鐵山公司 (IRM) 2022 Q4 法說會逐字稿

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

早上好，歡迎來到 Iron Mountain 2022 年第四季度收益電話會議。 （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, everyone, and welcome to our fourth quarter 2022 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We are joined 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。大家早上好，歡迎來到我們的 2022 年第四季度收益電話會議。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 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 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 annual report on Form 10-K 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 上的安全港語言和我們在 10-K 表格上的年度報告，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 thank you all for taking the time to join us today. We are pleased to have delivered record performance for both the fourth quarter and the full year. These exceptional results are reflective of our broad product portfolio, synergistic business model, deep customer relationships and committed team.

謝謝你，吉莉安，感謝大家今天抽出時間加入我們。我們很高興在第四季度和全年都取得了創紀錄的業績。這些卓越的業績反映了我們廣泛的產品組合、協同的商業模式、深厚的客戶關係和敬業的團隊。

Before I dive into the drivers of our strong performance, I would like to take a few moments to relay how deeply saddened we are all feeling by the devastating and recent earthquakes in Turkey and Syria. Our thoughts and prayers are with our fellow Mountaineers, customers in all of their families living and working in the region. The safety and security of our employees is our #1 priority, and we are committed to supporting our colleagues in the region as they navigate this challenging time.

在我深入探討我們強勁表現的驅動因素之前，我想花點時間表達我們對土耳其和敘利亞最近發生的毀滅性地震深感悲痛。我們的思念和祈禱與我們的登山者同胞、在該地區生活和工作的所有家庭的客戶同在。我們員工的安全和保障是我們的第一要務，我們致力於支持我們在該地區的同事度過這個充滿挑戰的時期。

Now let me begin our discussion of our recent performance. I am proud to report that Iron Mountain has had another outstanding year. In the fourth quarter, we achieved quarterly revenue of $1.28 billion, yielding 11.3% total organic revenue growth and record adjusted EBITDA of $472 million, up 10%. For the full year, we delivered record results across the board. Revenue of $5.1 billion, adjusted EBITDA of $1.8 billion and AFFO of $1.1 billion, representing growth of 14%, 12% and 10%, respectively. This performance is a direct result of our close relationships with our customers and our commitment to innovation so we can provide them with expanded products and services to meet their needs.

現在讓我開始討論我們最近的表現。我很自豪地向大家報告，Iron Mountain 又迎來了出色的一年。第四季度，我們實現了 12.8 億美元的季度收入，有機總收入增長 11.3%，調整後的 EBITDA 達到創紀錄的 4.72 億美元，增長 10%。全年，我們全面交付了創紀錄的業績。收入為 51 億美元，調整後的 EBITDA 為 18 億美元，AFFO 為 11 億美元，分別增長 14%、12% 和 10%。這一業績是我們與客戶的密切關係以及我們對創新的承諾的直接結果，因此我們可以為他們提供更多的產品和服務來滿足他們的需求。

For the full year, we delivered organic storage rental revenue growth of 9%, reflecting continued benefit of pricing combined with positive volume trends. We drove double-digit organic growth in our data center business as well as our digital services and asset life cycle management business areas, capping off another excellent year.

全年，我們實現了 9% 的有機存儲租金收入增長，反映了定價的持續優勢以及積極的銷量趨勢。我們在數據中心業務以及數字服務和資產生命週期管理業務領域推動了兩位數的有機增長，為又一個出色的一年畫上了句號。

Our continued drive to build an ever-expanding suite of synergistic and customer-centric solutions together with global reach and scale fuels our accelerated growth, consistent with the Matterhorn excellence model we unveiled last autumn.

我們繼續努力構建一套不斷擴展的協同和以客戶為中心的解決方案，以及全球影響力和規模，這推動了我們的加速增長，這與我們去年秋天推出的 Matterhorn 卓越模型一致。

Let me share a few examples of how we've been enabling our customers' success and growth through the diverse solutions and unmatched customer service we offer. Beginning with our records management business, we reported a substantial cross-sell win with a large nonprofit health care provider, which has been an Iron Mountain customer for more than 20 years. The win resulted in a new 10-year contract covering records management, ALM, data management, secure storage of nonrecords and document digitization services, taking this customer from $2.5 million per year to $5 million annually. Just a few years ago, we would have been able -- unable to provide such a broad range of services and solutions to this long-tenured customer. Today, with our broad offerings, we not only cross-sold the new services and solutions, but we increased our share of wallet for our records management services and solidified our position as a trusted and strategic partner.

讓我分享幾個例子，說明我們如何通過我們提供的多樣化解決方案和無與倫比的客戶服務幫助客戶取得成功和發展。從我們的記錄管理業務開始，我們報告了與一家大型非營利性醫療保健提供商的重大交叉銷售勝利，該提供商已成為 Iron Mountain 20 多年的客戶。中標後簽訂了一份為期 10 年的新合同，涵蓋記錄管理、ALM、數據管理、非記錄的安全存儲和文檔數字化服務，使該客戶從每年 250 萬美元增加到每年 500 萬美元。就在幾年前，我們還能夠——無法為這個長期合作的客戶提供如此廣泛的服務和解決方案。今天，憑藉我們廣泛的產品，我們不僅交叉銷售了新的服務和解決方案，而且還增加了我們的記錄管理服務的錢包份額，鞏固了我們作為值得信賴的戰略合作夥伴的地位。

We also provided a solution for a large U.S. bank to develop a simple and cost-effective process to manage its vast inventory of over 24 million mortgage files. This partnership involves meeting stringent compliance obligations, mitigating risk and reducing cost.

我們還為一家大型美國銀行提供了一個解決方案，以開發一個簡單且具有成本效益的流程來管理其超過 2400 萬份抵押貸款文件的龐大庫存。這種夥伴關係涉及滿足嚴格的合規義務、降低風險和降低成本。

Also in the quarter, we won new business serving the Australian government. Through this work, we will drive considerable cost savings from one of Australia's largest government agencies. Iron Mountain will have a dedicated team to pack, enter data and transport 375,000 cartons to our new facility in Melbourne.

同樣在本季度，我們贏得了為澳大利亞政府服務的新業務。通過這項工作，我們將為澳大利亞最大的政府機構之一節省大量成本。 Iron Mountain 將有一個專門的團隊來包裝、輸入數據並將 375,000 個紙箱運送到我們在墨爾本的新工廠。

In Digital Solutions, a key win I would like to highlight is with a branch of the U.S. federal government. As a result of the enormous success of our original projects with the customer to digitize 177,000 reels of microfilm in less than the prescribed year, we have executed a sole-source follow-on contract to digitize another 133,000 reels of microfilm. This win is the result of the strategic development of a best-in-breed AI machine learning solution to auto-classify and automate data capture.

在數字解決方案中，我想強調的一個關鍵勝利是與美國聯邦政府的一個分支機構的合作。由於我們與客戶在不到規定的一年內將 177,000 捲縮微膠卷數字化的原始項目取得了巨大成功，因此我們執行了獨家後續合同以數字化另外 133,000 捲縮微膠卷。此次勝利是同類最佳人工智能機器學習解決方案戰略開發的結果，該解決方案可自動分類和自動化數據捕獲。

In addition, we worked with a large global medical equipment and electronics manufacturer to navigate an extensive global medical product recall. The customer needed an efficient partner to assist with the recall in order to meet regulatory requirements and avoid further legal ramifications. The customer also required rapid response and tight turnaround times and was seeking a single partner. The win includes several service offerings delivered by a single point of contact and illustrates the early success of our new commercial operating model that we introduced with Project Matterhorn.

此外，我們還與一家大型全球醫療設備和電子產品製造商合作，應對廣泛的全球醫療產品召回事件。客戶需要一個高效的合作夥伴來協助召回，以滿足監管要求並避免進一步的法律後果。客戶還需要快速響應和緊迫的周轉時間，並且正在尋找單一合作夥伴。此次中標包括由單一聯繫點提供的多項服務產品，並說明了我們通過 Project Matterhorn 引入的新商業運營模式的早期成功。

Turning to ALM. Another noteworthy win this quarter was with a health insurance provider, which selected Iron Mountain has its dedicated asset life cycle management partner. Due to the unique nature of their business, the customer has constant attrition throughout the course of the year. And consequently, they were seeking a dedicated ALM partner to provide collection, wiping, imaging, secure storage and redeployment of technology assets. The customer's previous positive experience with Iron Mountain and our team, combined with our strong solutions, led to mutual success. Our services resolved their challenges around collection, ease of use in reporting and tracking. This illustrates our commercial team's strength and ability to cross-sell our set of solutions across the mountain range and is another example of our increased focus and success in driving commercial engagement as part of our Matterhorn client.

轉向 ALM。本季度另一個值得注意的勝利是與一家健康保險提供商合作，該公司選擇 Iron Mountain 擁有專門的資產生命週期管理合作夥伴。由於其業務的獨特性，客戶在一年中不斷流失。因此，他們正在尋找專門的 ALM 合作夥伴來提供技術資產的收集、擦除、成像、安全存儲和重新部署。客戶之前在 Iron Mountain 和我們團隊的積極體驗，再加上我們強大的解決方案，共同取得了成功。我們的服務解決了他們在收集、報告和跟踪方面的易用性方面的挑戰。這說明了我們的商業團隊在整個山脈交叉銷售我們的解決方案集的實力和能力，也是我們作為 Matterhorn 客戶的一部分在推動商業參與方面更加關注和成功的另一個例子。

Moreover, we are especially proud to say that we renewed our largest ALM contract this quarter. This is the fourth contract renewal with this client, one of the largest technology companies in the world. We have worked with them for the past 12 years and are proud of this relationship, the continuation of which demonstrates the potential for longevity in this area of our business.

此外，我們特別自豪地說，我們在本季度續簽了最大的 ALM 合同。這是與該客戶的第四次續簽合同，該客戶是世界上最大的技術公司之一。在過去的 12 年裡，我們一直與他們合作，並為這種關係感到自豪，這種關係的延續表明了我們在這一業務領域的長壽潛力。

We continue to be excited and encouraged by the total addressable market of the asset life cycle management category despite the headwinds we have faced this year as a result of enduring COVID-19 lockdowns in China. In spite of this, our legacy ITAD business continues to perform well. And as we gain momentum on our Matterhorn climb, we continue to focus on moves to accelerate this growth.

儘管我們今年因中國持續的 COVID-19 封鎖而面臨逆風，但我們仍然對資產生命週期管理類別的總潛在市場感到興奮和鼓舞。儘管如此，我們的傳統 ITAD 業務繼續表現良好。隨著我們在馬特宏峰攀登中獲得動力，我們將繼續專注於加速這一增長的舉措。

Finally, turning to our data center business. We are pleased to have finished the year with 139 megawatts of new leases signed, exceeding our original booking guidance of 50 megawatts and our most recent target expressed in the third quarter of 130 megawatts. In the fourth quarter, we successfully completed 14 megawatts of leasing. This area of our business has gone from strength to strength over the past several years, and we continue to see tremendous opportunity in serving both hyperscale and colocation customers and significant growth potential for our data center footprint.

最後，轉向我們的數據中心業務。我們很高興在今年結束時簽署了 139 兆瓦的新租約，超過了我們最初的 50 兆瓦預訂指導和我們在第三季度表達的 130 兆瓦的最新目標。四季度，我們順利完成了14兆瓦的租賃。在過去的幾年裡，我們的這一業務領域不斷壯大，我們繼續看到為超大規模和主機託管客戶提供服務的巨大機會，以及我們數據中心足蹟的巨大增長潛力。

With 37% year-on-year bookings growth, excluding our large lease in Virginia 4, 5, we will continue to prioritize data centers with our capital program. More details of which Barry will provide in his remarks.

隨著 37% 的同比預訂量增長，不包括我們在弗吉尼亞州 4、5 的大型租約，我們將繼續通過我們的資本計劃優先考慮數據中心。巴里將在他的發言中提供更多細節。

One customer win in our data center business that I would like to share is a 6-megawatt expansion lease at our Phoenix campus with an existing global Fortune 100 customer. The customer, which has a long-term strategic relationship with Iron Mountain across service lines and has existing capacity in several of our other locations, needed space to expand in Arizona. Our customer was able to leverage our Phoenix data center for their expansion, and we look forward to supporting them in their future growth.

我想分享的一個在我們數據中心業務中贏得的客戶是我們鳳凰城園區與現有全球財富 100 強客戶的 6 兆瓦擴展租約。該客戶與 Iron Mountain 跨服務線建立了長期戰略關係，並且在我們其他幾個地點擁有現有產能，因此需要在亞利桑那州擴展空間。我們的客戶能夠利用我們的 Phoenix 數據中心進行擴展，我們期待為他們未來的發展提供支持。

Also in the quarter, our team announced a win for our joint venture at the Mumbai 2 data center, which is connected to our Mumbai 1 data center, 1 of the most robust carrier hotels in the country, providing superb connectivity and flexibility for our customers. We partnered with a global content delivery network company to expand their presence in Mumbai. They required a robust network ecosystem backed by reliable power infrastructure, which we were able to provide.

同樣在本季度，我們的團隊宣布贏得我們在孟買 2 數據中心的合資企業，該數據中心與我們的孟買 1 數據中心相連，孟買 1 數據中心是該國最強大的運營商酒店之一，為我們的客戶提供卓越的連接性和靈活性.我們與一家全球內容交付網絡公司合作，以擴大他們在孟買的業務。他們需要一個由可靠的電力基礎設施支持的強大網絡生態系統，而我們能夠提供。

Another win to highlight our ability to cross-sell across business segments involves our existing relationship with one of the largest German banks. This resulted in a new partnership with our data center team who leverage their excellent network within the German financial network -- market and demonstrated proficiency in its high regulatory standards, customer buying team structures and the data center competition in Frankfurt. The customer felt confident in our team's expertise and our ability to support a highly regulated environment to meet their needs. This is yet another excellent example of our ability to listen to our customers and find ways to meet their needs.

另一個突出我們跨業務部門交叉銷售能力的勝利涉及我們與德國最大銀行之一的現有關係。這導致與我們的數據中心團隊建立了新的合作夥伴關係，他們利用其在德國金融網絡內的優秀網絡 - 市場並展示了其高監管標準、客戶購買團隊結構和法蘭克福數據中心競爭的熟練程度。客戶對我們團隊的專業知識以及我們支持高度監管環境以滿足他們需求的能力充滿信心。這是另一個很好的例子，說明我們有能力傾聽客戶的意見並找到滿足他們需求的方法。

To conclude, I am incredibly proud of our dedicated team, our unmatched customer dedication and relationships and our solutions, which continue to drive our transformation and excellence. The reorganization we completed in 2022 through the initiation of Matterhorn has established a strong foundation, which is already delivering double-digit growth. It is this foundation built by Matterhorn which will continue to fuel our growth trajectory and to realize our greatest ambitions.

最後，我為我們敬業的團隊、無與倫比的客戶奉獻精神和關係以及我們的解決方案感到無比自豪，它們繼續推動我們的轉型和卓越。我們在 2022 年通過啟動 Matterhorn 完成的重組奠定了堅實的基礎，已經實現了兩位數的增長。正是馬特洪峰建立的這個基礎將繼續推動我們的發展軌跡並實現我們最大的抱負。

Turning to our 2023. This momentum will continue to drive the opportunities ahead, with another year of double-digit top line growth expected. Barry will speak in detail about our guidance for the year ahead. Our goals are well within sight as we climb on with Project Matterhorn and beyond.

轉向我們的 2023 年。這種勢頭將繼續推動未來的機遇，預計又一年將實現兩位數的收入增長。 Barry 將詳細介紹我們對來年的指導意見。隨著我們繼續推進馬特宏峰計劃及其他項目，我們的目標就在眼前。

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. Before I begin, I would like to echo Bill's sentiments with regard to the tragedy of the earthquakes in Turkey and Syria.

謝謝，比爾，感謝大家今天加入我們討論我們的結果。在開始之前，我想表達比爾對土耳其和敘利亞地震悲劇的看法。

Turning to our financials. In the fourth quarter, our team continued the trend of delivering strong performance, exceeding expectations for both adjusted EBITDA and AFFO. On a reported basis, revenue of $1.28 billion, grew 10.3% year-on-year or 14.2%, excluding the effects of the stronger U.S. dollar. Total organic revenue grew 11.3%. Revenue was in line with the expectations we shared when we reported the third quarter in November.

轉向我們的財務。在第四季度，我們的團隊繼續保持強勁業績的趨勢，超出了調整後 EBITDA 和 AFFO 的預期。根據報告，收入為 12.8 億美元，同比增長 10.3% 或 14.2%，不包括美元走強的影響。有機總收入增長 11.3%。收入符合我們在 11 月報告第三季度時的預期。

A key highlight in the quarter is our organic storage revenue, which grew 11% and represents a sequential improvement of 130 basis points. Total service revenue increased 17% to $510 million, driven by organic growth of 12%. These results reflect the strong performance of our commercial team and their focus on selling the entire mountain range of products and solutions.

本季度的一個重要亮點是我們的有機存儲收入，增長了 11%，環比提高了 130 個基點。在 12% 的有機增長的推動下，服務總收入增長 17% 至 5.1 億美元。這些結果反映了我們商業團隊的強大表現以及他們對銷售整個系列產品和解決方案的專注。

Adjusted EBITDA was $472 million, a new record, up 10% on a reported basis and up 13% year-on-year on a constant currency basis. As compared to the rates we were using at the time of our last guidance, the dollar strengthened in November, which resulted in an incremental headwind in the fourth quarter of several million dollars to adjusted EBITDA. Adjusted EBITDA margin was better than we projected at 36.9% and improved 40 basis points sequentially driven by revenue management and mix.

調整後的 EBITDA 為 4.72 億美元，創下新紀錄，按報告基礎增長 10%，按固定匯率計算同比增長 13%。與我們在上次指導時使用的利率相比，美元在 11 月走強，這導致第四季度調整後的 EBITDA 增加了數百萬美元的逆風。調整後的 EBITDA 利潤率好於我們預期的 36.9%，並且在收入管理和組合的推動下連續提高了 40 個基點。

AFFO was $287 million or $0.98 on a per share basis, up $20 million and $0.06, respectively, from the fourth quarter of last year. This was well ahead of our projections, partially due to the timing of a nearly $10 million cash tax item, which is now incorporated into our 2023 guidance.

AFFO 為 2.87 億美元或每股 0.98 美元，分別比去年第四季度增加 2000 萬美元和 0.06 美元。這遠遠超出了我們的預測，部分原因是近 1000 萬美元的現金稅項目的時間安排，該項目現已納入我們的 2023 年指導方針。

Now let me briefly summarize the full year. Revenue of $5.1 billion increased 14% on a reported basis and 17% on a constant currency basis. Adjusted EBITDA increased 12% year-on-year to $1.827 billion, an increase of $192 million year-on-year, exceeding the projections given on our last call. AFFO increased 10% to $1.11 billion or $3.80 on a per share basis.

現在讓我簡要總結一下全年。 51 億美元的收入在報告基礎上增長了 14%，在固定匯率基礎上增長了 17%。經調整 EBITDA 同比增長 12% 至 18.27 億美元，同比增長 1.92 億美元，超過我們上次電話會議給出的預測。 AFFO 增長 10% 至 11.1 億美元或每股 3.80 美元。

I would like to briefly compare our results to our financial guidance. As we have noted throughout the year, FX rates have been more of a headwind than we had initially planned. In fact, using the same FX rates we had in our projections in February of 2022, we would have exceeded the high end of our guidance for EBITDA, AFFO and AFFO per share.

我想簡單地將我們的結果與我們的財務指導進行比較。正如我們全年所注意到的那樣，匯率比我們最初計劃的更不利。事實上，使用我們在 2022 年 2 月的預測中使用的相同匯率，我們將超過我們對每股 EBITDA、AFFO 和 AFFO 的指導的上限。

Now turning to segment performance. In the fourth quarter, our Global RIM business delivered revenue of $1.08 billion, an increase of $61 million from last year or 6% on a reported basis. This equates to a 10% increase, excluding the effects of the stronger U.S. dollar. On an organic constant currency basis, revenue increased 11%. Global RIM adjusted EBITDA was $486 million, an increase of $39 million year-on-year, driven by revenue management.

現在轉向細分市場表現。第四季度，我們的全球 RIM 業務實現了 10.8 億美元的收入，比去年增加了 6100 萬美元，報告的基礎上增長了 6%。這相當於增加了 10%，不包括美元走強的影響。在有機固定貨幣基礎上，收入增長了 11%。受收入管理的推動，全球 RIM 調整後 EBITDA 為 4.86 億美元，同比增長 3900 萬美元。

Turning to our global data center business. We are pleased to report another successful quarter. From a total revenue perspective, we delivered 15% year-on-year growth on a reported basis and 19% year-on-year on a constant currency basis. As a reminder, in the second half of 2021, we provided unique fit-out services for our Frankfurt joint venture.

轉向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。從總收入的角度來看，我們在報告基礎上實現了 15% 的同比增長，在固定匯率基礎上實現了 19% 的同比增長。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。

In the fourth quarter of 2021, those services resulted in approximately $9 million of revenue. Excluding those fit-out services, on a like-for-like basis, our total data center revenue grew in excess of 27%. And we are now back to a more normalized service revenue run rate. Our data center storage revenue grew 25% year-on-year or 28% on a constant currency basis.

2021 年第四季度，這些服務帶來了大約 900 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 27%。我們現在回到了更正常化的服務收入運行率。我們的數據中心存儲收入同比增長 25%，按固定匯率計算增長 28%。

Turning to new and expansion leasing. We completed 14 megawatts in the fourth quarter and 139 for the full year. This is well ahead of our updated leasing projection of 130 for the full year. Excluding our large build-to-suit lease in Virginia, we leased 67 megawatts for the full year.

轉向新的和擴展的租賃。我們在第四季度完成了 14 兆瓦，全年完成了 139 兆瓦。這遠遠高於我們最新的全年租賃預測 130。不包括我們在弗吉尼亞州的大型定制租賃，我們全年租賃了 67 兆瓦。

With our increasing pipeline and the depth of our customer relationships, for 2023, we project leasing 80 megawatts or more for the full year. This represents 20% bookings growth. We are continuing to expand our data center platform into new markets. And as we discussed in November, we closed the Madrid data center transaction early in the fourth quarter.

隨著我們不斷增加的管道和我們客戶關係的深入，到 2023 年，我們預計全年租賃 80 兆瓦或更多。這意味著 20% 的預訂量增長。我們正在繼續將我們的數據中心平台擴展到新市場。正如我們在 11 月討論的那樣，我們在第四季度初完成了馬德里數據中心交易。

Turning to our asset life cycle management business. We continue to be pleased with the results of our legacy ITAD business, which grew approximately 30% for the full year, and we are happy to report that we have seen strong growth in our pipeline.

轉向我們的資產生命週期管理業務。我們繼續對我們傳統的 ITAD 業務的結果感到滿意，該業務全年增長了約 30%，我們很高興地報告我們已經看到我們的管道有強勁的增長。

For the hyperscale decommissioning portion of the business, we are conservatively planning the year with an expectation for continued impact from COVID-19 in China. For example, at the midpoint of our revenue guidance range, we have assumed revenue from our total ALM business is consistent year-on-year. As a reminder, the decommissioning market was performing better through the first half of 2022 and slowed down sharply following more intense lockdowns in China. And as we are planning for ramping performance through the year, we anticipate the first quarter of 2023 revenue in our ALM business to be consistent with the fourth quarter of 2022. With that, we will naturally have some impact on our organic growth rate in the first 2 quarters of the year as we anniversary the ITRenew transaction in January.

對於業務的超大規模退役部分，我們正在保守地規劃今年，預計 COVID-19 在中國的持續影響。例如，在我們的收入指導範圍的中點，我們假設我們的 ALM 業務總收入與去年同期持平。提醒一下，退役市場在 2022 年上半年表現較好，但在中國實施更嚴格的封鎖措施後急劇放緩。由於我們計劃全年提高業績，我們預計 ALM 業務 2023 年第一季度的收入將與 2022 年第四季度保持一致。因此，我們自然會對我們的有機增長率產生一些影響今年前兩個季度，我們在 1 月紀念 ITRenew 交易。

Turning to capital. For the full year 2022, we invested $820 million of growth capital and $142 million of recurring. For 2023, we project capital expenditure to be approximately $850 million of growth with the vast majority of that dedicated to data center development and $145 million of recurring.

轉向資本。對於 2022 年全年，我們投資了 8.2 億美元的增長資本和 1.42 億美元的經常性資本。到 2023 年，我們預計資本支出將增長約 8.5 億美元，其中絕大部分用於數據中心開發和 1.45 億美元的經常性支出。

Turning to the balance sheet. With strong adjusted EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.1x, better than our projections and an improvement versus last quarter. I think it is worth noting this marks our lowest leverage level since 2017. As we have said before, we expect to operate within our target leverage range, which is 4.5 to 5.5x. For 2023, we expect to exit the year at similar levels to year-end 2022.

轉向資產負債表。憑藉強勁的調整後 EBITDA 業績，我們在本季度結束時的淨租賃調整后杠桿率為 5.1 倍，好於我們的預期，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，我們預計將在我們的目標槓桿範圍內運作，即 4.5 至 5.5 倍。對於 2023 年，我們預計將以與 2022 年底相似的水平結束這一年。

Our Board of Directors declared a quarterly dividend of $0.62 per share to be paid in early April. On a trailing 4-quarter basis, our payout ratio is now 65%, approaching our long-term target range of low to mid-60s percent.

我們的董事會宣布將於 4 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 65%，接近我們 60% 左右的長期目標範圍。

Now let me share our projections for the full year of 2023. We expect total revenue to be within the range of $5.5 billion to $5.6 billion, which represents between 8% and 10% growth year-on-year. On consistent FX rates, this implies growth of 9% to 11%. We expect adjusted EBITDA to be within the range of $1.94 billion to $1.975 billion, which represents 7% year-on-year growth at the midpoint.

現在讓我分享我們對 2023 年全年的預測。我們預計總收入將在 55 億美元至 56 億美元之間，同比增長 8% 至 10%。在一致的匯率下，這意味著增長 9% 至 11%。我們預計調整後的 EBITDA 將在 19.4 億美元至 19.75 億美元之間，按中點計算同比增長 7%。

On consistent FX rates, this implies growth of 8% at the midpoint. We expect AFFO to be within the range of $1.15 billion to $1.175 billion, which represents 5% year-on-year growth at the midpoint. On consistent FX rates, this would be 6% growth at the midpoint. We expect AFFO per share to be $3.91 to $4. This represents growth of 4% at the midpoint, and on consistent FX rates, this would be 6% growth at the midpoint.

在一致的匯率下，這意味著中點增長 8%。我們預計 AFFO 將在 11.5 億美元至 11.75 億美元之間，按中點計算同比增長 5%。在一致的匯率下，這將是中點 6% 的增長。我們預計 AFFO 每股價格為 3.91 美元至 4 美元。這表示中點增長率為 4%，如果匯率保持一致，中點增長率為 6%。

Our guidance for both AFFO and AFFO per share includes the timing of the approximate $10 million cash tax item I previously mentioned from the fourth quarter of 2022 into the first quarter of 2023. This represents approximately 2 points of growth on both metrics.

我們對 AFFO 和 AFFO 每股的指導包括我之前提到的大約 1000 萬美元現金稅項的時間從 2022 年第四季度到 2023 年第一季度。這代表這兩個指標都有大約 2 個點的增長。

I would like to share some commentary to help investors better understand our guidance. In terms of FX, we are using current rates in our projections for 2023. While the U.S. dollar has weakened some recently, we currently expect FX to be nearly a $40 million headwind to revenue for the full year. I would like to further note that at these levels, FX will be a more pronounced headwind in the first half of the year. We expect revenue management will continue to be a significant benefit, and I will note the vast majority of the actions we have planned for in 2023 have already been implemented at this point.

我想分享一些評論，以幫助投資者更好地理解我們的指導。在外匯方面，我們在 2023 年的預測中使用當前匯率。雖然美元最近有所走軟，但我們目前預計外匯對全年收入的影響將達到近 4000 萬美元。我想進一步指出，在這些水平上，外匯將在今年上半年成為更明顯的逆風。我們預計收入管理將繼續成為一個重要的好處，我會注意到我們計劃在 2023 年採取的絕大多數行動此時已經實施。

Now turning to the first quarter, we expect revenue in excess of $1.3 billion, adjusted EBITDA of approximately $460 million, AFFO of approximately $270 million and AFFO per share of approximately $0.92.

現在轉向第一季度，我們預計收入將超過 13 億美元，調整後的 EBITDA 約為 4.6 億美元，AFFO 約為 2.7 億美元，AFFO 每股約為 0.92 美元。

To conclude, we are pleased to have delivered a strong year in 2022 and are realizing our growth ambitions that we outlined at our recent Investor Day. I'd like to take this opportunity to once again express my thanks to our entire team for their continued dedication, serving our customers and delivering on our collective commitments.

總而言之，我們很高興在 2022 年取得了強勁的表現，並正在實現我們在最近的投資者日上概述的增長目標。我想藉此機會再次感謝我們整個團隊的持續奉獻，為我們的客戶服務並履行我們的集體承諾。

And with that, operator, would you please open the line for Q&A?

那麼，接線員，你能打開問答熱線嗎？

(Operator Instructions) Our first question comes from George Tong with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 George Tong。

Services organic revenue growth remained in the double digits at 12% year-over-year in 4Q but decelerated from 22% growth in 3Q. Can you discuss the puts and takes you're seeing with respect to services organic revenue growth trends?

服務有機收入增長在第 4 季度保持兩位數的同比增長 12%，但低於第 3 季度 22% 的增幅。您能否討論一下您在服務有機收入增長趨勢方面看到的看跌期權？

Yes. No, thanks, George. So first of all, we're very pleased with the continued growth, especially where we just started Matterhorn last year. So if you look at overall in terms of the organic growth through the year and an increase in terms of total revenue growth as we progress, so we're very pleased.

是的。不，謝謝，喬治。所以首先，我們對持續增長感到非常高興，尤其是我們去年剛剛開始馬特洪峰的地方。因此，如果您從全年的有機增長和隨著我們的進步而增加的總收入增長的整體來看，我們感到非常高興。

To your specific question on service is one of the biggest factors in terms of when you're looking at the year-over-year comparison, if you recall, a year ago, we had the big fit-out for data center in Frankfurt. So that's the biggest factor in terms of that slight drop or that noticeable drop when you look at the year-over-year, still, double-digit growth, but that was the biggest factor.

對於您關於服務的具體問題，如果您還記得一年前我們在法蘭克福的數據中心進行了大型裝修，那麼當您查看同比比較時，這是最大的因素之一。因此，當您查看同比仍然兩位數的增長時，這是出現輕微下降或明顯下降的最大因素，但這是最大的因素。

I don't know, Barry, if you want to add anything.

巴里，我不知道你是否想添加任何內容。

George, the only other thing I'd add, I suppose, is that it was right in line with our expectations when we set the projections because, of course, as we signaled last quarter, we obviously knew that we had to anniversary over the fit-out services. So we're very pleased with the way services performed. And I will just tell you that as we look forward, we've got very good pipeline on things like Digital Solutions, our legacy IT asset disposition business is ramping, and we have, as I mentioned in the prepared remarks, very nice pipeline there. And we will see some incremental benefit from revenue management. So we feel very well positioned, George. Thanks for the question.

George，我想我要補充的唯一一件事是，它符合我們設定預測時的預期，因為當然，正如我們在上個季度發出的信號，我們顯然知道我們必須在裝修服務。因此，我們對服務的執行方式感到非常滿意。我只想告訴你，在我們期待的時候，我們在數字解決方案等方面有非常好的管道，我們的遺留 IT 資產處置業務正在增加，正如我在準備好的評論中提到的那樣，我們有非常好的管道.我們將從收入管理中看到一些增量收益。所以我們感覺非常好，喬治。謝謝你的問題。

Next question comes from Kevin McVeigh with Credit Suisse.

下一個問題來自瑞士信貸的 Kevin McVeigh。

So it seems like FX was an incremental headwind as was ITRenew. I don't know if this is for Barry, where were the offsets? Because obviously, the revenue looked pretty good in EBITDA, but just were the offsets on the revenue management or anything else?

所以看起來 FX 和 ITRenew 一樣是一個漸進的逆風。我不知道這是否適用於 Barry，補償在哪裡？因為很明顯，收入在 EBITDA 中看起來相當不錯，但僅僅是收入管理或其他方面的抵消嗎？

Thanks for the question, Kevin. I would say ITRenew actually performed consistent with our expectations, and I'll just provide a little more color there. As we've said before, with the lockdowns that we were experiencing or everyone is experiencing in China, we had been seeing ITRenew declining through last year. And in fact, in the fourth quarter, it stabilized, was actually slightly up on a sequential basis, which we view as a positive.

謝謝你的問題，凱文。我會說 ITRenew 的表現實際上與我們的預期一致，我將在那裡提供更多顏色。正如我們之前所說，由於我們正在經歷或每個人都在中國經歷的封鎖，我們一直看到 ITRenew 去年一直在下降。事實上，在第四季度，它趨於穩定，實際上環比略有上升，我們認為這是積極的。

Now we are, I think, being prudent with our expectations for ITRenew going forward because as you've probably seen in the press, China continues to -- while the restrictions are off, they continue to have a lot of challenges with COVID there. And so we haven't seen the market develop meaningfully yet, but we are cautiously optimistic. So we are planning for the first quarter expectations for our ALM business to be consistent with the fourth quarter revenue levels and then ramping over the course of the year.

我認為，現在我們對 ITRenew 的未來期望持謹慎態度，因為正如你可能在媒體上看到的那樣，中國繼續——雖然限制解除，但他們在那裡繼續面臨 COVID 的許多挑戰。因此，我們還沒有看到市場出現有意義的發展，但我們持謹慎樂觀的態度。因此，我們計劃第一季度對我們 ALM 業務的預期與第四季度的收入水平保持一致，然後在一年中逐漸增加。

As it relates to the rest of the business that you were pointing out, we had very strong contribution from revenue management, as you would have seen in the supplemental report. In fact, that ramped nicely on a sequential basis. And we feel very well positioned as it relates to revenue management as we move here through 2023 because as I mentioned in the remarks, all of our revenue management actions are essentially already in market. So we feel very, very good about how things are trending.

由於它與您指出的其他業務相關，正如您在補充報告中看到的那樣，我們在收入管理方面做出了非常大的貢獻。事實上，這在連續的基礎上很好地增加了。到 2023 年，我們在收入管理方面處於非常有利的地位，因為正如我在評論中提到的，我們所有的收入管理行動基本上都已經進入市場。所以我們對事物的趨勢感覺非常非常好。

The other thing I'd call out, which was a really nice performance, was in our data center business. You saw the growth rate continue to be very strong on the storage side, high 20s and, from a standpoint of bookings, also ahead of our expectation. So that gives us very strong visibility into 2023 in terms of revenue generation. And I'll tell you the pipeline continues to build. So appreciate the question. Thanks, Kevin.

我要說的另一件事是我們的數據中心業務，這是一個非常好的表現。你看到存儲方面的增長率繼續非常強勁，高達 20 多歲，從預訂的角度來看，也超出了我們的預期。因此，這使我們在創收方面對 2023 年有了非常清晰的認識。我會告訴你管道繼續建設。所以感謝這個問題。謝謝，凱文。

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。

Just for the sake of precision, could you just indicate what the organic constant currency revenue growth is at the midpoint of your first quarter and '23 guide? And it definitely seems like you're expecting faster growth for the full year kind of after first quarter or maybe compared to first quarter and just maybe go over that dynamic more, unless you feel like you've already addressed that.

只是為了精確起見，您能否指出第一季度和 23 年指南中點的有機恆定貨幣收入增長是多少？看起來你似乎預計在第一季度之後或者與第一季度相比全年會有更快的增長，並且可能會更多地考慮這種動態，除非你覺得你已經解決了這個問題。

Okay. So a couple of points there for you, Andrew, as it relates to how to think about the first quarter. When I mentioned that we probably have something approaching $40 million of FX challenge for the full year, the vast majority of that is going to be in the first quarter. So I think we'll probably have something like $30-plus million, maybe even more than that of a revenue headwind from FX in the first quarter just based on where rates are now versus last year.

好的。安德魯，關於如何思考第一季度，有幾點是給你的。當我提到我們全年可能面臨接近 4000 萬美元的外匯挑戰時，其中絕大部分將出現在第一季度。因此，我認為我們可能會有 30 多萬美元的收入，甚至可能超過第一季度外匯收入的逆風，僅基於現在與去年的匯率。

The other thing to be thinking about is that from a standpoint of ITRenew, that will go into our organic growth rate this quarter. In fact, as you know, we closed that transaction at the end of last January. And so it's organic for February and March. And last year -- I don't mind giving you this number for your modeling purposes. I may have mentioned it last year. ITRenew was about $60 million in the quarter, and then it was $65 million in the second quarter. And since I'm planning it to be essentially consistent on a sequential basis, that's about, call it, $45 million that vicinity.

另一件要考慮的事情是，從 ITRenew 的角度來看，這將影響我們本季度的有機增長率。事實上，如您所知，我們在去年 1 月底完成了該交易。所以二月和三月是有機的。去年——我不介意為你的建模目的提供這個數字。我可能去年就提到過。 ITRenew 在本季度約為 6000 萬美元，然後在第二季度為 6500 萬美元。而且由於我計劃它在連續的基礎上基本一致，所以這大約是附近的 4500 萬美元。

So I think that will have about, round numbers, a couple of point impact to organic growth. But from there, if you work through the model, you're going to see organic continue to improve through the year. And really, at that point, you don't have any additional acquisition revenue of any substance in the numbers. So you're essentially very close to the constant currency growth. And I think that ought to pencil for you on the model.

因此，我認為這將對有機增長產生約四分之一的影響。但是從那裡開始，如果你研究這個模型，你會看到有機在這一年裡繼續改進。實際上，在這一點上，您沒有任何數字中任何物質的額外收購收入。所以你基本上非常接近持續的貨幣增長。而且我認為這應該為您在模型上畫上鉛筆。

(Operator Instructions) Our next question comes from Shlomo Rosenbaum with Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Shlomo Rosenbaum。

It's Adam Parrington on for Shlomo. What was the pricing lift in the quarter? And what should investors expect for 2023?

亞當·帕靈頓替 Shlomo 上場。本季度的定價提升是多少？投資者對 2023 年應該期待什麼？

Thank you for the question. It was very strong, as you probably noticed. Organic revenue growth on storage was 11%. And overall, it was 11.3%. And so with volume being as we planned just slightly down on a sequential basis but, by the way, up better than our projection for the full year, it was a very nice contribution, and we had 8.9% on that metric for the full year. So it shows you the ramp that we've been seeing through the year.

感謝你的提問。正如您可能注意到的那樣，它非常強大。存儲的有機收入增長為 11%。總體而言，這一比例為 11.3%。因此，隨著我們計劃的銷量按順序略有下降，但順便說一下，比我們全年的預測要好，這是一個非常好的貢獻，我們全年的該指標為 8.9% .因此，它向您展示了我們在這一年中看到的斜坡。

In terms of -- for 2023, we continue to expect revenue management to be a very nice contributor and be thinking probably in at least the mid-single digit range for the whole year, if not a little bit higher in light of what we've got in market. And we feel quite good about where things are.

就 2023 年而言，我們繼續預計收入管理將成為一個非常好的貢獻者，並且考慮到全年可能至少在個位數的中位數範圍內，如果不是更高一點的話，根據我們的情況已經進入市場。我們對事物的位置感覺很好。

And I guess I'll also add that from a volume perspective since it goes a little bit to the question you were asking. From a volume perspective, we are continuing to see good trends there, and we would expect for the full year 2023 very similar projection to what we did last year. So something like consistent to slightly up. Thank you for the question.

而且我想我還會從數量的角度添加它，因為它與您提出的問題有一點關係。從銷量的角度來看，我們繼續看到那裡的良好趨勢，我們預計 2023 年全年的預測與去年的預測非常相似。所以有點像一致的稍微上升。感謝你的提問。

This concludes our question-and-answer session and the Iron Mountain Fourth 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 年第四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。