MRR churn is expected to remain in our target range of 2% to 2.5% per quarter for the remainder of the year. The key to pricing for us is really continuing targeted discipline in our sales targeting and we've talked about that for many years now, right, delivering -- targeting the right customers with the right used cases into the right IBX locations. New wins and expansions included, a leading Nordic insurance company leveraging hybrid multi-cloud and distributed data and Galileo Financial Technologies, a payment solutions platform rearchitecting their network and securely connecting the ecosystem partners.And then I think also look to potentially position that as something that it will be deployed in non-Equinix facilities. Our next question comes from Jon Atkin with RBC. All that said, there is a number of things that are going on in the business, one of the things that we did want to certainly highlight was we want to continue to invest in our go-to-market and product organization. Returns as of 07/31/2020.Charles, do you want me to take the first part?Okay. And then I have a follow-up on xScale. In Q2, we had an incremental 8,000 interconnects driven by streaming, video conferencing, enterprise cloud connectivity and investments in local -- at local aggregation to support work from home.And the other thing I did, I referred to in, at least in my one of my prior remarks, salaries and benefits are going up inside the business and that's not because -- that was something that was sort of an implication coming out of the pandemic. In Q2, we delivered the third best gross bookings in our history, driven by a record quarter in the Americas, continued strength in channel bookings, robust interconnection performance and a high volume of small deals.Thank you, Katrina. Now you've got a better sense of pipeline and economics.And the last thing I would say, there is some seasonality built into our spend, particularly around recurring capex, Q4, more specifically and that's why you see the impact coming through our guide on the AFFO as well. We think there are some other opportunities in terms of new market entries that are areas that we -- our continued -- that we'll continue to be focused on, that are potentially actionable out there.Stock Advisor launched in February of 2002. And as we look at that we -- and plus, I think a very uncertain environment still in terms of sort of second wave if you will on COVID and the implications of that and -- how the protracted economic impacts are going to begin to affect companies, etc.Well, when we look at the second half of the year, there's just a lot of uncertainty that still remains, not so much in our business per se, but the reality of how all of the terminal gets manifested into our results.
The Verizon assets and where you are as far as beginning to fill that space out to magnify the utilization there.If you look at new logos, they are a little bit lower than our pre-COVID levels, but we also are there targeted more at larger, larger accounts with bigger wallet sizes.
I think, Q2 was, I don't want to say is aberrational, because obviously it's an outcome of many, many great things, including revenue mix where our non-recurring revenue came down and as it was -- and our recurring revenue went up, and as a result, you've got a favorable mix shift. Export Data Save Image Print Image For advanced charting, view our full-featured Fundamental Chart. Thank you.Interconnection were substantially up on a year-over-year basis, driven by volume and pricing initiatives and billing cabinet stepped up in the quarter.Sure. Our next question comes from Jordan Sadler of KeyBanc. That all said, when we calibrate across the remaining part of the year, where we fully believe that between the pricing and the momentum of the business, including a strong pipeline, we you should see a step-up in the growth rate. First, Keith, I want to drill down a little bit more on the EBITDA beat, which was pretty meaningful. Our next question comes from Nick Del Deo with MoffettNathanson.
Including the benefit of the $1.7 billion equity transaction completed in May, our net debt leverage ratio decreased approximately 3.3 times in Q2, annualized adjusted EBITDA well within our target leverage range.Our EMEA region saw strong bookings in the quarter, particularly across a number of smaller and emerging markets, including Dublin and Madrid. Your line is open.For the quarter, we're tracking against our expectations and COVID-19 related impact and cost. Global Q2 AFFO was $558 million above our expectations on a constant currency basis, largely the results of strong operating performance.