鐵山公司 (IRM) 2022 Q3 法說會逐字稿

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

早上好，歡迎來到 Iron Mountain 2022 年第三季度收益電話會議。 （操作員說明）。請注意正在記錄此事件。

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。

Thanks, Sarah. Good morning, and welcome to our third quarter 2022 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We're joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer. After prepared remarks, we'll open up the lines for Q&A.

謝謝，莎拉。早上好，歡迎來到我們的 2022 年第三季度收益電話會議。在今天的電話會議上，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 Bill Meaney 也加入了我們的行列；以及我們的執行副總裁兼首席財務官 Barry Hytinen。準備好發言後，我們將開通問答專線。

Today's earnings results 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.

今天的收益結果包含前瞻性陳述，包括有關我們預期的陳述。所有前瞻性陳述均受風險和不確定因素的影響。請參閱今天的收益材料、幻燈片 2 中的安全港語言和我們的 10-Q 表季度報告，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多項非 GAAP 指標。我們已將對這些措施的調節納入我們的補充財務信息。

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 we appreciate everyone taking the time to join us for our third quarter results. We are pleased to share with you another outstanding quarter representing the durability and growth of our business model as we continue to navigate successfully through significant headwinds, including the strength of the U.S. dollar, COVID shutdowns in China and ongoing global tensions. Our team of 25,000 dedicated mountaineers continues to empower our customers with solutions to enable them to transform their businesses.

謝謝你，吉莉安，我們感謝大家花時間加入我們的第三季度業績。我們很高興與您分享另一個代表我們商業模式持久性和增長的出色季度，因為我們繼續成功度過重大逆風，包括美元走強、中國的 COVID 關閉和持續的全球緊張局勢。我們由 25,000 名敬業的登山者組成的團隊繼續為我們的客戶提供解決方案，使他們能夠轉變業務。

In the third quarter, on a reported basis, we delivered revenue of $1.29 billion, representing 14% total organic revenue growth. We are pleased to have achieved all-time record adjusted EBITDA of $469 million. Since last year, the U.S. dollar has strengthened significantly, and excluding its impact on a like-for-like basis, this quarter, our revenue was approximately $1.33 billion and EBITDA was $484 million, representing growth of 18% and 16%, respectively.

在第三季度，根據報告，我們實現了 12.9 億美元的收入，佔總有機收入增長的 14%。我們很高興實現了創紀錄的 4.69 億美元的調整後 EBITDA。自去年以來，美元大幅走強，剔除其同比影響，本季度我們的收入約為 13.3 億美元，EBITDA 為 4.84 億美元，分別增長 18% 和 16%。

These results demonstrate the inherent growth and strength of our business and are further proof of why we continue to be so encouraged by the increased demand for our services across the markets in which we operate. Positive volume and revenue management trends continue to benefit us this quarter as reflected in our Organic Storage rental revenue growth of 9.7%.

這些結果證明了我們業務的內在增長和實力，並進一步證明了為什麼我們繼續受到我們運營所在市場對我們服務不斷增長的需求的鼓舞。本季度積極的銷量和收入管理趨勢繼續使我們受益，這反映在我們的有機存儲租金收入增長 9.7% 上。

As we shared with you in September at our investor event, we are executing well on our new Project Matterhorn operating model, the next transformational phase of Iron Mountain's growth journey. Building off an already solid foundation, we believe Matterhorn is a cornerstone initiative that will allow us to maintain and capitalize on the positive momentum we have seen over the last several quarters.

正如我們在 9 月的投資者活動中與您分享的那樣，我們在新的 Project Matterhorn 運營模式上執行良好，這是 Iron Mountain 增長之旅的下一個轉型階段。在已經穩固的基礎上，我們相信馬特洪峰是一項基石計劃，將使我們能夠保持並利用我們在過去幾個季度看到的積極勢頭。

Through our fully funded plan's ability to invest 16% of revenue over the next 4 years, we believe we will further strengthen Iron Mountain as a market leader across our expanded total addressable market, our diversified global footprint and our enhanced suite of innovative solutions. Our strong double-digit organic growth is evidence of the early progress we are making on our initiatives, which gives us the momentum and confidence in our ability to deliver higher levels of profitable growth over the next several years.

通過我們資金充足的計劃在未來 4 年投資 16% 的收入的能力，我們相信我們將進一步加強 Iron Mountain 在我們擴大的總目標市場、我們多元化的全球足跡和我們增強的創新解決方案套件方面的市場領導者地位。我們強勁的兩位數有機增長證明了我們在我們的舉措上取得了早期進展，這給了我們動力和信心，使我們有能力在未來幾年實現更高水平的盈利增長。

Now I'd like to share a few highlights of some recent customer wins, which lie beneath the top and bottom line growth.

現在我想分享一些最近贏得客戶的亮點，這些亮點位於收入和利潤增長之下。

Turning to our digital solutions business, we helped a global European bank evolve to a paperless branch experience to drive enhanced customer service with 360-degree customer data, traceable and audible digital records, and reduced manual efforts for their tellers. The customer has a footprint of more than 400 branches in the U.S., with each branch storing decades worth of customer records on premises.

談到我們的數字解決方案業務，我們幫助一家全球性的歐洲銀行發展到無紙化分行體驗，以通過 360 度客戶數據、可追溯和可聽的數字記錄以及減少出納員的人工工作來推動增強的客戶服務。該客戶在美國擁有 400 多家分支機構，每個分支機構都在本地存儲了數十年的客戶記錄。

We are partnering with the bank to digitize all customer records across the U.S. branches in under a year. The files will be securely transferred and imaged at Iron Mountain digital supercenters' indexing and tagged with critical metadata using machine learning, and then placed into InSight, Iron Mountain's Digital repository. InSight will be provided to over 3,500 tellers across the bank to access these digitized customer records quickly and securely.

我們正在與該銀行合作，在不到一年的時間內將美國分行的所有客戶記錄數字化。這些文件將在 Iron Mountain 數字超級中心的索引中安全地傳輸和成像，並使用機器學習標記關鍵元數據，然後放入 Iron Mountain 的數字存儲庫 InSight 中。 InSight 將提供給整個銀行的 3,500 多名出納員，以快速安全地訪問這些數字化客戶記錄。

This win is just one example of how we are helping our customers evolve their businesses through digitization, resulting in quicker, easier and more secure access to their most important information for years to come.

此次勝利只是我們如何幫助客戶通過數字化發展業務的一個例子，從而在未來幾年更快、更輕鬆、更安全地訪問他們最重要的信息。

Also in digital solutions, we won a contract with a state court in Brazil from an incumbent provider. To comply with the Brazilian National Council of Justice's 100% digital initiative, all state courts are required to convert active lawsuit documents from physical to digital by 2023. As such, they turned to Iron Mountain for help to implement and complete the conversion process within the mandated time frame whilst adhering to specific quality requirements. Whilst this is in and of itself a terrific win, we are currently exploring further opportunities with this customer.

同樣在數字解決方案方面，我們從一家現有供應商那裡贏得了巴西一家州法院的合同。為遵守巴西國家司法委員會的 100% 數字化倡議，所有州法院都必須在 2023 年之前將有效訴訟文件從紙質文件轉換為數字文件。因此，他們向 Iron Mountain 尋求幫助，以在州內實施和完成轉換過程規定的時間框架，同時遵守特定的質量要求。雖然這本身就是一個了不起的勝利，但我們目前正在探索與該客戶的更多機會。

Moving to our Asset lifecycle management segment. I'd like to share an innovative win this quarter. Our strong existing relationships and coordinated efforts led to a large asset life cycle management win to serve 700 locations in the United States and Canada for a large healthcare company. Prior to the deal, the customer had primarily engaged with us through our records business. The first phase of the partnership included retrieval of IT equipment and plans for a forthcoming data center refresh. We expect to process more than 13,000 assets in the first year.

轉到我們的資產生命週期管理部分。我想分享本季度的創新勝利。我們強大的現有關係和協調一致的努力促成了一項大型資產生命週期管理的勝利，為一家大型醫療保健公司在美國和加拿大的 700 個地點提供服務。在交易之前，客戶主要通過我們的唱片業務與我們接觸。合作夥伴關係的第一階段包括檢索 IT 設備和計劃即將進行的數據中心更新。我們預計在第一年處理超過 13,000 項資產。

Moving on to the impact of COVID shutdowns in China on the ITRenew business, we see continued constraints in the downstream demand for recycled IT components. As a result, we expect to see similar levels of ITRenew sell-through in Q4 as in Q3. With the continued increase of the backlog of components, we remain bullish on the prospects of the business once the situation normalizes.

繼續討論 COVID 在中國關閉對 ITRenew 業務的影響，我們看到下游對回收 IT 組件的需求持續受到限制。因此，我們預計第四季度的 ITRenew 銷售量將與第三季度相似。隨著組件積壓的持續增加，一旦情況恢復正常，我們仍然看好該業務的前景。

In our fine arts business, we are pleased to highlight a win with an internationally-renowned art museum. The customer turned to our team to assist them with multiple on-site projects related to renovations the museum will undergo throughout a 3-year period. Lacking the internal resources to staff these projects, they were seeking a trusted partner to support them by providing additional art handling services. By leveraging our experience and successful track record of prior engagements with the customer, we were able to offer a compelling proposal that secured this very exciting initiative. In the quarter, this business grew by 17% year-over-year, which is a reflection of the strong underlying business.

在我們的美術業務中，我們很高興地強調與國際知名藝術博物館的勝利。客戶求助於我們的團隊，以協助他們完成與博物館將在 3 年內進行的翻新相關的多個現場項目。由於缺乏為這些項目配備人員的內部資源，他們正在尋找可信賴的合作夥伴，通過提供額外的藝術品處理服務來支持他們。通過利用我們的經驗和先前與客戶合作的成功記錄，我們能夠提供令人信服的建議，確保這一非常令人興奮的計劃。本季度，該業務同比增長 17%，反映了強大的基礎業務。

Shifting to the Data Center business, we are pleased to have booked 7 megawatts of leasing in this quarter, bringing total bookings year-to-date to 125 megawatts. As a result, we expect to exceed our previous projection of 130 megawatts for new leases for the year. One of the wins this quarter included a cross-sell deal with a large non-profit community health provider that needed to close down their internal data center and establish a disaster recovery site.

轉向數據中心業務，我們很高興在本季度預訂了 7 兆瓦的租賃，使年初至今的總預訂量達到 125 兆瓦。因此，我們預計今年的新租約將超過我們先前預測的 130 兆瓦。本季度的其中一項勝利包括與一家大型非營利性社區醫療保健提供商的交叉銷售交易，該提供商需要關閉其內部數據中心並建立災難恢復站點。

As a long-term tape backup and records management customer of Iron Mountain, they reached out to their Account team who engaged with our Data Center team. As a result, the customer signed a co-location contract, which included Internet services in multiple cross connects within 45 days. The convenience of having a single provider for all their physical and digital storage needs was a critical selling point in addition to Iron Mountain's rigorous data center compliance program, which is essential for the customer given the highly regulated market in which they operate.

作為 Iron Mountain 的長期磁帶備份和記錄管理客戶，他們聯繫了與我們的數據中心團隊接洽的客戶團隊。因此，客戶簽署了託管合同，其中包括 45 天內在多個交叉連接中提供互聯網服務。除了 Iron Mountain 嚴格的數據中心合規計劃之外，擁有一家供應商來滿足其所有物理和數字存儲需求的便利性是一個關鍵賣點，鑑於客戶所在的高度監管市場，這對於客戶來說至關重要。

Our team's flexibility and willingness to collaborate across divisions to customize solutions for our customer provides a superior experience, and ultimately is what made us stand out as their partner of choice. From a development perspective, as discussed in September at our investor event, we have continued to build our land bank in key strategic markets to support future growth with several notable expansion deals.

我們團隊的靈活性和跨部門協作的意願為我們的客戶定制解決方案提供了卓越的體驗，最終使我們脫穎而出成為他們的首選合作夥伴。從發展的角度來看，正如 9 月份在我們的投資者活動中所討論的那樣，我們繼續在關鍵戰略市場建立我們的土地儲備，以通過幾項顯著的擴張交易來支持未來的增長。

As previously announced, we have added buildable capacity in the Phoenix, Arizona market with the purchase of adjacent land to our existing campus. Based on current design plans, the parcel can support 36 megawatts and includes a 56 MVA substation on site. This is an important expansion in this dynamic market as our current campus of 89 megawatts is nearly fully leased and/or committed.

正如之前宣布的那樣，我們通過購買現有校園附近的土地，增加了亞利桑那州鳳凰城市場的可建設容量。根據目前的設計計劃，該地塊可支持 36 兆瓦的電力，並包括一個 56 MVA 的現場變電站。這是這個充滿活力的市場的一次重要擴張，因為我們目前的 89 兆瓦校園幾乎已完全出租和/或承諾。

We also expanded our footprint in India with the securing of land and power for 20 megawatts of additional capacity in Mumbai. We remain excited about the growth potential in this strategic emerging market, both for our data center business as well as for the enterprise as a whole. In total, we currently have 52 megawatts of buildable capacity across 5 markets in India.

我們還擴大了我們在印度的足跡，為孟買的 20 兆瓦額外容量確保土地和電力。我們仍然對這個戰略性新興市場的增長潛力感到興奮，無論是對我們的數據中心業務還是對整個企業。總的來說，我們目前在印度的 5 個市場擁有 52 兆瓦的可建設容量。

Subsequent to the end of the third quarter, we acquired a data center campus in Madrid, Spain, marking our entry into the Iberian market. The asset is uniquely scaled data center campus with an existing 3-megawatt building and fully-permitted expansion potential of 79 megawatts. We view Madrid as a very important European market as it is poised to capture a significant growth from supply-constrained markets.

第三季度末，我們在西班牙馬德里收購了一個數據中心園區，標誌著我們進入了伊比利亞市場。該資產是規模獨特的數據中心園區，擁有 3 兆瓦的現有建築和 79 兆瓦的完全許可的擴展潛力。我們將馬德里視為一個非常重要的歐洲市場，因為它有望從供應受限的市場中獲得顯著增長。

With these additions to our portfolio, our total capacity is now nearly 670 megawatts. The wins I've shared with you today demonstrate the breadth and depth of our business, our focus on customer centricity in providing innovative, transformative solutions, and the strength of our global commercial platform driven by our Matterhorn initiative.

隨著我們產品組合的這些增加，我們的總容量現在接近 670 兆瓦。我今天與大家分享的勝利證明了我們業務的廣度和深度，我們在提供創新、變革性解決方案方面以客戶為中心的重點，以及我們在 Matterhorn 計劃的推動下全球商業平台的實力。

I am very proud of our outstanding team who are the bedrock of our company, and the way in which we come together to drive and deliver our growth journey. Our business model is highly profitable, our pipeline is strong, our vision is clear, and we continue to climb on.

我為我們優秀的團隊感到非常自豪，他們是我們公司的基石，以及我們齊心協力推動和實現增長之旅的方式。我們的商業模式利潤豐厚，我們的渠道強大，我們的願景清晰，並且我們繼續攀登。

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 today to discuss our results.

謝謝，比爾，感謝大家今天加入我們討論我們的結果。

In the third quarter, our team delivered solid performance, meeting top line projections while exceeding expectations for both EBITDA and AFFO. On a reported basis, revenue of $1.29 billion grew 14% year-on-year or 18% excluding the effects of the stronger U.S. dollar. A key highlight in the quarter is our Organic Storage revenue which grew 9.7% and represents a sequential improvement of 150 basis points. Total service revenue increased 28% to $527 million, driven by organic growth of 22%.

在第三季度，我們的團隊取得了穩健的業績，達到了頂線預測，同時超出了 EBITDA 和 AFFO 的預期。根據報告，收入為 12.9 億美元，同比增長 14% 或 18%，不包括美元走強的影響。本季度的一個重要亮點是我們的有機存儲收入增長了 9.7%，環比提高了 150 個基點。在 22% 的有機增長的推動下，服務總收入增長 28% 至 5.27 億美元。

These results reflect the strong performance of our commercial team and their laser focus on selling the full suite of products and solutions across our portfolio. Adjusted EBITDA was $469 million, up 12% on a reported basis and up over 16% year-on-year on a constant currency basis.

這些結果反映了我們商業團隊的出色表現，以及他們專注於銷售我們產品組合中的全套產品和解決方案。調整後的 EBITDA 為 4.69 億美元，按報告基準增長 12%，按固定匯率計算同比增長超過 16%。

As the dollar strengthened significantly since the time of our last call, I think it will be helpful to provide a bit more context. As compared to the rates we were using in August, the stronger dollar resulted in an incremental headwind in the third quarter of approximately $10 million to revenue and $3 million to EBITDA. Under the same FX rates we were using in our August projection, third quarter revenue and adjusted EBITDA would have been approximately $1.3 billion and $472 million, respectively. Adjusted EBITDA margin was better than we projected and improved 120 basis points sequentially, driven by revenue management and mix.

自我們上次通話以來美元大幅走強，我認為提供更多背景信息會有所幫助。與我們 8 月份使用的匯率相比，美元走強導致第三季度的逆風增加，收入增加約 1000 萬美元，EBITDA 增加約 300 萬美元。根據我們在 8 月份預測中使用的相同匯率，第三季度收入和調整後的 EBITDA 將分別約為 13 億美元和 4.72 億美元。調整後的 EBITDA 利潤率好於我們的預期，在收入管理和組合的推動下連續提高了 120 個基點。

AFFO was $288 million or $0.98 on a per share basis, up $25 million and $0.08, respectively, from the third quarter of last year. Due to the strengthening dollar, there was an approximate $3 million impact to AFFO versus the rates we used in our August projection.

AFFO 為 2.88 億美元或每股 0.98 美元，分別比去年第三季度增加 2500 萬美元和 0.08 美元。由於美元走強，與我們在 8 月預測中使用的利率相比，AFFO 受到了大約 300 萬美元的影響。

Now turning to segment performance. In the third quarter, our Global RIM business delivered revenue of $1.1 billion, an increase of $93 million from last year or 9% on a reported basis. On an organic constant currency basis, revenue increased 14%. In the third quarter, our team continued to drive accelerating organic growth, both in Storage and Services. Global RIM adjusted EBITDA was $484 million, an increase of $48 million year-on-year.

現在轉向細分市場表現。在第三季度，我們的全球 RIM 業務實現了 11 億美元的收入，比去年增加了 9300 萬美元，報告的基礎上增長了 9%。在有機固定貨幣基礎上，收入增長了 14%。在第三季度，我們的團隊繼續推動存儲和服務領域的加速有機增長。全球 RIM 調整後 EBITDA 為 4.84 億美元，同比增長 4800 萬美元。

Turning to our Global Data Center business, we are pleased to report another successful quarter. Our Data Center Storage revenue grew 33% year-on-year. On a total revenue basis, we delivered 13% year-on-year growth.

談到我們的全球數據中心業務，我們很高興地報告另一個成功的季度。我們的數據中心存儲收入同比增長 33%。在總收入基礎上，我們實現了 13% 的同比增長。

Now as a reminder, in the second half of 2021, we provided unique fit-out services for our Frankfurt joint venture. In the third quarter of 2021, those services resulted in approximately $14 million of revenue. Excluding those fit-out services, on a like-for-like basis, our total data center revenue grew in excess of 30%.

現在提醒一下，在 2021 年下半年，我們為法蘭克福合資企業提供了獨特的裝修服務。 2021 年第三季度，這些服務帶來了大約 1400 萬美元的收入。不包括那些裝修服務，在類似的基礎上，我們的數據中心總收入增長超過 30%。

We completed 7 megawatts of new and expansion leasing, and with the strength of our expanding pipeline, we now expect to exceed our leasing projection of 130 megawatts for the full year. As Bill detailed earlier, we are continuing to expand our data center platform into new markets. We closed the Madrid data center transaction early in the fourth quarter for an initial purchase price of $78 million, which is subject to an additional $10 million earn-out.

我們完成了 7 兆瓦的新租賃和擴建租賃，並且憑藉我們不斷擴大的管道的實力，我們現在預計全年將超過 130 兆瓦的租賃預測。正如 Bill 之前詳述的那樣，我們正在繼續將我們的數據中心平台擴展到新市場。我們在第四季度初以 7800 萬美元的初始購買價格完成了馬德里數據中心交易，該交易還有 1000 萬美元的額外收益。

Turning to Corporate and Other, revenue increased 22% on an organic basis and nearly 120% in total, driven by our ALM business and continued strength in Fine Arts. Within ALM, our organic IT asset disposition business continued on its strong trajectory, growing in excess of 20% year-on-year. Turning to ITRenew, revenue was down sequentially as we projected on our last call. The business was $5 million below that projection as the lockdowns in China persisted throughout the quarter. We are projecting revenue levels for our total ALM business in the fourth quarter to be consistent with the third quarter.

轉向企業和其他業務，在我們的 ALM 業務和美術領域持續強勁的推動下，收入有機增長 22%，總收入增長近 120%。在 ALM 內部，我們的有機 IT 資產處置業務繼續保持強勁勢頭，同比增長超過 20%。談到 ITRenew，正如我們在上次電話會議上預測的那樣，收入連續下降。由於整個季度中國的封鎖持續，該業務比該預測低 500 萬美元。我們預計第四季度我們的 ALM 業務總收入水平將與第三季度保持一致。

Turning to capital. Total expenditures were $309 million in the third quarter. We deployed $270 million of growth CapEx and $39 million of recurring. Turning to the balance sheet, with strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.2x, an improvement versus last quarter. And I think it is worth noting this marks our lowest leverage level since 2017. As we have said before, we are committed to our long-term range of 4.5x to 5.5x, and we now expect to exit the year at 5.2x.

轉向資本。第三季度總支出為 3.09 億美元。我們部署了 2.7 億美元的增長資本支出和 3900 萬美元的經常性支出。轉向資產負債表，憑藉強勁的 EBITDA 表現，我們在本季度結束時的淨租賃調整槓桿率為 5.2 倍，與上一季度相比有所改善。我認為值得注意的是，這標誌著我們自 2017 年以來的最低杠桿水平。正如我們之前所說，我們致力於 4.5 倍至 5.5 倍的長期範圍，我們現在預計今年將以 5.2 倍結束。

Our Board of Directors declared our quarterly dividend of $0.62 per share to be paid in early January. On a trailing 4-quarter basis, our payout ratio is now 66%, approaching our long-term target range of low to mid-60s percent.

我們的董事會宣布將於 1 月初支付每股 0.62 美元的季度股息。在連續 4 個季度的基礎上，我們的派息率為 66%，接近我們 60% 左右的長期目標範圍。

Now let me share our projections for the fourth quarter, which incorporate recent FX rates.

現在讓我分享我們對第四季度的預測，其中包括最近的匯率。

We expect total revenue to be approximately $1.3 billion, which represents 12% growth year-on-year. This would be a high teens growth rate on a constant currency basis. We expect adjusted EBITDA to be approximately $470 million in the fourth quarter, which represents 9% year-on-year growth, including the negative impact of FX. We expect AFFO to be approximately $280 million, which is $0.94 on a per share basis.

我們預計總收入約為 13 億美元，同比增長 12%。在固定貨幣基礎上，這將是一個十幾歲的高增長率。我們預計第四季度調整後的 EBITDA 約為 4.7 億美元，同比增長 9%，其中包括外彙的負面影響。我們預計 AFFO 約為 2.8 億美元，即每股 0.94 美元。

As FX rates have moved significantly both this year and in the most recent quarter, we feel it would be helpful to provide a bit more context. With the FX rates that we used at the time of our August earnings release, our projections for the fourth quarter would be revenue in excess of $1.32 billion, EBITDA of approximately $480 million, AFFO of approximately $290 million and AFFO per share of approximately $0.97.

由於今年和最近一個季度的匯率都發生了顯著變化，我們認為提供更多背景信息會有所幫助。根據我們在 8 月份發布財報時使用的匯率，我們預計第四季度的收入將超過 13.2 億美元，EBITDA 約為 4.8 億美元，AFFO 約為 2.9 億美元，AFFO 每股約為 0.97 美元。

As compared to our full year guidance ranges, with our year-to-date performance and our fourth quarter projection, revenue is at the low end and adjusted EBITDA is at the midpoint. I would like to highlight that on the same FX route rates we were using at the start of the year, we estimate our full year revenue would be in excess of the midpoint of our range and adjusted EBITDA would be beyond the high end of our range.

與我們的全年指導範圍相比，根據我們年初至今的業績和我們第四季度的預測，收入處於低端，調整後的 EBITDA 處於中點。我想強調的是，根據我們在年初使用的相同外匯航線匯率，我們估計全年收入將超過我們範圍的中點，調整後的 EBITDA 將超出我們範圍的高端.

To conclude, our results reflect the strength of our business model and our team's collective execution and focus on growth and operating leverage. I'd like to take this opportunity to thank our entire team for their strong performance on our drive to achieve our ambitions.

總而言之，我們的業績反映了我們商業模式的實力和我們團隊的集體執行力，以及對增長和經營槓桿的關注。我想藉此機會感謝我們整個團隊在我們實現抱負的過程中表現出色。

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

那麼，接線員，請打開問答熱線。

(Operator Instructions) The first question comes from Shlomo Rosenbaum with Stifel.

（操作員說明）第一個問題來自 Stifel 的 Shlomo Rosenbaum。

You mentioned last quarter that you were talking about doing a third quarter pricing increase and it's usually something that happens, I think, more at the end of the year. Could you give us a little bit more color around the success of your ability to put through some more pricing, and kind of its implications for 2023?

你在上個季度提到你正在談論第三季度的價格上漲，我認為這通常會在年底發生。您能否就您通過更多定價的能力的成功以及它對 2023 年的影響給我們更多的色彩？

Okay. Shlomo, this is Barry. I appreciate the question. We did put in place those revenue management actions we talked about on the last call. So those went into effect in September, and you see that beginning in the quarter 2 take hold in the results. As you would have noted, the implied growth from revenue management accelerated in the quarter and that's been ramping through the year. So think on our Global RIM business, it was probably in the 6.5% range. That's up from about 5% earlier in the year, and been making steady progress.

好的。什洛莫，這是巴里。我很欣賞這個問題。我們確實實施了我們在上次電話會議上談到的那些收入管理措施。因此，這些在 9 月生效，您會看到從第二季度開始的結果。正如您所注意到的，收入管理的隱含增長在本季度加速，並且在全年一直在上升。所以想想我們的全球 RIM 業務，它可能在 6.5% 的範圍內。這一比例高於今年早些時候的 5% 左右，並且一直在穩步增長。

I would expect in light of the macro environment and the reception that we've been seeing with respect to revenue management activities that would -- we would continue naturally to be at this level as we move into 2023. So we are preparing similar revenue management actions going forward, and the reception has been consistent with what we've seen over many years. I think it demonstrates the value that we're driving for our customers. Thanks for the question.

我預計，鑑於宏觀環境和我們在收入管理活動方面所看到的反響，隨著我們進入 2023 年，我們將自然地繼續保持在這個水平。所以我們正在準備類似的收入管理未來的行動，並且接待與我們多年來所看到的一致。我認為這證明了我們為客戶帶來的價值。謝謝你的問題。

Our next question comes from Kevin McVeigh with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Kevin McVeigh。

Barry, can you just -- I just want to make sure I have the numbers on ITRenew. Like, how much is in the full year guidance versus where you initially guided? And was the offset the data center deal, or -- because obviously, you're maintaining despite, it sounds like a little bit of runoff in IT and FX. Where is the offset on the guidance?

巴里，你能不能——我只是想確保我有 ITRenew 上的數字。比如，全年指導與您最初指導的位置相比有多少？並且是數據中心交易的抵消，或者 - 因為很明顯，儘管如此，你仍在維持，這聽起來像是 IT 和 FX 中的一點徑流。指南的偏移量在哪裡？

Okay. On ITRenew, we certainly, as we've said throughout the year, been experiencing a challenge like so many other companies that sell into China. And so with the COVID lockdowns that have persisted and then at one level or another throughout the second half and really throughout the year, that has been a challenge as it relates to our revenue. We -- as Bill and I mentioned in the prepared remarks, we've assumed that ITRenew will be -- and total ALM business would be pretty consistent third quarter and fourth quarter at this level.

好的。在 ITRenew 上，正如我們全年所說的那樣，我們當然像許多其他向中國銷售的公司一樣經歷了挑戰。因此，由於 COVID 封鎖持續存在，然後在整個下半年乃至全年一直處於一個或另一個水平，這與我們的收入有關，這一直是一個挑戰。我們 - 正如比爾和我在準備好的發言中提到的那樣，我們假設 ITRenew 將 - 並且 ALM 業務總量將在第三季度和第四季度保持在這個水平。

In total, ITRenew was of the order of about $45 million of revenue in the third quarter and that was, as I said in the prepared remarks, down about $5 million, $6 million from the projection we were using at that time.

總的來說，ITRenew 在第三季度的收入約為 4500 萬美元，正如我在準備好的發言中所說，比我們當時使用的預測減少了約 500 萬美元、600 萬美元。

Thanks for the call out as it relates to the total business continuing to perform well. It's -- you mentioned the data center deal. Just to be clear, that business is only like 3 megawatts today, so that is not a driver of revenue performance in the fourth quarter at all, although we are really bullish on that opportunity because Madrid is a market that we wanted to play in for some time and it's a unique market, as I'm sure you know, from a standpoint of where it is with the energy grid. It's not constrained like so many other markets in Europe, and we think it is, as a market one that has considerable opportunity, our pipeline there is quite good. So we'll be developing that site and we feel really good about the asset.

感謝您的呼籲，因為它與繼續表現良好的整體業務有關。它是 - 你提到了數據中心交易。需要明確的是，今天的業務只有 3 兆瓦，所以這根本不是第四季度收入表現的驅動力，儘管我們真的看好這個機會，因為馬德里是我們想要進入的市場一段時間以來，從能源網的位置來看，這是一個獨特的市場，我相信你知道。它不像歐洲的許多其他市場那樣受到限制，我們認為，作為一個有相當大機會的市場，我們在那裡的管道非常好。因此，我們將開發該網站，我們對該資產感覺非常好。

In terms of the fourth quarter and our ability to continue to deliver strong growth, that's a testament to our team's strong performance across our operations. So in our Global Records business, we'll continue to see benefit from revenue management, as I mentioned. We've got very strong services performance and we continue to see a ramping business in our Data Center. So thanks so much for the question, Kevin.

就第四季度和我們繼續實現強勁增長的能力而言，這證明了我們團隊在整個運營中的強勁表現。因此，正如我提到的，在我們的全球唱片業務中，我們將繼續從收入管理中受益。我們擁有非常強大的服務性能，並且我們的數據中心業務不斷增長。凱文，非常感謝你提出這個問題。

Our next question comes from George Tong with Goldman Sachs.

我們的下一個問題來自高盛的 George Tong。

I wanted to drill into the Services revenue performance. The growth was very strong in the quarter, up 22% organically. I wanted to see what the sustainability of the drivers are? If you can talk a little bit about contributions from the growth portfolio, particularly digital services, overall Services revenue growth? And any other factors such as paper prices or traditional service trends that might impact the outlook for services revenue performance?

我想深入了解服務收入績效。本季度增長非常強勁，有機增長 22%。我想看看驅動程序的可持續性是什麼？如果你能談談增長組合的貢獻，特別是數字服務，整體服務收入增長？以及其他任何可能影響服務收入績效前景的因素，例如紙張價格或傳統服務趨勢？

Thanks George, for the question. Well, we feel really good. As you would have noted is that over the last number of quarters, we've been consistently showing north of 20% growth, both on our IT disposal business, the traditional part or the organic portion of our asset life cycle management business has consistently been 20% or better. And our digital service business continues to go from strength again, north of 20%. So those are really the -- 2 of the key drivers of driving that overall level of Service growth.

謝謝喬治，提出這個問題。嗯，我們感覺很好。正如您所注意到的，在過去的幾個季度中，我們的 IT 處置業務、資產生命週期管理業務的傳統部分或有機部分一直保持 20% 以上的增長。 20% 或更好。我們的數字服務業務繼續走強，增幅超過 20%。因此，這些確實是推動整體服務水平增長的兩個關鍵驅動因素。

And if anything, we see in both of those areas, the interest in customers, whether it's helping them at the end of life with some of their assets and make sure there's destroyed or destructed in a way that's secure, or in the digital service business, we see more and more customer interest and actually customer contracting on us helping them with their digital transformation. And I think in the current environment, we see more rather than less in both those things.

如果有的話，我們在這兩個領域都看到了對客戶的興趣，無論是在他們生命的盡頭幫助他們處理他們的一些資產並確保以安全的方式銷毀或銷毀這些資產，還是在數字服務業務中，我們看到越來越多的客戶感興趣，實際上客戶與我們簽約，幫助他們進行數字化轉型。我認為在當前環境下，我們在這兩方面看到的更多而不是更少。

So we feel really good about being able to maintain that kind of level of growth, which is all part of the Matterhorn Project that we outlined at our investor event a few weeks ago that when you put it all together, it drives what we see over the next coming years, consistent growth rates that turn into a CAGR of 10% or better.

因此，我們對能夠保持這種增長水平感到非常高興，這是我們幾週前在投資者活動中概述的馬特宏峰項目的一部分，當你把它們放在一起時，它會推動我們看到的在接下來的幾年裡，持續的增長率將變成 10% 或更高的複合年增長率。

Our next question comes from Eric Luebchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Eric Luebchow。

So 2, if I could, and probably both for Barry. Just wanted to return to your Investor Day from September. Maybe you could give us a little color, the $450 million of cash costs you expect to incur over 3 years as part of Matterhorn, a little more insight into what those costs are, where they'll be spent to help drive some of the growth rates you laid out longer term?

所以 2，如果可以的話，可能兩個都給 Barry。只想從 9 月回到您的投資者日。也許你可以給我們一些顏色，作為 Matterhorn 的一部分，你預計在 3 年內產生的 4.5 億美元現金成本，更深入地了解這些成本是什麼，它們將用於幫助推動部分增長您制定的長期利率？

And then secondly, just as you think about capital allocation, maybe you could talk about your funding plans to achieve the longer-term CapEx guide? I know your long-term debt yields are above 7% today, and obviously, the forward curve on short-term rates continues to march higher. So just wondering how you're thinking about managing, fix the floating mix as you fund your elevated data center CapEx pipeline?

其次，正如您考慮資本配置一樣，也許您可以談談您的融資計劃以實現長期資本支出指南？我知道你們的長期債務收益率今天超過 7%，顯然，短期利率的遠期曲線繼續走高。所以只是想知道在為高架數據中心資本支出管道提供資金時，您是如何考慮管理和修復浮動組合的？

Okay. Thank you, Eric, for the questions. A couple of ones in there, on Matterhorn, the costs that we spoke about. As you know, we're moving from -- to a new operating model that Bill just touched on briefly. That being with a global commercial organization, also a global operations function. In those cases, that is a pretty substantial change for us in terms of the way we go to market. On the commercial side, it's really putting together an organization that is singularly focused on serving our customers with -- on a solution basis and really developing a tremendous amount of excellence around all things commercial.

好的。埃里克，謝謝你提出的問題。那裡有幾個，在馬特宏峰，我們談到的成本。如您所知，我們正在從 - 轉向 Bill 剛剛簡要提到的新運營模式。這是一個全球商業組織，也是一個全球運營職能。在這些情況下，就我們進入市場的方式而言，這對我們來說是一個相當大的變化。在商業方面，它實際上是在組建一個專注於為我們的客戶提供服務的組織——在解決方案的基礎上，真正圍繞所有商業事物發展出巨大的卓越成就。

And then we are also constructing a global operations function which is meant to serve our customers effectively and drive significant customer satisfaction and high-quality service while also creating and furthering the shared services backbone that we have to support the entire organization. As well, we are moving to a business unit function, that being as we discussed at the Investor Day event, storage and asset lifecycle management and data center, as you know.

然後，我們還在構建一個全球運營職能部門，旨在有效地為我們的客戶提供服務並推動顯著的客戶滿意度和高質量服務，同時創建和進一步發展我們必須支持整個組織的共享服務骨幹。同樣，我們正在轉向業務部門職能，正如我們在投資者日活動、存儲和資產生命週期管理以及數據中心所討論的那樣，如您所知。

So those are pretty substantial changes. We think of it, as Bill mentioned, as a transformation. And with that, probably about 1/3 of those costs, Eric, will be -- maybe slightly less will be specific to enablement to align and transform into that commercial operating function.

所以這些都是相當大的變化。正如比爾所提到的，我們將其視為一種轉變。有了這些，可能有大約 1/3 的成本，埃里克，可能會稍微少一些，具體用於調整和轉換為該商業運營功能的支持。

And then the bulk of the cost will be around, in fact, transforming the broader operating model, which would include costs that you would expect with respect to that kind of transformation, including activities such as restructuring and furthering our transformation. So thanks for that question.

然後大部分成本將圍繞，事實上，轉變更廣泛的運營模式，這將包括您預期的與這種轉型相關的成本，包括重組和進一步轉型等活動。所以感謝這個問題。

And I guess I'll just note, as I said on the -- at the investor event, we would expect to be at the -- approaching the run rate of that level in the fourth quarter as we continue to move into the Matterhorn model, as Bill mentioned in his prepared remarks.

我想我會注意到，正如我在投資者活動中所說的那樣，隨著我們繼續進入馬特宏峰模型，我們預計第四季度的運行率將接近該水平，正如比爾在準備好的發言中提到的那樣。

In terms of the funding plan, I appreciate that question as well. Just as a highlight for those that weren't able to join the investor meeting, we noted that we expect a 5-year revenue CAGR of 10% and a 5-year EBITDA CAGR of 10%, AFFO of 8%, and that equates to AFFO per share of, let's say, 7%, as we said in our slides this morning. And with that, it's a fully-funded capital plan through EBITDA expansion and leverage within our target range. If you'd note that rates have moved up recently, and I'll just note that with -- we consider ourselves in a very good position. We have $1.5 billion of liquidity and we're about 80% fixed, as you know, Eric. And so from time to time, we will continue to term out debt.

就資助計劃而言，我也很欣賞這個問題。對於那些無法參加投資者會議的人來說，作為一個亮點，我們指出，我們預計 5 年收入複合年增長率為 10%，5 年 EBITDA 複合年增長率為 10%，AFFO 為 8%，這等同於正如我們今天早上在幻燈片中所說，每股 AFFO 比方說 7%。因此，這是一項通過 EBITDA 擴張和槓桿作用在我們目標範圍內的資金充足的資本計劃。如果你注意到最近利率有所上升，我會注意到 - 我們認為自己處於非常有利的位置。我們有 15 億美元的流動資金，我們大約有 80% 是固定的，正如你所知，埃里克。因此，我們會不時地繼續終止債務。

But in light of the very good position we're in with respect to availability on our revolver and the lowest levels of leverage we've experienced since 2017, we can really kind of pick our timing as it relates to that over time. So there's -- we will be funding through expansion of EBITDA and leverage within our target range. I appreciate the questions, Eric.

但鑑於我們在左輪手槍的可用性方面所處的非常有利的位置以及我們自 2017 年以來經歷的最低杠桿水平，我們真的可以選擇與時間相關的時機。所以有 - 我們將通過擴大 EBITDA 和我們目標範圍內的槓桿來提供資金。我很欣賞這些問題，埃里克。

Our next question comes from Wendy Ma with Evercore.

我們的下一個問題來自 Evercore 的 Wendy Ma。

So for 3Q, the leasing of data center seems a little bit softer compared to historical levels. So could you please talk about the demand trend in your key markets given current slowing down economic environment? And also, how should we think about the leasing activity maybe heading into 2023?

因此對於第 3 季度，數據中心的租賃與歷史水平相比似乎有點疲軟。那麼，鑑於當前經濟放緩的環境，您能否談談您的主要市場的需求趨勢？而且，我們應該如何考慮可能進入 2023 年的租賃活動？

Wendy, thanks for the question. So we remain really excited and very bullish about our data center businesses. As I said, that if you look at that, we'll exceed the 130 megawatts that we had laid out or forecasted on our last call, so we're continuing to build past that. And we see similar momentum as we go into next year, so we don't see any change in terms of pipeline in terms -- that turns into leasing activity as we start approaching 2023.

溫迪，謝謝你的提問。因此，我們對我們的數據中心業務仍然非常興奮和看好。正如我所說，如果你看一下，我們將超過我們在上次電話會議上規劃或預測的 130 兆瓦，因此我們將繼續超越這一目標。進入明年，我們看到了類似的勢頭，所以我們看不到管道方面的任何變化——隨著我們開始接近 2023 年，這會變成租賃活動。

So we continue to -- there's always a little bit of lumpiness because these are fairly large contracts when you look at quarter-to-quarter, but we see continued strength and momentum as we go into next year. And I think we're also in key markets, that's why we've expanded in Phoenix where as I mentioned, that we're pretty much fully leased or committed on our current campus in Phoenix, and we've expanded there. And as Barry mentioned, is that whilst there's 3 megawatts that comes with the north of 70 megawatts of capacity that we've purchased in the Iberian Peninsula or specifically in Madrid, is that comes with a pipeline of activity because we've been clearly speaking to our customers and anticipating of that move.

所以我們繼續 - 總是有一點點波動，因為當你按季度查看時，這些合同相當大，但我們看到進入明年時持續的實力和勢頭。而且我認為我們也在關鍵市場，這就是為什麼我們在鳳凰城擴張，正如我提到的那樣，我們在鳳凰城目前的園區幾乎完全租賃或承諾，我們已經在那裡擴張。正如巴里提到的那樣，雖然我們在伊比利亞半島或特別是在馬德里購買的 70 兆瓦容量的北部有 3 兆瓦，但它是否伴隨著一系列活動，因為我們一直在明確地說給我們的客戶並期待這一舉措。

So we continue to see that we're going from strength to strength in that business and building really strong momentum as we go into 2023.

因此，我們繼續看到我們在該業務中不斷壯大，並在進入 2023 年時建立真正強勁的勢頭。

Our next question comes from Andrew Steinerman with JPMorgan.

我們的下一個問題來自摩根大通的 Andrew Steinerman。

Barry, when talking about the fourth quarter revenue guide of $1.3 billion, could you tell us how that shakes out in terms of organic constant currency revenue growth? And if you can make a comment between Storage and Service?

巴里，在談到 13 億美元的第四季度收入指南時，您能否告訴我們這在有機恆定貨幣收入增長方面有何影響？如果您可以在存儲和服務之間發表評論？

Sure. Andrew, when you look at the fourth quarter revenue rate, that being of the order of high teens growth on a constant currency basis and something of the order of 17%, 18%, so very strong continuation of trend. I'll note that that's basically the rate we've been running at through the year, so it's a very good continuation of trend. And from the standpoint of storage and services, as Bill mentioned in response to one of the earlier questions, our services business continues to go from strength to strength. I mean, that's thanks to things like our digital solutions and our historic IT asset disposition business, which is growing in excess of 20%, I think 25% in the most recent quarter, very strong performance.

當然。安德魯，當你看第四季度的收入率時，在固定貨幣的基礎上，這是十幾歲的高增長率，大約是 17%、18%，所以趨勢非常強勁。我會注意到，這基本上是我們全年的運行速度，因此這是趨勢的一個很好的延續。從存儲和服務的角度來看，正如 Bill 在回答之前的一個問題時提到的那樣，我們的服務業務在不斷壯大。我的意思是，這要歸功於我們的數字解決方案和我們歷史悠久的 IT 資產處置業務，該業務增長超過 20%，我認為最近一個季度增長了 25%，表現非常強勁。

And we view many of our businesses as playing in markets that are quite large, growing secularly at double-digit rates and that we expect to continue to take market share in. So for the fourth quarter, you should expect continued strong performance from both Storage and Services throughout the business. The only thing I would further underline is that for ITRenew and ALM in general, we've assumed it would be consistent on a sequential basis, and so that you can work into the organic, if you like, from that. Thank you for the question.

我們認為我們的許多業務都在相當大的市場中發揮作用，以兩位數的速度長期增長，並且我們希望繼續佔據市場份額。因此，對於第四季度，您應該期待存儲和存儲的持續強勁表現和整個業務的服務。我唯一要進一步強調的是，對於一般的 ITRenew 和 ALM，我們假設它在順序的基礎上是一致的，這樣你就可以從中進入有機的，如果你願意的話。感謝你的提問。

(Operator Instructions)

（操作員說明）

Our next question comes from Brendan Lynch with Barclays.

我們的下一個問題來自巴克萊銀行的布倫丹林奇。

I wanted to dig in a little bit on your power cost exposure for the DC business. I believe you're largely hedged, but maybe you could just give us a bit of color on how you hedge toward this exposure, and what the order of magnitude is that you expect for costs to go up for your customers specifically?

我想深入了解一下您在 DC 業務中的電力成本風險。我相信你在很大程度上進行了對沖，但也許你可以給我們一些顏色，說明你如何對沖這種風險，以及你期望成本具體為你的客戶增加多少數量級？

Okay. Maybe I'll take the first part of that, and if Bill wants to add, he can. But thank you, Brendan, for the question and appreciate those points that you're asking about. So we -- I think our team has done a quite effective job with respect to hedging and getting us into a place where we are in a very good position as we work into 2023 as it relates to power.

好的。或許我會講第一部分，如果 Bill 想補充，他可以。但是，Brendan，謝謝你提出這個問題，感謝你提出的那些要點。所以我們 - 我認為我們的團隊在對沖方面做得非常有效，並讓我們進入一個我們在 2023 年與權力相關的工作中處於非常有利的位置。

To give you a sense, Brendan, we -- obviously, this is a little bit based on forecast of next year, but we estimate that we were in excess of 95% locked in terms of pricing at this point for power. In fact, it's probably closer to 99%.

為了給你一種感覺，布倫丹，我們 - 顯然，這有點基於明年的預測，但我們估計此時我們在電力定價方面鎖定了超過 95%。事實上，它可能接近 99%。

And I would say the other important point is when you look at our customer base, we have the ability to directly pass power pricing onto roughly 90% of the customers. And that's either through pass-through or surcharge, for example, to retail customers. And in many cases, that's month-to-month as we've highlighted before. And for those that we don't have that direct ability, of course, we have the ability to adjust pricing on renewals, and that's principally in the retail portion of our business. You know those are relatively shorter contracts, so we have the ability to press quite frequently or consistently with power, so it's not a huge headwind.

我想說的另一個重要點是，當您查看我們的客戶群時，我們有能力將電價直接傳遞給大約 90% 的客戶。這要么是通過轉嫁，要么是向零售客戶收取附加費。在許多情況下，正如我們之前強調的那樣，這是逐月的。對於那些我們沒有直接能力的人，當然，我們有能力調整續訂定價，這主要是在我們業務的零售部分。你知道那些是相對較短的合同，所以我們有能力非常頻繁地或持續地施加壓力，所以這不是一個巨大的逆風。

And I think the fact that the team has continued to drive gross margins to being consistent. In fact, in the most recent quarter, up several hundred basis points in our Data Center business is a very good testament to the fact that we're managing the impact of power. Which, as you know, is a margin drag whereas it's increasing. So we feel very good about where we are going in and that relates to power.

而且我認為團隊繼續推動毛利率保持一致的事實。事實上，在最近一個季度，我們的數據中心業務增長了數百個基點，這很好地證明了我們正在管理電力的影響。如您所知，這是一個利潤拖累，而它正在增加。因此，我們對我們的發展方向以及與權力相關的領域感到非常滿意。

And as it relates to pricing, more broadly, the thing I would point you to is you look at our mark-to-market, it has continued to improve throughout the year. And as you know, that's a lagging indicator in light of when the contracts for renewals were signed. So we continue to see a very healthy environment for pricing within Data Center. At least within the markets that we operate in, they're -- generally speaking, I would say there's more demand than supply. We feel very well positioned as it relates to the assets we have and our ability to continue to price. But I also know, of course, that construction costs are up. And so when you look across the platform of our Data Center business, we feel very good about how the team is performing.

由於它與定價有關，更廣泛地說，我要指出的是你看看我們的按市值計價，它在全年都在持續改善。如您所知，根據續簽合同的簽署時間，這是一個滯後指標。因此，我們繼續看到數據中心內非常健康的定價環境。至少在我們經營的市場中，一般來說，我會說需求多於供應。我們感覺非常有利，因為它與我們擁有的資產和我們繼續定價的能力有關。但我當然也知道，建築成本在上升。因此，當您查看我們數據中心業務的平台時，我們對團隊的表現感到非常滿意。

And the only thing I would add, you were asking about how we manage with the customers because this has been a pain point for our customers. As Barry said, you can see our margins continue to improve. So we're -- as we're building out operational leverage in the business, which is, first and foremost, that we've been able to manage the price increases in line with energy costs so it hasn't been a drag for us. But for our customers, it's been a pretty big pain point.

我唯一要補充的是，您問的是我們如何與客戶打交道，因為這一直是我們客戶的痛點。正如 Barry 所說，您可以看到我們的利潤率繼續提高。所以我們 - 當我們在業務中建立運營槓桿時，首先也是最重要的是，我們已經能夠根據能源成本來管理價格上漲，因此它並沒有拖累我們。但對於我們的客戶來說，這是一個相當大的痛點。

And recently, I can say, speaking to customer, a large e-commerce customer in Asia, we actually serve them around the globe but based in Asia, and a large global financial institution. Even though we have the -- and we do pass the power cost into them, is having the uncertainty in the budgets is difficult with them.

最近，我可以說，與客戶交談，亞洲的一個大型電子商務客戶，我們實際上在全球範圍內為他們提供服務，但總部設在亞洲，以及一家大型全球金融機構。儘管我們有——而且我們確實將電力成本轉嫁給他們，但預算的不確定性對他們來說是困難的。

So we have been working with a number of those customers to actually buy power in advance or contract forward for some power, that we can give them certainty in terms of what their energy bill is going to be on a rolling 12-month basis. So we have been working with our customers to try to minimize the volatility of the pain that they're experiencing. So, so far so good.

因此，我們一直在與其中一些客戶合作，實際提前購買電力或簽訂一些電力合同，我們可以讓他們確定他們的能源賬單將在 12 個月內滾動。因此，我們一直在與我們的客戶合作，盡量減少他們所經歷的痛苦的波動性。所以，到目前為止一切順利。

This concludes our question-and-answer session and the Iron Mountain Third Quarter 2022 Earnings Conference Call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 Iron Mountain 2022 年第三季度收益電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連接。