Management remarks
Call period: 2026 Q2 · 2026-07-28
Guidance: Rodney Smith: We are raising our adjusted EBITDA outlook by $45 million at the midpoint, representing an approximately 1% increase to our prior outlook. Our revised outlook now implies over 2% growth year-over-year, excluding noncash net straight line and FX impacts.Demand and orders: Rodney Smith: In fact, we added more new business this quarter than we did for the entire year of 2021 and the continued strength in underlying demand drove double-digit revenue growth for the fifth consecutive quarter.Margins: Rodney Smith: Cash adjusted EBITDA margins declined approximately 40 basis points year-over-year, primarily due to DISH-related churn and SG&A timing. Excluding DISH-related churn, cash adjusted EBITDA margins expanded approximately 30 basis points.Analyst Q&A
Analyst Cameron McVeigh asked: And then secondly, I saw that CoreSite ended the quarter with 36 megawatts under construction of which, I think around 8% was leased. Given the robust demand environment that we're seeing, can you discuss the current pre-leasing pipeline and opportunity to extend that preleasing window going forward? Management Steven Vondran answered: In terms of the pre-leasing, we're in a demand environment today where there is a lot of demand, and we could increase that pre-leasing if we wanted to. There are 2 reasons that it's a little bit lower than it's been in prior quarters. The first is some of those deployments are a little bit further out right now, that kind of 2027, maybe early 2028 is on some of that. And we are choosing not to necessarily pre-lease everything because the demand environment is so robust and pricing is so dynamic, we don't want to end up underpricing it.管理层陈述
电话会期间：2026 Q2 · 2026-07-28
指引：罗德尼·史密斯：我们将调整后EBITDA展望中点上调4500万美元，较此前展望增长约1%。经排除非现金净直线法摊销及外汇影响后，修订后的展望目前隐含同比增长超过2%。需求与订单：罗德尼·史密斯：事实上，本季度我们新增的业务量超过了2021年全年的总量，潜在需求的持续强劲推动了连续第五个季度的两位数收入增长。利润率：罗德尼·史密斯：由于与DISH相关的客户流失以及销售、一般及行政开支的时间安排问题，现金调整后EBITDA利润率同比下降约40个基点。若排除与DISH相关的客户流失因素，现金调整后EBITDA利润率则扩张约30个基点。分析师问答
分析师卡梅伦·麦克维伊提问：其次，我注意到CoreSite本季度末在建规模为36兆瓦，其中约8%已被租赁。考虑到当前需求环境强劲，能否请您谈谈目前的预租管道以及未来延长预租窗口的可能性？管理层史蒂文·冯德兰回应：当前需求旺盛，如有需要我们可提高预租比例。预租率较前几个季度略低有两个原因：其一，部分部署项目周期较远，部分计划于2027年或2028年初；其二，因需求强劲、定价动态波动，我们选择不预先租赁全部产能，以免定价过低。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
