Good afternoon. Welcome to the Equinix conference call. All lines will be able to listen only until we open for questions. Also, today's conference is being recorded. If anyone has objections, please disconnect at this time. I'd now like to turn the call over to Katrina Rymill, Vice President of Investor Relations. You may begin.

Good afternoon. Welcome to today's conference call. Before I get started, I'd like to remind everyone that some of the statements I'll be making today are forward-looking in nature and involve risks and uncertainties. Actual results may vary significantly from those statements and may be affected by the risks we identified in today's press release and those identified in our filings with the SEC, including our most recent Form 10-K filed on February 26, 2013 and our most recent 10-Q filed on November 12, 2013. Equinix assumes no obligation and does not intend to update or comment on forward-looking statements made on this call. In addition, in light of Regulation Fair Disclosure, it is Equinix's policy not to comment on its financial guidance during the quarter unless it is done through an explicit public disclosure. In addition, we will provide non-GAAP measures on today's conference call. We provide a reconciliation of those measures to the most directly comparable GAAP measures and a list of the reasons why the company uses these measures in today's press release on the Equinix Investor Relations page at www.equinix.com. We would also like to remind you that we post important information about Equinix on the Investor Relations page of our website. We encourage you to check our website regularly for the most current available information. With us today are Steve Smith, Equinix's CEO and President; Keith Taylor, Chief Financial Officer; and Charles Meyers, Chief Operating Officer. Following our prepared remarks, we'll be taking questions from sell-side analysts. In the interest of wrapping this call to an hour, we'd like to ask these analysts to limit any follow-up questions to just one. At this time, I'll turn the call over to Steve.

Thank you, Katrina. Good afternoon. Welcome to our Fourth Quarter Earnings Call. Before we walk through the results of the quarter, we'd like to take a minute to reflect on the milestones we've achieved in 2013. For the first time, we delivered over 2 billion of revenue and over 1 billion of adjusted EBITDA demonstrating the strength of our business model. Second, the scale of platform Equinix with 100 data centers and 32 metros around the world now supports approximately 4,500 customers who are connecting to their customers and partners to accelerate business performance. As part of growing the global platform, we completed 18 IBX expansions including moving into new markets in Osaka, Dubai and Jakarta. Third, we delivered 175 million of adjusted free cash flow after full funding our growth capital expenditures. This provides us flexibility with our balance sheet and allows for shareholder friendly actions such as the share repurchase program announced last quarter. We also continued to progress with our plans to convert to a REIT on January 1, 2015 and are making investments in our systems and people and preparation for this conversion. Finally, interconnection revenue outpaced overall revenue growing 18% due to the vibrancy of the business ecosystems operating inside our data centers. We added 14,000 cross connects in 2013 finishing the year with over 128,000 connections among our customers and partners. We continue to benefit from bandwidth demand as evidenced by over 20% growth and traffic in our exchanges which we operate in 19 markets across the globe. As we enter 2014 we see continued strength in the business and are well positioned to execute on emerging growth opportunities. While we continue to manage through selective headwinds related to movement of certain applications to multitiered architectures, targeted price concessions on key renewals to move…

Thanks, Steve. Good afternoon to everyone. So for this call what I'd like to do first is provide you some highlights for the full year of 2013 and then I'll provide you some additional detail on the fourth quarter. So starting with 2013, we delivered 2.153 billion of revenue representing a 14% year-over-year growth and up 13% when normalized for acquisitions and constant currency. On a regional basis, both our EMEA and Asia Pacific regions delivered strong year-over-year growth at 21% and 20%, respectively, while the Americas region produced solid growth of 10% on this meaningfully larger base. Our operating margins continued to improve particularly after adjusting for weak-related cash costs. We see a clear path to targeted adjusted EBITDA margin of 50% which will be achieved through increasing cash flow margins, operational efficiencies derived from our systems work and our underlying expectation that we'll leverage our investments in the SG&A base. Also, similar to the comment made by Steve, I want to highlight the fact that we have eclipsed the $1 billion adjusted EBITDA mark for 2013, a great accomplishment for our company. Our key metrics across the board remain healthy this year including new customer additions, attractive average yield sizes, multi-metro deployments, yield per cabinet and a number of interconnections both on the cross connect and the port level. In fact, interconnection revenues increased by 18% over the prior year primarily due to growth in each of our regions with particular strength in the Americas and EMEA region. Turning to Slide 5, I'd like to highlight how we invested in the business in 2013. We generated approximately 632 million in cash from operations for the year and reinvested 572 million with consistently high levels of return. We also acquired two strategic assets, Kleyer 90 in Frankfurt where our…

Okay. Thanks, Keith. Let me now shift gears and cover our 2014 strategy and outlook on Slide 14. Our corporate initiatives are aligned at three strategic priorities designed to further differentiate our global data center services. First, we will continue to drive differentiated growth by deepening our existing ecosystem, exceeding new ones with a focus on cloud. We are making significant investments and innovations to prepare platform Equinix becomes a home for enterprises, connecting to public, private and hybrid cloud deployment. While adoption is ramping up at a rate that is exceeding any other industry vertical and delivered record bookings every quarter in 2013, while we are in the early innings of this paradigm shift to cloud computing, we believe that latency and interconnection will become increasingly important as critical applications move to the cloud. Our investment is squarely aimed at winning network assess in service aggregation nodes and leveraging the next generation of interconnection to help solve key issues for the enterprise including security, performance and reliability bottlenecks. Additionally, we continue to focus on increasing organizational effectiveness by driving global consistency, alignment and focus. We have several initiatives targeted at improving our ability to design, build, operate, market, sell and support our global platform. Throughout 2013 we have added leadership to our sales, technology and HR team as well as a new President of our Americas business. This will allow Charles Meyers to now fully focus on the Chief Operating role to drive global alignment and consistency with sales, marketing and IBX operations. This additional leadership will become an integral part of how we execute our growth and cost productivity initiatives in 2014 and beyond. A key part of improving organizational effectiveness is our Equinix Customer One program that will simplify, standardize and automate our quote to cash processes…

Thank you. (Operator Instructions). Our first question comes from Jonathan Schildkraut, Evercore Partners. Your line is open.

Thank you for taking the questions. So, I guess my first question really is about the competitive environment and I was wondering if you could give us an update on sort of the landscape, particularly in the U.S. of the competitors and really maybe compare it to where we were a year ago, let us know if anything has really evolved? And then I also have a question on the guidance. As I look at the guidance for the year, it looks like the incremental margins as we go from the first quarter to the second, third and fourth were pretty high, better than we've seen I guess over the last several quarters and wondering if there is something to understand behind that?

Jonathan, why don't I take the second question first and then I'll let Charles answer your question. I think first of all, when you look at the guidance, certainly if you go to Q1, we're giving you a sense – a little bit of a bridge of what's going on. Clearly, there's incremental REIT costs that are taking place in Q1. In fact of the 37 million that we were highlighting as incremental investment to REIT for 2014, 11 million we believe will occur in the first quarter. In addition, as you know, if I take the FICA costs – if I take FICA plus all the other cost that has happened in Q1 relative to Q4, there's roughly an $8 million uplift although I'm showing $4 million in this slide. That said, if I average it out over the year, it's roughly – you should expect FICA to be relatively stable. But because of how it gets weighted, there's roughly an $8 million uplift versus Q4. And then the other thing is there's always a lot of frontloading of costs. We have our annual sales kickoff in the first quarter of the year. So by the time we get the backend of the year, you start to see some of those costs come off. And the other thing I would just add is when you get to Europe, we have a higher seasonal utility rates in Europe in the winter months whereas for us in America, we pay high utility rates in the summer months. And so there's a little bit of SKU there. And for all those reasons, sometimes it doesn't quite sort of cauterize as you might expect but we'll talk to all of these things and we feel this is the level of EBITDA we can deliver this year. So let me just knock on one last thing I wanted to say. Certainly when you look at our EBITDA growth and we said if we think we can use greater than 1.1 billion of EBITDA this year, if you that $37 million of REIT costs this year, $21 million of REIT costs last year, basically what we're saying is we're going to have roughly 30 basis points of margin despite all of the other investments that we're going to make and we'll certainly be talking about that through this call, including cloud go-to-market and in the sales organization. So I hope that answers your second question. Let me push it to the first question.

Jonathan, it's Charles. I'm happy to take that. Significantly as it relates to U.S., I would say that the competitive environment has changed dramatically over the last 12 months as we've probably seen some moderation of excess supply concerns in some markets. I think we continue to gain from market share in the retail game and they continue to be very disciplined about our execution. I would say that I think that the level of price competition on less differentiated application tests whether those be large footprints that are potentially well served by wholesalers or whether those be smaller footprints but less differentiated application type, the price competition there I think does continue to be out there and I think that just makes it more – even more critical for us to maintain our disciplined execution and to really hone ourselves in marketing focus and investments around application types where we really deliver unique value and that's our focus. And I think what we're really doing in the market and I think that's paying dividends, I think as the results show.

Thanks, Charles. You in the past have talked about sales force productivity and having moved away from the large footprint space, it really puts more pressure to get the executions up. Is there any update there on the sales side?

Yes, again, that definitely is true. I think that without some of the lift that maybe in prior years existed from some of the larger footprints. We are still seeing, by the way, some success. As we talk about it there are certain large footprint deal types that we continue to be very well positioned for and interestingly in Q4, we actually had a strong quarter relative to some very attractive well priced large footprint, ecosystem type deals. But it is harder in terms of just delivering more unit volume and more transactions in short to the sweet spot in small to mid-sized deals that is a harder sales execution problem. So, it depends. Productivity varies across our verticals to some degree. We see strength and continued solid performance in network. Financial, we're actually excited about the prospects for some fresh momentum created by the BATS announcement which you saw today. Cloud continues to grow nicely as we talked about in the script. And then enterprise sales cycles continue to be protracted and that's going to take us some time to really own our marketing skill set in that arena and get the offers to a point where they are really gaining traction more rapidly in the market. So, overall, I think that the situation is kind of in line with what we expected but making good progress.

Thank you for taking the questions.

Our next question is from Michael Rollins, Citi Investment Research. Your line is open.

Hi. Thanks for taking the question. Was wondering if you could talk a little bit more on pricing? When you mentioned that you're looking for a steady yield, can you just talk a little bit more – I know you mentioned a little bit how you're trying to differentiate between an MRR or ARPU type calculation versus the pricing on a per unit of whether it's space, or power or interconnection and maybe if you could give us a little bit more feel not just in the totality for the company but maybe by region would be very helpful? Thanks.

Sure. Let me take that part and maybe if Keith or Steve wants to add in on some of the other regional dynamics, they can do that. There are a variety of price related factors that we look at. Certainly what are new deal pricing, what are we seeing sort of per cabinet or per kilowatt basis, what is the pricing on key renewals? And again the most important one, because it's the underlying driver of our economics, is really yield and that is what kind of MRR per cabinet are we getting? And so that's really the focus. As I said, I think there are some pockets of pressure on new deal pricing relative to certainly the case on the larger deal sizes which we've talked about. And again, if we see price points that we don't believe generate adequate returns, we're just foregoing that business and remaining focused on sweet spot applications. But even in a broader market, even in small to mid-sized deals, there are pocket pressures and there's really a continuum of application size in terms of which ones really value the network density, application performance, latency, global reach, mission critical reliability, the things that we really differentiate ourselves on. And if we're finding the right applications as we're able to preserve and see a very firm price umbrella, there are deals that maybe only have one or two of those key factors in play, there is a little more pricing pressure in the market. But our focus is really on identifying the right applications, bringing the right mix of business into the facilities and then really focusing on interconnection – adding interconnection revenue, densing that power over time and driving the yield. So the yield is really the one that we're most focused on. And I think as you see across the three regions, we actually see firmness across all three. I think there is more currency impact in APAC on that metric, but as you can see we're at very healthy levels in the Americas and continue to be very encouraged by the fact that the strategy is playing out the way it is in those metrics.

Mike, I'll just add on a couple of things. Number one, as Charles alluded to, not only what he's seeing in Americas but across the world, leveling interconnection activity is starting to increase. And so when we think about how we drive value in this business, clearly we focus on MRR for cabinet. That's the yield that we get. But probably even more important as you start to think about cab densing and things like that, it's really important as you think about an IBX on the horizontal plane being the physical space and the vertical plane being actually the infrastructure. We're trying to get this up to consume more of our infrastructure because we tend to sell out more space before we do the infrastructure and if we get better unit performance, better return on invested capital as we dense up that environment and that plays also into our sort of desire and our quest to drive up the MRR for cabinet and dense up these facilities. It also gives us more flexibility as we negotiate with customers. And the other thing I certainly want to say is whether we deal with the Americas or whether it's Europe or for that matter it's Asia Pacific, across the board we deploy these same strategies. We also look at tiering of our IBXs in different markets, we have different tiered IBXs that come at different price points. And so we take all of that into consideration when we actually go to our pricing discussions not only in Germany but also with our customers.

Just one follow-up, how many sales people did you end the quarter with?

205 I think is the number today, Michael, and it will probably increase 6% to 9% on a full year basis, so we might add another 15 to the 20 throughout the calendar year.

Thank you.

Our next question comes from Brett Feldman, Deutsche Bank. Your line is open.

Thanks. Maybe just to sort of extend on this discussion here as we sort of think about the outlook you provided for the year, you've talked about a focus on increasing the volume of cabinet additions. You've obviously increased the sales force. You're looking to increase it more. What's the right framework for thinking about the extent to which MRR trends factor into your outlook for the year versus say potentially improved cabinet addition trends? And is there meaningful differences in terms of how we think about that regionally?

Hi, Brett. It's Charles. I'll start and these guys can add in where appropriate. Obviously we're going to continue to work both of those factors simultaneously. So, I think we're honing our go to market and as I said our overall sales and marketing focus is to continue to capture new cabinet initiatives while also new logo customers in the application types where we are going to be able to garner value. And in doing so and in continuing to optimize our current footprint which means that occasionally turning out lower – less interconnected business or lower quality business for a higher quality business, we're going to continue to work those simultaneously. So, as you can see in our yields what we're seeing is that as we do that and as we continue to focus on the right types of business, we're seeing good results on the MRR per cab line. So, I think it's clearly the answer of both. I do think we want to continue to pick off the pace on our ability to capture new logos and new cabinets, but in the background if we put the right business in, we're going to get the backend effect of really improving our yield over time as well. And I think that's probably uniform across the footprint. Obviously the levels of interconnection in the U.S. are slightly higher, but I think we're very pleased with the progress in the other two regions relative to implementing and acting on it, executing the interconnection strategy. So, interconnection was really healthy in both the other regions in EMEA and APAC and are really coming up to a level in terms of percentage of revenue that's very attractive and that's obviously positively impacting margins.

Just a quick follow-up since you gave the sales force number, to Mike's question, the force has obviously increased significantly over the last few years. You've talked about a period of time for reps to ramp up to full quota. How do you feel about the sales generation of the sales force right now relative to its size and tenure?

Well, it matures as Charles said earlier by vertical. The ramp to productivity is it varies by vertical but in generally overall we're very happy. If you consider the significant upgrading and the size of the sales force a couple of years ago, most of those reps would be to reach full productivity or they've been washed out of the company and we've replaced. So, it's a constant measurement, it's a constant tracking and overall we're very happy. And as alluded to in the scripts here, the toughest sales force today is the elongated sales cycles with the enterprises, but I think as cloud develops and we get more proficient in our offer development or value propositioning and we get these used cases developed, we're going to start to see acceleration of enterprises coming out of Equinix.

I guess Brett one more quick follow-on comment and that is that we believe there's absolutely room to continue to improve the productivity of the force. One is, is that we are being more aggressive with our performance management, taking some underperformers out, swapping them out and as they mature, we expect that will create additional productivity. But also there's a bunch of other levers that we have to continue to pull to make the sales teams really productive in the field. One, improving our targeting. As I talked about we have them pointed at the right application sets, we're very uniquely differentiated. Second, we got to deliver the right offers that are directly responsive to the customers' business needs. Third, we need to use the right channels and that won't always be directed, it will be I think over time an augment of indirect to support our direct effort as well. And then reducing sales drag which we're focused on in a number of ways and then improving sales execution. We've added a couple of top notch executives in our CSO and our President of the Americas both of whom have backgrounds in driving productivity from sales teams. So believe that there is more room there. If we can stay focused on the right portions of the market, we can generate good results.

Great. Thanks for taking the questions.

Our next question is from Jonathan Atkin, RBC Capital Markets. Your line is open.

Thanks. Maybe both questions for Keith actually, you mentioned 50% EBITDA margins and I wondered over what timeframe you think you can reach those levels? And then on CapEx, if I add up all the items in your tracking sheet, for IBXs that haven't yet opened, I get above the high-end of your guidance for discretionary CapEx and obviously some of those items are for first half '15 openings, but I just wanted to get a sense of the timing of the CapEx added in for a new expansion? Is that heavily backend weighted or evenly weighted? And why would the CapEx exceed your guidance?

Yes, I'll take both things. So first of all I'll start from an EBITDA perspective, again if you adjust for the REIT costs we're today at 48% EBITDA margin this year. By the time you get to backend of 2014, it's going to be a much higher EBITDA profile than the front half. And so as we move into '15 and some of these costs come off not only from the REIT conversion but also some of the costs related to our systems conversion, certainly we're going to get near or about that mark. So we're going to get a lot closer as we said for one more year out into the future. Don't want to commit to '15 but certainly things are going to start to look better in '15 as we continue to execute as we have been. And then as it relates to CapEx, it's just that clearly it's a matter of timing. They do tend to be backend loaded. There's a number of mid very large projects and certainly we have a big investment in the first quarter, but as we move through the year there's a number of projects where although we've announced, you're going to see the spend will actually get paid for in 2015. Again, as a reminder, Jonathan, we always report our CapEx on a cash basis, right. And so to the extent there was cash movements moving around, it's going to influence the outcome of that and we're going to continue to pay attention of that through this year. But I'll just tell you that some of the spend will take place in '15 for '14 projects.

And then perhaps for Charles or Steve on the interconnect side, there was a higher sequential increase in exchange ports in the U.S. and wondered if that was related to demand or pricing or maybe a combination? And then that might provide a segue to talk about Open IX which is based on a similar technology and kind of what you're seeing on that front and expecting?

Sure. Yes, I think we're encouraged by the momentum that we see on the exchange not only in terms of traffic growth but in terms of port additions. And I think it is a segue to talk about Open IX. We covered that somewhat on the last call but I'm happy to comment further. Bottom line is we've been in competition for IX in the form of transit and alternative exchanges for 10 plus years. We welcome the competition. We believe it's good for customers. As I said, anytime there's a new entry in new market, I think it's important to access whether that new entry is created by the existence of an unmet need or simply because the new (indiscernible) believes there's room for additional players in an already attractive market. In this case, I think it's clearly the latter. So, are there alternative exchange operators who would like to find a subsidized way to enter the attractive North American market? Absolutely. On our data center operators who currently are competing primarily on price, would like to add Internet exchange as a way to differentiate and they're willing to therefore directly and indirectly subsidize, get an exchange operator, so the data analysts can invest the OpEx to support that service? Yes, there are. And will certain large participants be willing to champion those efforts and make modest investments to support continued competitiveness in the market? You bet there are. So, all the ingredients are in place for these changes to surface and lo and behold they have. But the question really remains, will they get traction or they simply serve as a mechanism to ensure market discipline? And the answer to that question depends entirely on their ability to deliver value to customers and to networks. And as we talked about in the call last time, the real value that customers derive from being on an exchange is driven by the location and number of participants on the exchange, the ability to cost effectively access transit and private peering options to augment being on the exchange. The (indiscernible) and responsiveness associated with using the exchange, the quality and reliability of platform and importantly, the value that a customer can get from being in the data center beyond peering. And of course the price that they pay to capture all the dollar into value. And our focus and I think you're seeing it reflected in our results as you just described is on ensuring that we're delivering superior value along those dimensions. We're investing heavily in the platform, we're consistently evaluating our price point and its competiveness in the market and I think our market share and the momentum that you're seeing is reflectiveness of our competitiveness and the value we deliver. So, we're excited about the continued momentum. We see a lot of customers come in and saying, we want to continue to grow with you and we feel good about that progress.

Thank you.

Our next question comes from David Barden, Bank of America. Your line is open.

Hi, guys. Thanks for a lot. Maybe Keith a couple for you. Just first on the buyback timing, how you're thinking about being proactive on that front. Obviously, the lower the price you're able to buy the stock at, not just the bigger benefit for you, but the bigger benefit for immunizing against the dilutive impacts of the converts coming up. If you could kind of help us think about the timetable or whether it's being impacted by some of the considerations around the REIT conversion? And then the second question is just supposing the IRS guys can shovel out their driveways and show up to work and get this PLR done sometime in the next quarter, can you walk us through what the next steps are, the timetable for the next steps, when would you think about having a shareholder vote presumably to do some of the reorganization issues? When would we have an E&P distribution, when would we have a dividend kind of policy announcement? Those sorts of things would be helpful. Thanks.

Yes, sure. I think David first and foremost, as I mentioned, so through the end of last year or through the end of 2013, we had spent roughly $49 million on the stock repurchase through the end of this call. Today, we're roughly up by 92.5 million of stock repurchase. A commitment that we made is it's a $500 million stock repurchase program. It would take place throughout – from the point when we authorize it to the end of 2014 and we'll continue to look for opportunities to buy our stock where we think is at an attractive level. And clearly the announcement we made in December was indicative of a point from the management team and our Board that we felt that this was not only going to be a good investment for us but also it was going to be added to the dilution as you can see from our convertible debt. So we'll continue to look at the opportunity that they present themselves and we'll announce it on a quarterly basis. As it relates to the REIT we continue to remain optimistic that we're going to get favorable response from the IRS. Using your scenario to the extent that that's something is forthcoming whether it is this quarter or whether it's next quarter. We think quickly thereafter we will start to worry about some of the other things, not to suggest that we are not worrying about it today. We're making sure that we deal with the shareholder votes and some of the amendments that we need dealing with the E&P purge for the period up there at the end of '14 and then as we look to something in '15. I would suspect through the purge itself is probably going to be in the latter part of the year although there's a number of very technical things that we're undertaking to review. And so until we hear back from the IRS, I hate saying this, it's premature for me to tell you exactly when, because we're such on international-oriented business and part of the structure will deal with the international assets. The E&P distribution on a forward basis is something that we'll continue to think through, but we're highly dependent on that PLR coming back. So we cleared it in the latter half of the year as we even see a lot of activity under the assumption that we hear back from the IRS over the near term.

Got it. And maybe just one last one if I could quickly, maybe Charles for you, just obviously Germany was a challenge last year. You've got some new leadership in there. What's been baked into the expectations for this year for the largest market in Europe right now?

Well, we do have a new leadership, our excited about that, spent some time with them just recently and I think very high quality executive that they're getting their arms around the business very quickly. We continue to make the appropriate changes there that need to be made to make sure that the team is performing well. And I think that we've been prudent about saying, okay, what is the – I think in our prior calls, we said the recovery won't be instantaneous. We've got to sort of get things in order and I think that our expectations for the year and therefore our guidance really contemplate and appropriate sort of riding of the ship there as we go into and through 2014. So, Steve, do you want to add [ph].

The only thing I'd add, David, is that as Charles alluded to, we did see improvement in the second half of '13 and we have high expectations that we'll put this business back on track in 2014. The new leader that Charles referred to is, he's in place. He's been on-boarded. He's an outstanding executive. He's already hired a new sales leader who starts momentarily and that team has been reinvigorated. So I think as Charles just alluded to, we have high expectations that you'll start to see the German market start to produce for us as it has in the past.

Thanks, Steve. Appreciate it guys.

Our last question comes from Mike McCormack, Jefferies. Your line is open.

Hi, guys. Thanks. Just maybe a quick ramp question regarding the net neutrality issue to see how you guys weigh in on that, whether it affects your business in any way from a peering standpoint, maybe further content distribution? And then lastly just the thoughts on any expansion of offerings? Thanks.

Yes, on the net neutrality, Mike, as you guys probably saw it today the FCC took a position again, remains committed to the concept of the open Internet order. So I think we're supportive of that. With our neutral position, we don't really have a horse in this race so we'll sit on the sidelines on this one. On either side there's debate because all of these customers on both sides of this debate are important to us. So, there's not really a strong opinion or position that we take on this issue now but we'll watch it closely.

Yes, I think on the second one with regard to offerings that is an area where we're putting some significant focus. As I talked about, with our sales and marketing, energy, they need to be applied given who we are in the market and how we position, we need to really be targeted and be delivering offers that are responsive to the customer business requirements. And so if you look at our performance hub offerings which we spoke to in the script, that is really beginning to gain some traction with some key lighthouse account wins that we've had in the enterprise over the last couple of quarters and our focus is really now translating those into sort of quantifiable case studies that we can put in the hands of our sales team to get it out there and really drive broader attraction. So we'll continue to focus I think on enterprise relevant offers. We'll continue to package our core offers into some specific growth opportunities around mobility and digital advertising. And then I think in a very exciting way we're really focused on investments in the cloud area and looking at what offers that we can provide that will really drive hybrid cloud implementation and facilitate hybrid cloud implementations for enterprise customers. And so I'd say sort of keep your eyes out for announcements throughout the course of 2014 in that area.

Great. Charles, just thinking about the enterprise customer group, I've had a lot of questions regarding the importance of low latency. Is that something you hear a lot from those customers that they do care about that?

Well, it really depends on the applications that they're talking about but I would say more generally application performance matters a lot to them. And they have end customers – they being enterprise CIOs they have end customers in terms of their employees that require application performance. Sometimes that is a matter of latency, sometimes there are other issues involved, but I would say broadly in the enterprise segment, latency is – that's not true of every application set and that's why we really need to stay focused on areas where application performance in latency do matter. So we do hear that. Performance hub is one way to drive both improved costs efficiencies as well as better application performance. And then same thing on the cloud in terms of what we're offering on hybrid cloud as we talked about in the Foursquare implementation allows massive throughput improvements and improvements in cost efficiencies. Again, that's not really an enterprise implementation, but we are seeing those types of dynamics in the enterprise market as well. So, our areas of focus in the enterprise and where we're really going to be successful is where you need the network density, you need the access to the cloud ecosystem, you need application performance, you need global reach and that's how we're really focusing our sales and marketing investments.

Great. Thanks, guys.

Thank you.

That concludes our Q4 call. Thank you for joining us.