鐵山公司 (IRM) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Iron Mountain Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead.

早上好，歡迎參加 Iron Mountain 2023 年第二季度收益電話會議。 （操作員指示）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, Andrea. Good morning, and welcome to our second quarter 2023 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We're joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer.

謝謝你，安德里亞。早上好，歡迎參加我們的 2023 年第二季度收益電話會議。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 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 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，我們將開始問答環節。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。所有前瞻性陳述均面臨風險和不確定性。請參閱今天的收益材料、幻燈片 2 上的安全港語言以及我們的 10-Q 表格季度報告，以討論可能導致我們的實際結果與前瞻性聲明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，我們在展示財務業績時使用了多項非公認會計原則衡量標準。我們已將這些措施的調節表納入我們的補充財務信息中。

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

然後，我會將電話轉給比爾。

Thank you, Gillian, and thank you all for taking time to join us today for our discussion of our record second quarter results. Our team has once again exceeded expectations with performance reflective of our strong legacy of customer service our laser focus on execution and our dedication to finding innovative solutions to serve our customers as they evolve their businesses. I'm excited to share that in the second quarter, we achieved our highest ever quarterly revenue of $1.36 billion and record EBITDA of $476 million. This performance is ahead of the expectations we provided last quarter. The enhanced operating model we created through Project Matamorn has continued to prove successful. As our commercial team is empowered to sell the entire mountain range of products and solutions across our portfolio. We are pleased with the high quality and wide range of our offerings today, which positions us to be a nimble partner to serve our customers' needs. To highlight some of our results in the second quarter, we delivered organic storage rental revenue growth of 11% and drove high-teens organic growth in both our data center and digital services businesses. We are also pleased to announce that our Board of Directors has increased our quarterly dividend per share to $0.65 or $2.60 per share annualized, commencing with our third quarter dividend to be paid in October.

謝謝阿嬌，也感謝大家今天抽出時間參加我們對創紀錄的第二季度業績的討論。我們的團隊再次超出了預期，其表現反映了我們強大的客戶服務傳統、我們對執行的高度關注以及我們致力於尋找創新解決方案，以便在客戶發展業務時為他們提供服務。我很高興與大家分享，第二季度我們實現了有史以來最高的季度收入 13.6 億美元，EBITDA 達到創紀錄的 4.76 億美元。這一業績超出了我們上季度提供的預期。我們通過 Matamorn 項目創建的增強型運營模式繼續取得成功。因為我們的商業團隊有權銷售我們產品組合中的整個系列產品和解決方案。我們對今天的高質量和廣泛的產品感到滿意，這使我們成為滿足客戶需求的靈活合作夥伴。為了突出我們第二季度的一些業績，我們實現了 11% 的有機存儲租賃收入增長，並推動了我們的數據中心和數字服務業務的高雙位數有機增長。我們還很高興地宣布，我們的董事會已將每股季度股息提高至 0.65 美元或年化每股 2.60 美元，從 10 月份開始支付第三季度股息。

As we have said before, when our AFFO payout ratio reached the mid- to low 60s as a percentage, we would increase the dividend. Our payout ratio at the end of the second quarter was just under 64%. I would like to begin our broader discussion of some of the customer wins, which led to our record second quarter results.

正如我們之前所說，當我們的 AFFO 派息率達到 60 左右時，我們會增加股息。第二季度末我們的派息率略低於 64%。我想開始對一些客戶的勝利進行更廣泛的討論，這些客戶的勝利導致了我們創紀錄的第二季度業績。

Let me start with records management, where our success was derived from both new and existing customers. One significant win we would like to highlight this quarter was with a large not-for-profit hospital system faced with rising lease costs despite a shrinking storage footprint, the customer turned to us for an alternative to storing in their own space. Our Smart Store solution will address their needs over the next 3 years. It will deliver cost efficiency and optimize storage space for the customer before they transfer their records to an Iron Mountain facility for secure future management. This win exemplifies our commitment to solving our customers' problems and providing them with tailored solutions. The COVID-19 pandemic has led organizations around the world to reassess their current real estate portfolios in order to accommodate remote and hybrid work. Our customers are optimizing their real estate to accommodate changing working practices.

讓我從記錄管理開始，我們的成功源自新客戶和現有客戶。本季度我們要強調的一個重大勝利是，儘管存儲空間縮小，但大型非營利醫院系統仍面臨租賃成本上升的問題，客戶向我們尋求替代存儲在自己的空間中的方法。我們的智能商店解決方案將滿足他們未來 3 年的需求。在客戶將記錄傳輸到 Iron Mountain 設施以進行安全的未來管理之前，它將為客戶提供成本效率並優化存儲空間。這一勝利體現了我們致力於解決客戶問題並為他們提供量身定制的解決方案的承諾。 COVID-19 大流行導致世界各地的組織重新評估其當前的房地產投資組合，以適應遠程和混合工作。我們的客戶正在優化他們的房地產以適應不斷變化的工作實踐。

We are able to offer solutions that demonstrate the breadth of our portfolio and the value of partnering with Iron Mountain across our products and services. One example is a customer who chose our Clean Start solution to remove and relocate records, office equipment and IT assets from more than 60 offices across North America that are being closed or decommissioned over the next 2 years.

我們能夠提供的解決方案展示了我們產品組合的廣度以及在我們的產品和服務方面與 Iron Mountain 合作的價值。一個例子是，一位客戶選擇我們的 Clean Start 解決方案來移除和重新安置北美 60 多個辦公室的記錄、辦公設備和 IT 資產，這些辦公室將在未來 2 年內關閉或退役。

Thanks to our asset life cycle management solutions, we are also helping this customer to decommission IT assets from these offices securely and sustainably. We continue to see growing momentum for our digital business with customers turning to us for solutions in areas such as public sector, industry-focused solutions and end-to-end business process management. For example, we are proud to be supporting the digitization of real estate and mortgage records held by the Hellenic Land Registry in Greece, under a 2-year contract worth $35 million. We demonstrated our understanding of the public sector in Greece and of the European Commission's recovery and resilience facility which is funding this project through the Greek government to support European economies as they transform the way they support their citizens.

借助我們的資產生命週期管理解決方案，我們還幫助該客戶安全、可持續地從這些辦公室退役 IT 資產。我們繼續看到我們的數字業務不斷增長的勢頭，客戶向我們尋求公共部門、以行業為中心的解決方案和端到端業務流程管理等領域的解決方案。例如，我們很自豪能夠支持希臘土地登記處持有的房地產和抵押記錄的數字化，合同為期 2 年，價值 3500 萬美元。我們展示了對希臘公共部門以及歐盟委員會復蘇和復原力設施的了解，該設施通過希臘政府為該項目提供資金，以支持歐洲經濟體改變支持公民的方式。

This is a breakthrough deal that will provide further opportunities to support similar digitization projects elsewhere in Europe. Another example of how our digital business is enabling us to develop and deliver transformational solutions for our largest customers is with one of the biggest financial service companies in the United States. This customer is outsourcing its non-core services and has selected Iron Mountain to manage all of its records. Our end-to-end solution ensures a secure chain of custody regardless of media format for this customer leveraging our Image on Demand service and Insight platform to integrate seamlessly with their customer success management system. This game-changing deal demonstrates the power of partnering with Iron Mountain to accelerate our customers' digital transformation.

這是一項突破性的交易，將為支持歐洲其他地方的類似數字化項目提供更多機會。我們的數字業務如何幫助我們為最大的客戶開發和提供轉型解決方案的另一個例子是與美國最大的金融服務公司之一的合作。該客戶正在外包其非核心服務，並選擇 Iron Mountain 來管理其所有記錄。無論媒體格式如何，我們的端到端解決方案都能確保該客戶擁有安全的監管鏈，利用我們的圖像點播服務和 Insight 平台與其客戶成功管理系統無縫集成。這項改變遊戲規則的交易展示了與 Iron Mountain 合作加速客戶數字化轉型的力量。

Staying with our digital solutions business, our 25-year relationship with a Fortune 500 gas and electric utility company continues to be a powerful example of how our customers turn to Iron Mountain because of the range of solutions we can provide. To ensure our customer is compliant with all legal and regulatory requirements we are digitizing around 20 million images from 8,000 boxes stored with Iron Mountain over the next 3 years. Having provided records management and data management services since 1998 our customer was confident in our digital solutions, secure chain of custody, information governance expertise and ability to scale up quickly to deliver this project.

繼續我們的數字解決方案業務，我們與財富 500 強天然氣和電力公用事業公司 25 年的合作關係仍然是我們的客戶如何因為我們可以提供的一系列解決方案而轉向 Iron Mountain 的有力例子。為了確保我們的客戶遵守所有法律和監管要求，我們將在未來 3 年內對 Iron Mountain 存儲的 8,000 個盒子中的約 2000 萬張圖像進行數字化。自 1998 年以來，我們的客戶一直提供記錄管理和數據管理服務，對我們的數字解決方案、安全監管鏈、信息治理專業知識以及快速擴展以交付該項目的能力充滿信心。

To conclude with records management, on the 29th of June, we acquired the controlling interest in Clutter, a tech-enabled on-demand consumer storage company. We were previously a minority investor in Clutter and provided storage and operational services through a commercial partnership. This acquisition makes us the industry leader in valet self-storage services in North America. Turning to asset life cycle management. We continue to see muted pricing for the largest part of this business, which relies on reselling used memory, hard drives and CPUs we received from hyper-scalers.

最後，在記錄管理方面，6 月 29 日，我們收購了 Clutter（一家技術支持的按需消費存儲公司）的控股權。我們之前是 Clutter 的少數投資者，並通過商業合作夥伴關係提供存儲和運營服務。此次收購使我們成為北美代客自助倉儲服務的行業領導者。轉向資產生命週期管理。我們繼續看到該業務大部分的定價較低，這些業務依賴於轉售我們從超大規模提供商處收到的二手內存、硬盤驅動器和 CPU。

That being said, pricing has stabilized, and we do expect to see an improvement as we head into next year. Moreover, you will recall that our ALM business has three components: hyper-scale decommissioning, which is highly dependent on component pricing, enterprise ITAD or IT asset disposition and original equipment manufacturers or OEMs.

話雖這麼說，價格已經穩定，我們預計明年會有所改善。此外，您還記得我們的 ALM 業務包含三個組成部分：超大規模退役（高度依賴於組件定價）、企業 ITAD 或 IT 資產處置以及原始設備製造商或 OEM。

In these latter two categories, we are seeing marked growth and traction. For example, in the Enterprise segment, our focus on cross-selling the mountain range of products has driven bookings up 175% versus second quarter last year. For the OEM segment, you will recall that we signed our first MSA, our master services agreement this area last quarter, and we have added another MSA with a second OEM this quarter. Turning to specific wins in the ALM area. A good example of our cross-selling appeal comes from the health care industry. a customer which has benefited from Iron Mountain's records management solutions for many years has asked us to manage the recovery decommissioning, disposal and/or recycling of IT assets at over 2,000 locations in the United States. The strength of our relationship and our customers' inherent trust in Iron Mountain has resulted in an ALM contract and renewal of our existing services for the next 5 years.

在後兩個類別中，我們看到了顯著的增長和吸引力。例如，在企業領域，我們對交叉銷售各種產品的關注推動預訂量比去年第二季度增長了 175%。對於 OEM 領域，您可能還記得我們上個季度簽署了第一個 MSA，即我們在該領域的主服務協議，並且本季度我們又與第二個 OEM 簽署了另一個 MSA。轉向 ALM 領域的具體勝利。我們交叉銷售吸引力的一個很好的例子來自醫療保健行業。一位多年受益於 Iron Mountain 記錄管理解決方案的客戶要求我們管理美國 2,000 多個地點的 IT 資產的恢復退役、處置和/或回收。我們之間的牢固關係以及客戶對 Iron Mountain 固有的信任促成了 ALM 合同並在未來 5 年續簽了我們現有的服務。

Also in ALM, our team secured a contract with a leading software and technology company to help them decommission racks of servers and nonessential IT equipment from their data center. Opportunities like this where we are able to extend the value we provide to customers have been significantly enhanced, thanks to the industry knowledge and expertise we have gained through our acquisition and integration of IT renew. We remain very excited about ALM, whilst component pricing remains a drag for part of the business, the growth we are achieving in the services side of the business shows how Iron Mountain's brand strength around security, and reliability are a differentiator in this fast-growing area.

同樣在 ALM 中，我們的團隊與一家領先的軟件和技術公司簽訂了一份合同，幫助他們從數據中心退役服務器機架和非必要 IT 設備。得益於我們通過收購和整合 IT 更新而獲得的行業知識和專業知識，我們能夠擴展為客戶提供的價值的機會得到了顯著增強。我們對ALM 仍然感到非常興奮，雖然組件定價仍然是部分業務的拖累，但我們在業務服務方面實現的增長表明，Iron Mountain 在安全性和可靠性方面的品牌實力如何在這個快速增長的市場中脫穎而出。區域。

Moving to our data center business. Through the first half of the year, we leased 55 megawatts, which includes 2.7 megawatts this quarter. As we said in May, the first quarter was particularly strong as we signed some deals earlier than expected. Due to our strong pipeline, we now feel confident we will exceed our original projection of 80 megawatts in 2023. This confidence is thanks to our teams delivering record new sales in the first half as well as the size of our late-stage pipeline from some of our largest customers as they add new capacity with the growth of AI. For example, we are well positioned with nearly 120 megawatts of unleased capacity on our NOVA campus with powerfully secured.

轉向我們的數據中心業務。今年上半年，我們租賃了 55 兆瓦，其中本季度租賃了 2.7 兆瓦。正如我們五月份所說，第一季度的表現尤其強勁，因為我們比預期更早簽署了一些協議。由於我們強大的管道，我們現在有信心在 2023 年超過我們最初預測的 80 兆瓦。這種信心歸功於我們的團隊在上半年創造了創紀錄的新銷量，以及我們後期管道的規模我們最大的客戶隨著人工智能的發展而增加了新的容量。例如，我們的 NOVA 園區擁有近 120 兆瓦的未租賃容量，且擁有強大的安全保障。

In this very important market, we are pleased to note that pricing is moving up appreciably. Staying with our data center business, I would like to highlight a win that demonstrates the exciting opportunities to expand our solutions and services for customers with a footprint in India and the value of our joint venture with Web works in the country. As we have discussed before, India is a key focus for our company's growth and our progress there is a major win for our business. In the second quarter, we closed a deal with a multinational media processing company to provide almost 1 megawatt of storage capacity at our Mumbai data center the potential to add a further 5 megawatts at this facility and extra capacity at other locations in India.

在這個非常重要的市場，我們很高興地註意到價格正在大幅上漲。繼續我們的數據中心業務，我想重點強調一項勝利，它展示了為在印度開展業務的客戶擴展我們的解決方案和服務的令人興奮的機會，以及我們與Web Works 在該國合資企業的價值。正如我們之前討論過的，印度是我們公司發展的重點，我們在那裡取得的進展對我們的業務來說是一個重大勝利。第二季度，我們與一家跨國媒體處理公司達成了一項協議，為我們的孟買數據中心提供近1 兆瓦的存儲容量，並有可能在該設施中再增加5 兆瓦，並在印度其他地點提供額外的容量。

Our data centers team's experience of handling high-density racks Iron Mountain's wider understanding of the media industry and our expansion plans in Mumbai helped us to convince our customer that we are their best long-term partner as their capacity needs grow.

我們的數據中心團隊擁有處理高密度機架的經驗，Iron Mountain 對媒體行業的更廣泛了解以及我們在孟買的擴張計劃幫助我們說服客戶，隨著他們容量需求的增長，我們是他們最好的長期合作夥伴。

Finally, I would like to mention an example of the success we are enjoying in our Crozier Fine Arts business as we build out one of the few globally integrated logistics, storage and top-quality services businesses in the art world. Recently, we partnered with a major art gallery in the United Kingdom to support an exhibition by a well-known artist. This involved detailed planning and preparations to pack and transport fragile sculptures from the U.S., Mexico and Continental Europe.

最後，我想提一下我們在 Crozier Fine Arts 業務中所取得的成功的一個例子，我們建立了藝術界為數不多的全球一體化物流、倉儲和優質服務業務之一。最近，我們與英國一家大型美術館合作，支持一位知名藝術家的展覽。這涉及到包裝和運輸來自美國、墨西哥和歐洲大陸的易碎雕塑的詳細規劃和準備工作。

We are proud of the unique expertise that our Crozier teams provide for our customers and to be associated with important exhibitions like this one.

我們為 Crozier 團隊為客戶提供的獨特專業知識以及與像這樣的重要展覽的聯繫感到自豪。

To conclude, we are proud of the record results we delivered this quarter as this is evidence that our strategy is working. As we continue to leverage the potential of our entire mountain range, expand our footprint of storage and services and deliver tailored innovative solutions for each of our customers, I could not be more grateful for the hard work of our mountaineers -- our Matterhorn program is showing the way in delivering consistently strong sales growth while fueling AFFO growth and our dividend. We are more energized than ever to continue reaching new peaks and I am excited for the bright future ahead. With that, I'll turn the call over to Barry.

總而言之，我們對本季度取得的創紀錄業績感到自豪，因為這證明我們的戰略正在發揮作用。當我們繼續利用整個山脈的潛力，擴大我們的存儲和服務範圍，並為每個客戶提供量身定制的創新解決方案時，我對我們登山者的辛勤工作表示無比的感激——我們的馬特宏峰計劃是展示瞭如何實現持續強勁的銷售增長，同時推動 AFFO 增長和我們的股息。我們比以往任何時候都更有活力，繼續攀登新的高峰，我對未來光明的未來感到興奮。這樣，我就把電話轉給巴里。

Thanks, Bill, and thank you all for joining us to discuss our results -- in the second quarter, our team achieved solid performance across all metrics, exceeding the projections we shared in May. Revenue grew to a record $1.36 billion, up 5% year-on-year on a reported basis and 6% on an organic and constant currency basis. Revenue was above the expectations we provided on our last call, driven by out-performance in both our global RIM and data center businesses. For me, a key highlight in the quarter is our organic storage rental revenue, which grew 11%. I'll note, this performance was on top of a stronger year-on-year comp and represents an acceleration in rate of growth. This reflects strong contributions from revenue management, data center commencements and positive volume trends.

謝謝比爾，也感謝大家加入我們討論我們的結果——在第二季度，我們的團隊在所有指標上都取得了穩健的表現，超出了我們在 5 月份分享的預測。收入增長至創紀錄的 13.6 億美元，按報告計算同比增長 5%，按有機和固定匯率計算增長 6%。由於全球 RIM 和數據中心業務的出色表現，收入高於我們上次電話會議中提供的預期。對我來說，本季度的一個關鍵亮點是我們的有機存儲租賃收入，增長了 11%。我要指出的是，這一業績是在同比強勁的基礎上實現的，代表著增長率的加速。這反映了收入管理、數據中心啟動和積極的銷量趨勢的強勁貢獻。

Total service revenue was $527 million, down 1% on a constant currency basis. This was consistent with our projections, which factored in the previously discussed year-on-year component price declines. Importantly, component pricing was consistent in the second quarter on a sequential basis. While this represents a significant headwind year-on-year, we are pleased that pricing has stabilized.

服務總收入為 5.27 億美元，按固定匯率計算下降 1%。這與我們的預測一致，我們的預測考慮了之前討論的零部件價格同比下降。重要的是，第二季度的零部件定價環比保持一致。雖然這與去年同期相比是一個巨大的阻力，但我們很高興價格已經穩定下來。

As a reminder, that affects our IT renew business most prominently, excluding our ALM business, service revenue was up 8% on a constant currency basis. This would have resulted in total company revenue growth of 9%.

提醒一下，這對我們的 IT 更新業務影響最為顯著，不包括 ALM 業務，服務收入按固定匯率計算增長了 8%。這將使公司總收入增長 9%。

Adjusted EBITDA was $476 million, a new record up 5% year-on-year with revenue management and strong data center commencements being the key drivers. Adjusted EBITDA margin was 35%, in line with our expectations, driven by revenue management and mix. AFFO was $277 million or $0.94 on a per share basis, up $6 million and $0.01, respectively, from the second quarter of last year. This was well ahead of the expectations we shared on our last call.

調整後 EBITDA 為 4.76 億美元，同比增長 5%，創下新紀錄，收入管理和強勁的數據中心啟動是主要驅動力。在收入管理和組合的推動下，調整後 EBITDA 利潤率為 35%，符合我們的預期。 AFFO 營收為 2.77 億美元，每股收益為 0.94 美元，比去年第二季度分別增加 600 萬美元和 0.01 美元。這遠遠超出了我們在上次電話會議中分享的預期。

Now turning to segment performance. In the second quarter, our global RIM business achieved revenue of $1.16 billion, an increase of $89 million year-on-year, reflecting organic revenue growth of 9%. The Revenue management and positive volume trends contribute to strong organic storage rental revenue growth of 9.2%. We delivered organic service revenue growth of 9.3%, driven by digital solutions, which were up 20% year-on-year and continued strength in core offerings. Global RIM adjusted EBITDA was $499 million and an increase of $30 million year-on-year.

現在轉向細分市場表現。第二季度，我們的全球RIM業務實現收入11.6億美元，同比增長8900萬美元，有機收入增長9%。收入管理和積極的銷量趨勢推動有機倉儲租賃收入強勁增長 9.2%。在數字解決方案同比增長 20% 以及核心產品持續走強的推動下，我們的有機服務收入增長了 9.3%。全球RIM調整後EBITDA為4.99億美元，同比增加3000萬美元。

Turning to our global data center business. The team delivered (technical difficulty) from a total revenue perspective, we achieved 17% growth on an organic basis. Organic storage rental revenue growth was particularly strong at 22%, driven by commencements and improved pricing.

轉向我們的全球數據中心業務。從總收入的角度來看，團隊交付了（技術難度），我們實現了 17% 的有機增長。在開工和定價改善的推動下，有機倉儲租賃收入增長尤其強勁，達到 22%。

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. As a reminder, the second quarter of 2022 represented the last quarter of these specific fit-out services. We will have a more normalized comp on this line going forward. Data center adjusted EBITDA was $54 million, representing 27% growth. Turning to new and expansion leasing. We signed 2.7 megawatts in the quarter, bringing total bookings year-to-date to 55 megawatts. As Bill mentioned, we are well on track to achieve our leasing projection for the full year of 80 megawatts. And in fact, with the strength of our building pipeline, we have line of sight to exceed this projection.

正如我們預計的那樣，考慮到我們去年上半年進行的裝修工作，數據中心服務同比下降。提醒一下，2022 年第二季度是這些特定裝修服務的最後一個季度。未來我們將在這條線上有一個更加標準化的補償。數據中心調整後 EBITDA 為 5,400 萬美元，增長 27%。轉向新建和擴建租賃。我們在本季度簽署了 2.7 兆瓦，使年初至今的總預訂量達到 55 兆瓦。正如 Bill 提到的，我們正在順利實現全年 80 兆瓦的租賃預測。事實上，憑​​借我們建設管道的實力，我們的視線可以超越這個預測。

Turning to asset life cycle management. In the second quarter, revenue grew 4% on a sequential basis, slightly ahead of the projections we gave on our last call. We are seeing positive momentum across all three verticals of our ALM business, which include hyper-scale decommissioning, enterprise iCAD and OEM. You will recall that China was mostly free of restrictions in the first half of last year, but it returned to tight lockdowns in the second half.

轉向資產生命週期管理。第二季度收入環比增長 4%，略高於我們上次電話會議的預測。我們在 ALM 業務的所有三個垂直領域都看到了積極的勢頭，其中包括超大規模退役、企業 iCAD 和 OEM。大家可能還記得，去年上半年中國基本上沒有限制，但下半年又恢復了嚴格的封鎖。

As a result, as we anniversary the second quarter comparisons going forward will be much more favorable. While we are diversifying away from China, it is the largest market into which we sell components today. At the beginning of this year, as lockdowns eased, while component volumes increased, pricing declined to record low levels. Industry analysts project marked improvement in pricing by the fourth quarter and even more significantly in 2024. To be prudent, we have not factored any pricing improvement into our outlook for 2023. Turning to capital. In the second quarter, we invested $320 million, of which $287 million was growth and $33 million was recurring. In 2023, we now expect total capital expenditures to be approximately $1.2 billion, up $200 million from our prior expectations. This reflects an increase to our data center development plans given our strong leasing year-to-date and building pipeline that I mentioned.

因此，在我們週年紀念日之際，未來第二季度的比較將更加有利。雖然我們正在從中國轉向多元化，但它是我們當今銷售零部件的最大市場。今年年初，隨著封鎖的放鬆，零部件數量的增加，價格跌至歷史最低水平。行業分析師預計，到第四季度，定價將顯著改善，2024 年甚至更顯著。為謹慎起見，我們沒有將任何定價改善納入 2023 年的展望中。轉向資本。第二季度，我們投資了 3.2 億美元，其中 2.87 億美元用於增長，3300 萬美元用於經常性投資。目前，我們預計 2023 年總資本支出約為 12 億美元，比之前的預期增加 2 億美元。這反映了我們的數據中心開發計劃的增加，因為我們年初至今的強勁租賃和我提到的建設管道。

Turning to the balance sheet. With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.1x, reflecting a meaningful improvement from last year. We have remained at this leverage level for the past 3 quarters, and it marks our lowest leverage level since 2017. Importantly, we expect to exit 2023 at this level, even with our increased investment in data center. Turning to our dividend. On a trailing 4-quarter basis, our payout ratio is now 63.9%, an approximate 400 basis point improvement from this time last year.

轉向資產負債表。憑藉強勁的 EBITDA 表現，本季度結束時，我們的淨租賃調整后杠桿率為 5.1 倍，較去年有了顯著改善。過去3 個季度我們一直保持在這一槓桿水平，這標誌著我們自2017 年以來的最低杠桿水平。重要的是，即使我們增加了對數據中心的投資，我們預計2023 年仍將保持在這一水平。轉向我們的股息。從過去 4 個季度的數據來看，我們的派息率為 63.9%，比去年同期提高了約 400 個基點。

As you saw earlier today, we are pleased to announce that our Board of Directors has authorized an increase to our quarterly dividend of 5%, bringing it to $0.65 per share to be paid in early October. This is consistent with our long-term commentary that as our payout ratio settles into the mid- to low 60s as a percentage of AFFO, you should expect the dividend to rise. We remain dedicated to our disciplined approach to capital allocation as we are funding our growth objectives while continuing to drive meaningful shareholder returns. And now turning to our projections. For the full year, reflecting our performance in the first half and strong outlook, we are pleased to reiterate our full year guidance.

正如您今天早些時候所看到的，我們很高興地宣布，我們的董事會已授權將季度股息增加 5%，達到每股 0.65 美元，將於 10 月初支付。這與我們的長期評論一致，即隨著我們的派息率佔 AFFO 的比例穩定在 60 左右，您應該預期股息將會上升。我們仍然致力於嚴格的資本配置方法，為我們的增長目標提供資金，同時繼續推動有意義的股東回報。現在轉向我們的預測。對於全年，我們很高興重申我們的全年指導，這反映了我們上半年的業績和強勁的前景。

For the third quarter, we expect revenue in excess of $1.4 billion adjusted EBITDA of approaching $500 million, AFFO of approximately $290 million and AFFO per share of approximately $0.99. I would like to provide a bit more context for our guidance. In terms of revenue, our third quarter projection equates to growth of 9% as compared to the prior year. To frame that, I would recommend investors consider the following points. First, the prior year comparable in our ALM business is much easier in the third and fourth quarters of this year as compared to the first half.

我們預計第三季度收入將超過 14 億美元，調整後 EBITDA 接近 5 億美元，AFFO 約為 2.9 億美元，AFFO 每股約為 0.99 美元。我想為我們的指導提供更多背景信息。就收入而言，我們預計第三季度將較上年增長 9%。為此，我建議投資者考慮以下幾點。首先，與去年同期相比，我們的 ALM 業務今年第三季度和第四季度比上半年要容易得多。

Second, we have incremental revenue management actions, which will go into effect in the third and fourth quarters and will provide a nice tailwind. Lastly, if you consider the underlying trends in the rest of the business, growth has been accelerating for several quarters now as our Matterhorn efforts are driving performance. For example, excluding our ALM business, the rest of the business' growth rate was 8% in the first quarter, 9% in the second quarter, and our projection is for 10% in the third quarter.

其次，我們有增量收入管理行動，這些行動將在第三和第四季度生效，並將提供良好的推動力。最後，如果您考慮其他業務的基本趨勢，隨著我們在馬特洪峰的努力推動業績增長，增長已經加速了幾個季度。例如，不包括我們的ALM業務，其餘業務第一季度的增長率為8%，第二季度為9%，我們預計第三季度為10%。

And just as a reminder, the fourth quarter of 2022 is our easiest growth comparable this year.

提醒一下，2022 年第四季度是我們今年最容易增長的季度。

To conclude, our team continues to execute well and remains focused on driving our growth agenda. We have a growing and well-diversified pipeline, and we are positioned to achieve our objectives. I would like to take this opportunity to thank our entire team for their efforts and contributions. And with that operator, would you please open the line for Q&A?

總而言之，我們的團隊繼續表現良好，並繼續專注於推動我們的增長議程。我們擁有不斷增長且多元化的產品線，並且我們有能力實現我們的目標。我想藉此機會感謝我們整個團隊的努力和貢獻。那位接線員能否請您開通問答線路？

(Operator Instructions) And our first question will come from George Tong of Goldman Sachs.

（操作員說明）我們的第一個問題將來自高盛的喬治·唐。

In the ALM business, performance was impacted by component price declines. And you noted that you saw signs of stabilization in component prices. Can you elaborate a little bit more on that? What trends specifically did you see on component prices? And how would you deconstruct ALM growth between pricing and volumes?

在 ALM 業務中，業績受到零部件價格下跌的影響。您指出，您看到了零部件價格穩定的跡象。您能詳細說明一下嗎？您在零部件價格方面具體看到了哪些趨勢？您將如何解構定價和銷量之間的 ALM 增長？

Okay. George, this is Barry. Thank you for the question. Yes, let me help you with that. From a standpoint of the way the decommissioning and component pricing business has been unfolding this year, as you know, early this year, late last year and into early this year, component pricing was dropping quite appreciably. And by about the February time frame, it had reached over essentially all-time record lows. And that's really across the gambit of component pricing from memory to CPUs, all the various components that we're selling. And that has obviously been a significant impact for both Iron Mountain, but also for many other players in the technology industry. I think importantly, what you've seen, and I'm sure you would have been following this is many of the OEMs have significantly reduced their production of new components, which is now limiting supply in the marketplace.

好的。喬治，這是巴里。感謝你的提問。是的，讓我來幫助你。從今年退役和零部件定價業務的發展方式來看，如您所知，從今年年初、去年年底到今年年初，零部件價格大幅下降。大約到二月份的時候，它已經達到了歷史最低點。這實際上涵蓋了從內存到 CPU 以及我們銷售的所有各種組件的組件定價。這顯然對 Iron Mountain 以及科技行業的許多其他參與者產生了重大影響。我認為重要的是，您所看到的，並且我相信您會一直關注的是，許多原始設備製造商已經大幅減少了新組件的產量，這現在限制了市場上的供應。

And of course, used component pricing tends to directly correlate and follow with new -- and so what we've seen here since the component pricing hit the lows in the kind of February time frame is, importantly, pricing has been very consistent. In fact, some components have been ticking up. We've seen that in certain elements of memory, among other component pricing. So what we've work into our outlook, though, George, is that we are keeping component pricing in our outlook for this year at this record level low levels. And our thought process is that's a prudent way to plan. When you look at industry analysts and there's -- this is publicly available data, there are many estimates that project for component pricing to begin to lift as we move through the remainder of 2023 and in fact, have very, very sharp increases in most component pricing next year in light of supply and demand expectations.

當然，二手元件的定價往往與新元件直接相關並跟隨新的——因此，自從元件價格在二月份的時間範圍內觸及低點以來​​，我們在這裡看到的是，重要的是，定價一直非常一致。事實上，一些組件一直在上漲。我們已經在內存的某些元素以及其他組件的定價中看到了這一點。因此，喬治，我們在展望中所做的努力是，我們將今年的零部件定價保持在創紀錄的低水平。我們的思考過程是，這是一種謹慎的計劃方式。當你查看行業分析師時，會發現——這是公開的數據，有許多預測表明，隨著2023 年剩餘時間的到來，零部件價格將開始上漲，事實上，大多數零部件的價格都有非常非常急劇的增長明年的定價將根據供需預期進行。

As I said, we're not baking that into our 2023 outlook for prudent reasons. We are anticipating that our total ALM business will be up just a few million dollars on a sequential basis in the third quarter. and then we'll be up again in the fourth quarter, but that speaks to the points that Bill made in his prepared remarks that, for example, in our Enterprise ITAD business, bookings are up a tremendous amount in the second quarter year-on-year. We are winning more decommissioning business across that decommissioning vertical. And of course, our OEM teams have been winning very important wins for us, which I think set us up very well for the intermediate and longer term, in the broader asset life cycle management space. Volume on a sequential basis was essentially equivalent, George, which we felt good about. And I would say the forward pipeline as it relates to volume in light of what I've just mentioned, is favorable for us. So we feel that we are now getting through the hardest comps of the year.

正如我所說，出於謹慎的原因，我們不會將其納入 2023 年展望中。我們預計第三季度我們的 ALM 業務總額將環比僅增長幾百萬美元。然後我們將在第四季度再次上升，但這說明了比爾在他準備好的講話中提出的觀點，例如，在我們的企業 ITAD 業務中，第二季度的預訂量同比大幅增長-年。我們在退役垂直領域贏得了更多退役業務。當然，我們的 OEM 團隊一直為我們贏得了非常重要的勝利，我認為這為我們在更廣泛的資產生命週期管理領域的中長期發展奠定了良好的基礎。喬治，環比成交量基本相當，我們對此感覺良好。我想說，根據我剛才提到的情況，與交易量相關的前向管道對我們有利。所以我們覺得我們現在正在經歷今年最艱難的比賽。

As you know, last year, we were $72 million -- $72 million of revenue in the first quarter with ALM. We were $83 million in the second quarter. That dropped quite appreciably to 60 in the third and 55 or so in the fourth. So that goes to my point about the comps get easier. With pricing being flat to up, we feel well positioned. George.

如您所知，去年第一季度 ALM 的收入為 7200 萬美元——7200 萬美元。第二季度我們的收入為 8300 萬美元。第三季度這個數字明顯下降到 60 左右，第四季度則下降到 55 左右。這就是我關於比​​賽變得更容易的觀點。由於價格持平或上漲，我們感覺處於有利地位。喬治。

The next question comes from Nate Crossett of BNP Paribas.

下一個問題來自法國巴黎銀行的內特·克羅塞特。

So is it fair to say, I guess, that the service revenue growth year-over-year like the low quarter in 2Q and that we should expect maybe it to trend up from here? And then maybe just comment on storage rental growth that still remains very strong. Can you maybe just speak to recent customer conversations and your ability to push price?

因此，我想，服務收入的同比增長就像第二季度的低季度一樣，我們應該預期它可能會從這裡開始呈上升趨勢，這樣說是否公平？然後也許只是評論仍然非常強勁的存儲租金增長。您能否談談最近的客戶對話以及您推高價格的能力？

Okay. Thanks, Nate. This is Barry. A couple of things there. So on services, yes, you are thinking about that right because really, when you look at the total company's service revenue growth, it was completely impacted by the fact that the ALM business was essentially half that which it was in the prior year. And at that $40-some million of revenue that's a big drag on the service in total because, as you know, all of the ALM revenue essentially is on the service line.

好的。謝謝，內特。這是巴里.有幾件事。因此，在服務方面，是的，您正在考慮這一點，因為實際上，當您查看公司總服務收入增長時，您會發現它完全受到以下事實的影響：ALM 業務基本上是上一年的一半。 40 多百萬美元的收入對整個服務來說是一個很大的拖累，因為如您所知，所有 ALM 收入本質上都在服務線上。

And I'll give you a point that if you look at global RIM, for example, our service revenue there was up over 9%. And so the total company's service revenue will be improving. It should be positive in the third quarter, of course, and furthermore in the fourth quarter because frankly, by then, ALM no longer is a drag on our service revenue. In fact, I think it may even -- there's a chance it may be accretive to growth rate in service by the fourth quarter. In terms of storage rental revenue growth, we have had -- as your question alluded to, strong performance there and our revenue management actions have been very well received. We are of course, very focused on driving value for our customers and making sure that they understand the significant value that Iron Mountain provides both in terms of our core offerings of records and -- but also all the other offerings that we can cross-sell around things such as enterprise IT asset disposition, data center services among others. And so in terms of where you should expect storage rental revenue growth, volume has been trending very consistent with our expectations. It's been modestly positive, and we continue to expect that positive outlook. And from a revenue standpoint, total revenue standpoint, you should expect it to continue to be comping quite well. And as I mentioned in the prepared remarks, we do have some incremental revenue management actions in the third quarter and the fourth quarter. And that helps the growth rate, particularly in the fourth quarter, Nate, because as you may remember, last year, more of our revenue management actions were shifted into the third quarter just from a timing of what we were doing last year. And this year, it's a little bit more spread out. So these new revenue management actions that I alluded to today on the call, that's incremental to our prior plans and will be, as I said, a nice tailwind to growth rate. So thank you for the question, Nate.

我要告訴你的一點是，如果你看看全球 RIM，我們的服務收入增長了 9% 以上。因此，公司的服務總收入將會有所改善。當然，第三季度應該是積極的，而且第四季度應該是積極的，因為坦率地說，到那時，ALM 不再是我們服務收入的拖累。事實上，我認為甚至有可能到第四季度會增加服務增長率。在存儲租賃收入增長方面，正如您的問題所提到的，我們的表現強勁，我們的收入管理行動也受到了好評。當然，我們非常專注於為客戶創造價值，並確保他們了解 Iron Mountain 在我們的核心唱片產品以及我們可以交叉銷售的所有其他產品方面提供的重要價值圍繞企業IT資產配置、數據中心服務等。因此，就存儲租賃收入增長預期而言，數量趨勢與我們的預期非常一致。這是適度積極的，我們繼續期待這種積極的前景。從收入的角度來看，從總收入的角度來看，你應該期望它會繼續表現良好。正如我在準備好的發言中提到的，我們確實在第三季度和第四季度採取了一些增量收入管理行動。這有助於增長率，特別是在第四季度，內特，因為你可能還記得，去年，我們更多的收入管理行動只是從我們去年所做的時間轉移到了第三季度。今年，它的分佈更加分散。因此，我今天在電話會議上提到的這些新的收入管理行動，是我們之前計劃的增量，並且正如我所說，將成為增長率的良好推動力。謝謝你的提問，內特。

Yes. And just one thing I would add for Nate, on the storage trend from a volume, you probably picked up from some of the wins we highlighted is that as companies are shifting their use of space as the workforce is more remote or hybrid that's yielding both increased volume for our storage facilities as they clean out or decide that they want to have a depot rather than in an office that people don't visit as much or at all anymore. As well as Barry pointed out, it's part of behind this 175% year-over-year increase in ITAD bookings both because as companies are kind of cleaning out, it's a tailwind both on the storage in the iCAD business.

是的。我要為 Nate 補充的一件事是，關於卷的存儲趨勢，您可能會從我們強調的一些勝利中發現，隨著員工更加偏遠或混合，公司正在改變空間的使用，這會產生兩者當他們清理或決定想要擁有一個倉庫而不是人們不再經常訪問或根本不再訪問的辦公室時，我們的存儲設施的容量就會增加。正如 Barry 指出的那樣，這是 ITAD 預訂量同比增長 175% 的部分原因，因為隨著公司進行清理，這對 iCAD 業務的存儲來說是一個順風車。

The next question comes from Andrew Steinerman of JPMorgan.

下一個問題來自摩根大通的安德魯·斯坦納曼。

This is Alex Hess on for Andrew Steinerman. Maybe just to dig in on global room for a second. Can you remind us what percent of storage revenues are in some manner, CPI-linked and maybe what the price floor and lease terms look like nowadays? And then just quickly on Clutter, how does that factor into your outlook? And maybe some thoughts around that business, which we understand had some cash flow issues as a stand-alone company on its own.

我是亞歷克斯·赫斯 (Alex Hess) 替安德魯·斯坦納曼 (Andrew Steinerman) 發言。也許只是為了深入研究一下全球空間。您能否提醒我們存儲收入的百分比以某種方式與 CPI 相關，以及現在的價格下限和租賃條款是什麼樣的？然後快速地談談混亂，這對你的看法有何影響？也許是圍繞該業務的一些想法，我們知道該業務作為一家獨立公司本身存在一些現金流問題。

Okay. Alex, it's Barry. Thanks for those questions. For proprietary and confidential reasons, we don't generally characterize our contracts too specifically. But what I'll say is, certainly, as you know, you followed the company for such a long time, we have a very large number of customers call it, 200-plus thousand client relationships. The vast majority of those are on our standard, if you will, paper that allows us to affect revenue management actions. And as I said before, we are very aligned with driving value. At times of -- essentially are choosing and is not, if you will, linked to any sort of indice. There are some, what I would describe as more bespoke contracts with some of our largest clients which may have specific agreements around escalators and the like, but that is a small number of total contracts. With respect to Clutter, I appreciate that question. as just to help others who may not be as familiar with Clutter, Clutter is a business that we have had a minority stake in for a while now, and it was a form of a joint venture.

好的。亞歷克斯，這是巴里。謝謝你提出這些問題。出於專有和保密原因，我們通常不會過於具體地描述我們的合同。但我要說的是，當然，正如你所知，你跟隨公司這麼長時間了，我們有大量的客戶，稱之為200多個客戶關係。如果您願意的話，其中絕大多數都符合我們的標准文件，使我們能夠影響收入管理行動。正如我之前所說，我們非常致力於推動價值。有時——本質上是選擇，如果你願意的話，與任何類型的指數無關。有一些，我將其描述為與我們一些最大的客戶簽訂的更多定制合同，這些客戶可能就自動扶梯等達成了具體協議，但這只是合同總數的一小部分。關於混亂，我很欣賞這個問題。只是為了幫助那些可能不太熟悉 Clutter 的人，Clutter 是一家我們已經持有少數股權一段時間的企業，它是一種合資企業的形式。

We own about 25% of the company prior to the transaction that we mentioned this morning. And that's on the valet self-storage, so it is a business that we have been providing, if you will, back-end services to for some time, storing a fair bit of the volume that Clutter had been bringing in from consumers. And what Clutter focus had been on is building a brand and aggregating consumer demand, principally in, as Bill mentioned, tech-enabled manner.

在我們今天早上提到的交易之前，我們擁有該公司約 25% 的股份。這是代客自助存儲的業務，如果你願意的話，我們一直在為這項業務提供後端服務一段時間，存儲了 Clutter 從消費者那裡帶來的相當一部分數量。 Clutter 一直關注的是打造品牌並聚合消費者需求，正如比爾提到的那樣，主要是通過技術支持的方式。

On a net basis, when all is said and done, we'll pay a little over $20-some million to buy the business will also contribute various of our assets. So you'll see that through our other expense and income line on the P&L. And from a standpoint of for your modeling purposes, revenue on a quarterly basis this being the incremental revenue that Iron Mountain will recognize now because, of course, we were recognizing revenue from what we were doing for services to Clutter previously. We'll recognize maybe a bit over $10 million. It will be in excess of $10 million on a quarterly basis, likely to be growing as we move into the new year. And from an EBITDA standpoint, and you would have seen this from our prior filings, because of course, we were absorbing our minority interest in Clutter through our P&L.

在淨額基礎上，當一切都說了又做了之後，我們將支付略高於 20 美元的資金來購買該業務，這也將貢獻我們的各種資產。因此，您可以通過損益表上的其他費用和收入項目看到這一點。從建模目的的角度來看，每季度的收入是 Iron Mountain 現在將確認的增量收入，因為當然，我們從之前為 Clutter 提供的服務中確認了收入。我們會認識到可能略高於 1000 萬美元。每個季度的金額將超過 1000 萬美元，並且隨著進入新的一年，這一金額可能還會增長。從 EBITDA 的角度來看，您可以從我們之前的文件中看到這一點，因為當然，我們通過損益表吸收了 Clutter 的少數股權。

As I said, they've been building their brand for some time. So it is -- Clutter has been absorbing a modest EBITDA loss on a quarterly basis, I think something in the vicinity of a couple of million dollars a quarter over time and perhaps by, let's say, 2024, we expect to be able to drive that to breakeven and ultimately to generating positive EBITDA out of the Clutter enterprise itself. As we drive operating synergies by combining the two businesses together. I'll just note, of course, Iron Mountain has been generating positive EBITDA on the relationship previously. So the incremental negative drag that I just referenced is purely off of the brand building elements of the Clutter enterprise itself. The last thing I'll note is, Alex, is, of course, we reiterated our guidance and feel very good about it despite absorbing that little drag there from Clutter that we'll absorb here in the second half. So appreciate the question.

正如我所說，他們建立自己的品牌已經有一段時間了。事實是這樣的——Clutter 每季度都會吸收適度的 EBITDA 損失，我認為隨著時間的推移，每季度損失約為幾百萬美元，也許到 2024 年，我們預計能夠推動實現盈虧平衡，並最終從Clutter 企業本身中產生正的EBITDA。我們通過將兩項業務合併在一起來推動運營協同效應。當然，我只想指出，Iron Mountain 此前一直在這種關係中產生正的 EBITDA。因此，我剛才提到的增量負面阻力純粹是來自混亂企業本身的品牌建設元素。我要指出的最後一件事是，亞歷克斯，當然，我們重申了我們的指導方針，並且感覺非常好，儘管我們吸收了混亂帶來的一點阻力，我們將在下半場吸收這一點。所以很欣賞這個問題。

The next question comes from Shlomo Rosenbaum of Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

Could you talk a little bit about the gross margin trends they were -- looked like they were down, particularly in the services, down like 200 basis points year-over-year. Does that have to do with something from ALM or something else so the labor costs were up almost 10% year-over-year. And also, I thought maybe you could just comment, Bill, I always ask you about talking about the underlying trends in the volumes in the RIM business. If you could just comment on that? Are you getting more positive trends in the historical mature markets than what we've seen before? You mentioned like that hospital contract? Is that something that was going to lead to more positive volume trends in an area that historically had been a little bit more of a weaker trends?

您能否談談毛利率趨勢——看起來毛利率下降了，特別是在服務業，同比下降了 200 個基點。這是否與 ALM 或其他原因有關，因此勞動力成本同比增長了近 10%。而且，我想也許你可以評論一下，比爾，我總是要求你談論 RIM 業務量的基本趨勢。您能對此發表評論嗎？在歷史上成熟的市場中，您是否發現了比我們以前看到的更積極的趨勢？你提到過醫院合同嗎？這是否會導致歷史上趨勢較為疲軟的領域出現更積極的成交量趨勢？

Let me start with the labor cost -- in the trends in terms of the volume. So I think first, starting off on the volume trends, as I was saying to Nate's question, is that overall, the volume is slightly up. So it's trending in the right direction. And I wouldn't say this is a -- going to be a massive change, but what we see, if you think about 730 million cubic feet. So it's a very large base that we're operating on, is the trends that we see both in some of the new storage areas, but as well as what we see in people going into a hybrid or remote working aspect. It really is getting a lot more traction for our Smart Sort and Clean Start type solutions, which uncover more storage also the services that we can provide being depot. In other words, we can serve their employees anywhere they are. They don't have to come to the office to actually get information back, whether we give it back to them physically or image on demand.

讓我從勞動力成本開始——就數量而言的趨勢。因此，我認為首先，從成交量趨勢開始，正如我對內特的問題所說的那樣，總體而言，成交量略有上升。所以它正在朝著正確的方向發展。我不會說這將是一個巨大的變化，但如果你考慮一下 7.3 億立方英尺，我們會看到什麼。因此，這是我們運營的一個非常大的基礎，是我們在一些新存儲領域看到的趨勢，也是我們在人們進入混合或遠程工作方面看到的趨勢。我們的智能排序和清潔啟動類型的解決方案確實獲得了更多的關注，這些解決方案揭示了更多的存儲以及我們可以提供的服務。換句話說，我們可以為他們的員工提供任何地點的服務。他們不必到辦公室來實際獲取信息，無論我們是根據需要將信息返回給他們還是實物或圖像。

And then it's also uncovering as we say, is driving a lot of the increased bookings that we see in the enterprise ALM side of the business and fueling that 175% growth that we see. So overall, we feel really good about where the trends are, but you can imagine on 730 million cubic feet around the world, is that even what I call quite macro trends that I described are -- don't change the overall trajectory like massively, but it is definitely a tailwind for that business. And on labor costs, before I hand it back to Barry is you're right, labor cost is up. Some of it is as we go into new areas in terms as we ramp or some of the projects that we ramp on then obviously, we're bringing labor in ahead of time. And the other part is making sure that our mountaineers around the world are well looked after because we really do see -- it's the core to our existence. We're a business services company. And the first impression that our customers have is our mountaineers, and we want to make sure that they and their families are well looked after. And the inflation environment globally has been challenging for a number of our colleagues.

然後，正如我們所說，它還推動了我們在企業 ALM 方面看到的業務預訂量的大量增加，並推動了我們看到的 175% 的增長。因此，總體而言，我們對趨勢所在的位置感到非常滿意，但你可以想像一下，在全球7.3 億立方英尺的情況下，即使是我所描述的所謂的宏觀趨勢，也不會像大規模那樣改變總體軌跡，但這絕對是該業務的順風車。關於勞動力成本，在我把它交還給巴里之前，你是對的，勞動力成本上漲了。其中一些是當我們進入新領域時，或者我們開始的一些項目，顯然，我們正在提前引入勞動力。另一部分是確保我們世界各地的登山者得到良好的照顧，因為我們確實看到了——這是我們存在的核心。我們是一家商業服務公司。我們的客戶給我們的第一印象就是我們的登山者，我們希望確保他們和他們的家人得到很好的照顧。全球通脹環境對我們的許多同事來說一直充滿挑戰。

Shlomo, this is Barry. Maybe I'll just pick up there on Bill's point. You're right, it was up that level year-on-year. You would have seen a similar increase in the first quarter when we made the actions as it relates to improved wages that Bill was just referring to. And then I would point out on a sequential basis, labor was up about 2% while service revenue was up 5% on a sequential basis, reflecting the operating leverage that the team is driving. The other thing you mentioned more broadly about service gross margins. First up, they were up 110 basis points sequential basis, yes, they were down year-on-year. As your question alluded to, that has all to do with our component pricing, IT renew because when you think about it, we are still processing a considerable amount of volume, yet we are recognizing a much lower price. And so if you excluded the impact of component pricing, actually, service gross margins were up quite nicely, which speaks to the ongoing trend in the rest of the core and, frankly, to the productivity that the team is driving in asset life cycle management. So when you think about what could happen with our gross margins as pricing recovers, we've got a lot of operating leverage in that business. So I feel good about the forward look if the industry projections are anywhere close to accurate for what our pricing will be next year, I think we're going to see a really nice lift there. So thanks, Shlomo.

什洛莫，這是巴里。也許我會繼續討論比爾的觀點。你是對的，它比去年同期上升了這個水平。當我們採取行動時，您會在第一季度看到類似的增長，因為這與比爾剛才提到的工資提高有關。然後我會指出，按環比計算，勞動力增長了約 2%，而服務收入環比增長了 5%，反映了團隊正在推動的運營槓桿。您更廣泛地提到的另一件事是關於服務毛利率。首先，它們環比上漲了 110 個基點，是的，同比下降了。正如你的問題所提到的，這與我們的組件定價、IT 更新有關，因為當你想到這一點時，我們仍在處理相當大的數量，但我們認識到價格要低得多。因此，如果排除組件定價的影響，實際上，服務毛利率上升得相當不錯，這說明了其餘核心的持續趨勢，坦率地說，也說明了團隊在資產生命週期管理中推動的生產力。因此，當你考慮隨著價格回升，我們的毛利率可能會發生什麼變化時，我們在該業務中擁有很大的運營槓桿。因此，如果行業預測對我們明年的定價接近準確，我對前景感到滿意，我認為我們將看到一個非常好的提升。謝謝，什洛莫。

The next question comes from Jon Atkin of RBC.

下一個問題來自加拿大皇家銀行的喬恩·阿特金。

Couple of questions. First, just in how to kind of frame the exposure in your data center business to [Cyxtera] where -- and then interested in just the data center development pipeline and kind of the opportunities ahead and your thoughts about bringing in third-party to maybe co-invest. There was obviously a recent transaction in India and in other countries where third-party capital is being folded into the development projects of some of the established players and your thoughts on pursuing that route from a capital standpoint.

有幾個問題。首先，只是如何將您的數據中心業務暴露在[Cyxtera]那裡——然後對數據中心開發管道和未來的機會感興趣，以及您對引入第三方的想法共同投資。顯然，最近在印度和其他國家進行的一項交易中，第三方資本正在被納入一些老牌企業的開發項目中，以及您從資本角度對走這條路線的想法。

Okay. Thanks, John. I'll start with the -- what we see on the data set (technical difficulty) Barry. I think first of all, we're really pleased with how our data center business continues to grow. And also, as you know, I know you cover the industry extremely closely is that pricing is up markedly, like as we look in like Northern Virginia on a triple net basis as we see around the hyperscale segment, pricing up some 40%. So the returns continue to grow and keep pace. I think in terms of looking at the size of our pipeline, Barry mentioned that we've increased our capital allocation to about another $200 million on top of the $1 billion that we already had for investment capital in 2023. Based on the strength of that pipeline and the success that we're having pretty much across the globe is that -- I mean, you're right that we're always kind of conscious of in terms of how we fund our projects. That being said, is we're actually fortunate that we have the records management business and our other services business, which is like a financial beast. I mean, it just generates a tremendous amount of cash that not only fuels the dividend, but it also fuels a lot of the development capital into our data centers. So I wouldn't say that we're in a situation where kind of a company that is solely in the data center space that has only to itself to look for in terms of how it funds itself going forward to drive a lot of the development. We actually have a growing, but some people will consider a mature business in terms of the amount of capital we have to put into that because it's a very scaled, high operating leverage business, and we're able to use funds and profitability from that to fund a big part of our development.

好的。謝謝，約翰。我將從我們在數據集上看到的（技術難度）巴里開始。我認為首先，我們對數據中心業務的持續增長感到非常滿意。而且，正如您所知，我知道您非常密切地報導了該行業，因為定價顯著上漲，就像我們在北弗吉尼亞州的三重網絡基礎上看到的那樣，就像我們在超大規模領域看到的那樣，定價上漲了約40%。因此，回報繼續增長並保持同步。我認為，就我們的管道規模而言，巴里提到，在 2023 年我們已有 10 億美元投資資本的基礎上，我們已將資本配置增加到約 2 億美元。基於這一實力管道和我們在全球範圍內取得的成功是——我的意思是，你是對的，我們總是意識到我們如何資助我們的項目。話雖如此，我們實際上很幸運，我們擁有記錄管理業務和其他服務業務，這就像一頭金融巨獸。我的意思是，它會產生大量現金，不僅可以增加股息，還可以為我們的數據中心提供大量開發資本。因此，我不會說我們所處的情況是，一家只專注於數據中心領域的公司，只需要自己尋找如何為自己提供資金，以推動大量發展。 。我們實際上有一個成長中的業務，但有些人會根據我們必須投入的資本數量來考慮成熟的業務，因為這是一個規模非常大、運營槓桿很高的業務，我們能夠利用其中的資金和盈利能力為我們的發展提供很大一部分資金。

That being said, as you know, that we've done -- we have taken third-party capital a couple of times already, and we typically do that on stabilized or near-stabilized assets and tap into funds that where people are looking for relatively low yielding, but long maturity or duration type assets. And we'll continue to do that as some of our portfolio stabilizes. I can imagine that we would recycle capital when the opportunity presents itself. But overall, if you look at the plan that we laid out last September in terms of our Investor Day, we're probably a little bit ahead of that in data center just because of the growth that we've been seeing in the first half of this year and what we see in the pipeline.

話雖這麼說，正如你所知，我們已經做過幾次——我們已經接受了幾次第三方資本，而且我們通常在穩定或接近穩定的資產上這樣做，並利用人們正在尋找的資金收益率相對較低，但期限較長或存續期類型的資產。隨著我們的一些投資組合趨於穩定，我們將繼續這樣做。我可以想像，當機會出現時，我們會回收資本。但總的來說，如果你看看我們去年九月在投資者日制定的計劃，你會發現我們在數據中心方面可能領先一點，因為我們在上半年看到了增長今年的情況以及我們在管道中看到的情況。

But we feel pretty good about that we have a fully funded plan in terms of the way we're doing it now. But if there's opportunities, as I say, to take third-party capital, especially around stabilized assets, generally, that boosts our returns long term, and we'll do that.

但我們感覺非常好，就我們現在的做法而言，我們有一個資金充足的計劃。但正如我所說，如果有機會吸收第三方資本，特別是圍繞穩定資產，一般來說，這會提高我們的長期回報，我們會這樣做。

John, it's Barry. We -- for natural and perhaps obvious reasons, we don't tend to comment on individual clients. But as you noted, there are some things out there in the public domain as well as in their filings that would confirm that they're a client of ours in Arizona. That's obviously a very long-standing relationship that goes back to prior to our ownership of one of the data centers that we purchased there. I mentioned that intently because, of course, it's a long-standing contract with pricing that goes back quite a ways. And frankly, is sort of almost a build-to-suit type of situation them where it would not be -- well, let me put it this way. In Arizona, we are essentially 100% leased in everything we have, whether it be in our ACP 1 facility, ACP 2. We're 100% leased. We're 100% leased now in Scottsdale. On what we're under construction for in -- in our second facility, Phase 5 and 6 were, [5% and 8%], we're 100% leased as well in terms of pre-lease. So, it's not a particularly large revenue client, John. And beyond that, I wouldn't want to comment. But you would see in the bilings, the relative amount of, let's say, credit that we have between the two entities.

約翰，是巴里。我們——出於自然的、也許是顯而易見的原因，我們不傾向於對個別客戶發表評論。但正如您所指出的，公共領域以及他們的文件中存在一些內容可以確認他們是我們在亞利桑那州的客戶。這顯然是一種非常長期的關係，可以追溯到我們擁有在那裡購買的一個數據中心之前。我之所以特意提到這一點，是因為當然，這是一份長期的合同，其定價可以追溯到很久以前。坦率地說，這幾乎是一種量身定制的情況，但他們不會——好吧，讓我這樣說。在亞利桑那州，我們擁有的一切基本上都是 100% 租賃的，無論是 ACP 1 設施還是 ACP 2。我們都是 100% 租賃的。我們在斯科茨代爾現在 100% 已出租。關於我們正在建設的第二個設施，第 5 期和第 6 期，[5% 和 8%]，我們在預租方面也是 100% 出租。所以，約翰，這不是一個特別大的收入客戶。除此之外，我不想發表評論。但是您會在賬單中看到兩個實體之間的相對金額（比方說）。

And I feel very confident that in light of where we see pricing, and I'll just -- maybe I should just add this, that in general, on hyperscale pricing today, we're seeing, on a triple net basis, pricing up about 40%. And so we feel very good about where data center is trending on a macro basis and where we are. And one last point, just to build on something Bill was mentioning. When you look at our -- I think there's a unique part of our data center story is we're operating about 220 megawatts. We're nearly fully leased on that. And we're under construction on about another 200 megawatts. And the thing to think about that is we're not building to spec or anything, and we're 91% pre-leased on everything we have under construction at this time. And so when we talk about expanding our development capital for growth, it's merely to build out the facilities we've already sold. And so the team is doing a phenomenal job, and we're working hard to figure out which other facilities to start construction on as the pipeline continues to build quite appreciably. So we feel really good about where our data center business is trending, John. Thank you.

我非常有信心，鑑於我們看到的定價情況，我只是——也許我應該補充一點，一般來說，在今天的超大規模定價中，我們看到，在三重淨值的基礎上，定價上漲約40 %。因此，我們對數據中心的宏觀趨勢和我們所處的位置非常滿意。最後一點，只是為了以比爾提到的事情為基礎。當您查看我們的數據中心故事時，我認為有一個獨特的部分是我們的運營功率約為 220 兆瓦。我們幾乎完全租用了這一點。我們正在建設另外大約 200 兆瓦的項目。需要考慮的是，我們並沒有按照規格或任何標准進行建設，而且目前我們在建的所有建築的 91% 都已預租。因此，當我們談論擴大開發資本以促進增長時，這只是為了建造我們已經出售的設施。因此，該團隊做得非常出色，隨著管道的繼續建設，我們正在努力找出哪些其他設施可以開始建設。所以我們對數據中心業務的發展趨勢感到非常滿意，約翰。謝謝。

The next question comes from Kevin McVeigh of Credit Suisse.

下一個問題來自瑞士信貸銀行的凱文·麥克維。

Thanks for the disclosures. Barry, can we unpack the guidance a little bit? I just want to make sure I understand because it seems like you reiterated the full year. But if I think about the puts and takes, it sounds like the pricing is a lot better. The CapEx is going up a lot. And again, that may not be revenue that comes in. It looks like the Q2 is a little better. It looks like the Clutter is going to have some incremental revenue modestly -- is the offset the ALM business? Or is it just a little bit of conservatism? And just as you put that all together, how should we think about cash flow for the full year, not operating, but just what the use of cash should be particularly given the step-up in the CapEx?

感謝您的披露。巴里，我們可以稍微解開一下指導嗎？我只是想確保我理解，因為你似乎重申了全年。但如果我考慮一下看漲期權和看跌期權，聽起來定價要好得多。資本支出大幅上升。再說一次，這可能不是收入。看起來第二季度好一點。看來 Clutter 將會有一些適度的增量收入——抵消的是 ALM 業務嗎？或者這只是一點點保守主義？正如您將所有這些放在一起一樣，我們應該如何考慮全年的現金流，而不是運營，而是考慮到資本支出的增加，應該特別考慮現金的用途？

Okay. Thanks, Kevin. Appreciate that. You're right that our revenue management program is doing very, very well. And obviously, our storage rental revenue growth is has been growing. And as I mentioned, some of our growth rates are actually accelerating that being one of those, and that's thanks to both our global room teams as well as our data center teams because commencements have been very strong. You referenced that CapEx is up and that, as I mentioned, that's going to build out our data center portfolio that's already pre-leased. So we are endeavoring to meet all customer demand, which continues to ramp.

好的。謝謝，凱文。感謝。你說得對，我們的收入管理計劃做得非常非常好。顯然，我們的存儲租賃收入增長一直在增長。正如我所提到的，我們的一些增長率實際上正在加速，這就是其中之一，這要歸功於我們的全球機房團隊以及我們的數據中心團隊，因為開工非常強勁。您提到資本支出已經增加，正如我提到的，這將構建我們已經預租的數據中心投資組合。因此，我們正在努力滿足所有不斷增長的客戶需求。

In terms of -- you're right, Clutter adds a relatively small amount of revenue. We probably are a touch more conservative with ALM in the back half, Kevin. Than where we were at the beginning of the year because, of course, at the beginning of the year, component pricing was still coming down. And now it's stabilized, and we've recognized that those stable levels of pricing. As I said, that may prove to be conservative as we move through the year, but normally halfway through. So we tend to try to not get ahead of ourselves, Kevin.

就您而言，您是對的，Clutter 增加了相對少量的收入。 Kevin，我們可能對後半場的 ALM 更加保守。與年初相比，因為當然，在年初，零部件價格仍在下降。現在它已經穩定下來，我們已經認識到這些穩定的定價水平。正如我所說，隨著時間的推移，這可能會被證明是保守的，但通常是在過半的時候。所以我們盡量不要超前，凱文。

In terms of cash generation and the compilation of the incremental CapEx, here's what I'd underscore we have reiterated our leverage expectations that we will be at 5.1x at year-end, which is consistent with where we are today. And at a multiyear level low. So we feel really good about the cash generation of the business. We're generating incrementally higher returns in data center on that CapEx investment.

在現金生成和增量資本支出的編制方面，我要強調的是，我們重申了我們的槓桿預期，即年底我們的槓桿率將達到 5.1 倍，這與我們今天的水平一致。並且處於多年低水平。因此，我們對業務的現金產生能力感到非常滿意。我們在數據中心的資本支出投資上產生了越來越高的回報。

Returns on hyperscale have moved from kind of the 7.8% level to more like 8.9%. And retail cash-on-cash unlevered returns are also quite firm. And so we're blending into that low double-digit vicinity on a combined basis. We feel really good about where things are trending, Kevin. So I appreciate your questions.

超大規模的回報率已從 7.8% 左右上升至 8.9% 左右。零售現金對現金的無槓桿回報也相當穩定。因此，我們在綜合基礎上融入了兩位數的低位附近。凱文，我們對事情的發展趨勢感到非常滿意。所以我很感激你的問題。

The next question comes from Eric Luebchow of Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

Two, if I could. So -- just wanted to touch again on the data center pipeline. Any requirements you see that you think are tied to this wave of generative AI demand we're hearing about the industry and -- does that change at all how you design your data centers for some of the higher densities that are required for these types of deployments? And then secondly, on the hyperscale ALM business, I know you talked about China COVID shutdowns impacting that business. Has there been any move to kind of diversify your end markets for resale beyond China to help reduce the concentration there?

兩個，如果可以的話。所以 - 只是想再次觸及數據中心管道。您看到的任何您認為與我們在行業中聽到的生成式人工智能需求浪潮相關的任何要求，這是否會改變您為這些類型所需的一些更高密度設計數據中心的方式？部署？其次，關於超大規模 ALM 業務，我知道您談到了中國新冠疫情關閉對該業務的影響。是否採取了任何措施，使您的轉售終端市場多元化至中國以外，以幫助減少那裡的集中度？

Thanks, Eric. So yes, on the trends that we're seeing, I mean -- and you've been following this industry for eons. I think you see the same thing we have, right? I mean maybe a year ago, we saw a still very high growth in hyperscale, but they're probably a little bit more conservative. And now there's another wave of really accelerated growth because they're trying to keep pace with the amount of compute power is required to really run a lot of these large language models associated with the AI programs. And so we have seen it's not just tight, but we actually see virtually all of our largest hyperscale customers coming to us looking for -- or capacity.

謝謝，埃里克。所以，是的，我的意思是，就我們所看到的趨勢而言，您已經關注這個行業了億萬年。我想你和我們看到的是一樣的，對吧？我的意思是，也許一年前，我們看到超大規模的增長仍然非常高，但他們可能有點保守。現在又出現了另一波真正加速增長的浪潮，因為他們試圖跟上真正運行大量與人工智能程序相關的大型語言模型所需的計算能力。因此，我們看到，情況不僅緊張，而且實際上我們所有最大的超大規模客戶都來找我們尋找或容量。

And that's why we were speaking with such confidence that we'll exceed our original full year guidance in terms of the amount of leasing activity we expect. It's just -- it is very, very strong. Now in terms of the type of deployment, you're also right that the density that they're looking for is much higher. And I think I'm right to say probably a year, 1.5 years ago, we didn't have any customers coming to us and asking us to water cool in rack to actually support some of these higher densities. And now we are in a number of deployments that are requiring that kind of design. Luckily, I mean, we built our designs to be flexible. And of course, for these large deployments, we're actually doing the design to be -- to meet the customer -- a very specific customer requirement.

這就是為什麼我們充滿信心地表示，就我們預期的租賃活動量而言，我們將超出最初的全年指導。它只是——它非常非常強大。現在就部署類型而言，他們正在尋找的密度要高得多，這一點也是正確的。我想我說的可能是一年，1.5 年前，我們沒有任何客戶來找我們並要求我們在機架中進行水冷以實際支持其中一些更高的密度，這是正確的。現在我們的許多部署都需要這種設計。幸運的是，我的意思是，我們的設計是靈活的。當然，對於這些大型部署，我們實際上所做的設計是為了滿足客戶非常具體的客戶要求。

So we're able to accommodate the higher density quite easily. But you're right. I mean with the density that some folks are looking at and the amount of power they want to put in a rack, we are cooling -- using different methods and specifically some water cooling and rack to support the requirements.

所以我們能夠很容易地適應更高的密度。但你是對的。我的意思是，根據一些人正在考慮的密度以及他們想要放入機架中的功率量，我們正在冷卻 - 使用不同的方法，特別是一些水冷卻和機架來支持要求。

And Eric, it's Barry. As it relates to diversifying [AI] from China, as we've talked about before, that certainly is a focus of the team. We have added to our organization in ALM and specifically around diversifying the downstream channels we are making steady progress, but it is slow because, of course, as we've said before, China is the main market for us in that regard, but we are looking at and branching into throughout Southeast Asia, there are opportunities, we think, over the intermediate term in India. We certainly have been selling more components into the U.S. and Europe as well, and that's a key focus as well as the Middle East. So there is there are opportunities there, and we are building those channels. The other thing I'll just build on and link the two questions is when you think about hyperscale decommissioning. We generally are decommissioning data centers that were put into service, let's say, 5 years prior, and so on average. And the thing about AI in this very significant ramp in terms of hyperscale data center development right now is it will provide even another leg to our hyperscale decommissioning growth 5 years on.

埃里克，是巴里。正如我們之前討論過的，由於它涉及到中國的 [AI] 多元化，這當然是團隊的重點。我們已經在ALM方面增加了我們的組織，特別是在下游渠道多元化方面，我們正在穩步取得進展，但進展緩慢，因為當然，正如我們之前所說，中國是我們在這方面的主要市場，但我們我們正在放眼並進軍整個東南亞，我們認為，從中期來看，印度存在機遇。當然，我們也向美國和歐洲銷售了更多的零部件，這也是中東地區的重點。所以那裡有機會，我們正在建立這些渠道。我將在這兩個問題的基礎上建立並聯繫起來的另一件事是當你考慮超大規模退役時。我們通常會退役 5 年前投入使用的數據中心，依此類推。目前，在超大規模數據中心發展方面，人工智能的作用非常顯著，它將為 5 年後我們的超大規模退役增長提供另一條腿。

Historically, I've had some questions about well, how does the decommissioning business continue to ramp over time. And of course, the things that will be decommissioning this year are components that were put in place about 5 years ago -- and next year, we'll be commissioning things that were put in place 4 years ago. And as those data center platforms have grown, it provides that much larger of a platform for us to decommission in the future. And I think it shouldn't be lost on us that this AI growth is going to drive another substantial leg up in the opportunity for hyperscale decommissioning in the future. And as the leader in that space, we feel quite good about the future.

從歷史上看，我對退役業務如何隨著時間的推移繼續增長有一些疑問。當然，今年將退役的組件是大約 5 年前安裝的組件，明年，我們將調試 4 年前安裝的組件。隨著這些數據中心平台的發展，它為我們將來退役提供了更大的平台。我認為我們不應忘記，人工智能的增長將進一步推動未來超大規模退役的機會。作為該領域的領導者，我們對未來感到非常樂觀。

(Operator Instructions) And our next question will come from Brendan Lynch of Barclays.

（操作員說明）我們的下一個問題將來自巴克萊銀行的布倫丹·林奇。

I wanted to ask on the storage -- or excuse me, the retention rate in the global RIM business looks like you contracted about 100 basis points year-over-year? Is that probably the lowest level in the past 2 years. I understand that the storage business has generated really strong growth driven by price, but maybe you could kind of square some of those dynamics there as well?

我想問一下存儲方面的問題——或者抱歉，全球 RIM 業務的保留率看起來同比收縮了約 100 個基點？這可能是過去兩年來的最低水平。據我所知，存儲業務在價格的推動下產生了非常強勁的增長，但也許你也可以在那裡調整其中的一些動態？

Okay. Brendan, thanks for the question. When you look at that metric, I'll just remind you that it is on a trailing 4 quarter basis. So what you've got going on there is an element of COVID still, because we were naturally seeing clients a little bit less activity of switching and/or destruction, what have you during the COVID period and even in the period after we all felt like COVID was over, if you will. And so that's a little bit of catching up.

好的。布倫丹，謝謝你的提問。當您查看該指標時，我只是提醒您，它是基於過去 4 個季度的數據。所以你所發生的事情仍然有新冠病毒的因素，因為我們自然會看到客戶的轉換和/或破壞活動稍微減少，在新冠病毒期間，甚至在我們都感覺到之後的時期，你發生了什麼如果你願意的話，就像新冠疫情已經結束一樣。所以這有點迎頭趕上。

But if you look back on that metric over, let me say, the last 15 years and that data is available in our historic disclosure, you find that we're in a very tight band and not outside our normal levels from a pre-COVID standpoint. I appreciate the question. I will tell you that we feel we -- our customer relationships are very good. We can -- as you link it to revenue management, I would say, our focus on revenue management is continuing to educate our customers on the very significant value we drive for them day in and day out. And the fact that our volume continues to trend positively, I think, should give you a very good indicator there of how we're doing with our customers.

但如果你回顧過去 15 年的這一指標，並且我們的歷史披露中提供了這些數據，你會發現我們處於一個非常狹窄的區間，並沒有超出新冠疫情之前的正常水平。立場。我很欣賞這個問題。我會告訴你，我們覺得我們的客戶關係非常好。我們可以——當你將其與收入管理聯繫起來時，我想說，我們對收入管理的關注是繼續教育我們的客戶，讓他們了解我們日復一日為他們帶來的非常重要的價值。我認為，我們的銷量繼續呈積極趨勢這一事實應該為您提供一個很好的指標，讓您了解我們與客戶的關係。

This concludes our question-and-answer session and the Iron Mountain Second Quarter 2023 Earnings Conference Call.

我們的問答環節和 Iron Mountain 2023 年第二季度收益電話會議到此結束。

Thank you for attending today's presentation, and you may now disconnect.

感謝您參加今天的演示，您現在可以斷開連接了。