Jason Hall

It has an almost $60 billion backlog.

$50 billion of that is contracted remaining performance obligation, or RPO.

Growth rates are certainly astronomical, if we can keep that theme going.

They're likely to remain exceptionally high for some time to come.

There are also some signs that its scale-up is driving improvements.

If we look at its financial results, adjusted EBITDA, adjusted operating income, and its margins, they did improve in the quarter.

Adjusted losses fell.

I think this is a business that is likely to be a lot larger in five years.

But even with those improvements,

and the growth, it's far less clear how much of that growth is going to flow through to investors.

This isn't a software company.

It's an infrastructure business with a technology overlay.

Building all of the data centers that it needs to meet demand is coming at a massive cost.

We're going to see a lot of that cost to the balance sheet.

Just for some context,

We got the updated full-year guidance.

Actually, one of the reasons the stock is down is, the guidance was a little bit lighter for the fourth quarter and the full year than investors were expecting.

But management's calling for about $5 billion in revenue for the full year.

That's more than double last year.

But it's going to spend $13 billion on CapEx projects, and it's going to pay about $1.25 billion in interest expense.