Good afternoon and welcome to the Equinix First Quarter Earnings Conference Call. All lines will be able to listen-only until we open up 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. Thank you.

Good afternoon and welcome to today's conference call. Before we get started, I'd like to remind everyone that some of the statements that we'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, 2016. 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's 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'll provide non-GAAP measures on today's conference call. We'll 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's 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 within an hour, we'd like to ask these analysts to limit any follow-on questions to just one. At this time, I'll turn the call over to Steve. Stephen M. Smith - Chief Executive Officer & President: Okay. Thank you, Katrina and good afternoon and welcome to our first quarter earnings call.…

Great, thanks, Steve. Good afternoon to everyone. So our first quarter represents a great start to 2016. We continued to deliver top-line growth, expand margins and drive sales across our expanded platform. We had strong bookings in each of our regions including solid cross-region execution. This quarter we were able to benefit from record three region deployments across all of our segments, as customers leverage our geographic reach. Including recent acquisitions, greater than 53% of our revenues come from customers deployed globally across all three regions and over 81% of customers deployed across multiple metros. Our interconnection additions remain very positive, adding another 5,600 net cross connects and almost 180 exchange ports in the quarter. This is the seventh quarter in a row where we've added greater than 5,000 cross connects in a quarter. Interconnection revenues represent 16% of our global recurring revenues. Moving to acquisitions, we've seen early momentum from both the Telecity and Bit-isle businesses, delivering against our guidance expectations, while progressing well towards our expected synergy targets. The integration efforts are well underway. We've selected the senior leadership team for the EMEA business and we're in the advanced stages of aligning our sales and delivery teams. Cross selling across the combined platform is taking root and after we divest of the eight assets held-for-sale, we believe that we'll be able to accelerate our sales efforts as customers decide the optimum location to deploy their infrastructure. In addition we've reduced our expected 2016 integration spend to $55 million. These costs will support our significant systems work and places severance and retention costs, and the substantial organizational restructuring costs related to our REIT and other tax initiatives. As it relates to the eight assets held-for-sale, we remain on track to divest these assets by mid-2016. Now, as it relates…

Thank you. We will now begin the question and answer session. Our first question is from Jonathan Schildkraut of Evercore. Your line is now open.

Great, thanks for taking the questions. So, Steve, I'd love to hear a little bit more about the cloud-driven enterprise demand. I know that you guys gave some good examples during the prepared remarks and you've talked about it in the past, but I'd be interested in hearing about whether you're seeing things different globally? What's going on in the U.S., what's happening in Europe, in the Asia-Pac region? Is everybody sort of heading down the same path at a different time or there are different sort of adoption cycles? Thanks. Stephen M. Smith - Chief Executive Officer & President: Let me start and then the rest of the team can chime in here. So I'm assuming Jonathan you're referring to the cloud demand from enterprises to access the public, private cloud providers?

Absolutely. Stephen M. Smith - Chief Executive Officer & President: And so, I would characterize it this way, so we have worked very hard as you know, and the people on this phone know, to populate our facilities around the world with access points, network nodes, cash nodes whatever you want to call them to make it very easy for enterprises of all shapes and sizes to find these cloud providers and buy those services as a service. And so that is happening as the thesis has – continues to prove itself and as the numbers continue to show you enterprises is growing at the highest rate. Now, the marketing teams and sales teams around the world are pursuing different industry verticals in different countries, so we are building use cases and success stories across multiple industry verticals. There's probably a dozen where we have different use cases being built and they vary by region and by country. The demand is pretty standard around the world. It probably parallels the growth rates that we see, we're growing the fastest in Asia, followed by Europe, followed by the Americas. So I would say enterprise – particularly global enterprises are demanding footprint across all the big markets across all three regions. So, it's pretty steady demand, pretty steady demand and it's underpinning most of our new logo accumulation. Charles, would you add anything?

Not a lot. The one addition I might make is just again recognizing that 51% of our revenue is from customers who are deployed with us across all three regions. So I think that I would say solid demand across all three regions and because so many of our customers are global in nature and actually deploying architecture and infrastructure across all three regions, I think that mutes any – to some degrees mutes any variations, but there are some variations country-to-country in terms of cloud adoption. I would say that, for example, Australia tends to be an outlier on the high side of being receptive to cloud and hybrid cloud as an architecture-of-choice, but we're seeing good solid demand across all three regions. Stephen M. Smith - Chief Executive Officer & President: The only thing I think I'd add Jonathan to that is, if you look at the CapEx that we're moving around the world, it's as we noted in our comments today, it's across the big market. So the demand is still very, very high in London, Amsterdam, D.C., New York, Silicon Valley these big Tier 1 markets, and so that's where a lot of the enterprise demand is also coming in again where the majority of the cloud access points are.

Great. And I guess as a follow-up, you talked about the three regions and in your prepared remarks, Steve, you gave us a lot of bookings color by industry vertical, historically you've given us that by region. Is it possible to sort of give us that color on a regional basis? Stephen M. Smith - Chief Executive Officer & President: Sure. Let me – we cut it many ways Jonathan, but I'll give you just the Q1 bookings by vertical to start in the quarter on a worldwide basis, roughly 25% of the bookings came in the cloud and IT services vertical this quarter, followed by around 21% came from the networks, around 20% came from the financial services, and then about 17% for both enterprise and content and digital media. That's how the bookings.

I think he's looking for region. Stephen M. Smith - Chief Executive Officer & President: So by vertical, yeah, and then on a regional perspective, let's see, do I have that? I think we might have to get that for you, Jonathan. I'm not sure I have that broken out.

What I would say, though, is it's solid across all three regions. We didn't have a – this was actually pretty, one of those quarters where pretty uniform performance, solid generally across the regions, so I don't think we're seeing any – a substantial, disparate performance levels across the regions. Stephen M. Smith - Chief Executive Officer & President: Keith's given you pretty good color on the key verticals by region in his prepared remarks, where the majority of the bookings came from.

Great. Thank you.

Thank you. Our next question is from Amir Rozwadowski of Barclays. Your line is now open.

Thank you very much. I was wondering if we could touch base a little bit more on sort of the enterprise demand. What we've seen from our end is that a number of these CIO surveys have obviously cited the cloud as a key area of investment, but also we've seen sort of a tempering expectation for investment dollars out of the enterprise. It sounds like you guys are not seeing any sort of tempered spending when it comes to the trajectory of the enterprise based on the plans that you've seen out of those folks and I just wanted to clarify that. Stephen M. Smith - Chief Executive Officer & President: Yeah, Amir, we're – we obviously read the same reports and triangulate all that industry data with actual data inside of our bookings. And let me give you a couple of data points just from our perspective. So, yes, we do see some depressed IT spending trends and we've read the same reports that you're referring to, but the cloud spending continues to fuel the data center requirements, which is what we're benefiting from and the robust leasing activity that we're seeing is really driven by the cloud, which is attracting the enterprises that are – almost all enterprises we talk to today are moving some portion of their applications workload to get access to the hybrid cloud, multi-cloud, et cetera. And so I think most of the industry analysts data points suggested high teens today is enterprises that are taking advantage of cloud offerings and that will move over the coming four years to 50%, 60% of the workloads. Certainly in the conversations that we're having that's a very common conversation. I would tell you that we hear security requirements, we hear cloud requirements, we hear big data requirements and we are hearing the early signs of IOT plans with enterprises trying to figure out how to instrument, monitor and measure all this data that they are creating to try to monetize it. So, there is certainly plenty of trends from the enterprises across these big segments that we're all reading about in these reports.

Yeah, and I guess I'd just offer and add that, what we're seeing is that hybrid cloud adoption is accelerating and in fact I think we look at interconnection-oriented architectures as essentially a mechanism by which these enterprise CIOs are allowing them to do more with less, and that's a key priority for them. And if you look at adoption rates, IDC says that 65% of enterprises are going to be committed to hybrid multi-cloud by the end of this year, and so we're seeing a very rapid clip of adoption of hybrid and multi-cloud and a real resonance to the interconnection-oriented architecture, and while they may be – their overall spend levels may be reducing because they're not spending as much on traditional IT spend categories, I think that the hybrid cloud enablement in that area is actually increasing in total spend at least from what we're seeing with the enterprise customers that we're serving.

That's very helpful and then I was wondering if we could touch more on the global footprint. I mean clearly you folks have a lot of customers that are using – that are working with you on multiple geographies. As you've continued to expand that footprint and as you are starting to see enterprises sort of accelerating the adoption of the cloud, do you feel like you're in a position to get more of that share in that transition as the global footprint is built out?

Short answer is yes. I think most of the customers that we serve have, particularly as they deliver cloud services, even if they're delivering revenue-generating cloud services or they're delivering cloud services that are intended to deliver certain applications to their employee base or whatever, they're doing so on a global basis increasingly. And as they do that they're looking for an infrastructure partner that can get them to where they need to be and get private, secure, high-performance interconnection to the public cloud services that they're looking for across all three regions. And so, Equinix is really a very positive choice for that, so we're seeing a lot of adoption across the geographies. Stephen M. Smith - Chief Executive Officer & President: And probably another data point, excuse me Keith, (35:37) but another data point here to supplement Charles' point, our cross-border bookings continue to increase quarter-on-quarter. So that's a signal that we see big demand from customers on – like a single supplier to deal with across multiple regions. So once you see cross-border bookings growing, that's a really good indicator that the demand is global and they like dealing with a single set of orders, quoting, pricing, billing and that's the advantage we have.

And let me just conclude it, Amir, with the fact that one of the comments is the opportunity set that we see in front of us, there's a direct correlation to the amount of CapEx that we're putting forth into the market and as yourself and the other listeners on the call today know, we've committed to still spend somewhere between $900 million and $1 billion and that capital is being deployed somewhat consistent with the revenue stream, but roughly 40% of it will go to EMEA, almost 40% will go to the Americas, and around 20% will go to APAC. It's not a perfect alignment with – based on the revenue streams, but it tells you that we are spending quite nicely across all three regions to represent what we think is going to be the underlying demand for these assets. Stephen M. Smith - Chief Executive Officer & President: Yeah and one of the big reasons APAC under indexes there, Keith, is because of the capacity we got with the Bit-isle transaction.

Correct.

Great. Thank you very much for the incremental color.

Thank you. Out next question is from Michael Rollins of Citibank. Your line is now open.

Hi, thanks for taking the questions. First question is on the non-recurring. Can you talk about the outperformance in the non-recurring line, maybe some of the business drivers behind that, and how that is affecting your outlook for revenue for the rest of the year? And the second question is, if you look at your global utilization levels, they're running a little bit elevated relative to the longer historical period. So what does that mean in terms of the availability of growth to the business over the next few quarters? What does that mean for future capital? Should we expect capital to accelerate to give you more capacity, which will naturally push that utilization down or are you maturing as a business and you're just going to run at higher utilization levels than some of your history? Thanks.

Let me start and then I know Charles and Steve will jump in here. First as it relates to non-recurring, we did see a little bit of an uptick this quarter. One of the things that we started the year with, Mike, as you know is we took a very strong view because of the amount of non-recurring business we did in fiscal year 2015 and the number of meaningful deployments we did across our platform, we made a conscious decision because they do come in ebbs and flows to hold that flat for fiscal-year 2016. Now you saw a little bit of a step up in the Q1 results, that's just a reflection of the lumpiness, if you will, of the non-recurring activity. As I then sort of – take you then to Q2, we are assuming that the non-recurring activity will go down quarter-over-quarter, partly because of what we see in our pipeline, and partly it's what's – not what's just in the pipeline, what's in our backlog. So we expect that we'll reduce our non-recurring revenues by roughly $5.5 million next quarter or roughly 60 basis points of growth. So that gives you a sense that again, we still look to do a lot of it, again I hold at the same level as 2015 but we'll see it move around quarter-over-quarter. As it relates to utilization levels, yes, no surprise we are running at higher levels. We've had a tremendous amount of success over a number of quarters and when you see that success and also the incremental cabinets billing, that's a clear indication that we're filling up our assets and it suggests that we're going to have to continue to put capital to work. There are certainly some markets that are more constrained than others.…

Mike, I think the thing I'd add. If you look at slide 23 in the presentation today on our announced expansions, just to pick out a handful here between what we're doing in London next phase, Amsterdam next phase, D.C. next phase, New York next phase, Silicon Valley next phase, you're a little over $300 million of CapEx that's going into some pretty significant markets to Keith's point. That's going to be done just in time and provide available capacity for the growth rates that you see us delivering here.

Thanks very much.

Thank you. Our next question is from David Barden of Bank of America. Your line is now open.

Hey, guys. Thanks for taking the questions. Two if I could. Just first, maybe, Steve, on the Telecity acquisition, could you kind of give us a status update on where we are both in kind of the revenue integration opportunity and the cost integration opportunity. And how you feel that is if at all baked into the rest of the year outlook? And then second, I guess, I don't know who this will for. If Charles is online maybe for you, but if there is one kind of fear that people may have it's that, as the public cloud gets more reliable, more secure that it has the potential to accommodate a growing share of all the outsourced applications that are existing and that slowly the public private, hybrid cloud becomes little less private and a little bit more public and it creates a cannibalization risk. Could you kind of talk about how you view that issue and if there is any evidence that it's happening in any way inside the Equinix facilities today? Thanks. Stephen M. Smith - Chief Executive Officer & President: Yeah, those are two great questions. Thanks, David. Let me start in the public cloud question and then Charles can jump in here on that and maybe give you an update on Telecity. Very good question. I know, the big concern would be is everything going to move to public and is there going to be a need for the type of stuff that hosting and managed services and colo providers are providing? The world that we see unfolding and certainly all the industry analysts and all the customers we talk to certainly support the thesis that the hybrid cloud customers needing access to public Internet capability, which has always been there to Equinix for years…

The only little incremental color on that I would say is that, I absolutely think that we're seeing and, I think, the results of the strong players in the cloud market both on the sort of ISI as well as SaaS are clearly demonstrating they're going to continue to add capability and functionality that is going to allow them to attract a significant portion of workloads out of the traditional IT sort of consumption model into the cloud model. So, we absolutely see that, we embrace it, and in fact our platform is really facilitating it. And so, I think if I were a commodity provider of colocation, we'd be very worried about that substitution. But that's not really the business we're in. We're in the business of enabling that hybrid cloud connectivity, one, via the CSPs and so the supply side of the cloud ecosystem is very relevant for us. And in fact, our top six customers are all delivering cloud services, using Platform Equinix as some portion of their architecture to do so. And so, it's a big opportunity for us. And then we see a big basket, a very big basket of enterprise workloads that we believe will sort of reside into private infrastructure side of things and really be implemented in this sort of hybrid cloud, multi-cloud setup. And so, for us we think it's a very much a net positive, but I do believe that this trend you're talking about for cloud service provider is becoming increasingly capable is real and will affect I think the broader data center market. And then, let me circle back to Telecity now, and I'll give you sort of a quick update and anybody can add color as they wish. We're less than 90 days into the post combination…

Perfect. Thanks, guys.

Thank you. Our next question is from Phil Cusick of JPMorgan Chase. Your line is now open.

Hi, following up there. You had mentioned earlier some higher churn in the UK, is that part of what you just mentioned. And then second, it seems like Bit-isle is tracking to the high end, what's happening there? Stephen M. Smith - Chief Executive Officer & President: So let me take that, as it relates to the churn that we experienced in Q4, that was what we had telegraphed in the marketplace. If you look at the organic churn in Q1, we're roughly 2.1%, consistent with where we think there's a natural churn level in and around that level in the organic business. Where you're seeing slightly increased churn is attributed to the Bit-isle business. What we talked about on the last earnings call was effectively Bit-isle, part of the reason that we felt comfortable holding the revenues flat relative to – for 2016 over 2015 was the fact that we did have this increased level of churn. Now having said all of that, coming out of our prior guidance, the Bit-isle team did a little bit better than we originally anticipated. It's more so in their other services and less in their colocation business, so suffice it to say between what they're doing in the colocation business and what they're performing in the managed services business, there is a direct correlation between what they do in managed services and the pull through to colo. So, we're very excited about their performance to-date and we continue to focus on very much optimizing that acquisition and I think over the next few quarters, will be much more discuss as it relates to Bit-isle asset.

Very diplomatic. If I can follow up, there was some slowing in EMEA cross connect growth this quarter, is that seasonality or what should we be thinking about there? Stephen M. Smith - Chief Executive Officer & President: The primary reason for the slowing of – if you're dealing with on a holistic basis, the primary reason really is more to do with the fact that we have taken the Telecity business and we've merged it into the organic Equinix business, and as a result, their ability while they are generating, if you will, spilling out the interconnection relative to what we are getting, it diluted the overall performance. So, it's not to suggest that it's slowing down, we think of this as a great opportunity, but the way Telecity sort of prosecuted that opportunity was it was more embedded in colocation. We're going to over time as I talked about, like breaking out their unit metrics and doing the inventories of all of their cabinets and cross connects and the like, and getting their financials more aligned with Equinix, we'll be in a much better spot in the coming quarters to give you much more clarity on that. It's a little early. As Charles alluded to, we're just 90 days into it. As many of you know, under the UK takeover code, we really couldn't touch the results until after January 15, and with an acquisition of that magnitude and knowing what we had to accomplish, we still have work to do and so we're eager to get into it, dissect it more, which will allow us to give you more visibility in the coming quarters.

Good. Thank you.

Thank you. Our next question is from Jonathan Atkin of RBC Capital Markets. Your line is now open.

Thanks. So on Telecity, I wonder if you could provide a little bit more color on driving – interconnection Europe's in EMEA more generally and maybe Telecity specifically, any adjustments that you sort of need to make to the products, investments you are going to be making to the platform on a broader basis? And then I wondered about the cost synergies. I think you talked about $30 million across both Bit-isle and Telecity. And what's the rough breakdown of that by region? Is it operating costs, energy costs, what is sort of the composition of that? Thanks. Stephen M. Smith - Chief Executive Officer & President: Let me start with the sort of a few things on the alignment of the product portfolios, et cetera, and then I'll let probably Keith tackle the synergies, any commentary on that. But we are in the process of aligning the product portfolios. Generally, I would say that the company's had a fairly consistent strategy in the marketplace, so probably not a dramatic set of changes in the product portfolio is there, but we are in a process of taking those and aligning the product portfolios. I will say that, as Keith commented on we have – interconnection is a very central part of how we go to market and how we position with customers. And so it's really – it's critical that we – we have a great track record of getting the value, delivering great value to our customers through cross connects and through interconnection. And we also have a great track record of making sure that we get value back in the form of how that's priced. And so needless to say, we'll maintain that strategy and we'll implement it within the Telecity environment as over time because I think our customers are really getting superior value from that. So – but we're in the process of figuring out what that implies in terms of aligning the product portfolios. We're well advanced in that effort and I think we'll start to see the results of that over the coming quarters.

And so, Jon, as it relates to basically the synergy costs or benefits, clearly I think it's important to recognize the two acquisitions, we're looking at them quite differently. As it relates to Telecity, Charles alluded to a number of the points. We're certainly going to look to what are the opportunities on the top line on driving incremental revenue that's attached to alignment of our product portfolio and the like. And we're very confident, albeit we've said there is only modest revenue attachment to that this year, but we're very confident that that will continue to be something that will drive value going forward. As it relates to the cost side which – that's the $30 million we referred to, we talked about $15 million this year, $15 million in 2017. Again, we're optimistic that we're not only going to be able to get that number, but we'll get beyond that number. Again, I'm reticent to give you the exact numbers just yet because given the lack of visibility that we had into the numbers prior to January 2015, we're still doing a lot of work as we said to align the sales and delivery organizations as well as all of the back office. But again, I want you to walk away being confident that we see some incremental benefit. As it relates to the below-the-line activity more specifically around taxes, again, we think of our tax structure as a competitive advantage and no surprise to you as we then deploy that structure across our portfolio that will generate benefits to our shareholders and so we're excited about that as well. Now, the other thing I would say is, recognizing that Telecity, we're in the business of investing in this business and so what we want to make sure is that we continue to invest alongside it. So we're managing the synergies with continuing to drive value into the assets and expand that portfolio consistent with what Equinix's expectations would be. As it relates to Bit-isle, that one, there is less synergies perhaps, but overall a greater opportunity to fill up their – sorry, less cost synergies, pardon me, but a greater opportunity to enjoy revenue synergies because of the underutilization of their assets and that's where we're really excited about the opportunity coupled with some other ways that we think we can optimize the overall business. Again, we want to be a little bit reserved in our comments right now as we continue to think about our strategy, but overall in the next few quarters you will hear us talk more firmly about what's happening in the Bit-isle integration.

If I could follow up briefly on the Telecity side, how are you managing the risk of customer confusion or potential disruption as you go through that process given that these are live environments and companies are being ring-fenced off depending on which part of the combined footprint they're in. Any color there as to how customer expectations are being set?

Yeah, I mean I guess I would say it's not – this is not a new thing for us in terms of acquisitions, whereby a customer may come into Equinix having implementations from an acquisition as well. We have a strong client service management team that's applied to each of the customers to understand what their combined footprint looks like. They continue to get the service levels that they are contracted for and expect from both of those. Obviously, it doesn't come necessarily without any hiccups, but we have client service managers that are applied to those accounts to deal with issues as they arise. And that's – so that's how we're doing it in terms of customers that are keeping or maintaining a footprint between both facilities. In some cases, a more challenging one might be where we are actually separating out the assets associated with the divestiture and that is a more complicated process in that sort of perhaps against their will to some degree. A customer may be sort of splitting their implementation now between Equinix and between the eventual buyer of the Cheetah (60:42) assets. That is a delicate customer communication. It's one that we would prefer have not to have had to do, but it was unfortunately the European commission didn't cooperate in that regard. And so, it's simply a matter of us being clear and consistent with the communications to the customer and then stepping – and then standing up the what we refer to as – standing up to divestiture organization or the divested organization to be fully capable of responding to that. What I would say is, we spent an enormous amount of money to make sure that that divestiture goes out in a way that makes it readily operable on day one to serve those customer needs. Stephen M. Smith - Chief Executive Officer & President: And Jon, I guess I'll add to Charles that there are fairly clear solicitation rules that we have to govern by once the divestiture is made, but we cannot solicit those customers and they're pretty clearly laid out. So, that's all being implemented through the process.

Thank you.

Thank you. Our next question is from Paul Morgan of Canaccord. Your line is now open.

Hi; good afternoon. Just on the UK and in particular, is there – has there been any impacts on the leasing side from the pending vote on the EU referendum? And you mentioned in your guidance that – in your updated guidance that Telecity might be tracking towards the low end. And I'm just trying to triangulate some of these things and then maybe kind of also in terms of the MRR per cabinet in that market?

Paul, let me start first. I would say, overall when it comes to the UK, certainly, there is a lot of – there is some level of uncertainty that's been created with the Brexit. We as a company when we see the performance of the business, I would say there is nothing meaningful that would indicate that we're seeing a slowdown. I think the challenge that when we talked about – we had a commentary on Telecity more trending towards the lower end of the range, that's really more associated with the fact that we're taking two organizations, we're putting them together. When we gave our initial guidance, we didn't have the data and the visibility we have. Now, we're just refining our numbers because we have much more clarity on what we think we can do as a business, but at the same time aligning our sales force and delivery teams to meet the expectation. I think the other thing, again, Steve and Charles, I think both alluded to the fact that because we have the benefit of being able to import many of these global deals into markets and London being one of our stronger market, we see that as an opportunity and the number of three region deals that are in our pipeline today, perhaps not scientifically, but I would say is probably larger than we've seen in a long time. And so that gives us confidence with London and Amsterdam being some key nodes on those typical global deployments, that continues to be an opportunity for us. So overall, I wouldn't say anything meaningful yet, but we're certainly going to pay attention to it and we are monitoring it. We do get a number of questions from our investors on that subject matter, but it's a bit early to say with any confidence that there's any real impact from this potential Brexit matter.

Thanks and then you talked about growing the interconnections here outside the U.S. I'm just wondering how close do you think you can get that component of the business to the density that you're seeing in the U.S. and kind of maybe both in terms of Europe and Asia PAC?

Yes, it's a hard question to answer. There is a variety of different – obviously Western Europe is clearly a fully deregulated telecom market. And so network density is something that does really benefit customers in a similar way, but they started from a place where interconnection was really sort of, as Keith earlier referenced, sort of packed in and not really clearly delineated as part of the value proposition, and so it's been a bit of a journey for us in terms of being more clear with customers about the distinctive and extraordinary value they're getting from cross connects, and so whether or not you could achieve the same levels that we do now, which are in the north of 20% in the U.S., it's hard to tell. But I do think that we certainly continue to see upside opportunity in both regions to meaningfully improve those, both through quantity and price levers that are available to us, and so I think they'll filter north for sure. Whether or not they can get to those same levels, I don't know, but I think they can go meaningfully higher than where they are today. Stephen M. Smith - Chief Executive Officer & President: Yeah and the only thing I'd add, Paul, it's a good question, is on a global basis, you can see inside the slides that we run interconnection as a percent of revenues about 16% on a global basis. As Charles just said, it was developed in a different way in Americas and we're roughly 23% interconnection as a percent of revenue in the Americas, 13% in Asia and that's been growing and an 8% in Europe. So to your point and to Charles' point, the largest opportunity to continue to grow the interconnection part of our value proposition exists there and we did it on the back of the acquisition we did when we first went into Europe and we changed that business to enable it and certainly with the mix of three region and multi-region customers that understand the value, as Charles said, of interconnection, it will migrate in that direction, but it will take time.

Great, thanks.

Thank you. Our last question comes from Colby Synesael of Cowen & Company. Your line is now open.

Great, thank you guys. I wanted to talk about your guidance. So, in the first quarter, you just did 16% organic growth and your guidance I believe for the year you raised it from 13% to 13.4%, but obviously that implies then that at some point you can't be below 13.4% to average that number for the full year. It just – I'm having a hard time understanding what would happen over the next three quarters to see that type of deceleration in the business? I was wondering if you could give us some color on that. And then you talked about it very briefly in your prepared remarks, but cabinet net adds were 1,500, and the last I think three or four quarters have been north of 3,000. You talked about timing, but it was lower, at least versus our numbers in each of the regions. I was wondering if you can us a little bit more specificity when you say timing and what's giving you the confidence that we'll see that rebound? And should we think it's going to get back to that, call it 3,000-plus level is really the second quarter? Thanks.

Great questions, Colby. So let me try and address the question on growth year-over-year versus what we're guiding to. So frankly what we've told you on a constant-currency basis that organic business can grow greater than 13.4%. Now as you recognize Q1 when you look at on a year-over-year basis it's 16% and so we're stepping – we're effectively stepping that down in the second quarter to midpoint of guidance of roughly 2.6% growth quarter-over-quarter if you're looking at the top end of the range 2.9% quarter-over-quarter growth. 60 basis points of that is coming from the fact that right now we're assuming that non-recurring revenue will be $5.5 million less in Q2 than it was in Q1. So number one, there is an element of what's going on in the non-recurring space. Number two, when we look at that second half of the year, one of the things that we're really – given the level of activity and other matters that are affecting the combination of the business is between Bit- isle, Telecity and ourselves, we are very much – we're being very disciplined in what we want the future guidance to be, right now we're leaving as greater than 13.4% and that's really a reflection of there is a lot of activity that's taking place in the company right now, and because of that we want to make sure we continue to have a relatively conservative view on what it means for the back half of the year. Notwithstanding the fact though we are working very hard, as I said, to integrate the businesses and between the integration of the businesses and running the organic business, we're optimistic that we can continue to scale the business or to grow the business on a year-over-year basis greater than that 13.4%, but it's a little bit premature to commit to that today. And I'm sorry I've forgotten the second. Stephen M. Smith - Chief Executive Officer & President: Second one was around the billable cab – billable cab adds.

Yes. As it relates to billable cab adds, there is a couple of things that are certainly affecting that number. First and foremost, it's the size of the deals that we've looked at. The average size of deal that we did this quarter is a lot greater than the averages that we saw in the prior quarters. So, that's number one. We didn't do a lot of, what I would call, larger footprint of deals in the quarter. Number two, as you know, we've rolled out a new basic quote to cash platform and that quote to cash platform is putting a little bit of – it's new in the system it's different for our customers, it's different for our employees and so as we continue to refine, if you will, our platform, we think that that's going to continue to increase the number of cabinet add. Number three, I would tell you that our pipeline and our backlog is, and more particularly the backlog, is higher than it has been before. And as a result, there is that, that is going to give us confidence that it's going to come into the revenue stream and ultimately to the billing cabinets. And then the fourth thing I would say is, look, this is an area that we've seen before. It generally relates to things that happened near our end of quarter. Churn is a perfect example. Last quarter, as you recall, we referred to a UK-based churn, a relatively large churn that would affect not only our churn MRR metric, but also affects the number of cabinets, because the customer is affectively there for the entire quarter and then it churns out, and so you lose those cabinets. No different this quarter, we had a number of churn activities that happened in the back end of the quarter. And they were cabinet c and as a result, it reduced the overall level of cabinets billing. Bottom line is, we're optimistic that you're going to see that number rebound, we have seen it before, this pattern, and it's something that we'd anticipate changes as we look to the latter part of the year. The one thing that you can get great confidence in is irrespective of what that number is because it's a calculated metric, we are continuing to drive our revenues up and you can see by the guidance that we provided that we would expect to deliver $22 million of incremental revenue Q2 over Q1, which is a strong indication that we have got a number of billing cabinets in the system.

Great. Thank you for all the color.

Great, thank you. That concludes our Q1 call. Thank you for joining us.