Yong Choe: Great. And you’ve mentioned this in the bits and parts throughout the Q&A. But just to circle back, I think there’s some perception that you paid a very premium multiple for Switch. And it seems like given how it’s performed, maybe it’s not nearly as high as people assume. Any kind of update there that you can provide that you want to clarify on that?
Marc Ganzi: Yes. Look, I gave a pretty pointed speech in Hawaii about that, Richard, you should go check that out because it’s pretty detailed. But I’ll give you the highlights of that speech, which is we’re 3 years ahead of leasing where we thought we’d be. That’s kind of all you got to know. We thought we were going to do 16 megawatts, we did 77 megawatts. And the pipeline has quadrupled since we bought the company. And we just — it’s one of those stories, Richard, that is sometimes the company just performs better when it’s private versus being public. They were constrained of capital, as you know, being a public company. The management team had a tough time. It’s not a business you can run quarter-to-quarter. Just not built for public market cadence.
And bringing it private allowed the company to make the right investments, the right long-term decisions and it’s paid off really well for us. We just had a Board meeting this week, and the results are pretty outstanding. We’re in this business for nowhere near 30x anymore. Whoever is putting out that narrative, it just doesn’t have the right information, and I’ll leave it there. Business is performing well. Renewable energy for the major Fortune 100 enterprise companies for the U.S. government and for cloud players, it’s not a nice to have, it’s table stakes. These guys want to be in data centers where there’s 100% renewable energy. And the last thing I would just say is Switch is in places. We’re the alternative to markets that are now shut down and have no power.
So — for example, Grand Rapids has turned out to be a nice alternative to Northern Virginia. Reno is the alternative to Silicon Valley. Austin, Texas is the alternative to Dallas and Houston. And so we’re in really good high-growth markets. We own the land. We control our real estate. We’re fully permitted for the next 11 million square feet of data center space, and we have 1.5 gigawatts of unused power. So the combination of having a lot of land, a lot of rentable square feet and a lot of power and being unconstrained has put us in a huge advantage in some of these markets. And so that’s why the business is crushing it today. And so we’re going to continue to see outperformance in that asset. I’m really excited about what we’re doing at Switch.
And it’s a blueprint for epically what we do in private cloud in Europe and what we do in Asia. So we’re not stopping there. We think there’s — like we did with Vantage. We took Vantage to Europe, we took Vantage to Asia. The market for private Tier 5 renewable power data centers is a really interesting product. And so we’re looking at that into the future. Where do we take Switch next.
Operator: Our next question is from the line of Matt Niknam with Deutsche Bank.
