Dan Newman: The first part about the delivery schedule, we slowed down pretty much our entire construction program. I think there’s more than 20 projects in that program. But as you know, all those projects have customer commitments and those customer commitments have a delivery date. So, our ability to slow down depends on the customer agreeing to take delivery at a later date, not all of them, but we wish that’s happened and some of them like us to keep to the original delivery schedule, which is, of course, perfectly fine by us. We’re just trying to manage out the incurrence of that CapEx to shorten the lead time between when we spend money and when the customers move in and start to generate income. So that’s really what’s behind the numbers.
We do have a substantial amount of capacity in service, which is not yet revenue-generating. I mean, our utilization rate is 71%. When you have a portfolio in service as large as ours and the commitment rate of 95%, utilization rate 71%, so that means 24%, which is committed, but not utilized. That’s a big number. That’s our backlog for area in services, so 120,000 square meters. So that could move in practically with no additional CapEx. So, you’ve got to take that into consideration, right? The completion of the projects under construction is not driving — it’s not the only growth driver when we have so much move-in ready capacity. William, do you like to answer the question about self-build whilst I…
William Huang: What’s the question?
Edison Lee: The question is that, one of your peers recently said that a very big cloud service providers, in fact, will stop self-build. They have…
William Huang: Yeah. I think this is the topic I think it’s not only one cloud service provider internally discussing. Yeah, I think I remember in the last couple of the earnings call, I think the — we are the largest builder in China. We have a scale advantage. I think, finally, our — some of our customers start to realize that, right? So, I think the — in terms of economic perspective, they realize it’s not very efficient. So, I think the — this is the topic discussion there internally. So, we are willing to think — we are trying to encourage this for their future. And some of them also talk about they sell some asset to us. We’re also considered about this option.
Dan Newman: Answering also about the EBITDA growth rate, excluding international, we allocate SG&A to international using sound accounting principles. With that allocation, the EBITDA of international is negative about RMB100 million in 2023. So, if you like, you can add that back and that’s what GDS looks like without international.
Edison Lee: Okay. So, on the revenue side, do you have anything projected for 2023 on your budget?
Dan Newman: Yeah, I think about — I was looking at 1.7% of our revenue comes from international in this current year.
Edison Lee: Okay. Got it. Yeah. Thank you very much, Dan.
Operator: Thank you. I’d now like to turn the call back over to the company for closing remarks.
Laura Chen: Thank you all once again for joining us today. If you have further questions, please feel free to contact GDS Investor Relations through the contact information on our website or the Piacente Group Investor Relations. Next time, see you, bye-bye.
Operator: Thank you. This concludes this conference call. You may now disconnect your lines. Thank you.
