, while the rest will focus on enhancing our private capital initiatives.

I’ll let Greg expand on this further.

Gregory S. Wright — Chief Investment Officer

Thanks, Matt, and thanks, Eric. As Andy and Matt have previously mentioned, our goal has been to diversify our capital sources. The new fund we’re establishing is a natural step in this direction. Currently, everything is progressing favorably, and we look forward to sharing more updates as developments unfold. We believe this approach provides us with much-needed flexibility.

Operator

The next question is from Erik Rasmussen with Stifel. Please go ahead.

Erik Rasmussen — Stifel Financial Corp. — Analyst

Thank you. You predicted mid-single-digit core FFO growth in constant currency for 2025 and indicated that momentum might increase beyond that. However, what factors could potentially disrupt this growth as you consider challenges facing the business?

Andy Power — President and Chief Executive Officer

When we examine our potential growth, it’s essential to note that most significant signings will not impact 2025. Any new large contracts we anticipate will contribute to growth primarily in 2026 and 2027. Therefore, our immediate focus remains on maximizing our current operations, particularly in interconnections ranging from zero to one megawatt. We’re working hard to fill vacancies in our portfolio and execute on commercialization, which has generated considerable value for our clients. Moreover, it’s critical that we align our commercials effectively, as demonstrated by our cash mark-to-market results. We had a record fourth quarter following a strong third quarter and will maintain this growth momentum. Our overall strategy involves utilizing the tools and partnerships we’ve developed over the past 18 months, which includes managing a robust $4.5 billion capital expenditure budget while ensuring effective use of available liquidity.

Operator

The next question comes from Vikram Malhotra with Mizuho. Please proceed.

Vikram Malhotra — Analyst

Good evening, and thank you for taking my question. I wanted to delve into the pace at which deals are being signed, especially in the less-than-one-megawatt segment. It seems there’s an upward trend, while you’ve mentioned variability in the larger segment. Could this lead to a significant change in deal volume and size over the next few years compared to the past seven years? Additionally, how do you view your pricing power amid this shifting momentum?

Andy Power — President and Chief Executive Officer

Thank you, Vikram. To address your first point, the market for zero to one megawatt interconnections is expanding, allowing us to capture greater market share. We anticipate continued growth in this area, aided by our strong value proposition. We’re confident about our power density and the potential for customer expansion in 50 metropolitan areas. Regarding larger deals, while they can be unpredictable—depending on the timing of signed agreements—our focus remains on nurturing the right customers for optimal financial outcomes. We strive to balance our volume with quality. As for pricing power, although I lack extensive data due to the fluctuations in larger signings during the quarter, we are consistently quoting competitive rates. In the zero to one segment, pricing remains firm with cash mark-to-market rates just under 5%, indicating a strong demand backdrop and increased volume.

Operator

The next question is from Simon Flannery with Morgan Stanley. Please go ahead.

Simon Flannery — Analyst

Thank you. I’d like your insights regarding the supply chain. What’s the current status of securing power for your new developments, and how are you handling other supply chain challenges? Are timelines and costs per megawatt being met as expected?

Andy Power — President and Chief Executive Officer

Simon, the supply chain for power remains increasingly challenging. Demand is high, but delivery timelines are often extended. We are leveraging our relationships and scale to expedite solutions for our customers. Additionally, our market position is bolstered by our existing holdings of 3.5 to 3.6 gigawatts of land and infrastructure, allowing us to continue delivering effectively. However, the physical elements of our supply chain also face constraints, and costs remain under scrutiny as discussions about potential tariffs arise. It’s essential that we stay proactive to ensure we meet our commitments and maintain performance standards.

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Digital Realty Reports Strong Growth, Projected High Returns in 2024

CEO Highlights Strong Insulation from Market Changes

During a recent earnings call, Digital Realty’s CEO Andy Power discussed the company’s impressive supply chain strategy, asserting that they are well-prepared for any potential market fluctuations.

Development Yields Show Regional Variation

Analyst Nick Del Deo from MoffettNathanson raised a question regarding the development yields in various regions. He pointed out that the Americas region enjoys nearly 14% yields while EMEA and APAC lag behind, hovering around 10% to 11%. He asked if improvements could be anticipated in these regions.

Andy Power responded, explaining that the Americas sees higher yields due to a strong demand for larger capacity blocks. Despite having a substantial Colo footprint in EMEA, which typically offers higher returns, the learning capacity blocks dominate the current discussions about returns. Power expressed optimism that as artificial intelligence (AI) becomes more global, growth in EMEA and APAC could follow the trend seen in the United States, especially regarding supply chain challenges associated with power and transmission.

Private Market Competition and Future Pricing Insights

Next, Michael Elias from TD Cowen inquired about expected yields and pricing trends for hyperscale data center deals, given current private market conditions. He noted Digital Realty’s growth in the Americas, with yields reaching 13.7%.

Power acknowledged that while some private market competitors may accept lower yields, Digital Realty has numerous partners providing valuable market intelligence. He emphasized that the company is selective in its projects, aiming to maintain higher returns compared to the competition.

Joint Venture Contributions and Future Growth

Brandon Nispel from KeyBanc posed a question regarding core FFO contributions from the company’s joint venture portfolio in 2025, citing the recent closure of Blackstone Phase 2.

Matt Mercier, the CFO, clarified that they do not expect a significant impact on FFO growth due to the timing and size of projects. He noted, however, that an uptick in fee income can be observed, particularly following the closing of Blackstone Phase 2 and an acquisition in their SREIT. Mercier confidently stated that as the assets stabilize, there will be growth in asset and property management fees, contributing positively to 2025 metrics.

Concluding Remarks on Future Opportunities

As the call concluded, Power highlighted a remarkable year for Digital Realty, driven by strong demand in cloud services, digital transformation, and AI. He noted that the company is keen to meet growing customer needs and prepare for an anticipated surge in AI demand.

Power praised his team’s exceptional performance over the past year and expressed enthusiasm about the company’s future prospects, reiterating their commitment to seize available opportunities.

Operator

That concludes the Q&A portion of today’s call. Let’s hear closing thoughts from Andy Power. Andy, please proceed. Thank you.

Duration: 0 minutes

Call Participants:

Jordan Sadler — Senior Vice President, Public and Private Investor Relations

Andy Power — President and Chief Executive Officer

Matt Mercier — Chief Financial Officer

David Barden — Analyst

Chris Sharp — Chief Technology Officer

Richard Choe — Analyst

Irvin Liu — Analyst

Jonathan Atkin — Analyst

Michael Rollins — Analyst

Colin McLean — Chief Revenue Officer

Matthew Niknam — Analyst

Ari Klein — Analyst

David Guarino — Analyst

Frank Louthan — Analyst

Jim Schneider — Analyst

Eric Luebchow — Analyst

Gregory S. Wright — Chief Investment Officer

Erik Rasmussen — Stifel Financial Corp. — Analyst

Vikram Malhotra — Analyst

Simon Flannery — Analyst

Nick Del Deo — Analyst

Michael Elias — Analyst

Brandon Nispel — Analyst

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