Good afternoon and welcome to the Equinix Third Quarter Earnings Conference Call. All lines will be in a listen-only mode, until we open for questions. Also today's call is being recorded. If anyone has any objections, you may disconnect at this time. I would now turn the call over to Ms. 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 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, 2018, and 10-Q filed on August 8, 2018. 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 exclusive public disclosure. In addition, we'll 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 IR page at www.equinix.com. We've made available on our IR page of the website a presentation designed to accompany this discussion, along with certain supplemental financial information and other data. We'd also like to remind you that we post important information about Equinix on the IR page from time-to-time and encourage you to check our website regularly for the most current available information. With us today are Charles Meyers, Equinix's CEO and President; and Keith Taylor, Chief Financial 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 Charles.

Thanks, Katrina. Good afternoon and welcome to our third quarter earnings call. I am privileged to host my first call today as CEO and I feel honored to lead the incredible team of nearly 8,000 dedicated Equinix employees around the globe in service to each other, to our customers, and to our shareholders. I am as excited as ever about the role we play in helping customers drive their digital transformation agenda and about the value creation opportunity this represents for our investors. Having been a part of the leadership team at Equinix for the past eight years, I am extremely proud of our track record of success. We have more than quadrupled the size of our business since 2010, have now deployed over $22 billion of capital across the globe to build the world's leading interconnection platform, and we are rapidly emerging as the trusted center of a cloud-first world. As stewards of some of the most important digital infrastructure in the world, our priority is and will remain delivering exceptional, durable, and quantifiable value to our customers. In doing so, we believe we can sustain a demonstrably superior business model, which will in turn deliver outsized returns for our shareholders. I'm fortunate to build further on this strong foundation and as a global team, we will certainly remain focused on extending our core sources of differentiation: superior global reach, market-leading network and cloud density, the industry's most comprehensive interconnection portfolio, scaled digital ecosystems, and an unwavering commitment to service excellence. But I also recognize that we must continue to adapt and evolve in response to the rapidly changing needs of our market. We will continue to refine our priorities for the business as we shape our operating plan and prepare to update you on our 2019 guidance early…

Thank you, Charles, and good afternoon to everyone. As highlighted by Charles, we had a solid third quarter with revenues, adjusted EBITDA, AFFO and AFFO per share ahead of expectations and guidance. We had strong gross bookings in the quarter, our top three results for us and we delivered our highest ever quarter-over-quarter organic step up in recurring revenues. The sales pipeline remains at an all time high with a significant number of multi-market, multi-region opportunities. Across each of our regions, MRR per cabinet yields remained firm with spot pricing improving the Americas for small to medium sized deals. Also we had net positive pricing actions in the quarter, a reflection of our value based decisioning versus simply growing for growth sake. Cross-connect additions both physical or virtual were strong and interconnection revenues continued to grow faster than the overall business. Our hyperscale activity across all deployment sizes is healthy and we're making great progress with our HIT financing initiatives. Turning to acquisitions, we've made substantial headway with our M&A integration efforts. We're raising our annualized revenue run rate for both Infomart and Metronode to $37 million and $70 million respectively. With respect to Metronode's increased performance, we have significantly reduced the adjusted EBITDA multiple used to acquire these assets. Effectively, this acquisition is now accretive, much sooner than planned. And looking forward to 2019, we plan to open new capacity across Metronode's assets and leverage the value of our multi-city footprint in Australia. Also, we continue to feel very good about the progress we've made with the Verizon asset purchase. While the quarterly revenues will essentially remain flat through the end of the year, largely due to the previously discussed MRR churn, we feel highly confident that the incremental capacity brought online and the strong current booking activity will…

Thanks, Keith. In closing, we delivered a great third quarter with strong flow through into adjusted EBITDA and AFFO and healthy metrics across the board. Today, we're the clear data center market leader and our growth, scale, and innovative product portfolio puts us in a great position to build on a business model that is truly and substantially differentiated from our peers. As we set our sights on 2019, we will focus on the six priorities outlined in my opening remarks, building upon our unparalleled global reach, interconnection and ecosystems, sharpening our focus on driving operating leverage, extending our balance sheet through HIT and enhancing our financial model with accelerated logo capture and new service innovation. These efforts all center on delivering long-term value creation and putting Platform Equinix in the pole position to power digital transformation across the globe. So, let me stop here and open it up for questions.

We will now begin our formal question-and-answer session. The first question is coming from Sami Badri of Credit Suisse. Your line is open. Sami Badri - Credit Suisse Securities (USA) LLC: Hi. Thank you. My question is mainly on HIT. It has been a couple of quarters and we've only seen about one dedicated hyper-scale development project announced in your expansions which is Paris 1. I guess, my main question is when HIT was first announced, the takeaway some investors had actually was that there'd be several announce maybe per quarter per year going forward or maybe just more than one, could you give us more color on the degree of selectivity or being around these deals or why they are not been more announced yet because it's been a couple of quarters?

Sure. Yeah, I mean there's a number of projects, we've got – I kind of think about HIT as a three-legged stool; they are sort of demand, supply and finance. And the demand side is very strong, very solid pipeline of deals. What you're speaking to is really its supply side. Paris 8 actually is our first HIT facility, I was actually out there last week, walked through the facility, it's in great shape and on track to open, I think in the next few months. So that's tracking well. And there are a number of other projects, we just have not announced them. We have a strong land bank and a number of projects underway in terms of our approvals. They just have not made their way through. And to some degree, we're not waiting on those necessarily to have the joint venture fully underway. So, there are projects underway that we're in the planning phases on, but we just have not announced those as of yet. Sami Badri - Credit Suisse Securities (USA) LLC: Got it. Thank you for the color on them. And my next question has to do with interconnection, your EMEA MRR for cross-connect is about one-third the level of the Americas, and your APAC level is about double. Longer term, should we be assuming this MRR rate in EMEA increases as enterprises deploy hybrid clouds through the region? And maybe could we just get a sense of pricing will ever go up over the next two years just so we can start adjusting or projecting accordingly?

Yeah. Fair question and one I asked our EMEA team in our operating review. So, we absolutely ought to expect that. And so, when we did the Telecity acquisition, we talked about the fact that there was a delta there and that we believe that the unique value that our cross-connects provide to our customers justify that value. And so there's always a little more complexity than one would hope as you do those integrations and try to get that and put together and obviously some friction in the system in terms of those increases rolling through. But the short answer to your question is, yes, I think that we should continue to see that that rise as we deliver that value to our customers. Sami Badri - Credit Suisse Securities (USA) LLC: Got it. Thank you.

The next question is coming from Colby Synesael of Cowen & Company. Your line is open. Colby Synesael - Cowen & Co. LLC: Great, thank you. Two questions if I may. First of all, Charles, thank you for giving us the overview, your areas of focus to start off the call. I'm just curious though does that change any of the guidance that you guys provided at your Analyst Day earlier this year, is all that still intact even with the new areas of focus under your leadership? And then secondly, one of the things that stuck out was the stabilized growth of 2% and I know that you mentioned Americas churn being part of the impact, the other one being the tough comps. Is the Americas churn just what's going on in Verizon or is there something else there and to that point the U.S. or Americas business just grew 5% on a year-over-year basis. And that's somewhat similar to what your typical stabilized growth is, one would assume that's actually growing faster. Can you just talk a little about what your expectations are for growth rates in the Americas on a go-forward basis. Thank you.

Sure. Lots in there, Colby. So, let me go after one at a time here. As to the priorities and whether what we talked about at our Analyst Day still holds, the answer to that is yes. So, we still are feeling good about those ranges. And then as to what it means for 2019, we're going to come back in February and give you a sense for that. So I think, we still have more work to do in terms of digging through the details of how those priorities will play out and when and how and through what means we'll make the investments in the business and that may all play into our forward year look. But right now, we still feel good about the ranges that we provided at Analyst Day. As to stabilized asset growth, it was like quarter and as we dug into it, there's a number of – and into the underlying drivers, we don't believe that the result reflects any – really an erosion of the business fundamentals. So one, as you talked about and as we said in the script, one is a tough comp that due to again, some of the elevated NRR in Q3 of last year, the churn although it was in line with our expectations, it was a little concentrated in our stabilized assets. And so, I think that impacted – it was in line for what we expected, but it did impact the stabilized asset growth. Now, some of that being Verizon, some of that being organic, but nothing unusual in my mind. There were some specific churns in some stabilized assets associated with multi-tiered architectures coming through. But that's nothing new for us. And so, I don't see anything there that I'm overly concerned about. So…

You bet.

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

Thanks. One for Keith, one for Charles. On HIT, do you expect to have – you talked about the financing in place in early 2019 and is that a comprehensive arrangement that would cover multiple markets or regions or single regions or would it be more like an initial arrangement to fund a discrete project or two. And then for Charles, I wanted to drill down a little bit on the topic of parasitic tethering. In other words, when other companies pay to be within your ecosystem and then connect – they basically just leverage your ecosystem as part of their value proposition. And it's not a new issue, but given the opportunity to look at this from the fresh eyes in your new CEO seats, I wonder do you intend for Equinix to be a neutral platform fully open to all partners no matter how they leverage your ecosystem or are the competitive dynamics such that you would be more selective about your partnering relationships with resellers, carriers, peering providers and so forth. Thanks.

Great. Great questions, Jonathan. Do you want to take the HIT first?

Yeah. So, let me take the first one, Jonathan. As it relates – as Charles said, it's a three legged stool. We absolutely have the demand as it relates to HIT. We also absolutely have the potential financing partners and the opportunity to finance, and so it's making sure we develop the supply on an appropriate basis. That supply is going to come in multiple markets, as you probably can appreciate. And Jim Smith and his leadership team are working hard to continue to develop assets that can be discretely placed off balance sheet versus on balance sheet. As you're aware, Jonathan, we do some of our work, already, on balance sheet. We referred to, last quarter, London 9 and 10 as an example where we've got hybrid facilities and HIT deployments that have moved into those assets. But what we want to make sure as we look forward, we want to have – we want to line up our financing partners with the same type of ideology that we have on how to fund the business. And so, that might mean that we have discrete partners in different markets of the world and, in some cases, we might have a regional partner, a JV partner. Rest assured, Jim, Charles and I as well as others are working hard with our financial partners to identify the opportunities, but recognize that this is something that we'll share more with you as we get further down the road. But suffice it to say there is the opportunity, there is the demand, and there will be the supply, and we feel very, very good about our HIT business as it stands today.

And Jonathan, I think (34:42), but I think your question was a little bit about might that first JV – is that first JV likely to be some sort of – is it going to be comprehensive or regionally focused or what? I would expect it's more likely that we will pick one off that has a particular scope to it and that we will prove that out in terms of a partner in terms that we find acceptable. What I've been telling the team internally here is we've designed the mousetrap, now we got to catch the mouse. And so, I think we'll go catch one in the first quarter that may, in fact, be one that has a more contained scope, and then we would potentially add to that from there. That's certainly a possible scenario in terms of outcomes.

Got it.

And then, as to the second question on tethering, very interesting question. And you're right; it's not a new one. But I'm going to go to the end of your question first and simply say that, yes, we believe that continuing to be a neutral party that drive – and an aggregator of traffic continues to be the sort of value creating strategy for the business. Having said that, I also think that it's fair for us to get a return on our investment – our substantial investment that we've made to build the ecosystems at scale inside of our facilities. And so, call it a tax, call it a toll, call it what you will, but as appropriate when people are tethering in to gain access to that value, we'll price our services appropriately to get a return on the investment that we and our shareholders have made. And so, I think that's perfectly appropriate for the business. We will make sure that people can access infrastructure across – from their facilities into ours when that's appropriate, and a lot of our hyperscale customers, for example, do that aggressively and we embrace that and want them to continue to be able to do that. Carrier customers who are delivering value across the ecosystem, we want to embrace that and continue to empower and enable them. But providers who are directly competitive and saying, basically, you can get cheaper services, but the ecosystem value of Equinix, that's something where, again, we want to maintain an open posture, but we also believe that we should be fairly rewarded for the investment and the value we've put into that ecosystem. So, that's kind of our posture relative to that topic.

Thanks very much.

Next question is coming from Simon Flannery of Morgan Stanley. Your line is open. Simon Flannery - Morgan Stanley & Co. LLC: Great. Thank you very much. Charles, just on the six priorities, coming back to something was talked about earlier, some of them like expanding go to market evolving product, it sounds like it's one of these invest to grow opportunities. Can you just scale it? Are we talking about something material here, or is this going to be fairly much within the run rate? And then, Keith, can you just go into the leverage on the ATM. Are you trying to get down to the four times leverage in the kind of 12 months to 18 months, or are you comfortable, for now, in the low fours? Thanks.

Yeah. Thanks, Simon. So hitting the first one, yeah, if you read the priorities, there are definitely some of those where we use words like expand and invest, and augment, and it takes dollars to do those things. And so, what I think we're going through the process of now, as any company should, is saying, okay, what are our priorities as a company, what resources are available to us, how do we stack rank those, and to the extent we can self-fund those investment priorities, we will seek to do that. At the same time, if we believe there are areas where we need to make investments, we'll look at doing that and figure out what the appropriate means of doing that is. And I think, sometimes, those might be OpEx dollars and sometimes those might be CapEx dollars. And so, we're really sorting through all of that, and I think really won't have, I think, the details on that until we sort of go into the full 2019 plan, and solidify that; and, we'll share that with you in February. Simon Flannery - Morgan Stanley & Co. LLC: Okay.

Simon, just maybe – just adding on to what Charles has said, it's not like we haven't been investing in our go to market and new product initiatives as well. And so, it's a continued expansion of the decisions that we've made previously. And under Charles' leadership, what we're going to do is really focus in and emphasize the areas of investment. And so, I just want you to feel comfortable that a lot of it is in our run rate; does not mean that we will not make sizable investments. That'll be something we'll determine at the time as we size the opportunity in front of us. But the point that we really need to make is we are a different company. We have a point of differentiation and we're going to invest around that as being the global interconnection provider with all the different products and services that get attached to that. Having said that, and going to your second question, which is really important on going back to the ATM, the use of the ATM and our leverage posture, we still as a company have a very balanced view on making sure that we raise both debt and equity as appropriate. As you're also aware we generate a lot of cash flow as reflected in our AFFO metric. So as a business just naturally with our growth we're going to de-lever. I think – not I think, when we talked to you at the Analyst Day we said a few things. Number one, revenue was going to grow 8% to 10%. FFO was going to grow 8% to 12% within those ranges over the period through 2022. And that was reflective of an environment where at times it might be at the lower end of the range…

The next question is coming from Jordan Sadler, KeyBanc Capital Markets. Your line is open.

Thank you and good afternoon. I think last quarter on this call you talked about an MRR step-up in the second half of 2018, that was expected to materialize and I'm curious, is that going to step-up to a greater degree in the fourth quarter or was there a mitigating factor in the third quarter that you would point to?

Yeah. Jordan, first and foremost, when you look at the MRR step-up, again we had the highest incremental organic step-up this quarter in Q3. As I look forward to the guide for Q4, we're using a guidance range of roughly $10 million on a revenue basis. If you look at the midpoint taking into consideration the midpoint or if you even take it up more to the higher end of the range, you'll see that there is another meaningful step-up in recurring revenue because we're actually, we're guiding, we're probably going to take $2 million out of the quarter-over-quarter increase in non-recurring revenue. Or said differently, Q4 non-recurring revenue will be that or will be below that of Q3 non-recurring revenue. So we're seeing a meaningful step-up in Q4 recurring revenue as well.

And was that specifically with regard to the Americas, I know you mentioned cabs billing there seemed to be a little bit of a timing issue there with a rebound to come?

Well, certainly the Americas as Charles alluded, I think we're having great success in the business and we'll continue to grow. But frankly speaking, you've got 13% and 14% organic growth in the other two regions on a sort of organic, normalized and constant currency basis, so a lot of that growth, more than 50% of our business resides outside the U.S. now and so the majority of the growth will come from outside of the U.S.

Okay. Thank you.

Sure.

The next question is coming from Philip Cusick, JPMorgan. Your line is open.

Hey, guys. Two for Keith. Keith, can you expand and quantify the impact of the utility hedges? How has the green power initiative impacted this and what should we expect for 2019? And then, also as you think about HIT fundraising, are there structures that you ruled out at this point or is everything still on the table? Thanks.

Great. As it relates to utility hedges, one of the things I just want to share with you and probably no surprise to anybody, there's regulated and unregulated markets and the regulated market is very little we can do. As it relates to the unregulated markets, we put hedges in place and we're always looking at buying forward in anticipation of future consumption, not only what we consume today but what we think we will consume tomorrow. And so, just make the underlying assumptions that we're always putting hedges in place appropriately and hedging out roughly 70% of our exposure. Again markets are volatile and so we want to always let something float. As it relates to green initiative, again we've invested heavily in alternative sources of energy. As you're aware, whether it's solar or wind or otherwise, we're making sure that we stick to our commitment of becoming carbon neutral as it relates to our consumption. And frankly, that's costing us money today. And the order of magnitude is roughly $10 million a year and that's an investment we've made this year. It was in our guidance, but it reflects that there is a need to become more green. It's a demand of our customers and a requirement as table stakes I would argue and therefore, we've made an investment. Now, certainly there's dynamics in – what we call our prior purchase arrangements with our service providers. It's going to fluctuate year-over-year depending on market conditions and the prevailing price of power on a kilowatt basis. But, this year, we are making an investment and we will continue to make investments, all else being equal. But, power is a relatively important one. It's a relatively – it's our largest variable component. It represents between sort of 11.5% and about 12.2% of our revenue depending on the quarter and so, of course, it's a meaningful mountain and if you think about a 10 basis point move, that's $5 million a year. So that's something that we pay very close attention to and with rising rates, some of it we can pass through to our customers, some of them unfortunately we consume ourselves. That is a higher cost and we have to find other ways to mitigate the exposure associated with higher utility prices. And so, we're doing that as a business and again, under the leadership of Charles and our team, we're focused very highly in making sure we can offset some of these incremental costs with other ways of running the business more efficiently, including making sure we also have incremental hedges put in place as appropriate.

Thank you.

So, sorry, (47:00) was just reminding me of the second question which was HIT structures. I think all structures are still on the table quite frankly. We're working with different partners. As Charles alluded back that he met partner last week in Europe, there's partners in Asia, certainly partners all throughout the U.S. and elsewhere, in North America. And so we'll continue to look at sort of the best structure for ourselves and of course our partner to reflect on whatever the best outcome is. But right now, it'd probably look more like a JV structure than anything else. But I think it just depends on the level of supply that we create and over what period of time. And that will determine if there's other ways that we would approach it such as fund – a JV structure versus a fund structure versus something maybe different. And recognizing, one of the first thing that we might do is, we do it on balance sheet. Sometimes we can't get it off balance sheet, there's very discrete reasons or is the hybrid facility. And again, we're going to make sure it's the highest and best use of our capital but we want to move most of this off balance sheet if we can, as we continue to get some momentum here on the billings side. We'll start to break out some of those details for you in the future, but it's not material enough right now in our results to adjust, but certainly as we get into 2019 and certainly 2020, I think it will be more of a discussion that we'll be having on this subject.

The next question is coming from Aryeh Klein, BMO Capital Markets. Your line is open.

Thank you. EMEA has been a strong market for you and you have a lot of additional capacity plan there. Can you describe your visibility into demand for those additions? And then Charles earlier in your six priorities you talked a little bit about adding new services, can you may be provide a bit more color on what those might be?

Sure. So starting with EMEA, and I would say this is true across the board. As we look at Q4 and into next year and one of the things that we've really improved over the last couple of years is our forward visibility on the pipe and used to be that we struggled beyond the next quarter. But I think we've really enhanced that and driven the sales discipline to have better visibility into the pipeline. And I think we have strong pipeline across all three regions. EMEA does have a really strong supply pipeline in terms of capacity and the projects and the investments that we're making there and again that business has performed very well. EMEA has a little bit of a different mix. It has a slightly higher – large footprint mix. It's a bit of a different market in a number of ways, but that business continues to perform very well and deliver solid returns and we expect that that will continue into 2019 and beyond. Relative to the new services, I think there's a variety of things, at the interconnection layer, ECX Fabric will continue to add the inter-regional element to ECX Fabric. That product is growing ahead of its business case, in terms of both circuits, ports, virtual circuits, revenue and so we feel very good about that business. We have talked about other augments to our business in terms of delivering things in the area of network function virtualization and services that we might be able to easily deliver sort of best-in-class virtualized functions to our customers as add-on services to our performance hub type implementations. And so that's something that we are partnering with some very large players to bring forward and we think that we'll not only be able to bring their solutions, which our customers are demanding, but we'll be able to some degree mobilize their channel on our behalf which we're very excited about. And then beyond that, I think there is a set of investments that we in services, in terms of how we can make our platform a more accessible, more easier to use, higher value-added digital transformation platform and that I won't be overly precise here in terms of what exactly that looks like, but simply to say I think there are a number of things we can do to make it easier for service providers, for example, to view platform Equinix as a place where they can deliver their value to end customers. And a place where enterprise customers can consume that value more effectively. So some ways it is going to be about ease of use API, developer toolkits, those kind of things that really make the platform more accessible. So stay tuned and I think that will be an ongoing investment for us over the coming years.

Thanks.

The next question is coming from Erik Rasmussen of Stifel. Your line is open. Erik Peter Rasmussen - Stifel, Nicolaus & Co., Inc.: Yeah. Thanks for taking the questions. First, circling back on the HIT initiative. You commented that the pipeline is healthy, but can you maybe give us a little bit more depth on the level of activity you're seeing and how that compares to your prior expectations. Any sort of like metrics that you can provide to help us better understand that opportunity?

Yeah. I won't quantify it specifically other than to say that we have – we probably have way more demand in the pipeline than we would be able to or want to satisfy. And so, as you guys know, our posture relative to the large footprint hyperscaler demand is that, it is something that we want to participate in because we believe is accretive to our premium retail strategy. And so, we'll be selective about participating there. You know in the right assets, we'll put in – once we get the HIT assets, once we get the JV structured and we might have more balance sheet firepower that doesn't create opportunity cost in our retail business, we may step up the level of aggression. But right now, I would say that we're going to be selective about that business and again there's, right now, way more demand that that hyperscale community would like to work with us on than we probably have the ability to do. So, we'll continue to work with them. We'll prioritize projects based on their needs and then based on what fits for us and we'll try to select and build facilities to take the right kinds of business. I would also just highlight that our relationship with hyperscalers go well beyond the large footprint. And as you can recall in my Analyst Day presentation, I showed you that that's a $0.5 billion a year business with hyperscalers today and growing at a highly over-indexed rate relative to the rest of our business. And two-thirds of that is really below the retail – is really retail business and highly interconnected, both on the A side and the Z side. And so, we're going to continue to push that pedal down on that side of the hyperscaler business with every bit of energy and effort that we can. And then, on hyperscale's large footprint side, we'll be selective, and then probably step things up as the JVs come to bear. Erik Peter Rasmussen - Stifel, Nicolaus & Co., Inc.: Okay. Thanks. And maybe just as my follow-up, regarding Verizon, now that we're coming to the end of the year and you've been able to make progress on investing into that business bringing those assets up to par, what are your growth expectations for next year? Have you been – have you seen any significant improvements that might have altered your thoughts on that business? I guess, I'm just trying to understand what you mean by return to growth, at this point.

One of the things we said previously that you should expect it to grow at or above our stabilized asset growth, again, it's going to be very specific to the decisions we make. As you know, we sell across the platform. And we think – if you look at the Verizon assets in a very discrete way, that's one way to look at it. We actually don't look at it that way. We look across our entire portfolio. But it's fair to say that we would likely see it growing at a stabilized asset level or better, but we also want to make sure we manage our inventory in a very positive way and push the customers to highest and best use principles in the right IBXs with the right applications. And what I would just say... Erik Peter Rasmussen - Stifel, Nicolaus & Co., Inc.: Okay. Thank you.

One other thing I'd just say, this quarter we had a slight increase in – if you look at (55:46) which you can't see it anymore, we've fully integrated the business, but the Verizon assets moved up this quarter – sorry – the Verizon revenue increased this quarter over last quarter. Part of it was for – there's some non-recurring activity as well. But we are starting to see the stabilization of the base, again, recognizing that – we acquired the business and we grew it substantially, but originally, when this asset was acquired and the 8-K that we filed when we did the transaction, as you know there was a deterioration in revenue associated with the asset prior to our ownership. We've been able to stabilize it. We're investing in the core assets. We're integrating to our standards and we're investing in both physical assets and human capital assets across the portfolio, and we think we're making a tremendous difference. As we step back, we are absolutely delighted with the acquisition and how it's performing. Clearly, we like revenue to continue to step up and the turn to abate. We think that is realistically going to happen because the gross booking activity inside the portfolio of assets is strong. And so, now that we have a strong portfolio, once we can get the turn to abate and continue to make our investments, I think – it's my belief that you'll see the Verizon assets grow nicely on a go-forward basis. Erik Peter Rasmussen - Stifel, Nicolaus & Co., Inc.: Thanks.

The next question is coming from Michael Rollins of Citi. Your line is open.

Thanks. Just a couple of questions. First, on the development side, if we look at the schedule and where cabinets are coming from, it looks like with some of the facilities that were turned on in the third quarter, the amount of development in the Americas as well as in Asia has fallen off significantly. And just curious if that's just sort of a temporary slow of what's been announced, and if that actually should get better and how to think about development growth in the Americas and Asia-Pac over the next couple of years. And then, secondly, on the sales pipeline that you described, are you seeing a shift in where the pipeline is coming from and – with respect to enterprise versus cloud versus networks? And maybe a little bit more color on what you're seeing on the sell side, maybe how much is direct versus indirect et cetera. Thanks.

Sure. So development pipeline first, I do think that what we tend to find is things sort of come in waves. And so, I think we saw that we're in the midst of a European sort of capacity wave. I think that if you look at the broader and deeper pipeline, I think that does tend to start to balance out a little bit more. Although, again, as Keith said earlier, when the other two regions are growing at 13% and 14%, respectively, those are probably going to take on more of the development dollars over time. So I think you will see some balancing of that, because there's also meaningful investments that we'll make in the Americas, as we talked about, sort of the Infomart master plan there in Dallas and those kind of things. So I think you'll see some balancing of that. But again, we feel like we've got opportunities across the regions, but the growth is more substantial in EMEA and APAC. As to the pipeline, again, good performance across our verticals, and we continue to see it in virtually every segment. The pipeline is at its high in terms of historically, and so – I would say one thing on the networks. Networks – one, we're seeing both continued sell-to demand, meaning they're – as they sort of reorient their networks towards a cloud world and continue to invest in those, and then also, wireless continues to be a strong segment for us. But network, we're seeing a lot of sell-through business as well to the enterprise. And so, certainly a portion of our network pipeline is actually aimed at the enterprise. And so, we tried to characterize that internally here. And right now, I would say that the enterprise pipeline, when you look at everything that we're selling both through our NSP partners and other partners alongside our strategic alliance partners, and directly with our enterprise selling team, is a really strong market that's over-indexing materially relative to the overall pipe. And again, our motion right now, though, is even our channel motion is largely a sell with motion. And so, it's not yet a really true fully empowered indirect channel that's going to bring those things to market on – bring offers to market on its own. We believe there's a way to change that and simplify it and skew things more effectively into the channel, and that's a priority for us to try to make that happen. And I think we could accelerate things if we can do that. But right now, the channel is working a little bit more as a sell with, but really bringing a strong new logo demand because of their position with the customer decision makers.

Thanks.

And our last question is coming from John Hodulik of UBS. Your line is open.

Great. Thanks. Maybe a question on the other acquisitions. Can you give us a sense on how Metronode and Infomart are progressing? And any color you can provide on the upside to guidance driven by those deals, whether it's on the revenue side or on the cost side? Thanks.

Yeah, John. I mean, in our prepared remarks, we actually talked about the performance of both Infomart and Metronode and the fact that we're stepping up the revenues. In fact, the performance of Metronode and our ability to integrate these assets more efficiently and at speed than previously anticipated has allowed us to turn it from a deal that was going to be accretive after a period of time to being accretive immediately. And so, we're seeing performance and part of the reason you're seeing the step up in revenue guidance, again we took revenues up $15 million this quarter before the currency dilution. That's because of the acquisitions. So bottom-line is we're delighted, that when we buy these businesses, integrate them into our run rate or platform. And then, as Charles alluded to in the case of Infomart, which is more an asset purchase have started to develop the master plan associated with that acquisition and the available land, that puts us in a very good position relative to where we originally were. Still, a lot of work to do. No surprise, but we're integrating all the assets and we had eight integrations underway this year and we're almost through them all. Does not mean there won't be a little bit of work to do next year, but by and large, we're taking down our integration cost. We're at the tail end of it and we just have to tidy up some things as we go into 2019, but we're in a very good position.

Okay. Great. Thanks.

Thank you. That concludes our Q3 earnings call. Thank you for joining us.

This will conclude today's conference. All parties may disconnect at this time.