鐵山公司 (IRM) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Iron Mountain Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Iron Mountain 2022 年第二季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead.

我現在想將會議轉交給高級副總裁兼投資者關係主管 Gillian Tiltman。請繼續。

Thank you, Chad. Good morning, and welcome to our second quarter 2022 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We are joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer.

謝謝你，乍得。早上好，歡迎參加我們的 2022 年第二季度收益電話會議。在今天的電話會議中，我們將參考投資者關係網站上提供的材料。今天，總裁兼首席執行官比爾·米尼 (Bill Meaney) 加入了我們的行列；和我們的執行副總裁兼首席財務官 Barry Hytinen。

After prepared remarks, we'll open up the lines for Q&A.

準備好評論後，我們將打開問答線路。

Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on Slide 2 and our quarterly report on Form 10-Q for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements.

今天的收益材料包含前瞻性陳述，包括有關我們預期的陳述。所有前瞻性陳述都存在風險和不確定性。請參閱今天的收益材料、幻燈片 2 上的安全港語言和我們在 10-Q 表格上的季度報告，以討論可能導致我們的實際結果與我們的前瞻性陳述中的結果不同的主要風險因素。

In addition, we use several non-GAAP measures when presenting our financial results. We have included the reconciliations to these measures in our supplemental financial information.

此外，我們在展示我們的財務業績時使用了幾種非公認會計原則的衡量標準。我們已將這些措施的對賬納入我們的補充財務信息中。

And with that, I'll turn the call over to Bill.

有了這個，我會把電話轉給比爾。

Thank you, Gillian, and thank you all for joining us today to discuss our second quarter results. Our team delivered another quarter of record results, further demonstrating our resilience in pricing power as the world navigates difficult market conditions and global instability. Our dedicated team continues to develop new and innovative solutions for the ever-evolving needs of our customers. Our durable business model and strong customer relationships consistently drive value for our customers and ultimately, our shareholders.

謝謝你，吉莉安，感謝大家今天加入我們討論我們的第二季度業績。我們的團隊又創造了四分之一的創紀錄業績，進一步證明了我們在世界艱難的市場條件和全球不穩定的情況下在定價能力方面的彈性。我們敬業的團隊不斷開發新的和創新的解決方案，以滿足客戶不斷變化的需求。我們持久的商業模式和強大的客戶關係始終如一地為我們的客戶和最終為我們的股東創造價值。

Our record second quarter results delivered our highest ever quarterly revenue of $1.29 billion, representing 13% total organic revenue growth and an all-time record for EBITDA of $455 million, in spite of significant FX headwinds. These results are further proof of why we continue to be so encouraged by the increased demand for our services across key markets.

儘管存在重大的外匯逆風，我們創紀錄的第二季度業績實現了有史以來最高的季度收入 12.9 億美元，佔總有機收入增長 13% 和 EBITDA 的歷史記錄 4.55 億美元。這些結果進一步證明了為什麼我們繼續對主要市場對我們服務的需求增加感到如此鼓舞。

Pricing and positive volume trends continue to benefit us in this quarter as we reflected in our organic storage rental revenue growth of 8.2%. As we have been sharing with you over the past few quarters, we have been growing quickly, even faster than our own expectations. A major driver of this growth is a direct benefit from our continued innovation, which has increased the size of the total addressable market for our products and services by 12x to $120 billion, most of which is in faster-growing sectors.

定價和積極的銷量趨勢在本季度繼續使我們受益，因為我們反映了我們 8.2% 的有機存儲租金收入增長。正如我們在過去幾個季度中與您分享的那樣，我們一直在快速增長，甚至比我們自己的預期還要快。這一增長的主要驅動力是我們持續創新的直接收益，這使我們的產品和服務的總潛在市場規模增加了 12 倍，達到 1200 億美元，其中大部分位於增長較快的行業。

Accordingly, we are forecasting revenue growth to continue to accelerate in the back half of the year, driven by strong revenue management in our global RIM business unit, growth in our data center business, digital information management solutions and improving trends in downstream demand for our hyperscale asset life cycle management or ALM business, which we acquired through the acquisition of ITRenew in January of this year.

因此，我們預計下半年收入增長將繼續加速，這得益於我們全球 RIM 業務部門的強勁收入管理、我們的數據中心業務增長、數字信息管理解決方案以及我們下游需求趨勢的改善。超大規模資產生命週期管理或 ALM 業務，我們於今年 1 月通過收購 ITRenew 獲得。

I now would like to take this opportunity to share a few highlights of our customer wins. To begin with, our records management business, we have had a long-standing relationship with a major global accounting organization for more than 20 years. They were in the midst of reviewing their records management program when they learned of our Smart Sort solution. We calculated that Smart Sort could help them classify and destroy co-mingled records that have various retention schedules in a much faster and more cost-efficient way than if they were to do so in-house. This led to a proof of concept to demonstrate the power of our tools and techniques, which resulted in a deal that closed months sooner and expanded the records management program we performed for them across not only the outsourced records but their in-house records as well.

我現在想藉此機會分享我們贏得客戶的一些亮點。首先，我們的記錄管理業務與一家主要的全球會計組織建立了 20 多年的長期合作關係。當他們得知我們的 Smart Sort 解決方案時，他們正在審查他們的記錄管理計劃。我們計算出 Smart Sort 可以幫助他們以比在內部進行更快、更具成本效益的方式分類和銷毀具有不同保留時間表的混合記錄。這導致了概念驗證，以展示我們的工具和技術的力量，從而導致交易提前數月完成，並擴大了我們為他們執行的記錄管理計劃，不僅包括外包記錄，還包括他們的內部記錄.

Moreover, this win has already led to other exciting conversations with the customer about digital transformation opportunities. The deal has also opened more opportunities with the customer in Europe and the Asia Pacific region.

此外，這一勝利已經導致與客戶就數字化轉型機會進行其他激動人心的對話。該交易還為歐洲和亞太地區的客戶帶來了更多機會。

On the Digital Solutions side, we recently won a contract with a large insurance and financial services company in the United States. They had previously only used us for shredding services, aligned with the acceleration of the digitization initiatives, they needed solutions to help them create greater business efficiencies whilst maintaining data security for the sensitive information their company handles every day. We provided a cloud-based solution to further support their work from anywhere initiatives by delivering information to their associates wherever they are in a secure and easy-to-access manner.

在數字解決方案方面，我們最近贏得了美國一家大型保險和金融服務公司的合同。他們以前只將我們用於粉碎服務，與加速數字化計劃相一致，他們需要解決方案來幫助他們提高業務效率，同時維護公司每天處理的敏感信息的數據安全。我們提供了一個基於雲的解決方案，通過以安全且易於訪問的方式向他們的員工提供信息，從而進一步支持他們在任何地方的工作。

Our team listened to the customers' needs and tailored a near-site digital mailroom solution to effectively meet their needs by leveraging an Iron Mountain owned and operated record center located near the customers' headquarters. As a result, we will digitize and distribute 10 million pieces of mail annually. As part of the special handling process, we will also leverage our insight solution for checks and other items deemed to be sensitive.

我們的團隊聽取了客戶的需求，並通過利用位於客戶總部附近的 Iron Mountain 擁有和運營的記錄中心，量身定制了一個近地數字收發室解決方案，以有效地滿足他們的需求。因此，我們每年將數字化和分發 1000 萬封郵件。作為特殊處理流程的一部分，我們還將利用我們的洞察解決方案來處理支票和其他被視為敏感的物品。

Over time, we expect to leverage the full suite of InSight solutions to process all of their mail, leveraging workflow automation through the use of our embedded artificial intelligence and machine learning capabilities. This innovative solution will dramatically improve mail processing times through automated routing as well as classification and governance.

隨著時間的推移，我們希望利用全套 InSight 解決方案來處理他們的所有郵件，通過使用我們的嵌入式人工智能和機器學習功能來利用工作流自動化。這種創新的解決方案將通過自動路由以及分類和治理顯著縮短郵件處理時間。

These wins demonstrate the merits of strong customer loyalty, coupled with our solution-oriented approach in serving our customers. We are sharply focused on understanding their job to be done in delivering solutions which are both innovative and impactful.

這些勝利證明了強大的客戶忠誠度以及我們以解決方案為導向的方法為客戶服務的優點。我們非常專注於了解他們在提供創新和有影響力的解決方案方面要做的工作。

Now to switch gears, I'd like to share a recent data restoration and migration win that led to an ALM win, thanks to a deep and trusted relationship with one of our customers, a large Australian bank. They have been growing through acquisition and as part of their integration plans have been decommissioning their data centers to move to a large cloud provider. To help enable this transition, we recognize that they would benefit from better access to their data on tapes, leading to 1 of our biggest data restoration and migration services contracts.

現在換個方向，我想分享一下最近的數據恢復和遷移勝利，這導致了 ALM 勝利，這要歸功於我們與我們的一個客戶——一家大型澳大利亞銀行建立了深厚且值得信賴的關係。他們通過收購不斷發展壯大，作為整合計劃的一部分，他們一直在退役他們的數據中心，以轉移到一家大型雲提供商。為了幫助實現這一轉變，我們認識到他們將受益於更好地訪問磁帶上的數據，從而促成我們最大的數據恢復和遷移服務合同之一。

This is in and of itself a great win, but it led us to an even larger opportunity to assist this long-standing customer. Based on our strong partnership, we were able to help the customer manage their decommissioned data center assets by offering an introduction to our ALM services. This win is an important entry point and shows our ability to help our customers solve multiple business challenges. It also reinforces the cross-sell opportunity in ALM.

這本身就是一個巨大的勝利，但它使我們有更大的機會來幫助這個長期的客戶。基於我們強大的合作夥伴關係，我們能夠通過介紹我們的 ALM 服務來幫助客戶管理他們退役的數據中心資產。此次勝利是一個重要的切入點，展示了我們幫助客戶解決多種業務挑戰的能力。它還加強了 ALM 中的交叉銷售機會。

In our ALM segment, in addition to the Australian bank, this quarter, we closed a deal with another large global bank, whereby Iron Mountain will provide on-site media destruction and data center equipment recycling to 42 data centers campus locations and branch offices. The program will also expand to corporate and user assets in multiple global locations. This customer contacted Iron Mountain in January of 2022 to inquire about our secure IT asset disposition services due to poor performance from their incumbent vendor. Our team engaged with the bank's key stakeholders to discuss their service requirements, data security policy and pain points in order to best position our solution.

在我們的 ALM 部門，除澳大利亞銀行外，本季度，我們與另一家大型全球銀行達成交易，Iron Mountain 將為 42 個數據中心園區位置和分支機構提供現場媒體銷毀和數據中心設備回收。該計劃還將擴展到全球多個地點的企業和用戶資產。由於現有供應商表現不佳，該客戶於 2022 年 1 月聯繫 Iron Mountain，詢問我們的安全 IT 資產處置服務。我們的團隊與銀行的主要利益相關者討論了他們的服務要求、數據安全政策和痛點，以便為我們的解決方案提供最佳定位。

Our best-in-class logistics, asset processing capabilities, data security practices, transparent reporting and strong client relationships were critical to securing the win. Moreover, our acquisition earlier this year of ITRenew and the resulting ability to in-source all asset processing capabilities in the U.S. convince this customer that we have the strongest capability set to service them.

我們一流的物流、資產處理能力、數據安全實踐、透明的報告和強大的客戶關係對於確保獲勝至關重要。此外，我們今年早些時候對 ITRenew 的收購以及由此產生的在美國內購所有資產處理能力的能力使該客戶相信我們擁有最強大的能力來為他們提供服務。

We are also pleased to report another ALM win with a large cloud customer wherein we were awarded part of a $60 million global RFP. The customer currently uses a multi-vendor approach with a vendor assigned per region. ITRenew was the largest provider to them in North America for value recovery and on-site drive destruction. Now that Iron Mountain has completed the acquisition, the customer has additionally awarded us their Irish business, along with expansion of the North American business to include shredding and recycling hard disk drives. We won this business in part due to our track record of achieving the highest value for the resale of decommissioned components, our global footprint and our excellence in asset tracking.

我們也很高興地報告另一個大型雲客戶的 ALM 勝利，其中我們獲得了 6000 萬美元的全球 RFP 的一部分。客戶目前使用多供應商方法，每個區域分配一個供應商。 ITRenew 是北美最大的價值恢復和現場驅動器銷毀提供商。既然 Iron Mountain 已經完成了收購，客戶還向我們授予了他們在愛爾蘭的業務，以及北美業務的擴展，包括粉碎和回收硬盤驅動器。我們贏得這項業務的部分原因是我們在退役組件轉售方面實現最高價值的記錄、我們的全球足跡以及我們在資產跟踪方面的卓越表現。

We are very encouraged by the continued growth of IT assets contracted to us for disposal as well as the wins with new and existing clients. However, like all global businesses exposed to computing equipment, the latest COVID-19 shutdowns in China have had a negative short-term impact. This impact has been most particularly pronounced in May and June. There is a higher-than-normal backlog of material, which we hold on consignment that cannot be sold until we can deliver it to the manufacturers in China who are using the recycled components in their goods. Whilst China's zero COVID policy makes it hard to predict when manufacturing rhythms will return to normal, we do expect to see an acceleration of our sell-through once the situation does indeed normalize.

與我們簽訂合同以進行處置的 IT 資產的持續增長以及與新客戶和現有客戶的合作令我們感到非常鼓舞。然而，與所有接觸計算設備的全球企業一樣，中國最近的 COVID-19 停工產生了負面的短期影響。這種影響在 5 月和 6 月尤為明顯。積壓的材料高於正常水平，我們持有的貨物在我們能夠將其交付給在其商品中使用回收組件的中國製造商之前無法出售。雖然中國的零新冠病毒政策使得很難預測製造節奏何時會恢復正常，但我們確實預計，一旦情況確實正常化，我們的銷售就會加速。

In summary, the continued growth we have seen in the upstream supply of IT equipment needing to be securely and safely recycled further increases our excitement about this sector once downstream demand for recycled IT components reverts back to its usual levels.

總而言之，一旦下游對回收 IT 組件的需求恢復到正常水平，我們看到需要安全回收的上游 IT 設備供應的持續增長進一步增加了我們對該行業的興奮。

Finally, our data center business has been extremely active this quarter, and we successfully completed 83 megawatts of leasing. This included a 72-megawatt lease for 2 buildings on our Northern Virginia campus. Both of these facilities are effectively stabilized as we have pre-leased 100% of the capacity to a Fortune 100 company. Today, we are happy to announce a joint venture for these assets with a subsidiary of Hana Financial, a global real estate firm. Full build-out of these 2 sites is expected in the third quarter of 2025, and Iron Mountain will be responsible for managing the design and development of the data center shell as well as administrating the leases. Also in this quarter, we signed a hyperscale tenant on our Phoenix, Arizona campus. With this new lease, the customer has existing capacity in 3 of our locations. This win increases their geographic presence with us as well as introducing the client to the Phoenix market for the first time.

最後，本季度我們的數據中心業務異常活躍，成功完成了83兆瓦的租賃。這包括我們在北弗吉尼亞校區的 2 座建築物的 72 兆瓦租賃。由於我們已將 100% 的產能預租給財富 100 強公司，因此這兩個設施都得到了有效穩定。今天，我們很高興地宣布與全球房地產公司 Hana Financial 的子公司成立合資企業。預計這兩個站點將在 2025 年第三季度全面建成，Iron Mountain 將負責管理數據中心外殼的設計和開發以及管理租約。同樣在本季度，我們在亞利桑那州鳳凰城校區簽下了一個超大規模租戶。通過這項新租約，客戶在我們的 3 個地點擁有現有產能。此次勝利增加了他們與我們的地理分佈，並首次將客戶介紹到鳳凰城市場。

We've also been active on co-location this quarter in our data center business. We had a new customer win with 1 of the largest managed service providers, which has existing data centers in North America and Europe, and we're looking to gain entry into strategic emerging markets such as India. To that end, we were able to accommodate this customer through our Web Werks JV in Mumbai for data center capacity.

本季度，我們還在數據中心業務中積極開展託管。我們與最大的託管服務提供商之一贏得了新客戶，該提供商在北美和歐洲擁有現有的數據中心，我們正在尋求進入印度等戰略性新興市場。為此，我們能夠通過我們在孟買的 Web Werks JV 為該客戶提供數據中心容量。

When we originally entered India through this JV, we operated in 3 markets: we have spent much of the last year focused on securing land to expand our footprint in our existing markets as well as 2 additional new markets now. We believe as we work through planning and permissioning on these parcels, we will have over 100 megawatts of sellable capacity in the Indian market over the next couple of years.

當我們最初通過這家合資企業進入印度時，我們在 3 個市場開展業務：去年我們將大部分時間都花在了確保土地上，以擴大我們在現有市場以及另外 2 個新市場的足跡。我們相信，隨著我們對這些地塊進行規劃和許可，未來幾年我們將在印度市場擁有超過 100 兆瓦的可售容量。

Having personally visited India already twice this year, I and we remain very excited about -- about the opportunities we are seeing in this exciting market, both for data center as well as our business more broadly. These wins show how our focus towards building an extraordinary set of synergistic and customer-centric solutions, combined with our global reach and footprint both differentiates and propels our growth forward.

今年已經兩次親自訪問印度，我和我們仍然對我們在這個令人興奮的市場中看到的機會感到非常興奮，無論是對於數據中心還是更廣泛的業務。這些勝利表明我們專注於構建一套非凡的協同和以客戶為中心的解決方案，結合我們的全球影響力和足跡，如何區分並推動我們的增長。

As we have discussed before, we are focused on driving commercial activity, including cross-selling our solutions to our customers, and this quarter, nearly all of our data center bookings were signed with existing customers of Iron Mountain.

正如我們之前所討論的，我們專注於推動商業活動，包括向客戶交叉銷售我們的解決方案，本季度，我們幾乎所有的數據中心預訂都與 Iron Mountain 的現有客戶簽署。

To conclude, I am incredibly proud how our team has continued to build on our growth momentum, expand our portfolio and not only meet but exceed our customers' evolving needs. This is evidenced by our outstanding and record results this morning, including our highest ever revenue and all-time record EBITDA as well as the highest rate of organic revenue growth in the last 25 years. We expect to continue to build on these results as we further the growth of our business based upon a strong global footprint, a powerful portfolio of products and services and our deep customer relationships. We have a very exciting future, and I can't wait to see all we continue to accomplish together.

最後，我非常自豪我們的團隊如何繼續鞏固我們的增長勢頭，擴大我們的產品組合，不僅滿足而且超越客戶不斷變化的需求。今天早上我們出色的創紀錄業績證明了這一點，包括我們有史以來最高的收入和創紀錄的 EBITDA 以及過去 25 年來最高的有機收入增長率。隨著我們基於強大的全球足跡、強大的產品和服務組合以及我們深厚的客戶關係進一步發展我們的業務，我們預計將繼續在這些成果的基礎上再接再厲。我們有一個非常令人興奮的未來，我迫不及待地想看到我們繼續共同完成的一切。

With that, I'll turn the call over to Barry.

有了這個，我會把電話轉給巴里。

Thanks, Bill, and thank you all for joining us to discuss our results. In the second quarter, our team delivered strong performance across all metrics, meeting top line projections while exceeding projections on EBITDA and AFFO. On a reported basis, revenue of $1.29 billion, grew 15% year-on-year or 18% excluding the effects of the stronger U.S. dollar. Incidentally, the dollar strengthened significantly since the time of our call in April and resulted in about $15 million of incremental revenue headwind versus our prior projections for the second quarter.

謝謝，比爾，感謝大家加入我們討論我們的結果。在第二季度，我們的團隊在所有指標上都取得了強勁的表現，達到了頂線預測，同時超過了 EBITDA 和 AFFO 的預測。根據報告，收入為 12.9 億美元，同比增長 15% 或 18%，不包括美元走強的影響。順便說一句，自我們 4 月份的電話會議以來，美元大幅走強，與我們之前對第二季度的預測相比，導致收入增加了約 1500 萬美元。

A key highlight in the quarter is our organic storage revenue, which grew 8.2%, reflecting strong revenue management and data center commencements. Total service revenue increased 34% to $536 million with 21% organic growth. In total, this was driven by strength in our core service offerings, including digital solutions and our acquisition of ITRenew. Adjusted EBITDA was $455 million, up 12% on a reported basis and up 15% year-on-year on a constant currency basis.

本季度的一個關鍵亮點是我們的有機存儲收入增長了 8.2%，反映了強勁的收入管理和數據中心的啟動。總服務收入增長 34% 至 5.36 億美元，有機增長 21%。總體而言，這是由我們核心服務產品的實力推動的，包括數字解決方案和我們對 ITRenew 的收購。調整後的 EBITDA 為 4.55 億美元，按報告基準增長 12%，按固定匯率計算同比增長 15%。

We had strong contributions from revenue growth driven by pricing and data center storage along with ongoing productivity improvements. The higher level of EBITDA was despite the significant impact of the stronger U.S. dollar and the disposition of our software escrow business last June. Combined, those 2 items are about $17 million of year-on-year headwind.

我們從定價和數據中心存儲驅動的收入增長以及持續的生產力提高中獲得了強大的貢獻。儘管美元走強和我們去年 6 月軟件託管業務的處置產生了重大影響，但 EBITDA 水平較高。加起來，這兩個項目的同比逆風約為 1700 萬美元。

The deconsolidation last quarter of the former OSG Records business in Russia offset the benefit from ITRenew. With solid flow-through, second quarter EBITDA exceeded the expectations we shared on our last call by $5 million on a reported basis and by $10 million using the same FX rates included in our April projections. Adjusted EBITDA margin was better than we projected and improved 80 basis points sequentially versus the first quarter of 2022, driven by price and mix. AFFO was $271 million or $0.93 on a per share basis, up $25 million and $0.08, respectively, from the second quarter of last year. In both cases, we exceeded our expectations.

俄羅斯前 OSG 唱片業務上個季度的分拆抵消了 ITRenew 帶來的收益。憑藉穩健的流動性，第二季度 EBITDA 在報告基礎上超出了我們在上次電話會議上分享的預期 500 萬美元，使用我們 4 月份預測中包含的相同匯率計算超出了 1000 萬美元。在價格和組合的推動下，調整後的 EBITDA 利潤率好於我們的預期，與 2022 年第一季度相比，環比提高了 80 個基點。 AFFO 為 2.71 億美元或每股 0.93 美元，比去年第二季度分別增加 2500 萬美元和 0.08 美元。在這兩種情況下，我們都超出了我們的預期。

Now turning to segment performance. In the second quarter, our global RIM business delivered revenue of $1.1 billion, an increase of $74 million from last year or 7% on a reported basis. On an organic constant currency basis, revenue increased 11%. Constant currency storage rental revenue growth of 6.4% exceeded our expectations for the quarter. These results reflect the strong performance of our commercial team and their focus on selling the full suite of products across our portfolio. Global RIM adjusted EBITDA was $469 million, an increase of $45 million year-on-year. Adjusted EBITDA margin was up 120 basis points year-on-year, reflecting pricing strength and productivity.

現在轉向細分性能。在第二季度，我們的全球 RIM 業務實現了 11 億美元的收入，比去年增加了 7400 萬美元，或報告的基礎上增長了 7%。在有機不變貨幣基礎上，收入增長了 11%。固定貨幣存儲租金收入增長 6.4%，超出了我們對該季度的預期。這些結果反映了我們商業團隊的強勁表現以及他們專注於銷售我們產品組合中的全套產品。全球 RIM 調整後 EBITDA 為 4.69 億美元，同比增長 4500 萬美元。調整後的 EBITDA 利潤率同比上升 120 個基點，反映了定價實力和生產力。

Turning to our global data center business. Our team delivered another successful quarter of executing our strategy. On a revenue basis, we delivered 30% year-on-year growth, and a particular highlight for me is the 24% organic storage revenue growth. As we noted on our last call, we signed a 72-megawatt lease on our Virginia campus with a long-standing hyperscale customer for a near build-to-suit. As Bill noted, we have recently established a joint venture for this asset, whereby we will retain a 55% interest and generate a strong return. We completed an additional 11 megawatts of leasing in the quarter for a total of 83 megawatts. We are confident in our 130-megawatt projection for new and expansion leasing this year, thanks to the momentum from the first half of the year, combined with our strong bookings pipeline.

轉向我們的全球數據中心業務。我們的團隊又成功地執行了我們的戰略一個季度。在收入的基礎上，我們實現了 30% 的同比增長，對我來說，一個特別的亮點是 24% 的有機存儲收入增長。正如我們在上次電話會議中指出的那樣，我們在弗吉尼亞園區與一位長期的超大規模客戶簽署了一份 72 兆瓦的租約，以實現近乎量身定制的服務。正如比爾所說，我們最近為這項資產成立了一家合資企業，我們將保留 55% 的權益並產生豐厚的回報。我們在本季度完成了 11 兆瓦的額外租賃，總計 83 兆瓦。由於上半年的勢頭，再加上我們強大的預訂渠道，我們對今年 130 兆瓦的新建和擴建租賃預測充滿信心。

Turning to our Corporate and Other business. Revenue increased 156% year-on-year, driven by our ALM business, including the ITRenew acquisition and organic growth in our Fine Arts business. For modeling purposes, let me call out a couple of minor changes we've made to our reporting to be consistent with how we are managing the company. First, all of our ALM business is now included in Corporate and Other, whereas previously, our legacy IT asset disposal business was in Global RIM.

轉向我們的公司和其他業務。在我們的 ALM 業務（包括 ITRenew 收購和我們美術業務的有機增長）的推動下，收入同比增長 156%。出於建模目的，讓我指出我們對報告所做的一些小改動，以與我們管理公司的方式保持一致。首先，我們所有的 ALM 業務現在都包含在 Corporate and Other 中，而以前，我們的傳統 IT 資產處置業務屬於 Global RIM。

Secondly, our entertainment services business and certain costs that support our commercial organization have been moved from corporate into global RIM. We have updated our historical financials to allow for comparability and those will be made available on our Investor Relations website later today. In our asset life cycle management business, as Bill mentioned, we are very optimistic with regard to the underlying trends in this category. And importantly, our committed backlog remains strong and growing and currently sits at a record level as we speak to you today.

其次，我們的娛樂服務業務和支持我們商業組織的某些成本已從公司轉移到全球 RIM。我們已經更新了我們的歷史財務數據以便進行比較，這些數據將於今天晚些時候在我們的投資者關係網站上提供。正如比爾所說，在我們的資產生命週期管理業務中，我們對該類別的潛在趨勢非常樂觀。重要的是，當我們今天與您交談時，我們承諾的積壓工作仍然強勁且不斷增長，目前處於創紀錄的水平。

Turning to capital recycling. In the second quarter, we generated approximately $91 million. Total capital expenditures were $188 million, of which $156 million was growth and $32 million was recurring. We continue to expect total capital expenditures for the full year to be approximately $950 million, which includes $625 million for data center development and $155 million for recurring CapEx.

轉向資本循環。在第二季度，我們產生了大約 9100 萬美元。總資本支出為 1.88 億美元，其中 1.56 億美元為增長，3200 萬美元為經常性支出。我們繼續預計全年總資本支出約為 9.5 億美元，其中包括 6.25 億美元用於數據中心開發和 1.55 億美元用於經常性資本支出。

Turning to the balance sheet. With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.3x, which reflects a sequential improvement from the first quarter. As we have said before, we are committed to our long-term range of 4.5 to 5.5x. We continue to expect to exit the year at levels within our target range. And with our strong financial position, our Board of Directors declared our quarterly dividend of $0.62 per share to be paid in early October. On a trailing 4-quarter basis, our payout ratio is now 68%, approaching our long-term target range of low to mid-60s.

轉向資產負債表。憑藉強勁的 EBITDA 表現，我們在本季度末的淨租賃調整后杠桿率為 5.3 倍，這反映了第一季度的連續改善。正如我們之前所說，我們致力於 4.5 到 5.5 倍的長期範圍。我們繼續預計今年將在我們的目標範圍內退出。憑藉我們強勁的財務狀況，我們的董事會宣布將於 10 月初支付每股 0.62 美元的季度股息。在過去 4 個季度的基礎上，我們的派息率現在為 68%，接近我們 60 年代低至中期的長期目標範圍。

Now turning to our outlook. For the full year, reflecting our performance in the first half and strong outlook, we expect to deliver revenue at the midpoint of our guidance range despite an additional $60 million of foreign exchange headwind in the second half. And for EBITDA and AFFO, with continued pricing and productivity, we expect to achieve the midpoint or beyond of our full-year guidance ranges.

現在轉向我們的前景。全年，反映我們上半年的表現和強勁的前景，儘管下半年外匯逆風增加了 6000 萬美元，但我們預計將在我們的指導範圍的中點實現收入。對於 EBITDA 和 AFFO，憑藉持續的定價和生產力，我們預計將達到我們全年指導範圍的中點或以上。

Now let me share our expectations for the third quarter. We expect total revenue to be approximately $1.3 billion, which represents 15% growth year-on-year. I would like to note that we have considerable FX headwinds, both year-on-year and sequentially. We expect adjusted EBITDA to be approximately $465 million in the third quarter, which represents 11% year-on-year growth. And we expect AFFO to be approximately $280 million.

現在讓我分享我們對第三季度的期望。我們預計總收入約為 13 億美元，同比增長 15%。我想指出，無論是同比還是環比，我們都面臨相當大的外匯逆風。我們預計第三季度調整後的 EBITDA 約為 4.65 億美元，同比增長 11%。我們預計 AFFO 約為 2.8 億美元。

To conclude, the performance of our business is strong. Our team continues to drive higher levels of growth, and we thank them for their collective efforts and dedication. Our tour is strong with margin increasing, thanks to pricing and productivity and our investments are driving considerable growth across our business. We look forward to seeing many of you at our upcoming investor event on September 20, at which time we will have the opportunity to discuss our strategy to drive considerable future growth. The event will take place in Northern Virginia and include a tour of our data-centric campus. For those of you who cannot join in person, a live webcast of the presentation will be available.

總而言之，我們的業務表現強勁。我們的團隊繼續推動更高水平的增長，我們感謝他們的集體努力和奉獻精神。由於定價和生產力，我們的巡迴演出強勁，利潤增加，我們的投資正在推動我們業務的可觀增長。我們期待在 9 月 20 日即將舉行的投資者活動中見到你們中的許多人，屆時我們將有機會討論我們推動未來可觀增長的戰略。該活動將在北弗吉尼亞州舉行，包括參觀我們以數據為中心的校園。對於那些不能親自參加的人，我們將提供演示的現場網絡直播。

And with that, operator, please open the line for Q&A.

有了這個，接線員，請打開問答線。

(Operator Instructions) And the first question will be from George Tong from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 George Tong。

Your revenue management strategy continues to be tracking well in the storage business. Can you provide an update on how much in pricing increases are flowing through in response to the current inflationary environment and how much flexibility you have to change revenue management conditions as the year progresses?

您的收入管理策略繼續在存儲業務中得到很好的跟踪。您能否提供有關當前通脹環境的價格上漲幅度的最新信息，以及隨著時間的推移，您必須在多大程度上靈活地改變收入管理條件？

George, it's Barry. Thanks for the question. The team is doing very, very well with respect to revenue management. You would have seen that our organic storage rental revenue growth on an organic basis was up over 8% in the quarter. That marked a nice acceleration even from the higher levels in the first quarter. And in our global RIM business that was over 6% on that metric.

喬治，是巴里。謝謝你的問題。該團隊在收入管理方面做得非常非常好。您會看到，我們的有機存儲租金收入在本季度的有機基礎上增長了 8% 以上。即使從第一季度的較高水平來看，這也標誌著一個很好的加速。在我們的全球 RIM 業務中，該指標超過 6%。

So volume, as you would have seen on organic basis, in total is up about 2%, but on an organic basis is very consistent with our expectations of being just slightly up, so about 50 basis points. So what you're seeing is a very strong contribution from revenue management coming through. And I'll just add on to the second part of your question and note that we are continuing to see incremental opportunities for pricing. And in fact, we will be seeing us move forward with additional pricing actions later in the third quarter that will fully benefit us as we move through the year and then give us a little bit of an incremental lift next year. So those are just in light of what's going on in the economic activity and the fact that our existing revenue management program has been so well received, we see the opportunity to continue to move higher. So you will see that going forward. Thanks for the question.

因此，正如您在有機基礎上看到的那樣，總成交量上漲了約 2%，但在有機基礎上，這與我們略微上漲的預期非常一致，即約 50 個基點。因此，您所看到的是收入管理的巨大貢獻。我將補充您問題的第二部分，並註意我們將繼續看到定價的增量機會。事實上，我們將在第三季度晚些時候看到我們採取額外的定價行動，這將在我們度過這一年時充分受益，然後在明年給我們一點點增量提升。因此，這些只是根據經濟活動的情況以及我們現有的收入管理計劃受到如此好評的事實，我們看到了繼續走高的機會。所以你會看到這一點。謝謝你的問題。

And the next question is from Shlomo Rosenbaum with Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Barry, can you talk a little bit more just about the ITRenew revenue contribution to the quarter you noted it was light. Can you give us the exact amount. It seems -- at least my calculation is somewhere around $65 million. And then maybe Bill, you can talk a little bit as you talk about ITRenew in terms of what were you expecting in the quarter initially in when you had earnings in the first quarter? And how is that different? And how do you expect that to play out over the course of this year? In other words, what's your target for ITRenew, given what we're seeing from China, are you expecting to catch up? Or are you expecting some of this to kind of flow into 2023?

巴里，您能否多談談 ITRenew 對您指出它很輕的季度的收入貢獻。你能給我們確切的金額嗎？看來——至少我的計算是在 6500 萬美元左右。然後也許是比爾，當您談論 ITRenew 時，您可以談談您最初在第一季度獲得收益時對該季度的預期？那有什麼不同呢？你預計這在今年會如何發展？換句話說，鑑於我們從中國看到的情況，您對 ITRenew 的目標是什麼，您是否希望趕上？還是您希望其中一些會流入 2023 年？

I'll start, Shlomo, and then I think Barry will give you a little bit more specifics in terms of how to think about it from a modeling standpoint. So I appreciate the question. Similar to what -- when you and I were chatting at your conference here, I guess, a couple of months -- almost 2 months back, summer is almost gone, is that it's pretty much -- as we were speaking about is that it's really a tale of 2 cities.

我會開始，Shlomo，然後我認為 Barry 會給你一些更多的細節，告訴你如何從建模的角度來思考它。所以我很欣賞這個問題。類似於 - 當你和我在這裡的會議上聊天時，我猜，幾個月 - 差不多兩個月前，夏天幾乎過去了，它幾乎 - 正如我們所說的那樣真的是2個城市的故事。

So as I said in my kind of remarks talking about a number of the customer wins that we've had around IT asset disruption and asset life cycle management. been a really strong quarter. And that's really where we're getting the volume of material that we then sell that gets recycled into new equipment going forward. So the -- what I would call the upstream in terms of the amount that's coming to us because of our customer reach, the logistics that we have our know-how to be able to do that in a safe and secure way is that we're sitting on very strong inventories that's on consignment to us. So this is stuff that we hold on consignment and then sell on behalf of our customers and ourselves or the suppliers of the components and ourselves, to the downstream manufacturers that reuse that in new component.

因此，正如我在談到我們在 IT 資產中斷和資產生命週期管理方面取得的一些客戶勝利時所說的那樣。是一個非常強勁的季度。這就是我們獲得大量材料的地方，然後我們出售這些材料，這些材料將被回收到未來的新設備中。因此，由於我們的客戶覆蓋範圍，我將就流入我們的數量而言，我稱之為上游，我們擁有我們的專業知識能夠以安全可靠的方式做到這一點的物流是我們'重新坐在寄售給我們的非常強大的庫存上。所以這是我們寄售的東西，然後代表我們的客戶和我們自己或組件的供應商和我們自己銷售給在新組件中重複使用的下游製造商。

So the upstream bit is really performing to our expectations, and we feel really good about that. The downstream bit right now is primarily in China. And as we've seen the lockdowns even more stronger in May and June than we expected, and they continue with the rolling lockdowns because of their zero COVID policy. So we're -- it's hard to predict exactly when that will open.

因此，上游位的表現確實符合我們的預期，我們對此感覺非常好。目前下游鑽頭主要在中國。正如我們所看到的，5 月和 6 月的封鎖比我們預期的更加嚴重，並且由於他們的零 COVID 政策，他們繼續滾動封鎖。所以我們 - 很難準確預測何時開放。

The good news is we have the inventory to sell. The minute it does open and every indication is that it will normalize in the foreseeable future. But the timing of that is difficult to predict. So a long way of saying is we're really pleased with the performance on how it's resonated with our customers to actually even exceed our expectations and how many customers have come to us to give us their volume of components to be disposed of either to be destroyed completely or recycled downstream.

好消息是我們有庫存要出售。它打開的那一刻，每一個跡像都表明它將在可預見的將來正常化。但具體時間很難預測。所以很長的一段話是我們真的很高興它與我們的客戶產生共鳴的表現實際上甚至超出了我們的期望，以及有多少客戶來找我們給我們他們要處理的組件數量或者是完全銷毀或在下游回收。

In terms of selling those components downstream, which is where we recognize most of the revenue, it's been hung up mainly because of the -- well, entirely because of the COVID, zero COVID policy in China and the rolling shutdowns. And Barry, maybe you want to talk a little bit about how we see the rest of the year shaping up.

在下游銷售這些組件方面，這是我們確認大部分收入的地方，它被掛起主要是因為——好吧，完全是因為 COVID、中國的零 COVID 政策和滾動關閉。還有巴里，也許你想談談我們如何看待今年剩下的時間。

Yes, sure. Thanks, Shlomo, for the question. You -- a couple of things you asked. On the actual contribution, you've calculated it correct, it was about $65 million. So that was just a touch up from the first quarter. And as we -- as Bill referenced, as we said in early June in light of what we were seeing in the second half of May as well as the -- continued to see in light of the COVID shutdowns that Bill referenced, we certainly, that was below our expectations. That said, in terms of going forward, 2 things. One is, we are planning and in the guidance that I gave you for the third quarter and the target for the full year. We have just assumed that our ITRenew contribution would be consistent going forward at that level or maybe even a touch below that.

是的，當然。謝謝，Shlomo，提出這個問題。你——你問了幾件事。關於實際貢獻，您計算正確，約為 6500 萬美元。所以這只是第一季度的一個補充。正如我們 - 正如比爾所提到的，正如我們在 6 月初所說的，鑑於我們在 5 月下半月所看到的情況以及 - 繼續看到比爾提到的 COVID 關閉，我們當然，這低於我們的預期。也就是說，就未來而言，有兩件事。一個是，我們正在計劃並在我給你的第三季度和全年目標的指導中。我們剛剛假設我們的 ITRenew 貢獻將在該水平上保持一致，甚至可能低於該水平。

And I think that's a conservative way to position it because as Bill mentioned, we and so many other technology-oriented companies don't know when China will reopen. But I think once it does, to his point, we have a very strong committed backlog and we have a good amount of consigned inventory that can sell through. I just didn't want to plan for it to get better. So I view that as -- that's why I described that as I think, conservative because as it opens up, we will be selling through.

我認為這是一種保守的定位方式，因為正如比爾所說，我們和許多其他以技術為導向的公司不知道中國什麼時候會重新開放。但我認為一旦這樣做，就他的觀點而言，我們有一個非常強大的承諾積壓，我們有大量可以銷售的寄售庫存。我只是不想計劃讓它變得更好。所以我認為 - 這就是為什麼我將其描述為我認為的保守，因為隨著它的開放，我們將通過銷售。

So we feel very good about the committed backlog and the level of activity we're seeing from our upstream clients. And as that market reopens, I think we will see a very good sell-through.

因此，我們對提交的積壓工作和我們從上游客戶看到的活動水平感覺非常好。隨著該市場重新開放，我認為我們將看到非常好的銷售。

(Operator Instructions) The next question comes from Sheila McGrath from Evercore.

（操作員說明）下一個問題來自 Evercore 的 Sheila McGrath。

Service revenue growth was up meaningfully. I was wondering if you could help us drill down on that. What were the major drivers of the growth? Is it new businesses or a rebound of some business that had slowed down with COVID?

服務收入增長顯著增長。我想知道你是否可以幫助我們深入研究。增長的主要驅動力是什麼？是新業務還是一些因新冠疫情而放緩的業務的反彈？

Sheila, I appreciate the question. So it's really mainly new businesses, right? I mean the business has rebounded from COVID, but we kind of saw most of that rebound, to be honest with you, towards the tail end of last year. And there are still certain countries that are kind of going through periodic shutdowns, we talked about China -- we were talking about China in terms of ALM, but we see the same thing on the records management side in terms of the rolling COVID shutdowns in China.

希拉，我很欣賞這個問題。所以它真的主要是新業務，對吧？我的意思是業務已經從 COVID 中反彈，但老實說，我們在去年年底看到了大部分反彈。仍然有一些國家正在經歷週期性的關閉，我們談到了中國——我們在 ALM 方面談論中國，但我們在記錄管理方面看到了同樣的事情，那就是滾動的 COVID 關閉中國。

So the growth that we printed in terms of services is mainly the new areas. And I highlighted some of the wins that we're driving that on our digital transformation services. So this is really a direct result of taking ourselves from a $10 billion total addressable market for our products and services to the 120. So that's where you're seeing the growth is in those new products and services that are part of that 12x expansion of our total addressable market.

所以我們印刷在服務方面的增長主要是新領域。我強調了我們在數字化轉型服務方面取得的一些勝利。因此，這確實是我們從 100 億美元的產品和服務總潛在市場發展到 120 的直接結果。所以這就是你看到的增長是那些新產品和服務的增長，這些新產品和服務是 12 倍擴張的一部分。我們的總目標市場。

Sheila, it's Barry. The only thing I would add on to that is specifically to build on Bill's point around digital solutions, we grew high teens in the quarter, which was the best comp we've had on that specific line in several quarters. And in fact, it's against our hardest comp last year. So it really speaks to the fact that our digital business is taking hold and going from strength to strength.

希拉，是巴里。我唯一要補充的是，在比爾關於數字解決方案的觀點的基礎上，我們在本季度增長了十幾歲，這是我們在幾個季度中在特定線路上獲得的最佳組合。事實上，這是我們去年最難的比賽。因此，這確實說明了我們的數字業務正在站穩腳跟並不斷壯大的事實。

I'll note that we had a very strong contribution from our legacy ITAD business as well. That's in the asset life cycle management business, as you know and that business is growing at the rates and we see considerable incremental opportunity for that to grow, in fact, just to be clear, it's accelerating in terms of its level of growth so we feel about that business. And then it's notable to say that our pricing continues to be up across the business, that includes services. So thanks for the question, Sheila.

我會注意到，我們的傳統 ITAD 業務也為我們做出了非常重要的貢獻。如您所知，這是在資產生命週期管理業務中，業務正在以這種速度增長，我們看到了相當大的增長機會，事實上，需要明確的是，它的增長水平正在加速，所以我們感覺那個生意。然後值得注意的是，我們的定價在整個業務中繼續上漲，包括服務。所以謝謝你的問題，希拉。

And the next question is from Brendan Lynch from Barclays.

下一個問題來自巴克萊銀行的 Brendan Lynch。

I wanted to just touch on Hana Financial and the JV for some of your assets. Obviously, you've been trying to grow data center revenue for past couple of years. So it was a little bit surprising to see a joint venture structure. Maybe you could just comment on what your considerations over there?

我只想談談 Hana Financial 和您的一些資產的合資企業。顯然，過去幾年您一直在努力增加數據中心的收入。所以看到合資企業結構有點令人驚訝。也許你可以評論一下你在那裡的考慮？

Brendan, it's great to have you on the call. Let me talk about the strategic rationale of why we decided to put that into a joint venture. And then -- or to do that deal that way? And then I'll ask Barry, he can give you a little bit more of the financial details.

布倫丹，很高興有你接聽電話。讓我談談為什麼我們決定將其納入合資企業的戰略理由。然後——或者那樣做那筆交易？然後我會問巴里，他可以給你更多的財務細節。

So first of all, we don't do -- first, we don't do a lot of build-to-suit or powered shell. And this was for our customer that is one of our largest customers globally in a number of our sites, and they had a specific requirement for Northern Virginia.

所以首先，我們不做——首先，我們不做很多定製或動力外殼。這是針對我們的客戶的，該客戶是我們在全球多個站點中最大的客戶之一，他們對北弗吉尼亞州有特定的要求。

The other aspect about this particular client is it allowed us to materially expand almost 100 -- roughly around 130, 135 megawatts of IT load that we can actually support on that Northern Virginia campus by doing this partnership with this client because we were able to use that to bring in a substation on to our site and we've completely secured the power now for the entire Northern Virginia campus.

關於這個特定客戶的另一個方面是它使我們能夠實質性地擴展近 100 - 大約 130、135 兆瓦的 IT 負載，我們可以通過與該客戶建立合作夥伴關係在北弗吉尼亞園區實際支持這些負載，因為我們能夠使用將一個變電站引入我們的站點，我們現在已經完全確保了整個北弗吉尼亞校園的電力供應。

So even net of this 72 megawatts that we are actually leasing as a powered shell is that we've actually increased the capacity of that site by another 70-megawatt -- another 70 megawatts. So that was really, really important to us. And so the -- and it's a great return on the powered shell. So that was really our motivation first of all for doing that kind of contract.

因此，即使扣除我們作為動力外殼實際租賃的這 72 兆瓦，我們實際上已經將該站點的容量增加了另外 70 兆瓦 - 又增加了 70 兆瓦。所以這對我們來說真的非常重要。所以——這是對動力外殼的巨大回報。所以這確實是我們簽訂這種合同的首要動機。

In terms of why we joint ventured it, it really was very compelling from a financial standpoint. And I'll let Barry talk a little bit about the financial aspects of the deal of bringing in a joint venture partner because I should also add, this is a 100% stabilized asset, right? So we always look at fully stabilized assets and say, is that something -- we're focusing most of our capital on development opportunities, not stabilized assets. So we saw that as an opportunity. But then especially when we looked at the opportunity, the financial aspects were just very compelling.

至於我們為什麼要合資，從財務的角度來看，它確實非常引人注目。我會讓巴里談談引入合資夥伴交易的財務方面，因為我還應該補充一點，這是一項 100% 穩定的資產，對嗎？因此，我們總是著眼於完全穩定的資產，然後說，就是這樣——我們將大部分資金集中在發展機會上，而不是穩定的資產上。所以我們認為這是一個機會。但特別是當我們看到機會時，財務方面非常引人注目。

Yes. Brendan, thanks for joining the call. In terms of the JV, just to be clear, we'll operate it -- we'll, of course, be responsible for the construction, the management et cetera. We saw it as an opportunity to leverage third-party capital, which allows us to essentially use someone else's balance sheet and then use ours to go further our development pipeline. As you know, we've got a lot of capacity to continue to build out. And as Bill mentioned, this is effectively a fully stabilized asset before we even break ground.

是的。布倫丹，感謝您加入電話會議。就合資企業而言，需要明確的是，我們將運營它——當然，我們將負責建設、管理等。我們將其視為利用第三方資本的機會，這使我們能夠從本質上使用其他人的資產負債表，然後利用我們的資產進一步推進我們的開發管道。如您所知，我們有很大的能力可以繼續擴建。正如比爾所說，在我們破土動工之前，這實際上是一項完全穩定的資產。

And in light of the still very significant investor interest in data center assets, we saw it as a compelling incremental opportunity to even further improve the return that much more as the pre-lease is very attractive to the capital markets. So we'll maintain a 55% interest in it. We have traditional benefits from the joint venture structure that you'd appreciate as a data center analyst, and I'll just note that we were able to sell that at a sub-4.5 cap. And again, it's fully stabilized. So we view it as a compelling capital allocation opportunity. Thanks for the question.

鑑於投資者對數據中心資產仍然非常感興趣，我們認為這是一個引人注目的增量機會，可以進一步提高回報，因為預租對資本市場非常有吸引力。因此，我們將保持其 55% 的權益。作為數據中心分析師，我們從合資企業結構中獲得了傳統優勢，我只想指出，我們能夠以低於 4.5 的上限出售它。再一次，它完全穩定了。因此，我們認為這是一個引人注目的資本配置機會。謝謝你的問題。

And the next question is from Eric Luebchow from Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

Great. I'll stick with the data center topic. So kind of interested in how your sales funnel looks after such a strong start to the year, particularly with hyperscale but also on enterprise? And then -- on the pricing side, it seems like data center pricing has been lifting even for the larger hyperscale deals. So I'm wondering where you're seeing pricing today, particularly as supply appears to be getting tighter and tighter in a lot of markets.

偉大的。我會堅持數據中心的話題。對您的銷售漏斗如何在今年如此強勁的開局後表現如此感興趣，特別是超大規模以及企業方面的情況？然後 - 在定價方面，似乎數據中心的定價甚至對於更大規模的超大規模交易也一直在上漲。所以我想知道你今天在哪裡看到定價，特別是在許多市場供應似乎越來越緊張的情況下。

And then Bill, interested on -- in terms of like where -- which markets you might need additional land capacity or are there opportunities to do some select tuck-in M&A for no select assets to maybe get some capacity in new markets?

然後是比爾，對哪些市場可能需要額外的土地容量感興趣，或者是否有機會在沒有選定資產的情況下進行一些精選的併購併購，以便在新市場獲得一些容量？

Thanks, Eric. I'll start. The -- I think first of all, yes, it's a great problem to have. We've been so successful this year in terms of leasing. You're right to point out that we are making sure that we have capacity to continue to grow at these kind of rates. So the funnel that we have in front of us, right now, if you think about we have 118 megawatts leased to date this year with -- and we said -- we gave you guidance that we'll do at least 130 megawatts this year. So we feel obviously very comfortable about that.

謝謝，埃里克。我會開始的。 - 我認為首先，是的，這是一個很大的問題。今年我們在租賃方面非常成功。你說得對，我們正在確保我們有能力以這種速度繼續增長。所以現在擺在我們面前的漏斗，如果你想想我們今年迄今為止租用了 118 兆瓦——我們說過——我們給了你指導，我們今年將至少做 130 兆瓦.因此，我們顯然對此感到非常自在。

And going into next year, we don't see any slowdown in terms of the rate of growth. I mean the 72 megawatts that we did in Northern Virginia, I wouldn't say that's a one-off because we continue to see in the pipeline similar types of opportunities, whether or not we'll pursue all those is we're constantly make decisions based on the specifics around that requirement. But we are lucky that we're in a situation where, yes, as I said, we don't necessarily bite in everything that comes by, so we can actually be a bit more selective.

進入明年，我們認為增長率不會出現任何放緩。我的意思是我們在北弗吉尼亞州所做的 72 兆瓦，我不會說這是一次性的，因為我們繼續在管道中看到類似類型的機會，無論我們是否會追求所有這些，都是我們不斷創造的根據圍繞該要求的具體情況做出決定。但我們很幸運，我們所處的情況是，是的，正如我所說，我們不一定會咬住所有發生的事情，所以我們實際上可以更有選擇性。

And we feel really good about the funnel. We'll give you, obviously, guidance for next year as we get closer to the end of this year. But the -- we feel really good in terms of having similar kinds of growth rates going into next year and beyond.

我們對漏斗感覺非常好。顯然，隨著我們接近今年年底，我們將為您提供明年的指導。但是，就明年及以後的類似增長率而言，我們感覺非常好。

In terms of where we need more capacity, obviously, in Arizona, we need more capacity, and we're well on track to be able to do that. We talked about expanding our footprint in India. We just think that's a really high growth and interesting market. You can imagine that we're actually -- we still have a little bit more capacity left in Frankfurt too, but Frankfurt is another market that we're regularly looking at, we're well situated in expanding our campus in Amsterdam. So that's good.

就我們需要更多容量而言，顯然，在亞利桑那州，我們需要更多容量，而且我們正朝著能夠做到這一點的方向發展。我們談到了擴大我們在印度的足跡。我們只是認為這是一個非常高增長和有趣的市場。你可以想像我們實際上——我們在法蘭克福還有更多的容量，但法蘭克福是我們經常關注的另一個市場，我們在擴大我們在阿姆斯特丹的校園方面處於有利地位。所以這很好。

London, believe it or not, we're probably going to be back into the market in London again. So there's a number of markets, but as you can imagine, is that we're constantly out to expand it. But right now, I would say that our real estate plan and what we have currently under our control is we feel really good to be able to maintain these growth rates.

倫敦，信不信由你，我們可能會再次回到倫敦市場。所以有很多市場，但正如你可以想像的那樣，我們一直在努力擴大它。但現在，我想說的是，我們的房地產計劃以及我們目前控制的情況是，能夠保持這些增長率，我們感覺非常好。

I mean never say never in terms of acquisitions. We don't see anything on the horizon, but do we look at kind of what I call brownfield opportunities like we did with Frankfurt too or even when we entered the Amsterdam market. We constantly look at whether it's better to buy a piece of greenfield land or a brownfield asset that can be rapidly expanded. But I think you can probably think in your mind that mostly we're looking at is expanding our land bank in terms of greenfield.

我的意思是永遠不要在收購方面說永遠。我們沒有看到任何即將出現的東西，但我們是否會像我們在法蘭克福所做的那樣，甚至在我們進入阿姆斯特丹市場時看到我所謂的棕地機會。我們一直在考慮購買一塊綠地或可以快速擴張的棕地資產是否更好。但我想你可能會想到，我們主要關注的是在綠地方面擴大我們的土地儲備。

Eric, just to add on, this is Barry. I would say as it relates to pricing, it's been quite good, and we see that continuing to lift across our data center portfolio. You would see that in our mark-to-market has been improving. And continuing to run a little bit ahead of our expectations, and that's a little bit of a lagging indicator. So you'll see more lift there.

埃里克，補充一下，這是巴里。我想說，因為它與定價有關，它非常好，我們看到我們的數據中心產品組合繼續提升。您會看到，我們的按市值計算一直在改進。並且繼續超出我們的預期，這有點滯後指標。所以你會在那裡看到更多的電梯。

You've seen our new and expansion leases signing at higher levels on a per kilowatt basis, both in the quarter and versus last year, and our renewed leases are coming in better. So that, together with the fact that churn is running kind of at or below expectations, we feel very good about what the team is doing in our data center business.

您已經看到我們的新租約和擴建租約在本季度和去年的每千瓦基礎上簽署了更高的水平，而且我們的續租租約也越來越好。因此，再加上流失率達到或低於預期的事實，我們對團隊在我們的數據中心業務中所做的事情感到非常滿意。

And the next question is a follow-up question from Sheila McGrath from Evercore.

下一個問題是來自 Evercore 的 Sheila McGrath 的後續問題。

Yes. It looks like you may have done some sale leaseback in the quarter, I saw fewer buildings. Just wondering how much proceeds did you raise and if pricing has changed dramatically in the light of interest rates?

是的。看起來您可能在本季度進行了一些售後回租，我看到的建築物更少。只是想知道您籌集了多少收益，以及定價是否根據利率發生了巨大變化？

Sheila, it's Barry. Thanks for the question. You're right. We did do a few transactions. We had about $91 million of proceeds in the quarter. Year-to-date, that's about $96 million. I continue to expect we'll probably do for the full year, something like $150 million, maybe a touch more than that in terms of total proceeds. And notwithstanding your point about the market, we continue to find there is a tremendous appetite for industrial assets out there. And we are able to transact in -- both in terms of on cap rates as well as on lease terms that are very favorable to us. And as you know, that's been part of our capital allocation strategy for some time. So we'll continue to do that is my expectation. Thanks for the question, Sheila.

希拉，是巴里。謝謝你的問題。你是對的。我們確實做了一些交易。我們本季度的收益約為 9100 萬美元。年初至今，這大約是 9600 萬美元。我繼續預計我們可能會在全年完成，大約 1.5 億美元，就總收益而言可能比這多一點。儘管您對市場有意見，但我們繼續發現對工業資產的需求巨大。而且我們能夠在上限利率和對我們非常有利的租賃條款方面進行交易。如您所知，這一直是我們資本配置策略的一部分。所以我們會繼續這樣做，這是我的期望。謝謝你的問題，希拉。

Thank you. And ladies and gentlemen, this concludes our question-and-answer session in the Iron Mountain Second Quarter 2022 Earnings Conference Call. We thank you for attending today's presentation, and you may now disconnect. Take care.

謝謝你。女士們先生們，我們在 Iron Mountain 2022 年第二季度收益電話會議上的問答環節到此結束。感謝您參加今天的演示，您現在可以斷開連接。小心。