Digital Realty Trust, Inc. (DLR) Goldman Sachs Communacopia + Technology Conference (Transcript)

Digital Realty Trust, Inc. (NYSE:DLR) Goldman Sachs Communacopia + Technology Conference September 11, 2024 6:45 PM ET

Company Participants

Andrew Power – President and Chief Executive Officer

Conference Call Participants

James Schneider – Goldman Sachs

James Schneider

Okay, thanks. Okay, good afternoon, everybody. Welcome to the Goldman Sachs Communacopia + Technology Conference. My name is Jim Schneider. I’m the telecom and date centers analyst here at Goldman Sachs. It’s my pleasure to welcome Digital Realty and CEO, Andy Power, with us today.

Andrew Power

Thanks for having me.

James Schneider

Welcome. Maybe starting with a kind of persistent topic, maybe even a can’t get away from it topic at this conference, which is AI. So maybe just – it seems to me like we’ve kind of got this situation where the data center markets got very strong demand, partly fueled by AI and very constrained sort of power and other dynamics to it. So I want to unpack those elements a little bit. Maybe starting with the supply side. Your Q1 earnings call, you mentioned working with Dominion to help address bottlenecks in Ashburn and that you were kind of cautiously optimistic about getting access to more power late in 2025, and this past quarter you talked about some of the constraints easing in Northern Virginia and other markets too by 2026. So maybe summarize for us the current state of play on the power supply side as you see it now.

Andrew Power

Sure. So we’re operating across 50 metropolitan areas on six continents. So we’ve been seeing this evolve for some time now, and I’ll go into Northern Virginia, Loudoun County, Ashburn in particular, but I would say this phenomenon is not episodic.

Pre-AI demand trends really unfolding in data center. We were basically just running hot for a long time and we’ve started, whether it was digital transformation, cloud computing, IT outsourcing from on-prem to off-prem, basically running into, call it, more and more roadblocks on supply. And Ashford, Virginia was the pinnacle of this. Canary in the coal mine would probably be an understatement, given how important it is at the largest market in the world. But over two years ago now, basically said, oops, we’re out of power for several years.

On the backs of that, having been building, owning, operating data centers in the market for years and years and years, we worked as a partner with the utility companies looking – called our infrastructure, our substations, our idle capacity, where we could reroute infrastructure and power and make sure that all our customer commitments were met and to free up some incremental megawatts that we could sell for new customers that needed that growth in a dire capacity.

We also most recently essentially granted an easement for Dominion to land in the Mars substation, which is a landmark – crucial piece to the transmission constraint. So we’ve, I think, been a good partner to Northern Virginia in coming to the table with solutions. Time has also passed. We’re getting closer and closer to the end of 2025, the beginning of 2026, when the bottleneck is easing.

But I wouldn’t say these problems are going away forever because the demand has continued to remain robust and other bottlenecks have popped up. Substations are a critical piece in the components or the switch gear. And just weeks ago, there’s been expressions that the timelines for new incremental deliveries in that market could be pushed out incremental, call it, 12 plus months versus prior standards.

So I think what you’re seeing here is that the broader, call it, supply for data centers is just going to be a more prolonged and need to be more thought out in coming aboard. And this is, again, not Ashburn, because this phenomenon is appearing in Santa Clara, just down the road, with even further out gaps in power. There’s moratoriums in certain markets like Singapore or Amsterdam, experienced this recently. Dublin has had power. generation transmission issues. And it’s not just about the power either. It’s about sustainability concerns, broader supply chains, NIMBYism, a whole host of factors where I think the bar for this industry has been increased.

And then AI has kind of arrived at a coincidentally similar time. I wouldn’t say AI was the root cause that broke the straw on the back, but it certainly has made the, call it, supply/demand dynamic shift in the favor of providers.

James Schneider

Maybe just broadly characterize, are there still markets that are getting a lot tighter? And are there any of them that are getting looser?

Andrew Power

There’s definitely markets that are still getting tighter, markets that you wouldn’t say – didn’t feel like they had much constraints at all like a Chicago or a Dallas here in the United States or certainly edging in that direction. Outside the United States, the London market is feeling power constraints. Some of our other flat markets in Europe, Asia Pacific’s been a pinnacle of this because you have such – it’s tougher to build in some of these markets, like a Tokyo, for example.

Loosening up, one case – you could say Ashburn loosening up because we’re getting close to the first, call it, big connection to come.

James Schneider

Yeah.

Andrew Power

But at the same time, I don’t think that is going to be a cure-all and we’ll be back to normal in how we do business in the market. So, I wouldn’t say any are dramatically changing to the loosening side.

James Schneider

Yeah, fair. Then maybe from the demand perspective for a second. For those investors who are sort of a little bit newer to the space, can you maybe kind of explain – we’ve seen strong demand for a while, all the places you mentioned. Can you explain why those markets are the ones where demand has been strongest? And how concentrated is that demand among specific kind of customers and specifically hyperscalers?

Andrew Power

So we focus on major metropolitan areas. I mentioned 50 around the world where we see robust and diverse customer demand for hybrid IT, multi-hybrid cloud, hyperscale cloud compute, and now AI is in the mix as well.

These markets have had two things going for them. One, they were the origins of the internet in some regards, and that snowball effect had just brought more infrastructure, more fiber connectivity, more access to power, and more customers landing there, and then compounded with the advent of cloud computing, where locational latency sensitivity arose, and the clouds went and picked major markets. They picked their availability zones with radius restrictions, and that has essentially made these markets as desirable as they are today.

AI, which I would still describe early innings of a long process here, first innings, training, are not necessarily latency or locationally sensitive. But when we hear our customers wish list of what’s important to them, for AI today, being hyperscale customers, large contiguous capacity blocks, right now, like they’re running to the grocery store to pick it up, and they also use the word fungible markets, which goes back to these core markets because they’re figuring this out at the same time, and they don’t know if they get this wrong. They don’t want to be essentially building these large infrastructure investments in markets where they can’t backfill with cloud compute. So that’s why I think it’s an additive item to the strength of the cloud markets.

James Schneider

And if you go down to the next kind of second tier, third tier markets, are market conditions there like appreciably better? Are there places where you might see a bit of a spreading of demand into those markets or any of those ones actually loosening up?

Andrew Power

You’re seeing a spillover effect to markets that maybe we had a position in data center, but it was much more network-oriented deployments, co-location, enterprise-oriented deployments, and now hyperscale is becoming a bigger piece of the puzzle.

But these are markets that didn’t have the benefit of being – supporting data center growth for 15 or 20 years. So they’re weren’t necessarily ready for the monsoon. And all the ingredients to bring on this digital infrastructure, power generation, transmission, labor forces, construction, operational talent isn’t necessarily ready to absorb it. So some of these markers have popped up, and they’re like, oh, we’re out of power already, real quickly.

So there’s definitely a spillover effect. A market like Atlanta has benefited from the current fact and circumstances. There’s others as well. But I’ve talked to probably more power companies in the last 18-24 months than I talked in my prior eight years of Digital Realty. And it doesn’t seem like there’s easy power data center infrastructure, the whole kit, where customers really want to go at anyone’s fingertips.

James Schneider

Yeah. Going back to the topic of AI for a second, I think investors, most investors kind of perceive this as something that’s happening mainly in hyperscalers’ own data center facilities, so far at least. In your data centers, what have you seen in terms of direct AI demand for workloads and is that more weighted toward training inference and when has it become a more material part of your demand profile?

Andrew Power

We’re not seeing the customers push the AI workload towards a self-build versus – at least capacity. It goes back to those ingredients that I mentioned previously and most of the customers were already behind on their self-build plans, not ahead of the game. So it’s not like they were sitting there with these idle large gigawatt capacity blocks and big vacant shelves that they think, yeah, that’s a perfect place to put AI workloads. So I think this is a resource and bandwidth and you have the key ingredient that I don’t have customer environment, which is actually pushing them more towards the outsourcing.

So, we had a record first quarter. 50% contribution from what we have deemed as AI workloads. The hyperscalers certainly led the way in that contribution, probably closer to 25% in the most recent quarter. Again, a big contribution from hyperscalers.

We are starting to see the tail list of enterprise-oriented workloads smaller. They’re megawatt, half a megawatt. And listen, this has been our bailiwick. We’ve been pushing the power densities, given our heritage of coming from the hyperscale, moving towards the enterprise colo. So we’ve been there with high performance compute, and we’ve been a great home to win those new applications today.

James Schneider

Yeah. You’ve been leaning into innovation with your partnerships with leaders in the industry. That’s continued with your partnership with NVIDIA on the DGX-Ready solutions for colocation. Can you highlight any specific use cases where customers or clients have successfully deployed that kind of solution? Then how are enterprises actually using that kind of solution?

Andrew Power

So with a flagship like NVIDIA, which is now a household name, we were DGX certified years ago, probably well before the customers were even ready or using it. I believe we were first out of the gates in Japan, in Tokyo, I think, ready for the H100s. That was almost two years ago. We had a great win. We are building with NVIDIA, which will be the largest supercomputer in the Nordics for the Novo Nordisk Foundation, which is a great milestone win of that infrastructure.

I still think the adoption by enterprise, especially of the maturity [indiscernible], we’re still in nascent territory here. So lots of people are thinking about it, thinking about planning their data center infrastructure to be ready for it. It’s the minority of the activity we’re seeing today. And fortunately, cloud computing is still growing tremendously with us. Fortunately, enterprise using multi-hybrid cloud, private cloud with us, still growing tremendously with us. That’s been the lion’s share of record new logos adding to our 5,000 customer base. That’s been the lion’s share of the less than megawatt bookings that have been consistently growing quarter over quarter, year over year. So I think it’s going to take some time for this technology to build out. But I think we have a big hand to play in supporting it.

James Schneider

Yeah. Maybe one last kind of strategic level question for you for a second. Many of your former public peers have gone private over the recent years. And some cases, because of their ownership, and they have access to a significant “private equity backstop” in terms of amount of capital available to them for new facility expansion and the like. What advantages do you have over them in terms of remaining public? And what disadvantages might come from being public?

Andrew Power

We really think about hyperscale business and private capital kind of hand in hand. I think it’s apropos as to what comes next with a lot of those platforms and the rumor mill comes out every day almost now.

So, obviously, in the public format, we’ve been very direct and specific that we are focused on compound and accelerating per share growth, right? In the hyperscale arena where you’re spending significant amounts of dollar and longer and longer builds because the project is getting bigger and bigger, you have to sacrifice that near-term return for value creation out there in the future. We obviously are doing this in a leverage point that’s investment grade. So one-third debt. They’re kind of doing it the opposite playbook.

Now, interest rates have changed dramatically in just the last couple of years. So the money’s no longer cheap or free for these cap structures. The way Digital has really tackled is we want to basically have our fishing pole and all the poles of capital, so that when it comes to hyperscale, we can dial up private capital in various partnerships to help fund that growth for us and maintain the piece of our business that doesn’t have that long development drag, that doesn’t have the weaker pricing power on cash mark to markets or rental bonds or escalations, i.e. our enterprise colo business as wholly owned, and then utilize our private capital business to help, call it, accelerate that bottom line growth.

I’m not sure one is better or worse. They’re different. And we’re trying to harness the benefits of public capital that lets us raise – we raised nearly $900 million of euro bonds in less than 24 hours on an unsecured basis at a sub 4% coupon just a day ago, or raise equity efficiently as well, but also turn to private capital when we need to use that at the same time. So tool into a box.

James Schneider

Yeah, okay. Maybe some technology trends that may not – Chris is elsewhere today, but I want to ask you maybe power density. Beyond power from a supply perspective, a lot of these GPU-based configurations require much, much higher densities. Previously, we’re talking about 5 and 10 kilowatts per rack. Now with the H100 and the B100, we’re talking about 60, even 80-plus kilowatts per rack. In your operations broadly speaking, are you seeing cannibalization of CPU computing by GPUs on a wholesale level or just in sort of pockets?

Andrew Power

Just go back to last quarter, which wasn’t a record, but it was a pretty darn strong quarter, and 75% we would say is not AI related. So obviously, much more CPU orientation. We obviously have the bellwether in the GPU category right now, pushing the envelope to the most extreme potential builds.

There’s still a tremendous addressable market that says I’m going to – my infrastructure doesn’t need that application, right? So we’ve made sure that our infrastructure has the modularity, the flexibility, the fungibility to ramp up power densities as needed. That’s often done in retrofits, which we’ve done historically, which we’ve done in the last year, which we’re doing right now. We’ve also prepositioned our new designs to be called liquid ready. Quite honestly, some of these customers that even want to use it for GPUs, their first iteration of GPUs will be air-cooled, it won’t be liquid-cooled. Just because they would have had to wait for the data center to be redesigned or retrofitted, and they’re not going to wait that long. And they’ll think about the retrofit, their retrofit will probably be on the first or second server refresh.

I think once 170 data centers go up to 150 watts, we’re making sure we’re ready, but at the same time, we have tremendous growth from lots of customers that are saying I’m not going to put the preponderance of my infrastructure at that power density, right? I’m going to need a mix, I’m going to need to do a retrofit a portion of my whole, so I can use a portion for GPUs, but the rest for CPUs. I think it’s going to be an amalgamation of both those types of infrastructure [indiscernible].

James Schneider

Yeah. So, if you look across your portfolio facilities, what percent of them are sort of like ready and able to accept significant power density GPU based workloads today, which ones aren’t? And then how do you think about adding things like other kinds of retrofits like liquid cooling, et cetera, over time?

Andrew Power

The majority of our data centers that you would retrofit are ready for the GPUs. And the minority that are not are legacy telco hotels that have thousands of cross connects. Buildings that were never built to be a data center that are not meant for AI or GPU workloads. They’re going to be the connectivity for the major metropolitan. These are these landmarks called internet gateways of 56 Marietta, 350 Cermak, Sovereign House, that just have a different use case than called AI compute.

And we’ve been pruning our portfolio over time. We’ve sold out of billions of dollars of data centers that we didn’t believe the long-term growth potential. Some of that was markets we didn’t believe in, some of that was customer profiles, and some of that was infrastructure related. So we think we’re very well positioned for where this is going in terms of retrofit that customers may need on our campuses.

Again, our campuses are multiple expansive buildings with some type of proximity, if not all within a fenced area. Substations have the power infrastructure that can be already there or upgraded. If and when we need to have a more rapid densification play, I think we’re very well positioned.

James Schneider

Got it. And then from a geographical perspective, it seems like most of the activity has been concentrated in the US. But how do you think about the footprint in EMEA and APAC? And to what extent do you expect more AI to be happening in those places as well?

Andrew Power

100% accurate that we’ve kind of gone full circle on maturity of data center markets because the North American market was the most mature, most built out, the slowest relative growth rate versus outside the United States. But the AI first wave has certainly landed on the shores of the US first and foremost. And I still think it’s infancy to globalize.

Part of that’s likely due to the training workload. It’s kind of going to the place where you can most efficiently and expeditiously build the infrastructure you need for the GPUs and the training. When I talk to customers where I’m really getting my intel from, I believe you’re going to see a globalizationist trend.

I don’t think you’re going to see the size of the training replicate in these other markets. But it’s infesting unfold, which I think – whether it’s the United States or outside the United States, is going to be a much larger, call it, overall market and opportunity. I think the non-US markets will have a much greater share of that, and I think we’re well positioned with these major campuses across Europe, Latin America, Africa, and the APAC.

James Schneider

As you think about expanding your facilities and also the differences in multiples between public and private assets out there, how are you kind of thinking about your appetite for acquiring data center assets from others versus kind of doing new organic builds yourself?

Andrew Power

I think the consolidation for the strategic puzzle pieces of the industry is kind of in the rear view mirror, not the front view mirror for digital in particular, and I think our major rival as well.

We’ve kind of picked – all the chessboard pieces have been picked up quite honestly, and we’ve been much more focused on organic market expansion, where there isn’t a connectivity oriented player to go by quite honestly.

The lion’s share of our capital spend has been development of new capacity in our traditional markets. We’ve entered a few markets in the last few years as well. So I think that’s much more where we’re putting our new investment dollars today, and I don’t see that changing.

James Schneider

And you’re well within – in fact, at the low end of your target leverage range now. So how do you think about your appetite for further JB investments versus 100% ownership and is there a certain kind of like IRR level you’re targeting for the 100% ownership and what do you sort of target for JVs? How do you think about those two things?

Andrew Power

Enterprise colo interconnection oriented opportunities, especially the complexity, the attachment to our platform for a host of reasons, we keep almost entirely on balance sheet with one of examples like in South Africa with Teraco, opportunities like that.

Hyperscale is where we pull the levers of private capital. We’ve done that on stabilized assets. We’ve done that now in development. And it’s not about we’d like a project enough for us. We don’t like it enough with a partner, but we don’t like it – or vice versa. It’s about – really doesn’t pass muster for us. We want to own it. We want to build it ourselves. We want to own it. And using those levers to essentially fund the business that helps us to accelerate that bottom line growth for next year and then grow off that and compound thereafter.

James Schneider

You alluded to it when we were talking about power before, but you alluded to other factors that are constraining your ability to grow, whether it’s NIMBYism, state or local regulations or the rest of it. How are you thinking about the areas in which it’s most attractive for you to build new facilities today, balancing obviously the hot markets where you could build all day long if you had the power and no constraints versus the other ones?

Andrew Power

We’re trying to make sure we’re a very thoughtful and good partner to all the constituents here and make sure folks know that we’re in this for the long haul. We’re not in data centers or AI for trade. We’re trying to build long-term, appreciating growing cash flows with long-term pricing power. And that means positioning in markets where we see runaway for growth, where we’re going to be good neighbors, like next to the airport versus the housing project, things like that. We’re giving back in terms of load shedding and giving back power when certain folks need it in different communities.

We are looking at markets where we have different plays and potentially expanding our playbook. In most of the major US markets, we have what we call the connected campus. It’s the series of the highly connected Internet gateway and one, two major campuses where customers can position their workloads and put their most latency sensitivity in the connected piece and something that’s a little bit bigger on the campus along cloud compute.

There’s certain markets where we just have the connectivity angle and we’re thinking about expanding what we have in that market, but we’ve been doing business in that market and we know it very well.

So, those are how we’re thinking about the business much more than – we’re not trotting out to this one-off market that a customer says, please build me a data center there because we’re going to be there for the first renewal and the second renewal. And we’re going to be there and we need to make sure that we’re building long-term value.

James Schneider

Outside of the US, how are we thinking about what markets are most attractive to build in? I’m assuming some kind of combination of where your customers have a presence, competition relatively weak, JV dollars want to go there, but how are you thinking about balancing that calculus?

Andrew Power

We’re looking at, I’d say, going back to playbooks that have worked for us successfully, in Europe, for example, we have a real incredible position in Marseille, which is on the back of subsea cable, connectivity, now enterprise, and certainly a cloud computing market that blossomed out of nowhere for France.

You look to the right and the left, Barcelona and Rome are examples, as well as what we’ve done in Greece. They may not become the Marseille, but we looked at those are – if we can get the right locations, the right network density, the subsea cable, we’re going to build something that will last in power there – last in value, not power in terms of energy.

In other markets where – Frankfurt, we’re looking at – where a market that’s supply constrained and we’ve got tremendous land holdings that we can potentially add onto on the periphery with adjacency and make something big, really even bigger and even more attractive [indiscernible] bigger in our category. So trying to exploit our advantages and continue to build a moat for our long-term business.

James Schneider

Yeah. Maybe just want to hit a couple of financial questions toward the end of this discussion because obviously that’s what people ultimately care about to some extent. Clearly, occupancy rates have been fairly strong. You guided to one or two hundred basis points increasing occupancy for this year. You’ve seen pretty strong new leasing activity. Do you feel like the environment we’re in now, customers are actually pulling in leasing activity, such that they see a hot market, so they want to kind of get that allocation today, and how do you expect this sort of sustainability of re-leasing spreads to go over the next several quarters?

Andrew Power

There’s no question that, especially for the larger customers that have these AI workloads, that urgency is at the forefront. Fortunately, this is happening at a time when there’s just broader supply constraints. Right? So you can only pull in so much because the market only has so much. That’s why a lot of these markets get to pretty darn full capacity.

The enterprise colo business, I don’t think that that is experiencing the tightness from AI demands I think you’re seeing there, is that ourselves and another competitor are really pulling ahead and there’s not other attractive options that can deliver all its value to you as enterprise colo customer. That’s certainly advantageous to our economics.

On the cash and leasing spreads, we just had this new dramatic recovery in rates. I don’t know, I wouldn’t – if you probably would have asked me 18 months ago, 24 months ago, would they have gone where they are today, I’d probably would have not expect them to run as far as fast.

I don’t know whether they’re going to go another leg up or not just yet, but I know my expiration schedule is stepping down year over year. So I have an opportunity. Now some of those contracts have advantageous rights to the customer, but the way things are moving with customers wanting to grow their infrastructure, intensify their infrastructure, change their infrastructure, I think we’re going to have a good opportunity to either bring forward some of those renewals and capture that mark to market, even if the rate environment, the customer rate environment, stays where it is today.

James Schneider

Yeah. One question I get from investors often is just sort of like how you think about occupancy, utilization and how that kind of factors into all this and financials ultimately. You report a portfolio-wide occupancy rate of about 83%. Some markets like Northern Virginia in the 90s, others like London in the 60s. Can you maybe talk to why it’s such a widespread in variance in that if the market is kind of as constrained as we’re talking about today?

Andrew Power

I really think of the oxygen in two different buckets called enterprise colo orientation and hyperscale. In the enterprise colo standpoint, you always have some type of, call it, friction, call it, churn or vacancy. But I still think we’ve got a ways to go in that category. And I look at other examples that say that you could bring that up to closer to 90% over time. On the hyperscale side, it’s obviously pushing up even higher than it’s probably ever been given the quantum of pre-leasing. We’re selling out of things that have been challenging.

And lastly, on the margin, some of this demand for these newer upstart companies and smaller are getting pushed to tougher to lease capacity because they’re not first in queue, unfortunately, for the likes of our biggest customers.

So that’s a long-winded way of saying that we’re actively taking measures on what we dispose of, what we monetize, how we’re leasing and how we’re executing to continue to push that occupancy north.

James Schneider

Yeah. And clearly another kind of topic that I think is central to a lot of investors’ minds right now is sort of getting back to FFO per share growth for the company and what run rate of growth you ultimately sustain at over the next 12, 18-plus, 24 months. How do you encourage investors to kind of think about the algorithm for FFO per share growth?

Andrew Power

We had to take a lot of steps backwards of last several years to take big steps forward now. And we understand that the driver of our value is accelerating, compounding bottom line per share growth. And that’s why we may be the only company that essentially gave two years out guidance on our earnings call. And we said, call it, mid-single digits. And that’s even muted because the path of deleveraging, selling outs, joint venturing, which are long-term rate plays, as well as other deleveraging, are still going to be impacting us in 2025.

And what we said second is that’s not the new go-for, that’s the new floor. And where we go from there is north of that mid-single digits. And the levers we’re playing with then is how much development we do or how we fund that development really. So we’re really trying to essentially continue to obviously put up the number we said last year for next year, make that the floor, not the bogey, and then continue to grow off that. But also, at the same time, these levers are pulling to make that runway of growth the longest possible, right? Because these developments we’re doing, these are good ROI projects. They’re just raising your per share growth when they don’t produce any income and they’re big, heavy capital projects. So we have religion on this topic.

James Schneider

Finally, just to leave everybody with one question, which is just broadly speaking, when you talk to investors, you’ve spoken to a lot of them over the last couple of weeks, I think, what is the one thing that you think is misunderstood, if anything, about the Digital Realty story and what’s the one thing you would encourage investors to focus on?

Andrew Power

So what I described is that, especially it’s very apropos for this, Digital Realty, I view, as a small but mighty boat in a big ocean of AI right now that has not had the ups or the downs of some of our best customers and partners out there.

And I know there’s a lot of bulls and bears on the topic of AI. What I can tell you is this theme is additive to our business tremendously. From what we hear from our customers, it’s not ending. It’s still getting started. It’s going to be multifaceted how I think we will support it.

We’ve been almost always talking about big deals, big, large GPU training type thing. But how customers use this, how enterprises engage with us, where they put that infrastructure, that’s really a long tail of growth, I believe.

And lastly, while we’re in this portion of the AI movie or whatever analogy you want to use, we are winning business that we’re converting into long-term recurring revenue streams at attractive ROIs, the highest escalations, 3%, 3.5%, 4% contractual bumps, the longer durations, 15 years, and we’re doing it in core markets. We’re not betting on new markets that are going to be there in 10 or 15 years. We’re doing in core markets where even if we’re wrong, there’s other demand that is fomenting, be it cloud computing, enterprise IT. So it’s a different way, I believe, to benefit and support this long-term secular growth. And I think we’re executing against it quite well.

James Schneider

Well, unfortunately, we’ve got 50 more questions and no more time, but that was a great conversation. So thanks, Andy, for being with us today. Appreciate it.

Andrew Power

Thanks so much.

Question-and-Answer Session

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