鐵山公司 (IRM) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Iron Mountain First Quarter 2023 Earnings Conference Call.

早上好，歡迎來到 Iron Mountain 2023 年第一季度收益電話會議。

(Operator Instructions)

（操作員說明）

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

請注意正在記錄此事件。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, Sarah. Good morning, and welcome to our first quarter 2023 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，莎拉。早上好，歡迎來到我們的 2023 年第一季度收益電話會議。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，總裁兼首席執行官比爾·米尼 (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。

After prepared remarks, we'll open up the lines for Q&A. 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 in our annual report -- on 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.

準備好發言後，我們將開通問答專線。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 和我們的年度報告中的安全港語言——在我們的 10-Q 表季度報告中討論可能導致我們的實際結果與我們的實際結果不同的主要風險因素前瞻性陳述。

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。

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. Our team delivered another quarter of record results for the first quarter of 2023, exceeding our expectations. This performance reflects the resonance of our expanded product portfolio, our unmatched customer relationships and the strength of our dedicated team.

謝謝你，吉莉安，感謝大家今天抽出時間加入我們。我們的團隊在 2023 年第一季度又取得了四分之一的創紀錄業績，超出了我們的預期。這一業績反映了我們擴大的產品組合、我們無與倫比的客戶關係和我們專業團隊的實力的共鳴。

On a reported basis, in the first quarter, we achieved our highest ever quarterly revenue of $1.31 billion, yielding 7.5% total organic revenue growth and EBITDA of $461 million. We continue to be encouraged by the increased demand for our services across key markets fueling these results as well as the success of Project Matterhorn, enabling our commercial teams to offer our customers access to the widest range of solutions in our company's history. We delivered organic storage rental revenue growth of 11% in the first quarter, and we drove high-teens organic growth in both our data center and digital services businesses.

根據報告，在第一季度，我們實現了有史以來最高的季度收入 13.1 億美元，總有機收入增長 7.5%，EBITDA 為 4.61 億美元。主要市場對我們服務的需求不斷增加推動了這些成果以及 Project Matterhorn 的成功，這使我們繼續感到鼓舞，使我們的商業團隊能夠為我們的客戶提供我們公司歷史上最廣泛的解決方案。我們在第一季度實現了 11% 的有機存儲租金收入增長，我們推動了數據中心和數字服務業務的十幾歲有機增長。

As we introduced last year with Project Matterhorn, our steady build-out of new products and services as well as growth in these underlying markets continues to accelerate us on our growth trajectory path. I would like to take this opportunity to highlight how we have been serving our customers with our solutions-based approach and our offerings across the Mountain range. Beginning with records management, we won significant new business in the United Kingdom with a major global industrial and aerospace company signing a contract valued at GBP 40 million. Following more than a year of conversations, the team entered into a bespoke 10-year agreement, providing the customer with several hundred thousand cubic feet of secure physical data storage, document digitization and management across multiple secure locations, radio frequency identification tagging for additional security and a dedicated on-site team of experts working to Iron Mountain's industry-leading standards.

正如我們去年推出的 Project Matterhorn 一樣，我們穩步推出新產品和服務以及這些基礎市場的增長繼續加速我們的增長軌跡。我想藉此機會強調我們如何通過基於解決方案的方法和我們在整個山脈的產品為客戶提供服務。從記錄管理開始，我們在英國贏得了重要的新業務，與一家大型全球工業和航空航天公司簽訂了價值 4000 萬英鎊的合同。經過一年多的對話，該團隊簽訂了一份為期 10 年的定制協議，為客戶提供數十萬立方英尺的安全物理數據存儲、跨多個安全位置的文檔數字化和管理、射頻識別標籤以提高安全性以及專門的現場專家團隊，他們按照 Iron Mountain 的行業領先標準工作。

I am pleased we could offer such a comprehensive solution that allows the customer to both digitize their data and protect their business. We are now discussing additional opportunities with the same customer in other European countries, North America and Asia. In total, the potential contract value over 10 years is approximated to be GBP 90 million.

我很高興我們能夠提供如此全面的解決方案，使客戶能夠將他們的數據數字化並保護他們的業務。我們現在正在與其他歐洲國家、北美和亞洲的同一客戶討論更多機會。總的來說，10 年的潛在合同價值約為 9000 萬英鎊。

Another win that highlights our ability to sell the entire Mountain range involves a state historical society, which turned to both Iron Mountain and our Fine Art Storage Business Crozier for help in preserving the history of its cultural heritage center, which is home to its underground archives in museum. With budget as a key consideration for this customer, our unique solution was focused on reducing costs, whilst leveraging our expertise and innovation to challenge the customer to think differently.

另一個突出我們銷售整個山脈的能力的勝利涉及一個國家歷史協會，該協會向 Iron Mountain 和我們的美術存儲業務 Crozier 尋求幫助，以保護其文化遺產中心的歷史，該中心是其地下檔案館的所在地在博物館。將預算作為該客戶的主要考慮因素，我們獨特的解決方案專注於降低成本，同時利用我們的專業知識和創新來挑戰客戶以不同的方式思考。

Our combined art, library, archives and logistics expertise enabled our team to deliver a solution that met the state's needs. Also in the quarter, a financial services company based in Australia, a long-standing customer of Iron Mountain turned to us for help with their compliance issues after being impressed by the information we presented at a Policy Center webinar back in 2021.

我們結合了藝術、圖書館、檔案館和物流專業知識，使我們的團隊能夠提供滿足該州需求的解決方案。同樣在本季度，一家總部位於澳大利亞的金融服務公司是 Iron Mountain 的長期客戶，在對我們於 2021 年在政策中心網絡研討會上提供的信息印象深刻後，他們向我們尋求解決合規問題的幫助。

Our suite of digital enablement solutions and software, including the InSight platform will provide the customer with increased visibility into its archives, digital copy as selected records, auto generation of metadata and auto reduction of personal identifiable information. Success stories such as this highlight the value we provide customers and not only moving data from physical to digital storage, but also improving the methods and capability to utilize the data.

我們的數字支持解決方案和軟件套件，包括 InSight 平台，將為客戶提供對其檔案、作為選定記錄的數字副本、自動生成元數據和自動減少個人身份信息的更高可見性。諸如此類的成功案例凸顯了我們為客戶提供的價值，不僅是將數據從物理存儲轉移到數字存儲，而且還改進了利用數據的方法和能力。

Another digital win was with the U.S. Department of Veterans Affairs. The U.S. Congress has requested that the VA advanced the production of complete and accurate veteran records in a timely fashion, driving the need for digitization of historical veteran documents, which are often dispersed across multiple storage locations. The customer required an experienced digital partner to increase their scanning capacity and also provide facility oversight, chain of custody logistics and secure storage. The unique aspects provided by our high security Boyers, Pennsylvania facility, combined with the skill of our staff were key contributing factors to winning the deal. This is just the beginning of our work to aid in the delivery of medical records to enhance patient care of veterans.

另一個數字勝利是與美國退伍軍人事務部的合作。美國國會要求退伍軍人事務部及時推進完整、準確的退伍軍人記錄的製作，推動了對歷史退伍軍人文件數字化的需求，這些文件通常分散在多個存儲位置。客戶需要經驗豐富的數字合作夥伴來提高他們的掃描能力，並提供設施監督、監管鏈物流和安全存儲。我們位於賓夕法尼亞州 Boyers 的高度安全設施所提供的獨特方面，加上我們員工的技能，是贏得交易的關鍵因素。這只是我們幫助提供醫療記錄以加強對退伍軍人患者護理的工作的開始。

Also in Digital Solutions, we had a key win with an existing customer His Majesty's Courts and tribunal service on a digital mailroom solution to automate the indexing and classification elements of the mail room function. The service, which will reduce the cost and time of processing court applications will be delivered from our [Houston] location where we have a well-established digitization and BPO facility.

同樣在數字解決方案中，我們與現有客戶 His Majesty's Courts and tribunal service 在數字收發室解決方案上取得了關鍵勝利，以自動化收發室功能的索引和分類元素。該服務將減少處理法院申請的成本和時間，將從我們的 [休斯頓] 地點提供，我們在那裡擁有完善的數字化和 BPO 設施。

Turning to asset lifecycle management, or ALM, we divide this business into 3 verticals. The first of these is the hyperscale decommissioning business that we acquired from ITRenew. Our volumes grew in excess of 30% in this vertical year-over-year, reflecting our market-leading platform, the strength of our existing customer relationships and our ability to win more new logos. Revenue is down, however, reflecting the record-low pricing the market has seen since the end of 2022 on both new and used components.

轉向資產生命週期管理或 ALM，我們將此業務分為 3 個垂直領域。其中第一個是我們從 ITRenew 收購的超大規模退役業務。在這個垂直領域，我們的銷量同比增長超過 30%，這反映了我們市場領先的平台、我們現有客戶關係的實力以及我們贏得更多新徽標的能力。然而，收入下降，反映出自 2022 年底以來市場上新舊組件的定價創歷史新低。

In our enterprise ITAD vertical, we've been gratified to see more synergies with our existing customers. Since we have relationships with over 225,000 customers across our wider business, the opportunity to cross-sell our enterprise ITAD services has never been greater.

在我們的企業 ITAD 垂直領域，我們很高興看到與現有客戶的更多協同效應。由於我們在更廣泛的業務範圍內與超過 225,000 名客戶建立了關係，因此交叉銷售我們的企業 ITAD 服務的機會從未像現在這樣大。

The last of these verticals is the technology manufacturers. Here, we are winning business, both in terms of servers as well as end-user devices. We have invested in our sales force and obtained specific expertise in the OEM space setting us up for success. This indirect relationship to decommission end-user product is a huge market opportunity. Examples of recent wins in the ALM business include a contract with an existing global asset management company to perform on-site hard disk and solid state disk ratio and destruction whilst maximizing value from data center and corporate end-user assets.

這些垂直行業中的最後一個是技術製造商。在這裡，我們贏得了服務器和終端用戶設備方面的業務。我們投資於我們的銷售隊伍，並在 OEM 領域獲得了特定的專業知識，為我們的成功奠定了基礎。這種與最終用戶產品退役的間接關係是一個巨大的市場機會。最近在 ALM 業務中獲勝的例子包括與一家現有的全球資產管理公司簽訂合同，執行現場硬盤和固態磁盤比率和銷毀，同時最大限度地提高數據中心和企業最終用戶資產的價值。

Continuing with ALM, a large global risk management company sought services to decommission to complete in 2 partial data centers. A combination of our strong existing relationship and performance, including guidance from a dedicated program manager, our remarketing solutions and capabilities and the ease of the use of our ALM portal contributed to the win.

繼續使用 ALM，一家大型全球風險管理公司尋求服務以完成 2 個部分數據中心的退役。我們強大的現有關係和績效（包括來自專職項目經理的指導）、我們的再營銷解決方案和能力以及我們 ALM 門戶的易用性的結合促成了勝利。

Finally, let's turn to our Data Center business. We are pleased to have finished the first quarter of 2023 with 52 megawatts of new leases signed with a single hyperscale customer signing 2 deals for a total of 44 megawatts. You will recall that our guidance for the year is 80-plus megawatts. So to have least over half of our target in the first quarter alone is a triumph of our team.

最後，讓我們談談我們的數據中心業務。我們很高興在 2023 年第一季度結束時與一個超大規模客戶簽訂了 52 兆瓦的新租約，簽署了 2 筆交易，總計 44 兆瓦。你會記得我們今年的指導是 80 多兆瓦。因此，僅在第一季度就至少完成了我們目標的一半是我們團隊的勝利。

In terms of the co-location wins this past quarter, one win I would like to highlight is with an existing U.S. federal home loan customer who sought to expand into a new data center market for disaster recovery options and selected our VA2 data center in Manassas, Virginia. The customer was impressed with the tour of our Virginia campus and the custom solution we developed to meet their needs. With their positive past experience with our data center services, we've bundled this expanded solution with a renewal at another of our data center sites.

就上個季度的託管勝利而言，我想強調的一個勝利是與現有的美國聯邦住房貸款客戶的勝利，該客戶尋求擴展到新的數據中心市場以獲得災難恢復選項，並選擇了我們在馬納薩斯的 VA2 數據中心, 弗吉尼亞州。客戶對我們弗吉尼亞園區的參觀以及我們為滿足他們的需求而開發的定制解決方案印象深刻。憑藉他們過去對我們數據中心服務的積極體驗，我們將這個擴展的解決方案與我們另一個數據中心站點的更新捆綁在一起。

Also in the quarter, our team announced the win with a fleet management company, which for years has explored moving their internal on-site data center infrastructure to co-location. Our ability to provide a custom solution in our VA2 data center, including direct internet access, smart hands and cross connects resulted in a powerful solution for them and the continuation of an important relationship that has the potential to expand to a disaster recovery solution at our New Jersey data center.

同樣在本季度，我們的團隊宣布贏得了一家車隊管理公司，該公司多年來一直在探索將其內部現場數據中心基礎設施遷移到同一地點。我們在我們的 VA2 數據中心提供定制解決方案的能力，包括直接互聯網訪問、智能手和交叉連接，為他們帶來了強大的解決方案，並延續了一種重要的關係，這種關係有可能擴展到我們的災難恢復解決方案新澤西數據中心。

Also noteworthy is a substantial win with an existing major semiconductor chip manufacturer who's taking advantage of all the Mountain range has to offer. The customer was seeking a data center partner to host their internal development cloud environment, and our data center and commercial sales teams work closely to deliver a solution at our Arizona site, leveraging the customer's existing relationship.

同樣值得注意的是與一家現有的主要半導體芯片製造商的實質性勝利，他們正在利用山脈的所有優勢。客戶正在尋找一個數據中心合作夥伴來託管他們的內部開發雲環境，我們的數據中心和商業銷售團隊密切合作，利用客戶現有的關係在我們的亞利桑那州站點提供解決方案。

All 3 of these wins that I have noted are with long-standing customers, demonstrating our ability to source premium co-location deals with customers with whom we have had trusted relationships for decades. To conclude, we are more enthusiastic than ever about the growth in our business and our ability to offer our customers expanded and innovative solutions to meet their ever-evolving needs. Project Matterhorn is bearing fruit, and we continue to make great strides as our team climbs towards the highest peaks of our journey.

我注意到的所有這 3 個勝利都是與長期客戶合作的，這表明我們有能力與我們幾十年來一直保持信任關係的客戶達成優質的託管交易。總而言之，我們比以往任何時候都更加熱衷於業務的增長以及我們為客戶提供擴展和創新解決方案以滿足他們不斷變化的需求的能力。馬特洪峰項目正在取得成果，隨著我們的團隊攀登我們旅程的最高峰，我們繼續取得長足進步。

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 first quarter, our team continued to deliver strong performance, exceeding the expectations we provided on our last call. We achieved an all-time record quarterly revenue of $1.31 billion, representing 5% growth on a reported basis. Organically, revenue grew 7.5%. Revenue was ahead of the expectations we shared on our last call as Global RIM and our data center businesses both outperformed.

謝謝，比爾，感謝大家加入我們討論我們的結果。在第一季度，我們的團隊繼續表現強勁，超出了我們在上次電話會議上提供的預期。我們的季度收入達到 13.1 億美元，創歷史新高，同比增長 5%。有機地，收入增長了 7.5%。收入超出了我們在上次電話會議上分享的預期，因為 Global RIM 和我們的數據中心業務均表現出色。

A key highlight in the quarter is our organic storage revenue growth of 11%. This marks an acceleration both sequentially and year-on-year. This reflects strong contributions from revenue management, data center commencements and positive volume trends. Total service revenue increased 2% to $504 million or 4% on a constant currency basis. Consistent with the commentary we shared on our last call, the year-on-year impact from the start of the more intense lockdowns in China impacted our ITRenew business.

本季度的一個重要亮點是我們的有機存儲收入增長了 11%。這標誌著環比和同比的加速。這反映了收入管理、數據中心啟動和積極的銷量趨勢的強大貢獻。服務總收入增長 2% 至 5.04 億美元，按固定匯率計算增長 4%。與我們在上次電話會議上分享的評論一致，中國開始實施更嚴格的封鎖所產生的同比影響影響了我們的 ITRenew 業務。

Excluding ITRenew, service revenue was up 11% on an organic constant currency basis. Adjusted EBITDA was $461 million, a new first quarter record. This represents growth of 7% year-on-year and 9% on a constant currency basis driven by revenue management and strong contributions from data center. Adjusted EBITDA margin was 35.1%, an improvement of 60 basis points year-on-year with revenue management and mix being the key drivers.

不包括 ITRenew，服務收入在有機固定貨幣基礎上增長了 11%。調整後的 EBITDA 為 4.61 億美元，創下第一季度新紀錄。這意味著在收入管理和數據中心的強勁貢獻的推動下，同比增長 7%，按固定匯率計算增長 9%。調整後的 EBITDA 利潤率為 35.1%，同比提高 60 個基點，收入管理和組合是主要驅動因素。

AFFO was $284 million or $0.97 on a per share basis, up $20 million and $0.06, respectively from the first quarter of last year. This was well ahead of the expectations we shared on our last call, partially the result of the timing of some maintenance CapEx items between the first and second quarters.

AFFO 為 2.84 億美元或每股 0.97 美元，分別比去年第一季度增加 2000 萬美元和 0.06 美元。這遠遠超出了我們在上次電話會議上分享的預期，部分原因是第一季度和第二季度之間一些維護資本支出項目的時間安排。

Now turning to segment performance. In the first quarter, our Global RIM business delivered revenue of $1.13 billion, an increase of $78 million from last year. On an organic basis, revenue increased 11%. Organic storage rental revenue growth of 9.4% reflects our focus on revenue management and solid volume trends. We reported organic service revenue growth of 13.6%, with that performance driven by digital solutions and core offerings.

現在轉向細分市場表現。第一季度，我們的全球 RIM 業務實現收入 11.3 億美元，比去年增加 7800 萬美元。在有機基礎上，收入增長了 11%。 9.4% 的有機存儲租金收入增長反映了我們對收入管理的關注和穩定的銷量趨勢。我們報告有機服務收入增長 13.6%，這一業績是由數字解決方案和核心產品推動的。

Global RIM adjusted EBITDA was $478 million, an increase of $29 million year-on-year. Turning to our global data center business. We achieved revenue of $112 million, an increase of $15 million year-on-year. From a total revenue perspective, we delivered 17% growth on an organic basis. Organic storage revenue growth was particularly strong at 24%, driven by commencements and improved pricing. As we projected, data center services were down year-on-year given the fit-out work we were performing in the first half of last year. Data center adjusted EBITDA was $51 million, representing 21% growth.

全球 RIM 調整後 EBITDA 為 4.78 億美元，同比增長 2900 萬美元。轉向我們的全球數據中心業務。我們實現收入 1.12 億美元，同比增長 1500 萬美元。從總收入的角度來看，我們實現了 17% 的有機增長。有機存儲收入增長特別強勁，達到 24%，這主要受開工和定價改善的推動。正如我們預測的那樣，鑑於我們在去年上半年進行的裝修工作，數據中心服務同比下降。數據中心調整後的 EBITDA 為 5100 萬美元，增長 21%。

Turning to new and expansion leasing. We had a very strong quarter with the team signing 52 megawatts. We expanded our relationship with a long-standing customer with a 40-megawatt contract. Later in the quarter, we extended this relationship further with another 4 megawatts. Both of these have an initial term of 7 years with multiple renewal options. We signed new deals across our portfolio with key wins in Scottsdale, Phoenix, Frankfurt and London. In total, we signed 22 new logos within our data center business with strong cross-selling activity.

轉向新的和擴展的租賃。我們有一個非常強勁的季度，團隊簽下了 52 兆瓦。我們通過 40 兆瓦的合同擴大了與長期客戶的關係。在本季度晚些時候，我們進一步擴大了這種關係，又增加了 4 兆瓦。這兩者的初始期限均為 7 年，並提供多種續訂選項。我們在斯科茨代爾、菲尼克斯、法蘭克福和倫敦取得了重大勝利，在我們的投資組合中籤署了新協議。我們在數據中心業務中總共簽署了 22 個具有強大交叉銷售活動的新標識。

Turning to asset lifecycle management. In the first quarter, ALM volume was ahead of our expectations, while component pricing was down significantly year-on-year. Importantly, we are now seeing pricing for components stabilizing. Given the current environment that Bill described, we are planning for ALM revenue to be consistent in the second quarter with the first quarter. And with the pipeline activity we are seeing, we are well positioned for improving trends in the back half of the year, driven by volume and new bookings.

轉向資產生命週期管理。第一季度，ALM 數量超出了我們的預期，而組件定價同比大幅下降。重要的是，我們現在看到組件的價格趨於穩定。鑑於 Bill 描述的當前環境，我們計劃 ALM 收入在第二季度與第一季度保持一致。憑藉我們所看到的管道活動，在銷量和新預訂的推動下，我們有能力在今年下半年改善趨勢。

In particular, our OEM business is developing well with the team growing our pipeline and delivering key new wins. For example, we recently signed a deal with one of the largest technology end-user device manufacturers to partner with them in the decommissioning needs of their customers.

特別是，我們的 OEM 業務發展良好，團隊正在擴大我們的管道並取得關鍵的新勝利。例如，我們最近與最大的技術終端用戶設備製造商之一簽署了一項協議，與他們合作滿足其客戶的退役需求。

Turning to capital. In the first quarter, we invested $302 million, of which $274 million was growth and $28 million was recurring. Turning to the balance sheet. With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.1x, reflecting a significant improvement from last year, this marks our lowest leverage level since 2017. We expect to operate within our target leverage range, which is 4.5 to 5.5x.

轉向資本。第一季度，我們投資了 3.02 億美元，其中 2.74 億美元用於增長，2800 萬美元用於經常性投資。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后杠桿率為 5.1 倍，與去年相比有了顯著改善，這是我們自 2017 年以來的最低杠桿水平。我們預計將在 4.5 至 5.5 的目標槓桿範圍內運營X。

Our Board of Directors declared our quarterly dividend of $0.62 per share to be paid in early July. On a trailing 4-quarter basis, our payout ratio is now 64%, settling into our long-term target range of low to mid-60s percent. Now turning to our outlook.

我們的董事會宣布將於 7 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 64%，進入我們 60% 左右的長期目標範圍。現在轉向我們的前景。

With strong performance in the quarter, we are well on track for the year, and we are pleased to reiterate our full year guidance. For the second quarter, we expect revenue of approximately $1.35 billion, adjusted EBITDA of approximately $475 million, AFFO of approximately $270 million and AFFO per share of approximately $0.92. In summary, our team is executing well on our Matterhorn growth initiatives. We are investing in our business. We remain focused on driving increased levels of cross-selling and exceeding the expectations of our customers.

憑藉本季度的強勁表現，我們今年的表現很好，我們很高興重申我們的全年指導。對於第二季度，我們預計收入約為 13.5 億美元，調整後的 EBITDA 約為 4.75 億美元，AFFO 約為 2.7 億美元，AFFO 每股約為 0.92 美元。總而言之，我們的團隊在我們的馬特宏峰增長計劃上執行得很好。我們正在投資我們的業務。我們仍然專注於推動交叉銷售水平的提高，並超越客戶的期望。

I would like to take this opportunity to thank our entire team for their continued dedication and commitment to Iron Mountain and our customers.

我想藉此機會感謝我們整個團隊對 Iron Mountain 和我們客戶的持續奉獻和承諾。

With that, operator, would you please open the line for Q&A.

有了這個，接線員，請你打開問答熱線。

(Operator Instructions)

（操作員說明）

Our first question comes from George Tong with Goldman Sachs.

我們的第一個問題來自高盛的 George Tong。

Organic revenue growth for the services businesses decelerated to 2% in the quarter. Can you elaborate on the factors behind the deceleration in services organic revenue growth? And discuss initiatives or factors that could drive a re-acceleration in growth in the coming quarters?

本季度服務業務的有機收入增長放緩至 2%。您能否詳細說明服務有機收入增長放緩背後的因素？並討論可能推動未來幾個季度增長重新加速的舉措或因素？

George, thanks for the question. So yes, I think overall, if you think about it in the traditional areas, our service revenue growth was quite strong. If you look at just in the RIM business is our Global Organic RIM services grew at 14%, again on an organic and constant currency basis. So very, very strong growth. If you look it on the ALM side, which is where you see the downdraft is, as I've said in my comments, is volume in this quarter was up some 30% year-over-year. So we're actually seeing the synergies -- the commercial synergies that we have as a company and as Barry mentioned, we just signed a new OEM customer as well.

喬治，謝謝你的提問。所以是的，我認為總的來說，如果你在傳統領域考慮一下，我們的服務收入增長非常強勁。如果你只看 RIM 業務，我們的全球有機 RIM 服務增長了 14%，同樣是在有機和固定貨幣的基礎上。非常非常強勁的增長。如果你從 ALM 方面看，正如我在評論中所說，你看到的是下降趨勢，本季度的交易量同比增長了約 30%。所以我們實際上看到了協同效應——我們作為一家公司所擁有的商業協同效應，正如巴里提到的，我們也剛剛簽署了一個新的 OEM 客戶。

So we see really good traction on the volume side. But on the pricing side, if you probably have seen in the electronics industry, some of the components are down 70%. So whilst we still have positive gross margins on that business, is the revenue is heavily impacted by what we've been seeing across the semiconductor industry in terms of record-low pricing.

因此，我們在成交量方面看到了非常好的牽引力。但在定價方面，如果你可能已經在電子行業看到過，一些組件下降了 70%。因此，儘管我們在該業務上的毛利率仍然為正，但就創紀錄的低定價而言，收入是否受到我們在整個半導體行業所看到的情況的嚴重影響。

So I think that it's really a 2 world. So as I say, from a -- even ALM business on a volume basis has shown traction, but it is a downdraft in terms of the overall service revenue. But the traditional areas, I would say, in terms of RIM, also, if we look at our digital services, we're also up year-over-year in the high teens, really good progression.

所以我認為這真的是一個 2 世界。因此，正如我所說，從數量上看，即使是 ALM 業務也顯示出吸引力，但就整體服務收入而言，這是一個下降趨勢。但是傳統領域，我想說的是，就 RIM 而言，如果我們看看我們的數字服務，我們也在十幾歲的時候同比增長，非常好的進步。

Yes, George, it's Barry. Thanks again for the question. The only thing I would -- only a couple of things I would add is I think the team, to Bill's point on our Global RIM is doing phenomenally well. And I think that's the way I would point you to look at the services because, of course, the ALM business is masking our total growth there in terms of what's happening with respect to the core. And at that 14% growth rate that Bill spoke about, that is up against some really big comps. So it's -- I mean, it's a very strong performance, and it is driven by the point that he made, the digital solutions as well as other core offerings, which are all growing for us.

是的，喬治，是巴里。再次感謝您的提問。我唯一要補充的是，我認為團隊，就 Bill 在我們全球 RIM 上的觀點而言，做得非常好。而且我認為這就是我要指出的查看服務的方式，因為當然，ALM 業務正在掩蓋我們在核心方面發生的事情的總體增長。以比爾所說的 14% 的增長率，這與一些非常大的公司形成鮮明對比。所以它 - 我的意思是，這是一個非常強大的表現，它是由他提出的觀點驅動的，數字解決方案以及其他核心產品，這些都在為我們增長。

The other thing I'd kind of call out is it's a small factor, but as you know, we were doing fit-out services in data center in the first half of last year. We completed that in the second quarter. And so that makes the year-on-year comp hard just as we explained it would be. So that is another factor that's weighing on that services total growth rate that you were pointing to. I think as you move through and get into the -- see us getting into the back half, you'll see that growth rate accelerating meaningfully as we get beyond the challenges with respect to ALM and the pipeline that Bill was speaking about really comes to fruition and then we also get beyond that data center services comp in the first 2 quarters. Thanks for the question.

我要說的另一件事是它是一個小因素，但正如你所知，我們在去年上半年在數據中心進行了裝修服務。我們在第二季度完成了這項工作。因此，正如我們所解釋的那樣，這使得同比比較變得困難。因此，這是影響您所指的服務總增長率的另一個因素。我認為當你進入並進入 - 看到我們進入後半部分時，你會看到隨著我們克服 ALM 方面的挑戰以及 Bill 所說的管道真正實現的挑戰，增長率有意義地加速取得成果，然後我們在前兩個季度也超越了數據中心服務。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。

Congratulations on the momentum. Barry, it looks like typically, and I'm just going off the last 2 years, so maybe it's not fair, you can help me with this. But the sequential EBITDA lift in the last 2 years have been $24 million to $25 million, it looks like the Q2 is going to be about $14 million. So when we think about puts and takes in the back half of the year, is that more project benefit from Matterhorn that allows you to reaffirm the EBITDA guidance? Is it better pricing? Maybe just help us understand the seasonality a little bit if I'm thinking about that right.

祝賀勢頭。巴里，這看起來很正常，我最近兩年才離開，所以這可能不公平，你可以幫我解決這個問題。但過去兩年的連續 EBITDA 提升為 2400 萬美元至 2500 萬美元，看起來第二季度將達到 1400 萬美元左右。因此，當我們考慮下半年的賣出和賣出時，Matterhorn 是否讓更多的項目受益，讓您重申 EBITDA 指導？它的定價更好嗎？如果我考慮的是正確的，也許可以幫助我們稍微了解一下季節性。

Yes. Thanks, Kevin. Appreciate the question. We feel very good about where we're trending. In fact, the first quarter came in right in line, if not a little bit better than what we were expecting in our guidance for the second quarter is similarly and that is despite the fact that we've adjusted our expectations for ALM down some in the second quarter. And the reason we're able to achieve the numbers that we're putting up in the second -- that we're projecting for the second quarter and our confidence in the back half is because of a couple of things you just pointed out.

是的。謝謝，凱文。感謝這個問題。我們對自己的趨勢感到非常滿意。事實上，第一季度符合我們對第二季度的預期，即使不是比我們預期的要好一點，但事實上我們已經將我們對 ALM 的預期下調了一些第二季。我們能夠實現我們在第二季度提出的數字的原因——我們對第二季度的預測以及我們對後半部分的信心是因為你剛才指出的幾件事。

We are seeing even better revenue management projections in the business. We have, as you've seen in our Global RIM business, we have very strong storage rental growth on an organic basis, almost 9.5%, which marked an acceleration sequentially and year-on-year. Our total organic storage rental growth was over 11%, which was also very strong.

我們在業務中看到了更好的收入管理預測。正如您在我們的全球 RIM 業務中看到的那樣，我們的存儲租金有機增長非常強勁，接近 9.5%，這標誌著連續和同比加速。我們的總有機存儲租金增長超過 11%，這也非常強勁。

And I will tell you that in light of the fact that we are going to see more revenue management activities we've recently passed some here even in the second quarter, and we'll be passing more as we move through the year, together with the fact that data center pricing continues to improve, and that's an industry phenomenon. You will see, together with that, our commencements are very strong in the back half. So data center will be accelerating as we get into the back half. And as you know, there's very strong visibility on that business. So it's a high confidence point that I'm making there.

而且我會告訴你，鑑於我們將看到更多的收入管理活動，我們最近甚至在第二季度在這里通過了一些活動，並且隨著我們在這一年的發展，我們將通過更多的活動，連同事實上，數據中心定價不斷提高，這是一種行業現象。除此之外，你會看到我們在後半場的開局非常強勁。因此，隨著我們進入後半部分，數據中心將加速發展。如您所知，該業務的知名度非常高。所以這是我在那裡做的一個高信心點。

So we feel very good about where we are. In terms of -- you mentioned the specifics around second versus the -- quarter versus second half. I'll just note that in light of the timing of the U.S. dollar strength, we still have an FX headwind in the second quarter. In the first quarter, that was almost $30 million of topline. But as we said on the last call, and I'll reiterate, that becomes much more muted, in fact, may even be a slight tailwind in the back half.

所以我們對自己所處的位置感覺非常好。就 - 你提到了第二個與 - 四分之一與下半場的具體情況。我只是注意到，鑑於美元走強的時機，我們在第二季度仍然面臨外匯逆風。第一季度，這幾乎是 3000 萬美元的收入。但正如我們在上次電話會議上所說的那樣，我會重申，這變得更加柔和，事實上，甚至可能是後半部分的輕微順風。

We also get through a few items that are in the first half from an EBITDA standpoint. As you know, we did some sale leasebacks last year and we comp over those as we move into the back half and with our productivity initiatives and additional commercial investments we've made, we get to a more favorable comp in the back half from those as well.

從 EBITDA 的角度來看，我們還了解了上半年的一些項目。如您所知，我們去年進行了一些售後回租，我們在進入後半部分時對這些進行了補償，並且通過我們的生產力舉措和我們所做的額外商業投資，我們在後半部分獲得了更有利的補償以及。

So I'll tell you, Kevin, we feel very well positioned about accelerating business even with more muted expectations around ALM.

所以我會告訴你，凱文，即使對 ALM 的期望越來越低，我們也非常有能力加速業務發展。

Our next question comes from Jon Atkin with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Jon Atkin。

Towards the beginning, you pointed out a number of wins with government agencies and large enterprises and so forth. And I was curious to maybe get a little bit more color on what's kind of the tone of discussion around sales cycle compared to what you're accustomed to? And then the competitive set that you faced with those deals to the extent that you faced with these bake-offs or just kind of the decision to go with you is really more of a bilateral discussion, but maybe a little bit about the competitive dynamics and sales cycle would be helpful for both government and enterprise?

一開始，您指出了與政府機構和大型企業等的一些勝利。我很好奇，與您習慣的相比，圍繞銷售週期的討論基調是什麼樣的？然後你在這些交易中面臨的競爭環境，在某種程度上，你面臨著這些競爭，或者只是決定與你一起去，實際上更多的是雙邊討論，但也許有點關於競爭動態和銷售週期對政府和企業都有幫助嗎？

Okay. Well, thanks, Jon, for the question. So the -- and I was actually involved in a couple of these, so I could probably give you more color on them. The sales cycles, for instance, the aerospace company that we talked about was like over a year, but this is a company that we've been doing bits of work for decades, right? So it's a natural conversation that they start talking about, well, they want to actually do something different. And this speaks of case, they actually had an in-house vendor for part of it but that company wasn't able to do the full range of services. As I said, they were looking for someone to really takeover of full outsourcing and they're very sensitive, right? Because if one of these things goes missing, aircraft around the world get grounded. So they were very, very sensitive about the security and the reliability of their vendor.

好的。好吧，謝謝喬恩提出的問題。所以 - 我實際上參與了其中的一些，所以我可能會給你更多的顏色。銷售週期，例如，我們談到的航空航天公司大約一年多，但這是一家我們已經做了幾十年的公司，對吧？所以這是他們開始談論的自然對話，好吧，他們實際上想做一些不同的事情。說到案例，他們實際上有一個內部供應商負責其中的一部分，但該公司無法提供全方位的服務。正如我所說，他們正在尋找真正接管全面外包的人，他們非常敏感，對吧？因為如果其中一件東西丟失，世界各地的飛機都會停飛。因此，他們對供應商的安全性和可靠性非常非常敏感。

And then the other side of it, obviously, they've known us for decades in different areas that are very sensitive to them. And we were able to bring a full range of services that we're able to do, not just the storage, not just the digitization, but also to give them the tools that they could visualize what was both stored physically and what was digitized and they could do that in a consolidated basis. In other words, they could do that and see that anywhere in the world.

另一方面，很明顯，他們在對他們非常敏感的不同領域認識我們已有數十年。我們能夠提供我們能夠提供的全方位服務，不僅僅是存儲，不僅僅是數字化，而且還為他們提供了工具，讓他們可以可視化物理存儲的內容和數字化的內容，他們可以在綜合的基礎上做到這一點。換句話說，他們可以做到這一點，並在世界任何地方看到。

So that was a huge win for them. Now you can say the sales cycle was like over a year. I think I've been visiting with the sales team at customer for over a year but it's been part of an ongoing conversation, and that's the power of having the 225,000 customers that we've had decades and decades of relationship.

所以這對他們來說是一個巨大的勝利。現在您可以說銷售週期長達一年多。我想我已經拜訪客戶的銷售團隊一年多了，但它一直是持續對話的一部分，這就是我們擁有數十年和數十年關係的 225,000 名客戶的力量。

The government one, which I mentioned, which -- 2 of them, one was in the U.K. and one was in the -- with the United States government. For the folks that have been following the company for quite some time, we've been talking about the government sector as being our huge potential for Iron Mountain. And it was slow-going at the beginning because government contracts, as I'm sure you're aware, have very long lead times. But both of those have been customers that we've actually been working for the last 2 or 3 years with -- so again, we were -- there was a big investment, I would say, starting 5, 6 years ago with both the VA and with the British government in certain segments. But that's again now starting to become more of a normal course.

政府部門，我提到過，其中 2 個，一個在英國，一個在美國政府。對於關注該公司已有一段時間的人們，我們一直在談論政府部門是我們 Iron Mountain 的巨大潛力。一開始進展緩慢，因為我相信你知道，政府合同的交貨時間很長。但這兩個客戶都是我們在過去 2 或 3 年中實際與之合作的客戶 - 所以，我們再次 - 我想說，從 5 年、6 年前開始，我們進行了大量投資VA 並在某些部分與英國政府合作。但這又開始變得更正常了。

So one level is the conversation started 5 years ago, but now it's just a regular course of business that some of these things are as short as 3 or 4 months' lead time where they come up with a statement of work and because we already have a track record, and we're able to do that.

所以一個層面是 5 年前開始的對話，但現在這只是一個常規的業務過程，其中一些事情只需 3 或 4 個月的準備時間，他們就會提出工作說明，因為我們已經有了記錄，我們能夠做到這一點。

Next question comes from Shlomo Rosenbaum with Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Barry, you alluded a few times on the call to good revenue management and improving revenue management. Can you talk a little bit about what the pricing lift in the quarter was and what investors should expect for 2023? And you guys had very good revenue management last year. Is the revenue management straight out being able to raise prices now? Or is there some kind of favorable mix going on? Maybe you could just give a little more color there.

巴里，你在電話中多次提到良好的收入管理和改善收入管理。您能否談談本季度的定價提升情況以及投資者對 2023 年的預期？你們去年的收入管理非常好。收益管理現在能直接漲價了嗎？或者是否存在某種有利的組合？也許你可以給那裡多一點顏色。

Okay. So thanks for that question. I think our team is doing a phenomenal job with revenue management. It's been a real standout. When you look at Global RIM in terms of its storage rental organic growth that was almost 9.5%. And as you know, we saw good solid volume trends. It was up about $2.5 million on a cube on a trailing 12-month basis.

好的。所以感謝這個問題。我認為我們的團隊在收益管理方面做得非常出色。這是一個真正的佼佼者。從 Global RIM 的存儲租金有機增長來看，它幾乎達到了 9.5%。如您所知，我們看到了良好的穩定銷量趨勢。在過去 12 個月的基礎上，立方體上漲了約 250 萬美元。

So as you can gather from that, the vast majority of the growth was driven by revenue management. And importantly, we feel very well positioned in terms of the whole year. And I'll tell you that in terms of the total storage rental growth rate that we put up 11%, which is, of course, benefited by data center commencements with what we see on data center commencements through the remainder of the year.

因此，您可以從中了解到，絕大部分增長是由收入管理推動的。重要的是，就全年而言，我們感覺自己處於非常有利的位置。我會告訴你，就我們提出的 11% 的總存儲租金增長率而言，這當然受益於數據中心的啟動以及我們在今年剩餘時間看到的數據中心啟動。

Together with the revenue management activities we've already put in place and additional that we have going into market over the next few months, I feel very confident that we are going to continue to see total company organic storage rental growth of this order, I think, 9%, 10%, 11%.

連同我們已經實施的收入管理活動以及我們將在未來幾個月進入市場的額外活動，我非常有信心我們將繼續看到該訂單的公司有機存儲租金總額增長，我認為，9％，10％，11％。

And that the environment for revenue management continues to be strong. We will have relatively more revenue management this year, Shlomo, than we did last year. And that is a factor of both what we're wrapping from last year as well as the activities we've had in this year.

收入管理的環境繼續保持強勁。 Shlomo，今年我們的收入管理將比去年更多。這是我們去年總結的內容以及我們今年開展的活動的一個因素。

Importantly, we continue to see excellent customer retention, and I think that just demonstrates that we are bringing forward very significant value for our clients in these areas. In terms of mix, I would say we continue, as we talked about before, to expand the revenue management program beyond just storage. So you are seeing improving revenue management trends in our services, and that's generally across all line service in our core offerings and so we feel like it's on the right trajectory, Shlomo.

重要的是，我們繼續看到出色的客戶保留率，我認為這只是表明我們正在為這些領域的客戶帶來非常重要的價值。在組合方面，我想說的是，正如我們之前談到的那樣，我們將繼續擴大收入管理計劃，而不僅僅是存儲。所以你看到了我們服務中收入管理趨勢的改善，這通常貫穿我們核心產品的所有線路服務，所以我們覺得它在正確的軌道上，Shlomo。

Our next question comes from Nate Crossett with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Nate Crossett。

This is [John Carter]. Maybe you can just remind us on the funding plan for development this year? What does the pricing look like for any debt needed? Would you do asset or company level financing? And then I also wanted your updated thoughts on the dividend here with the payout, the lowest it's been in a while.

這是[約翰·卡特]。也許你可以提醒我們今年的發展資金計劃？任何所需債務的定價是什麼樣的？您會進行資產或公司層面的融資嗎？然後我還想知道你對股息的最新想法和支出，這是一段時間以來的最低水平。

I appreciate the question. Let me take your last question on the dividend, and then I'll let Barry comment on the funding plan. And as you know, our plan from -- when we talked about Investor Day, it's a fully funded plan, but I'll let Barry comment on that more.

我很欣賞這個問題。讓我回答你關於股息的最後一個問題，然後我會讓巴里對融資計劃發表評論。正如你所知，我們的計劃是——當我們談論投資者日時，這是一個資金充足的計劃，但我會讓巴里對此發表更多評論。

On the dividend, you're right to point out is we are now in that zone when we said kind of low to mid 60% payout ratio, which becomes a natural forcing function for increasing our dividend. So that's something that we're now starting to settle into that range. So you can expect that it will just become a natural course of events as we get to that payout range, which on the REIT guidance rules just force as a natural increase in the dividend. So I think we're now in that area. So I think when we start getting into the back half of the year, and we start drifting down to the low 60s, then I think you can expect just a natural progression in the dividend.

關於股息，你正確地指出，我們現在處於那個區域，當時我們說的是 60% 的低到中等派息率，這成為增加股息的自然強制函數。所以這就是我們現在開始進入那個範圍的東西。因此，您可以預期，當我們達到該支付範圍時，這將成為一個自然的事件過程，根據 REIT 指導規則，這將強製作為股息的自然增加。所以我認為我們現在處於那個領域。所以我認為，當我們開始進入今年下半年，並且我們開始下降到 60 年代的低點時，我認為你可以期待股息的自然增長。

Thanks for the question. When you work through our guidance, as Bill mentioned, as we discussed at the Investor Day, we have a fully funded plan for this year and going forward. And as you know, we will be a routine debt issuer, and while the market has clearly been moved up in terms of rate over the last couple of years with the Fed moves, I would say it's become much more -- it's an improved market as compared to where it was over the last couple of quarters, and we see generally a favorable outlook from a standpoint of issuance. And I think from a standpoint of where we could issue today, that's improved some versus the last couple of quarters.

謝謝你的問題。當你按照我們的指導工作時，正如比爾提到的那樣，正如我們在投資者日討論的那樣，我們為今年和未來製定了一個資金充足的計劃。正如你所知，我們將成為常規的債務發行人，雖然市場在過去幾年中隨著美聯儲的舉措在利率方面明顯上升，但我想說它變得更多 - 這是一個改善的市場與過去幾個季度的情況相比，從發行的角度來看，我們總體上看到了良好的前景。我認為，從我們今天可以發行的角度來看，與過去幾個季度相比，這有所改善。

And to your point, there's a lot of interest in asset-level financing, whether it be for construction or otherwise. And so we're looking at all those options and making sure that we have the best plan for our shareholders. But it's not something that we have to do, as you see, we have plenty of liquidity, but you should expect us to be an issuer on a routine basis. I want to just kind of continue to see what's out there from a market perspective. Clearly, rates are a little bit higher than where they were a couple of years ago, but we still see them being very attractive and partly because pricing in data center has continued to lift and we see continued improvements.

就你的觀點而言，人們對資產級融資很感興趣，無論是用於建築還是其他方面。因此，我們正在研究所有這些選擇，並確保我們為股東制定最佳計劃。但這不是我們必須做的事情，正如你所看到的，我們有充足的流動性，但你應該期望我們定期成為發行人。我想繼續從市場的角度來看那裡有什麼。顯然，費率比幾年前略高，但我們仍然認為它們非常有吸引力，部分原因是數據中心的價格持續上漲，我們看到持續改善。

In fact, year-on-year, net new retail-type data center deals we're seeing up like 20%, pretty much consistently across our entire portfolio, and that's trending more toward, I think, by the end of the year, early next year going to be about like 30%. And so that is a pretty significant move.

事實上，與去年同期相比，我們看到淨新零售型數據中心交易增長了 20%，在我們的整個投資組合中幾乎保持一致，而且我認為，到今年年底，這種趨勢更趨向於，明年年初將達到 30% 左右。所以這是一個非常重要的舉措。

And then importantly, on hyperscale side, I think the whole industry is generally seeing cash-on-cash unlevered returns moving up, I think something like where a lot of folks were writing in the high 7s or mid-7s, I'm seeing a lot of stuff that's in the 8s, if not even higher. And so I think that's a good trajectory for the industry. It's healthy and it supports the point that I was making earlier. So we feel really good.

然後重要的是，在超大規模方面，我認為整個行業普遍看到現金對現金的無槓桿回報率上升，我認為就像很多人在高 7s 或中 7s 寫的那樣，我看到很多東西都在 8 年代，甚至更高。所以我認為這對這個行業來說是一個很好的發展軌跡。它是健康的，它支持我之前提出的觀點。所以我們感覺非常好。

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。

This is Alex Hess on for Andrew Steinerman. I wanted to ask briefly about the ITRenew callout. You highlighted that services revenue growth would have been 11% organic, excluding ITRenew, which implies a pretty sharp deterioration quarter-on-quarter and year-on-year in that business, if my math is right. Could you maybe break that out into what degree that was driven by pricing versus ability to sell through into end markets? And any other dynamics that sort of give you confidence that, that will eventually recover?

我是 Alex Hess 代替 Andrew Steinerman。我想簡單地問一下 ITRenew 標註。你強調服務收入有機增長 11%，不包括 ITRenew，如果我的計算是正確的，這意味著該業務的季度環比和同比急劇惡化。您能否將其分解為定價與終端市場銷售能力驅動的程度？還有其他任何讓你相信最終會恢復的動力嗎？

Thanks Hess for the question. I'll start, and then I'll ask Barry to comment and really kind of talk about how we see that trending as we go forward into the year. So as I said in my comments, actually, if we just looked at volume holding pricing constant, is, quite frankly, Q1 would have been a great year for the ITRenew asset that we acquired because the ITRenew, as you know, was really focused at hyperscale. And if we look at that segment alone, I mean, we made very good progress in terms of expanding across our customer portfolio on the enterprise.

感謝赫斯的提問。我會開始，然後我會請 Barry 發表評論，並真正談談我們如何看待這一趨勢，因為我們進入了這一年。因此，正如我在評論中所說，實際上，如果我們只看數量持有定價不變，坦率地說，第一季度對於我們收購的 ITRenew 資產來說將是一個偉大的一年，因為 ITRenew，正如你所知，真的專注於在超大規模。如果我們單獨看這個細分市場，我的意思是，我們在擴展企業客戶組合方面取得了非常好的進展。

But if we just look at hyperscale, which is the ITRenew asset is volume was up 30-plus percent year-over-year. So the volume growth was really good. However -- and I'm sure you're probably seeing this in some of the other companies that you follow, anything that touches the electronics industry when you start seeing what's happened to the chip manufacturers, the memory manufacturers, et cetera, is the pricing has gone down substantially in that area. So we're talking about for a number of components down over 70%.

但是，如果我們只看超大規模，即 ITRenew 資產，其銷量同比增長了 30% 以上。所以銷量增長真的很好。但是——我敢肯定你可能在你關注的其他一些公司中看到了這一點，當你開始看到芯片製造商、內存製造商等發生的事情時，任何觸及電子行業的事情都是該地區的價格已大幅下降。所以我們談論的是一些組件下降了 70% 以上。

So you're right to point out, if we look at sequentially Q4 to Q1 is we have seen a drop of revenue on the ITRenew portion of the business or the hyperscale portion of the business even absent -- even -- in spite of the fact that volumes are up 30% year-over-year. So now the good news is that we do see stabilization on those prices, and we see a number of the memory manufacturers and the chip manufacturers, CPU manufacturers, we see them taking capacity out of the market, which gives us further confidence that we've seen kind of a stabilization of prices, which we've seen, I would say, starting towards the end of February going into March.

所以你指出的是正確的，如果我們按順序查看第四季度到第一季度，我們會看到業務的 ITRenew 部分或業務的超大規模部分的收入下降，甚至沒有——甚至——儘管事實上，銷量同比增長 30%。所以現在好消息是我們確實看到這些價格趨於穩定，我們看到許多內存製造商和芯片製造商、CPU 製造商，我們看到他們從市場上撤出產能，這讓我們更有信心我們我們已經看到價格趨於穩定，我想說，從 2 月底到 3 月，我們已經看到了這種情況。

So we don't see right now that the prices are going to go down further. So that's the good news. But we don't expect that the -- I would say, the chip/memory CPU market is really going to start firming up until we get into the early parts of next year. But Barry?

所以我們現在看不到價格會進一步下跌。這是個好消息。但我們不希望 - 我會說，芯片/內存 CPU 市場真的會在我們進入明年年初之前開始走強。但是巴里？

Alex, I appreciate the question. I'll give you a little bit more of the detail, which you could find in our filings. So in the fourth quarter of last year, our total ALM business was about $56 million. And in the first quarter, it was $41 million. And so -- and that compares against $70 million last year. Now as I talked about previously, the second quarter of last year was in light of the timing of lockdowns and the pricing trends by the end of the year, second quarter was the peak for our ALM business at $83 million of revenue. We've assumed in our guidance for the second quarter that revenue is consistent with the first quarter this year. So that is a drag on, of course, the services growth rate in the first quarter, and it will be again in the second quarter.

亞歷克斯，我很欣賞這個問題。我會給你更多的細節，你可以在我們的文件中找到。所以在去年第四季度，我們的 ALM 業務總額約為 5600 萬美元。第一季度為 4100 萬美元。所以——與去年的 7000 萬美元相比。正如我之前所說，去年第二季度是根據鎖定時間和年底的定價趨勢，第二季度是我們 ALM 業務的峰值，收入為 8300 萬美元。我們在第二季度的指引中假設收入與今年第一季度一致。因此，這當然會拖累第一季度的服務增長率，第二季度也會如此。

At the -- if you wanted to sort of sensitize our guidance, I would tell you at the low end of our range, which I did not anticipate this is what's going to happen, but just at the low end, we would assume that it just is flat at this level of revenue for the whole year. I really don't see that happening in light of the very strong pipeline opportunities we have in the trends we're seeing in the business. But that's conservative posture for the low end.

在 - 如果你想讓我們的指導變得敏感，我會在我們範圍的低端告訴你，我沒有預料到會發生這種情況，但就在低端，我們會假設它全年收入僅持平於這一水平。鑑於我們在業務中看到的趨勢中擁有非常強大的管道機會，我真的沒有看到這種情況發生。但這是低端的保守態度。

What we think is probably going to happen is we will be slight to -- slightly up sequentially. We're running a little bit ahead here already in the second quarter of the projection I'm giving you. And then in the second half, the way we're planning is for the third quarter to be essentially flat year-on-year. So that implies a little bit of a lift and another lift in the fourth quarter. But I will tell you that we have pretty strong confidence in our ability to do that. And I called out 1 deal on -- in the prepared remarks around OEM, and maybe I'll give you a little bit more color. This is a situation where we're dealing with one of the largest manufacturers of devices in the world.

我們認為可能會發生的是我們會略微 - 依次略微上升。在我給你的預測的第二季度，我們已經在這裡領先了一點。然後在下半年，我們計劃的方式是第三季度同比基本持平。因此，這意味著第四季度會有一點提升和另一次提升。但我會告訴你，我們對自己有能力做到這一點非常有信心。我在關於 OEM 的準備好的評論中提出了一項交易，也許我會給你更多的顏色。在這種情況下，我們正在與世界上最大的設備製造商之一打交道。

There are several of those, as you know, and we're approaching all of them because what we're finding with large multinationals is very similar to our core enterprise clients. These companies are looking for a partner who can work with them everywhere they do business all around the world. They're currently using a lot of point players in very specific markets on a local basis, and they'd like to have more uniform standards and consistency, and we can provide them with the sorts of services they're looking for things like data (inaudible), recycling, remarketing. Ultimately, we'll be working with them on things like asset tracking and storage, IT asset management, things of that nature.

如您所知，其中有幾個，我們正在接觸所有這些，因為我們在大型跨國公司中發現的情況與我們的核心企業客戶非常相似。這些公司正在尋找可以與他們在世界各地開展業務的任何地方合作的合作夥伴。他們目前在非常具體的市場上使用大量積分球員，他們希望有更統一的標準和一致性，我們可以為他們提供他們正在尋找的各種服務，比如數據（聽不清）、回收、再營銷。最終，我們將與他們在資產跟踪和存儲、IT 資產管理等方面進行合作。

So it's -- another example of how our team is continuing to diversify and grow our ALM business and it bolsters our confidence. And just to reiterate, this is a huge market ALM. We really like the space. It's very fragmented, and we think we're in a very good position to take a tremendous amount of share over time. We're working through what everyone in the industry is working through right now, which is pretty low component pricing. We feel good about the opportunity.

所以這是 - 我們的團隊如何繼續多樣化和發展我們的 ALM 業務的另一個例子，它增強了我們的信心。重申一下，這是一個巨大的市場 ALM。我們真的很喜歡這個空間。它非常分散，我們認為我們處於非常有利的位置，可以隨著時間的推移佔據大量份額。我們正在研究業內每個人現在正在研究的問題，即相當低的組件定價。我們對這個機會感覺很好。

(Operator Instructions)

（操作員說明）

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 I wanted to touch on the data center demand. So you're more than 60% towards your leasing goal for the full year, so a really strong start to the year. And if you look -- it looks like your in-place and development portfolios are pretty highly leased up. So maybe you could talk about your ability to accommodate additional demand, whether through future development of your land holdings, additional expansions? And then if leasing continues to trend at a high level, could you accelerate some of your data center CapEx this year beyond what you initially guided to?

所以我想談談數據中心的需求。因此，您全年的租賃目標已完成 60% 以上，因此今年開局非常強勁。如果你看 - 看起來你的就地和開發投資組合非常高。那麼也許你可以談談你滿足額外需求的能力，無論是通過未來開發你的土地持有量，還是通過額外的擴張？然後，如果租賃繼續保持高水平趨勢，您今年能否加快部分數據中心資本支出，超出您最初指導的水平？

Thanks, Eric. And I'll ask Barry to talk about how we think about being flexible or responsive on the CapEx side. But I think generally, yes, we've had a really good start, as you point out the year. We reiterated the 80 megawatts plus for the full year, even though that we've achieved more than half of that in the first quarter because I think as you can appreciate, especially with hyperscale, there's a little bit -- the timing is never fully under your control.

謝謝，埃里克。我將請巴里談談我們如何考慮在資本支出方面保持靈活性或響應能力。但我認為總的來說，是的，正如你指出的那樣，我們的開端非常好。我們重申了全年的 80 兆瓦以上，儘管我們在第一季度已經實現了一半以上，因為我認為你可以理解，尤其是在超大規模方面，有一點——時機永遠不會完全在你的控制之下。

So I would say that we -- some of that -- the new leases that we signed in Q1 were things that we expected in Q2. So I kind of think of it as 2 halves of the year rather than quarter by quarter, just especially when you're talking about hyperscale clients and we had 1 hyperscale client in Q1 that signed up in 2 different contracts for 44 megawatts. In terms of having enough capacity for further expansion, you see we're holding like up to 747 megawatts of land, which is a big uptick from where we were a year ago, but we are making really good progress. So we're constantly -- we're not standing still in that regard.

所以我想說我們——其中一些——我們在第一季度簽署的新租約是我們在第二季度所期望的。所以我有點認為它是一年的兩個半年而不是一個季度一個季度，特別是當你談論超大規模客戶時，我們在第一季度有一個超大規模客戶簽署了 2 個不同的 44 兆瓦合同。在有足夠的能力進一步擴張方面，你會看到我們擁有多達 747 兆瓦的土地，這比一年前有了很大的增長，但我們正在取得非常好的進展。所以我們一直 - 在這方面我們並沒有停滯不前。

I mean just in the last couple of months, I visited both our Northern Virginia campus with a potential customer and now done 2 trips with our Indian team since the beginning of the year. So both of those markets continue to develop. And we're not standing still in making sure that we have more land and more capacity to meet our growth. But if you think about just year-on-year, the uptick that we have in terms of the land bank that we have and sitting on 747 megawatts is that we feel good for the next number of quarters that we can accommodate the demand. But Barry, you might want to talk about how we think about the flexibility around CapEx.

我的意思是，就在過去的幾個月裡，我和一位潛在客戶一起參觀了我們北弗吉尼亞的校園，自今年年初以來，我和我們的印度團隊進行了兩次旅行。因此，這兩個市場都在繼續發展。我們並沒有停滯不前，以確保我們有更多的土地和更多的能力來滿足我們的增長。但如果你只考慮同比，我們擁有的土地儲備和 747 兆瓦的土地儲備的增加是我們對接下來的幾個季度能夠滿足需求感到滿意。但是巴里，你可能想談談我們如何看待資本支出的靈活性。

Thanks, Eric. It's good to talk to you this morning. I appreciate those kind words. We -- obviously, the team is doing really well and continuing strength and strength in terms of new signings and also margin performance in our data center business. So hats off to our team there. In terms of data center capital, as you know, this year, we had penciled to deploy about $850 million of growth CapEx and with the vast majority of that going to data center. Year-on-year, we put a considerable incremental amount of CapEx into data center in the first quarter. I think we do have the benefit of so much being pre-leased and the team continue to sell that, yes, it is conceivable to me that we will be, over time, ramping our CapEx for data center and it's sort of a bit of a high-class problem, so to speak, as the team continues to sell through our pipeline plans.

謝謝，埃里克。很高興今天早上和你談話。我很欣賞那些客氣的話。我們 - 顯然，該團隊在新簽約方面做得非常好，並且在我們的數據中心業務的利潤率表現方面繼續保持實力。所以向我們的團隊致敬。在數據中心資本方面，如您所知，今年我們計劃部署約 8.5 億美元的增長資本支出，其中絕大部分用於數據中心。與去年同期相比，我們在第一季度將相當多的資本支出投入數據中心。我認為我們確實有很多預租的好處，並且團隊繼續出售，是的，我可以想像，隨著時間的推移，我們將增加數據中心的資本支出，這有點可以說，隨著團隊繼續通過我們的管道計劃進行銷售，這是一個高級問題。

So we have ample capacity to do so in terms of deploying additional capital. We were always planning to spend from a timing standpoint, more CapEx, relatively speaking, in the first half this year than we did last year. As you recall, last year, it was a little bit more shaped towards the back half in terms of data center deployment where deploying a considerable amount here in the first half, we'll continue that trend in the second quarter. And after we get through midyear and see how the additional pipeline looks, which is quite strong, I'll note, at this time.

因此，在部署額外資本方面，我們有足夠的能力這樣做。從時間的角度來看，我們一直計劃在今年上半年花費比去年更多的資本支出。正如您所記得的那樣，去年，就數據中心部署而言，它的後半部分更加成形，上半年在這裡部署了大量數據，我們將在第二季度繼續這一趨勢。在我們度過年中之後，看看額外的管道看起來如何，這非常強大，我會注意到，此時。

As we see how that is at midyear, we may talk to you about a little bit more, but that would be a very positive development in terms of continuing to see really high levels of organic growth rates driven by commencements. As you know, we're very pre-leased in terms of our underdevelopment. I think we're now pressing over 90% in terms of pre-leased in terms of what's under construction. So it's a good place to be.

正如我們在年中看到的那樣，我們可能會與您多談一點，但就繼續看到由開學推動的真正高水平的有機增長率而言，這將是一個非常積極的發展。如您所知，就我們的欠發達而言，我們是非常預租的。我認為，就在建項目而言，我們現在正在預租 90% 以上。所以這是一個好地方。

The only other thing I guess I'll call out is that churn has been relatively low, and we continue to expect it to be relatively low for the full year. So thank you, Eric, for your questions.

我想我要說的唯一另一件事是客戶流失率相對較低，我們繼續預計全年流失率會相對較低。埃里克，謝謝你提出的問題。

Next question comes from Brendan Lynch with Barclays.

下一個問題來自巴克萊銀行的布倫丹林奇。

I wanted to discuss a little bit about Project Matterhorn. I understand it's still very early days, but you called out some large multiple vertical wins. I'm wondering how you expect that type of contract to trend in your revenue mix over the long term as Project Matterhorn gains more momentum. Do you expect to see a lot more of these large multi-vertical wins relative to kind of the legacy revenue mix, which might have been more of a fragmented customer base?

我想討論一下馬特宏峰計劃。我知道現在還很早，但你宣布了一些大型的多重垂直勝利。我想知道隨著 Project Matterhorn 獲得更多動力，您如何期望這種類型的合同在您的收入組合中呈現長期趨勢。與傳統收入組合相比，您是否期望看到更多這些大型多垂直領域的勝利，而傳統收入組合可能更分散的客戶群？

No. Thanks, Brendan. It really is -- first and foremost, Project Matterhorn has being customer-centric. So what we try to do is make sure we bring full range of Mountain range of services that we have to, to our customers. And if you probably got picked up on a sense is there is a big service component in some of these wins, especially around the digital side. But it's also a big co-location and physical storage. So it's almost -- if you think about even the aerospace company that I've referenced a couple of times in the Q&A and also in my remarks, is there is everything from physical storage to digitization to visualization of their assets. So there is a -- it's a full breadth of the different types of storage solutions we have.

不，謝謝，布倫丹。確實如此——首先，馬特宏峰項目一直以客戶為中心。因此，我們努力做的是確保為我們的客戶提供我們必須提供的全方位 Mountain 服務。而且，如果您可能從某種意義上說，其中一些勝利中有很大的服務成分，尤其是在數字方面。但它也是一個大型的託管和物理存儲。所以幾乎 - 如果你想想我在問答和我的評論中多次提到的航空航天公司，是否有從物理存儲到數字化到資產可視化的一切。所以有一個 - 這是我們擁有的各種不同類型的存儲解決方案的全部範圍。

But I think you can expect like and even if you look at our physical -- our organic storage rental revenue growth of 11%, a part of that is, as we said, 9.5% of that growth rate came from our traditionalized physical storage business a bit, but a big part of that came from our data center growth as well. So we see kind of a -- we still see storage. It's one of the most profitable part of our business. We still see that whether it's data center storage or physical document storage and other types of physical storage driving a big part of the growth of the business. But when we actually go talk to a customer, and it's really about helping the customers solve their problem, then it's usually a hybrid set of solutions, which quite frankly, differentiates us when -- even on a data center deal or a physical storage deal.

但我認為你可以期待，即使你看一下我們的物理 - 我們的有機存儲租金收入增長 11%，正如我們所說，其中 9.5% 的增長率來自我們傳統的物理存儲業務有一點，但其中很大一部分也來自我們數據中心的增長。所以我們看到了一種——我們仍然看到了存儲。這是我們業務中最賺錢的部分之一。我們仍然看到，無論是數據中心存儲還是物理文檔存儲和其他類型的物理存儲都在推動業務增長的很大一部分。但是，當我們真正去與客戶交談時，它確實是關於幫助客戶解決他們的問題，那麼它通常是一套混合解決方案，坦率地說，這使我們與眾不同——即使是在數據中心交易或物理存儲交易中.

They really see Iron Mountain as someone that can be a one-stop shopper relatively few stops to actually solve the problem that they're trying to solve rather than what we're trying to sell.

他們確實將 Iron Mountain 視為可以成為一站式購物者的人，實際上解決他們試圖解決的問題而不是我們試圖出售的問題的次數相對較少。

Brendan, I'll just add, as we talked about before, one of our key initiatives within Matterhorn is cross-selling. And if you go back to what I mentioned in the prepared remarks and our data center team signed 22 new logos within data center in the quarter and when we segment that on a megawatt basis, 75% of that was cross-sell from our existing client base, those 225,000 clients. So I think that's a good indicator of what we are trying to drive with our Matterhorn initiatives around cross-selling.

Brendan，我只想補充一點，正如我們之前談到的，我們在 Matterhorn 的一項關鍵舉措是交叉銷售。如果你回到我在準備好的評論中提到的內容，我們的數據中心團隊在本季度在數據中心內簽署了 22 個新徽標，當我們以兆瓦為基礎對其進行細分時，其中 75% 是來自我們現有客戶的交叉銷售基地，那 225,000 名客戶。所以我認為這是一個很好的指標，表明我們正試圖通過圍繞交叉銷售的 Matterhorn 計劃來推動什麼。

Our next question is a follow-up from Shlomo Rosenbaum with Stifel.

我們的下一個問題是來自 Stifel 的 Shlomo Rosenbaum 的跟進。

Bill, I thought you had missed it if I don't ask you about the underlying volumes in RIM. So I'm going to ask you now if you can provide a little bit of more color on the breakout like RIM adjacent businesses, consumer and other, just how are the underlying factors playing out and maybe talk a little bit about developed markets versus emerging markets as well?

Bill，如果我不問你關於 RIM 中的基礎卷的問題，我以為你已經錯過了。所以我現在要問你是否可以提供更多關於 RIM 相鄰業務、消費者和其他突破的顏色，潛在因素是如何發揮作用的，也許可以談談發達市場與新興市場市場也是？

Thanks, I appreciate you coming back on. So no, so it's pretty much the same trend that we've seen. So if you think about on the record business on that side is in places like North America that are mature, I would say, it's flat to slightly down in terms of volume. Eastern Europe and some of the emerging markets, it's continued positive volume trend. And as you and I've talked about, it's really about the maturing of the markets. But at the same time, every single customer around the world is continuing to send us new, what I would call, document storage as we come into our facilities. But the growth areas, our combination is, as we've discussed before, is whether it's kind of in Eastern Europe, Latin America, Asia Pacific as well as some of the new storage areas that we're doing for our customers. So expanding what their needs are around physical storage.

謝謝，我感謝你回來。所以不，所以這與我們看到的趨勢幾乎相同。因此，如果你考慮到唱片業務在北美等成熟的地方，我會說，它的銷量持平或略有下降。東歐和一些新興市場，它的成交量繼續保持積極的趨勢。正如你和我所說，這實際上是關於市場的成熟。但與此同時，當我們進入我們的設施時，世界各地的每一位客戶都在繼續向我們發送新的，我稱之為文件存儲。但增長領域，我們的組合，正如我們之前討論的那樣，是在東歐、拉丁美洲、亞太地區以及我們為客戶做的一些新存儲領域。因此，圍繞物理存儲擴展他們的需求。

So the business, as you noticed, is that -- continue to build positive volume. We continue to have very high utilization across our industrial real estate footprint. So really hats off to the team as they're continuing to provide what is a key platform or a key need for our customers around the whole physical storage pain point that our customers have across the industry. Even the aerospace company that I keep referring to is a big part of that, was providing secure physical storage, which before we weren't doing for them, but because we bundled it with a solution of really end-to-end solution around their information management and digitization of some of those assets, and we can do that seamlessly by storing those documents in our facilities for them. Even in a mature market like the United Kingdom had unlocked new storage opportunities.

因此，正如您注意到的那樣，業務是 - 繼續建立積極的交易量。我們在整個工業房地產足跡中的利用率仍然很高。因此，真的要向團隊致敬，因為他們將繼續圍繞我們的客戶在整個行業中遇到的整個物理存儲痛點，為我們的客戶提供關鍵平台或關鍵需求。甚至我一直提到的航空航天公司也是其中的重要組成部分，提供安全的物理存儲，在我們沒有為他們做之前，但因為我們將它與圍繞他們的真正端到端解決方案的解決方案捆綁在一起其中一些資產的信息管理和數字化，我們可以通過將這些文件存儲在我們的設施中為他們無縫地做到這一點。即使在像英國這樣的成熟市場中，也開啟了新的存儲機會。

So it's really part of now a broader conversation of the Mountain range that we have with our customers. And you can see the numbers, it continues to kind of move forward. So thanks for the question.

因此，這實際上是我們與客戶就山脈進行的更廣泛對話的一部分。你可以看到這些數字，它繼續向前發展。所以謝謝你的問題。

This concludes our question-and-answer session in the Iron Mountain First Quarter 2023 Earnings Conference Call. Thank you for attending today's presentation. You may now disconnect.

我們在 Iron Mountain 2023 年第一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講。您現在可以斷開連接。