鐵山公司 (IRM) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Iron Mountain Third Quarter 2023 Earnings Conference Call. (Operator Instructions) 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.

早上好，歡迎參加 Iron Mountain 2023 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想將會議交給資深副總裁兼投資人關係主管 Gillian Tiltman。請繼續。

Thank you, Andrea. Good morning, and welcome to our third 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，安德里亞。早上好，歡迎參加我們的 2023 年第三季財報電話會議。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資料。今天，總裁兼執行長比爾·米尼 (Bill Meaney) 也加入了我們的行列。以及我們的執行副總裁兼財務長 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 of our presentation 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. In addition, we use several non-GAAP measures when presenting our financial results, and we've included the reconciliations to these measures in our supplemental financial information.

準備好發言後，我們將開放問答環節。今天的收益資料包含前瞻性陳述，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。請參閱今天的收益資料、我們簡報投影片 2 上的安全港語言以及我們 10-Q 表格中的季度報告，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。此外，我們在介紹財務績效時使用了多項非公認會計準則衡量標準，並且我們已在補充財務資訊中納入了這些衡量標準的調節表。

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

這樣，我就把電話轉給比爾。

Thank you, Gillian, and thank you all for taking the time to join us today to discuss another record quarterly results. Once again, our Mountaineers have gone above and beyond in their efforts to serve our customers with innovative solutions that support their businesses, putting our customers first runs deep in all we do and sits at the core of Iron Mountain. This legacy, combined with our dedication to not only protect but to elevate the power of our customers' assets and work continues to drive our execution and growth.

謝謝阿嬌，也謝謝大家今天抽空加入我們討論另一個創紀錄的季度業績。我們的 Mountaineers 再次超越了他們的努力，為客戶提供支援其業務的創新解決方案，將客戶放在第一位，深入貫徹我們所做的一切，並成為 Iron Mountain 的核心。這項傳統，加上我們不僅致力於保護而且提升客戶資產和工作的力量，將繼續推動我們的執行和成長。

Turning to our results. We delivered record third quarter performance once again achieving our highest ever quarterly revenue of $1.4 billion which, to put that in context, is an increase of over $100 million year-over-year and record EBITDA of $500 million. The strength in these results is a direct result of the positive momentum we are building from Project Matterhorn. We are more than a year into our growth journey and are pleased with our enhanced operating model, which is empowering our commercial organization to cross-sell our products and services.

轉向我們的結果。我們的第三季業績再次創下歷史新高，季度營收達到 14 億美元，具體而言，年增超過 1 億美元，EBITDA 達到創紀錄的 5 億美元。這些結果的優勢是我們從馬特洪峰計畫中建立的積極勢頭的直接結果。我們的成長之旅已經一年多了，我們對我們增強的營運模式感到滿意，這使我們的商業組織能夠交叉銷售我們的產品和服務。

In the third quarter, we delivered organic storage rental revenue growth of 10% as a result of continued revenue management success and improved volume trends and drove over 20% organic growth in our data center business. Let's begin by turning to some of our customer wins, which played a significant role in our ability to achieve these record results. In our records management business, we had a public sector win this quarter in the U.K. with a new contract worth nearly $2 million. This new project is with an important government agency and has been an Iron Mountain customer for 18 years.

第三季度，由於持續的收入管理成功和數量趨勢的改善，我們實現了 10% 的有機儲存租賃收入成長，並推動了我們的資料中心業務超過 20% 的自然成長。讓我們先談談我們的一些客戶勝利，這些勝利對於我們實現這些創紀錄的成果發揮了重要作用。在我們的記錄管理業務中，本季我們在英國公共部門贏得了一份價值近 200 萬美元的新合約。這個新計畫與一個重要的政府機構合作，18 年來一直是 Iron Mountain 的客戶。

In that time, our relationship has expanded from an off-site records management provider to an integral partner at our customers highly secure site, which indicates the trust and confidence our customers have in us. By relocating and digitizing important records securely, our customer can make faster and more informed decisions that are critical due to the sensitive nature of its work, whilst also freeing up on-site space. As a public sector organization, the value for each dollar they spend is a key concern for this customer, and we continue to demonstrate that Iron Mountain is the partner of choice for their digital transformation journey.

那時，我們的關係已從場外記錄管理提供者擴展到客戶高度安全站點的不可或缺的合作夥伴，這表明了客戶對我們的信任和信心。透過安全地重新定位和數位化重要記錄，我們的客戶可以更快、更明智地做出因其工作的敏感度而至關重要的決策，同時還可以釋放現場空間。作為一個公共部門組織，他們花費的每一美元的價值是該客戶最關心的問題，我們將繼續證明 Iron Mountain 是他們數位轉型之旅的首選合作夥伴。

In Digital Solutions, this business continues to gain momentum, especially with our ability to provide higher value, technology-enabled solutions to new and existing Iron Mountain customers. Customer wins for our digital solutions are underpinned by 3 key differentiators. First, our unique ability to provide a unified end-to-end solution for our customers across their physical and digital assets. Second, our proven capabilities to operate at scale in complex regulated environments and industries. Last, but importantly, our ability to drive business outcomes for our customers, leveraging our artificial intelligence platform, which translates unstructured data into actionable insights.

在數位解決方案方面，該業務持續保持成長勢頭，特別是我們有能力為新舊鐵山客戶提供更高價值、技術支援的解決方案。我們的數位解決方案贏得客戶的勝利有 3 個關鍵優勢。首先，我們有獨特的能力為客戶的實體和數位資產提供統一的端到端解決方案。其次，我們在複雜的監管環境和產業中大規模運作的能力得到了證實。最後但重要的是，我們有能力利用我們的人工智慧平台，將非結構化資料轉化為可行的見解，為客戶推動業務成果。

For example, we have been awarded a contract by the TV and film production distribution division of a major technology company, with a story history dating back almost 100 years, we are leveraging our InSight platform to digitize, archive and preserve over 200,000 legal records containing the media rights for distribution and licensing of thousands of film in titles and TV episodes. With all this data available through one cloud-based digital platform, we can help our customers identify and develop new business opportunities by leveraging its rich intellectual property.

例如，我們獲得了一家大型科技公司的影視製作發行部門的合同，其故事歷史可以追溯到近100年前，我們正在利用我們的InSight平台對超過200,000條法律記錄進行數位化、存檔和保存，其中包括數以千計的電影和電視劇集的發行和許可的媒體權利。透過一個基於雲端的數位平台提供所有這些數據，我們可以利用其豐富的智慧財產權來幫助客戶識別和開發新的商機。

This latest deal builds on a growing portfolio of solutions we are providing for this global customers' different business units, including records management and IT asset disposition. The multifaceted and long-standing relationship we have with this customer truly highlights the success of Project Matterhorn and our cross-selling efforts. Now let's turn to our continued success in winning government business around the world we are supporting government agencies in Europe to digitize public services as part of an initiative to make their economies and societies more sustainable and resilient following the COVID-19 pandemic.

這項最新交易建立在我們為全球客戶的不同業務部門提供的不斷增長的解決方案組合的基礎上，包括記錄管理和 IT 資產處置。我們與該客戶建立的多方面、長期的關係真正凸顯了馬特洪峰計畫的成功和我們交叉銷售的努力。現在讓我們轉向我們在贏得世界各地政府業務方面的持續成功，我們正在支持歐洲政府機構將公共服務數位化，作為一項舉措的一部分，以使其經濟和社會在COVID-19 大流行後更具可持續性和彈性。

This quarter, we won a 2-year deal to digitize around 10 million files to accelerate a backlog of pension payments for one national government Social Security Administration agency. In awarding Iron Mountain this contract, the customer recognized the specialist nature of our solution, including our AI and human in the loop capabilities and our ability to quickly scale operationally to deliver this project within the required time frame. Also in the public sector, we are pleased to be working with the U.S. citizen and Immigration Services to help drive efficiency and reduce the backlog of applicants awaiting adjudication decisions to become U.S. citizens. Over the last 10 years, we have been a proud partner with this important government agency.

本季度，我們贏得了一項為期 2 年的協議，將約 1000 萬份文件數位化，以加快一個國家政府社會安全管理局機構積壓的退休金支付速度。在授予 Iron Mountain 這份合約時，客戶認可了我們解決方案的專業性質，包括我們的人工智慧和人機互動能力，以及我們快速擴展營運以在要求的時間範圍內交付該專案的能力。同樣在公共部門，我們很高興與美國公民和移民服務部門合作，幫助提高效率並減少等待成為美國公民的裁決決定的申請人的積壓。在過去的 10 年裡，我們一直是這個重要政府機構的合作夥伴，對此我們深感自豪。

Having been entrusted with over 500,000 cubic feet of files in high-density tapes, our digitization solutions will enable remote adjudicators to have faster access to vital data, helping them make overall immigration decisions. Turning to our asset life cycle management business. Consistent with the projections we shared last quarter, pricing has been stable, having hit a low-level last February. Whilst industry projections are for significant price improvements in late 2023 and throughout 2024, we have continued to take a prudent perspective and are only assuming marginal incremental pricing improvement for the remainder of the year.

我們的數位化解決方案被委託管理超過 50 萬立方英尺的高密度磁帶文件，使遠端裁決員能夠更快地存取重要數據，幫助他們做出全面的移民決策。轉向我們的資產生命週期管理業務。與我們上季度分享的預測一致，價格一直穩定，去年 2 月觸及低水準。雖然業界預測 2023 年末和 2024 年全年價格將大幅改善，但我們仍持謹慎態度，僅假設今年剩餘時間內價格會出現邊際增量改善。

Our pipeline is robust, and we have delivered solid results this quarter that were in line with our expectations. Also, we are excited to share that we have signed an agreement to acquire Regency Technologies subject to customary closing conditions as we continue our roll-up of the ALM market. Regency is a little over $100 million annual revenue business in the ALM space based in Ohio. The long-term customer relationships that Regency brings to Iron Mountain are an excellent strategic fit to our ALM business. Regency will add operational scale as we continue our growth journey in this fast-growing sector.

我們的管道很強大，本季我們交付了符合我們預期的可靠業績。此外，我們很高興地告訴大家，隨著我們繼續擴大 ALM 市場，我們已經簽署了一項協議，將按照慣例成交條件收購 Regency Technologies。 Regency 是位於俄亥俄州的 ALM 領域，年收入略高於 1 億美元。 Regency 為 Iron Mountain 帶來的長期客戶關係非常適合我們的 ALM 業務。隨著我們在這個快速成長的行業中繼續我們的成長之旅，Regency 將擴大營運規模。

As the world's need for both secure and more circular solutions for end-of-life IT assets becomes more vital, we are pleased to add to our capability in this category. With that, let us turn our discussion to some individual wins within the ALM space this quarter. I am pleased to share a particularly exciting win for our ALM business with a large global technology company. The deep relationship and trust we have built with this customer over many years was instrumental in Iron Mountain securing the significant deal serving multiple business lines and geographies for the customer.

隨著世界對報廢 IT 資產的安全和更循環解決方案的需求變得越來越重要，我們很高興增加我們在這一類別中的能力。接下來，讓我們將討論轉向本季 ALM 領域內的一些個人勝利。我很高興與一家大型全球科技公司分享我們的 ALM 業務取得的特別令人興奮的勝利。多年來我們與該客戶建立的深厚關係和信任對於 Iron Mountain 確保為客戶的多個業務線和地區提供服務的重大交易發揮了重要作用。

These geographies include India, where our presence and ability to service the customer was a decisive differentiator alongside our global footprint, the expertise and responsiveness of our ALM team and our reputation for data security and chain of custody. Also, in ALM, we have signed a long-term contract with a private U.S. insurance company that has been a long-time customer of our U.S. Secure Shredding and Destruction services. Last year, we began supporting this customer with one-off IT asset destruction projects, which demonstrated the value of remarketing thousands of these assets.

這些地區包括印度，我們在印度的存在和為客戶提供服務的能力與我們的全球足跡、ALM 團隊的專業知識和回應能力以及我們在資料安全和監管鏈方面的聲譽一樣是決定性的差異化因素。此外，在 ALM 中，我們與一家美國私人保險公司簽署了長期合同，該保險公司是我們美國安全粉碎和銷毀服務的長期客戶。去年，我們開始透過一次性 IT 資產銷毀專案為該客戶提供支持，這證明了再行銷數千個此類資產的價值。

The agreement we have now reached positions us as our customers strategic partner for its future end-to-end IT asset management needs. By supporting the requirements of an organization with over 37,000 leased IT assets that need returning from remote employees we are extending the value of the solutions we bring and have changed our customers' perception of what Iron Mountain can offer. Finally, we have a particularly exciting win to share. We have secured a significant 5-year ALM contract to support a leading pharmaceutical retailer in the U.S. to advance its commitment to zero waste by 2030. Iron Mountain will provide a circular economy solution by removing and recycling thousands of tons of pharmaceutical stock bottles and pill bottles from thousands of its retail outlets across the U.S.

我們現在達成的協議使我們成為客戶的策略夥伴，滿足其未來的端到端 IT 資產管理需求。透過支援擁有超過 37,000 件需要遠端員工歸還的租賃 IT 資產的組織的需求，我們正在擴展我們帶來的解決方案的價值，並改變了客戶對 Iron Mountain 所能提供的服務的看法。最後，我們要分享一個特別令人興奮的勝利。我們已獲得一份為期5 年的重要ALM 合同，以支持美國一家領先的藥品零售商推進其到2030 年實現零廢物的承諾。Iron Mountain 將通過清除和回收數千噸藥品庫存瓶和藥丸來提供循環經濟解決方案來自美國數千家零售店的瓶子

We are providing this leading retailer with an advanced recycling solution turning plastic into raw materials. This will enable the creation of new virgin plastic, helping this retailer meet their environmental goals. This is made possible by the scale of our physical presence, our highly experienced ALM team and a reporting platform for all of the confidential weights that we have managed for this customer since 2014. We are pleased to be able to extend the value of our partnership with this new contract. Moving on to our data center business. Our pipeline continues to expand with positive pricing trends. The continuing strong demand for data center capacity continues to be driven by digital transformation and most recently, the explosive demand for AI.

我們為這家領先的零售商提供先進的回收解決方案，將塑膠轉化為原料。這將有助於生產新的原生塑料，幫助這家零售商實現其環保目標。這得益於我們的實體存在規模、經驗豐富的 ALM 團隊以及自 2014 年以來我們為該客戶管理的所有機密重量的報告平台。我們很高興能夠擴展我們合作夥伴關係的價值有了這份新合同。繼續我們的資料中心業務。隨著積極的定價趨勢，我們的產品線繼續擴大。數位轉型以及最近對人工智慧的爆炸性需求繼續推動對資料中心容量的持續強勁需求。

Supporting the growth and expansion needs of our customers is paramount to our collaborative partnerships, and we are pleased to provide this required capacity to our customers in the markets in which they are keen to operate. From a leasing perspective, in the third quarter, we signed 65 megawatts. This means that through the end of the third quarter, we have already signed 120 megawatts far beyond our original projection for the year of 80 megawatts. In the quarter, 60 megawatts were signed across 2 leases to a single Fortune 500 technology company at our campus in Northern Virginia. The deal provides this hyperscale customer with capacity across 2 buildings on our 142-acre, 276-megawatt campus and represents the largest revenue deal in Iron Mountain data center's history.

支援客戶的成長和擴展需求對於我們的合作夥伴關係至關重要，我們很高興為客戶熱衷於經營的市場提供所需的能力。從租賃角度來看，第三季我們簽了65兆瓦。這意味著到第三季末，我們已經簽署了 120 兆瓦，遠遠超出了我們最初預計的 80 兆瓦。本季度，我們在維吉尼亞州北部園區向一家財富 500 強科技公司簽訂了 2 份租賃合同，容量達 60 兆瓦。該交易為該超大規模客戶提供了我們佔地 142 英畝、276 兆瓦園區內的 2 棟建築的容量，是 Iron Mountain 數據中心歷史上最大的收入交易。

We have also won a deal to provide nearly 3 megawatts of capacity at our Frankfurt data center for an existing North American cloud services customer looking to expand their European footprint. Our sales teams work closely with the customers' technical team to agree on a strategic solution that meets the customers' unique infrastructure needs. Given the strong customer demand in our data center business, we are continuing to expand the reach of our platform. To that end, I am pleased to announce a couple of capacity additions. First, we are repurposing a previous records management facility in Miami to data center use. Miami is a key market where a number of our customers are looking for edge deployments and this newly repurposed facility will add 16 megawatts to our data center portfolio.

我們還贏得了一項協議，為一家希望擴大其歐洲業務的現有北美雲端服務客戶提供法蘭克福資料中心近 3 兆瓦的容量。我們的銷售團隊與客戶的技術團隊密切合作，以商定滿足客戶獨特基礎設施需求的策略解決方案。鑑於我們資料中心業務的強勁客戶需求，我們正在繼續擴大我們平台的覆蓋範圍。為此，我很高興地宣布增加幾項產能。首先，我們將邁阿密以前的記錄管理設施改造成資料中心。邁阿密是一個重要市場，我們的許多客戶都在尋求邊緣部署，而這個新改造的設施將為我們的資料中心產品組合增加 16 兆瓦的容量。

Furthermore, we have acquired additional land and power this quarter, growing our total data center capacity to 860 megawatts, up 80 megawatts from last quarter. In summary, the hard work dedication and execution of our Mountaineers continues to deliver strong results for our loyal customers and ultimately, our company shareholders. Through our Matterhorn initiative fueled by our enhanced operating model, our team continues to achieve record sales growth by selling our entire mountain range of products and services to our long-standing 225,000 customers.

此外，本季我們還獲得了額外的土地和電力，將資料中心總容量增加至 860 兆瓦，比上個季度增加了 80 兆瓦。總而言之，我們登山者的辛勤工作和執行力繼續為我們忠實的客戶並最終為我們的公司股東帶來強勁的成果。透過我們增強的營運模式推動的馬特宏峰計劃，我們的團隊向 225,000 名長期客戶銷售我們整個山脈的產品和服務，繼續實現創紀錄的銷售成長。

Even in a tumultuous geopolitical climate, the resilience and strength of our business model, combined with the dedication and customer-first passion of our mountaineers continues to drive us ever higher. I would also like to express my deepest gratitude to our team for their hard work and continued focus as we continue our growth journey. With that, I'll turn the call over to Barry.

即使在動盪的地緣政治環境中，我們業務模式的韌性和實力，加上登山者的奉獻精神和客戶至上的熱情，仍繼續推動我們走得更高。我也要向我們的團隊表示最深切的感謝，感謝他們在我們繼續成長之旅的過程中的辛勤工作和持續關注。這樣，我就把電話轉給巴里。

Thanks, Bill, and thank you all for joining us to discuss our results today. In the third quarter, our team achieved strong performance across all metrics, including another record for revenue and EBITDA. Revenue grew to $1.4 billion, up 8% year-on-year on a reported basis and 7% on a constant currency basis, in line with our projection. A key highlight in the quarter is our organic storage rental revenue, which grew 10%. This reflects continued strong contributions from revenue management, data center commencements and positive volume trends.

謝謝比爾，也謝謝大家今天加入我們討論我們的結果。第三季度，我們的團隊在所有指標上都取得了強勁的表現，包括營收和 EBITDA 創下新紀錄。營收成長至 14 億美元，按報告數據計算年增 8%，以固定匯率計算年增 7%，與我們的預測一致。本季度的一個主要亮點是我們的有機儲存租賃收入，成長了 10%。這反映了收入管理、數據中心啟動和積極的銷售趨勢的持續強勁貢獻。

Total service revenue was $530 million, consistent year-over-year on a constant currency basis and slightly improved on a sequential basis. As we discussed last quarter, service revenue includes the impact of component price declines versus the prior year. Excluding our ALM business, total company constant currency revenue growth would have been 9%. Our team delivered a new record for adjusted EBITDA at $500 million, up 7% year-on-year. This was modestly ahead of our guidance for the quarter despite the U.S. dollar strengthening significantly. On the same foreign exchange rates we used in August, we would have achieved $504 million of adjusted EBITDA in the third quarter ahead of our projection. EBITDA growth was driven by continued strength in revenue management and strong data center commencements.

服務總收入為 5.3 億美元，以固定匯率計算與去年同期持平，較上季略有改善。正如我們上季度討論的那樣，服務收入包括零件價格較上年下降的影響。不包括我們的 ALM 業務，公司總的固定貨幣收入成長率將為 9%。我們的團隊創造了調整後 EBITDA 的新紀錄，達到 5 億美元，年增 7%。儘管美元大幅走強，但這仍略高於我們對本季的指引。按照我們 8 月使用的相同外匯匯率，我們將在第三季實現 5.04 億美元的調整後 EBITDA，比我們的預測提前。 EBITDA 成長是由持續強勁的收入管理和強勁的資料中心啟動所推動的。

Adjusted EBITDA margin was 36%, up 100 basis points sequentially and ahead of our projections by 50 basis points. Upside was driven by productivity across our operations, including improving trends in our ALM business. AFFO was $290 million or $0.99 on a per share basis, up $2 million and $0.01 on a per share basis from the third quarter of last year. Both of these were in line with the projections we shared on our last call. On the same foreign exchange rates, we were using in August, AFFO would have been $294 million or $1 on a per share basis, both ahead of our projections.

調整後 EBITDA 利潤率為 36%，比上一季成長 100 個基點，比我們的預測高出 50 個基點。成長是由我們整個營運的生產力所推動的，包括 ALM 業務的改善趨勢。 AFFO 營收為 2.9 億美元，每股收益 0.99 美元，較去年第三季增加 200 萬美元，每股收益 0.01 美元。這兩項都符合我們在上次電話會議中分享的預測。按照我們 8 月使用的相同外匯匯率，AFFO 將為 2.94 億美元或每股 1 美元，兩者都超出我們的預測。

And now turning to segment performance. In the third quarter, our global RIM business achieved revenue of $1.18 billion, an increase of $92 million year-on-year or 8%. Revenue management and positive volume trends contribute to strong organic storage rental revenue growth of 8%. Global RIM adjusted EBITDA was $517 million, an increase of $33 million year-on-year. Turning to our global data center business. The team delivered revenue of $128 million, an increase of over $27 million year-on-year. Organic storage rental revenue growth was strong at 22%, driven by commencements and improved pricing. Data center adjusted EBITDA was $53 million, up over $10 million or 25% year-on-year.

現在轉向細分市場表現。第三季度，我們的全球RIM業務實現營收11.8億美元，年增9,200萬美元，成長8%。收入管理和積極的銷售趨勢推動有機倉儲租賃收入強勁增長 8%。全球RIM調整後EBITDA為5.17億美元，較去年增加3,300萬美元。轉向我們的全球資料中心業務。該團隊營收 1.28 億美元，年增超過 2,700 萬美元。在開工和定價改善的推動下，有機倉儲租賃收入成長強勁，達到 22%。資料中心調整後 EBITDA 為 5,300 萬美元，較去年同期成長超過 1,000 萬美元，即 25%。

Turning to new and expansion leasing. We signed 65 megawatts in the quarter, bringing total bookings year-to-date to 120 megawatts. As Bill mentioned, we signed 2 leases with a client for a total of 60 megawatts. The leases are expected to commence in phases from late 2024 through mid-2025 and have a 15-year term. With the strength of our leasing, I'll note that our weighted average lease expiration is now 8.1 years, which is up a full 3 years from the third quarter of 2022. As we've talked about before, one of the key elements of our Matterhorn growth plan is to expand cross-selling. Our team is doing a great job in this regard. For example, 95% of the megawatts booked in the quarter were a result of cross-selling activity.

轉向新建和擴建租賃。我們在本季簽署了 65 兆瓦，使年初至今的總預訂量達到 120 兆瓦。正如 Bill 所提到的，我們與客戶簽署了 2 份租賃合同，總容量為 60 兆瓦。租賃預計將於 2024 年底至 2025 年中期分階段開始，期限為 15 年。憑藉我們租賃的實力，我要指出的是，我們的加權平均租賃期限現在為 8.1 年，比 2022 年第三季度足足增加了 3 年。正如我們之前討論過的，關鍵要素之一是我們的馬特洪峰成長計畫是擴大交叉銷售。我們的團隊在這方面做得很好。例如，本季預訂的兆瓦電量中有 95% 是交叉銷售活動的結果。

Mark-to-market was up over 11% in the quarter, reflecting the continuing trend of strong and improving pricing, while churn was only 1%. Turning to asset life cycle management. In the third quarter, revenue was consistent on a sequential basis, in line with the projections we gave on our last call. We are seeing positive momentum across all 3 verticals of our ALM business, hyperscale, enterprise and OEM. ALM bookings have been running ahead of our projections. And similar to data center, our commercial teams are doing a great job with our cross-selling initiative. For example, of the new ALM deals we signed in the quarter, nearly all of them were cross-sell wins. I think this is an early validation of our strategy and supports our long-term view that we can gain considerable market share by leveraging our deep customer relationships and expanding ALM capabilities.

本季以市價計算成長超過 11%，反映出定價強勁且不斷改善的持續趨勢，而客戶流失率僅為 1%。轉向資產生命週期管理。第三季的收入環比保持一致，與我們上次電話會議中給出的預測一致。我們在 ALM 業務的所有 3 個垂直領域（超大規模、企業和 OEM）都看到了積極的勢頭。 ALM 的預訂量超出了我們的預測。與資料中心類似，我們的商業團隊在交叉銷售計劃方面做得很好。例如，在我們本季簽署的新 ALM 交易中，幾乎所有交易都是交叉銷售的勝利。我認為這是對我們策略的早期驗證，並支持我們的長期觀點，即我們可以透過利用深厚的客戶關係和擴展 ALM 功能來獲得可觀的市場份額。

Now I would like to spend a moment addressing component pricing. As expected, pricing was consistent with the second quarter on a sequential basis. At this point, in the fourth quarter, there are indications that component pricing is beginning to recover. For example, since the end of the third quarter, we have seen the pricing for memory rising week over week with it now up nearly 15% on a sequential basis. As we've mentioned on our last call, industry analysts have been forecasting rising prices by late this year with continued recovery in 2024.

現在我想花點時間談談組件定價。如預期，定價與第二季季比一致。此時，在第四季度，有跡象表明零件價格開始復甦。例如，自第三季末以來，我們看到記憶體的價格逐週上漲，目前環比上漲近 15%。正如我們在上次電話會議中提到的，產業分析師預測今年年底價格將上漲，2024 年將持續復甦。

Turning to our pending acquisition of Regency Technologies. As Bill mentioned, we are very pleased to have signed this deal. We've known Regency for years and have always been impressed with the strength of their team, range of capabilities and focus on sustainability, productivity and customer service. We see this acquisition as an excellent strategic fit furthering our ability to serve our expanding ALM customer base. The purchase price is $200 million with $125 million to be paid at close and the remainder due in 2025. Subject to performance, there is also an earn-out which could be payable in 2027.

談到我們即將收購的 Regency Technologies。正如比爾所提到的，我們很高興簽署這項協議。我們認識 Regency 已有多年，他們的團隊實力、能力範圍以及對永續發展、生產力和客戶服務的關註一直給我們留下了深刻的印象。我們認為此次收購是極佳的策略契合，增強了我們為不斷擴大的 ALM 客戶群提供服務的能力。收購價格為 2 億美元，其中 1.25 億美元將在交易結束時支付，餘款將於 2025 年支付。根據業績情況，還有可能在 2027 年支付的收益。

On a trailing 4-quarter basis, Regency has revenue in excess of $100 million. We are acquiring the business at an approximate 7.5x EBITDA multiple. We expect the deal to close late this year or early in 2024. We expect this will be immediately accretive to AFFO and have no impact on our leverage calculation. Turning to capital. In the third quarter, we invested $322 million, of which $287 million was growth and $35 million was recurring. Turning to the balance sheet. With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.1x. We expect to exit 2023 at this level. I think it is worth noting that this marks our lowest leverage level in a decade.

根據過去 4 個季度的數據，Regency 的營收超過 1 億美元。我們將以約 7.5 倍 EBITDA 的價格收購該業務。我們預計該交易將於今年年底或 2024 年初完成。我們預計這將立即增加 AFFO 的價值，並且不會影響我們的槓桿計算。轉向資本。第三季度，我們投資了 3.22 億美元，其中 2.87 億美元用於成長，3,500 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，本季末我們的淨租賃調整槓桿率為 5.1 倍。我們預計 2023 年將以此水準退出。我認為值得注意的是，這標誌著我們十年來最低的槓桿水平。

Our Board of Directors declared our quarterly dividend of $0.65 per share to be paid in early January. 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 year-to-date performance and strong outlook, we are pleased to reiterate our full year guidance. For the fourth quarter, we expect revenue of approximately $1.44 billion, which represents 12.5% growth year-over-year as revenue management actions and improving trends in ALM accelerate our growth.

我們的董事會宣布將於 1 月初支付每股 0.65 美元的季度股息。我們仍然致力於嚴格的資本配置方法，為我們的成長目標提供資金，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，為了反映我們今年迄今的業績和強勁的前景，我們很高興重申我們的全年指導。對於第四季度，我們預計營收約為 14.4 億美元，年增 12.5%，因為營收管理行動和 ALM 的改善趨勢加速了我們的成長。

I would like to call out using the same foreign exchange rates we had in August; fourth quarter revenue would have been $25 million higher in this projection. Adjusted EBITDA of approximately $520 million or 10% growth. AFFO of approximately $310 million, which is 8% growth and AFFO per share of approximately $1.05, which is 7% growth from the prior year. With the same FX rates, we were using in August, this projection would be approximately adjusted EBITDA of $528 million, AFFO of $318 million and AFFO per share of $1.07. In conclusion, we are pleased to report another record quarter of results. Our team is executing well, driving considerable growth of revenue and EBITDA aligned with our Matterhorn plans.

我想使用與 8 月份相同的外匯匯率進行計算；在此預測中，第四季營收將增加 2,500 萬美元。調整後 EBITDA 約 5.2 億美元，成長 10%。 AFFO 約 3.1 億美元，成長 8%，每股 AFFO 約 1.05 美元，較前一年成長 7%。在我們 8 月使用的匯率相同的情況下，該預測調整後的 EBITDA 約為 5.28 億美元，AFFO 為 3.18 億美元，每股 AFFO 為 1.07 美元。總之，我們很高興地報告又一個創紀錄的季度業績。我們的團隊執行良好，推動了營收和 EBITDA 的大幅成長，與我們的馬特宏峰計畫保持一致。

I would like to take the opportunity to thank our entire team for their efforts to support our customers and drive our growth. And with that, operator, will you please open the line for Q&A.

我想藉此機會感謝我們整個團隊為支持客戶和推動我們發展所做的努力。那麼，接線員，請您打開問答線。

We will now begin the question-and-answer session. (Operator Instructions) And our first question comes from George Tong of Goldman Sachs.

我們現在開始問答環節。 （操作員說明）我們的第一個問題來自高盛的喬治唐。

Revenue management is continuing to drive healthy price realization in storage and services. Can you elaborate on how you expect price actions to trend as inflation normalizes and discuss client sensitivity to pricing increases in the services business compared to the storage business?

收入管理正在繼續推動儲存和服務的健康價格實現。您能否詳細說明隨著通貨膨脹正常化，您預計價格走勢將如何發展，並討論與儲存業務相比，服務業務中客戶對價格上漲的敏感度？

Thanks, George. So I think that you can expect and you can see that through the course of the year, even as inflation has come off is that we're continuing to be able to use revenue management across the board in our -- especially in our records management business, and that's really based on how our customers value the services. So we don't see any change in that trend. And in fact, in terms of customer retention, you've seen even a slight improvement in that during that period of time.

謝謝，喬治。因此，我認為您可以預期並且可以看到，在這一年中，即使通貨膨脹已經緩解，我們仍然能夠在我們的業務中全面使用收入管理，尤其是在我們的記錄管理方面。業務，這實際上上取決於我們的客戶如何評價服務。所以我們沒有看到這種趨勢有任何變化。事實上，就客戶保留率而言，在那段時間裡你甚至看到了輕微的改善。

So just as the customers really understand the value that we're applying, and we're actually using revenue management to tap into that. So we don't see any change in that trend.

因此，正如客戶真正了解我們正在應用的價值一樣，我們實際上正在使用收入管理來挖掘這一價值。所以我們沒有看到這種趨勢有任何變化。

And George, it's Barry. Just to add on to that, I would say, as you think about the fourth quarter, we have revenue management actions that have been put in place in the third quarter that will power another $20 million or $25 million of sequential growth even going forward here in the fourth quarter. So that's part of the model as you think about third quarter and fourth quarter.

喬治，是巴里。補充一點，我想說的是，當你想到第四季度時，我們在第三季度採取了收入管理行動，這將推動另外 2000 萬美元或 2500 萬美元的連續增長，即使是在這裡在第四季度。當你思考第三季和第四季時，這是模型的一部分。

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。

Just a question on organic service revenue growth. Commentary sounded pretty positive on component pricing. So do you expect that, that metric will be positive in 4Q? And then just on Regency. Maybe you can talk about how the organic growth has been for that business year-to-date? And then lastly, just your expectation of RIM volumes heading into 4Q and next year.

只是關於有機服務收入成長的問題。對於組件定價的評論聽起來相當積極。那麼您預計該指標在第四季會呈現正值嗎？然後就在攝政。也許您可以談談該業務今年迄今為止的有機成長情況如何？最後，是您對第四季和明年 RIM 銷售的預期。

Thanks, Nate. Let me answer the question on Regency and then Barry will take your other 2 points. So on Regency, you can imagine they went through probably a similar growth profile that we saw in ALM. And they also have kind of, I would say, hit the low point probably about 4 months ago. And since then, they're actually growing kind of mid-single digits over the last, say, 2, 3, 4 months. And that's -- they probably recovered a little bit faster than our business, but that's where the complementary mix of the 2 businesses is there, both in terms of the customers that they serve, and they do a lot more on the downstream processing than the business that we have at Iron Mountain that we've acquired through IT renews.

謝謝，內特。讓我回答關於攝政的問題，然後巴里會採納你的另外兩點。因此，在 Regency，您可以想像他們經歷了與我們在 ALM 中看到的類似的成長概況。我想說，他們也可能在大約 4 個月前達到了最低點。從那時起，在過去的 2、3、4 個月裡，它們實際上以中等個位數的速度成長。那就是——他們的恢復速度可能比我們的業務快一點，但這就是兩家公司互補的地方，無論是在他們服務的客戶方面，還是在下游加工方面，他們比我們做的更多。我們在Iron Mountain 擁有的業務是透過IT 更新獲得的。

So it's a good complementary fit. But we also see that they've actually over the last few months, been growing single digits. Obviously, the business will continue to ramp, hence the pricing across the board starts improving.

所以這是一個很好的互補配合。但我們也看到，在過去的幾個月裡，它們實際上一直在成長個位數。顯然，業務將繼續成長，因此整體定價開始改善。

Nate, it's Barry. Thanks for those questions. On volume, as you saw in the quarter, we continue to grow volume, both in global records as well as in the corporate and other. And as you know, because you cover the company for so long, our expectation over the horizon is for volume to continue to be consistent to slightly up year in and year out. So we are pleased with the volume continuing to trend at or even a little bit better actually than our projections, and we continue to see that both in the quarter coming as well as into the new year.

內特，我是巴里。謝謝你提出這些問題。在數量方面，正如您在本季度看到的那樣，我們在全球記錄以及公司和其他記錄中都在繼續增長數量。如您所知，由於您對該公司進行了長期報道，我們的預期是銷量將繼續保持穩定，年復一年略有上升。因此，我們對銷量繼續保持趨勢甚至比我們的預測更好一點感到高興，並且我們繼續看到這一點在即將到來的季度以及新的一年中都是如此。

So very good and positive trends on the volume side. As it relates to service revenue, yes, we do expect service revenue to be up year-on-year, as I've talked about before, the second quarter was the hardest comp for our ALM business because in light of what was going on in the prior year, that's when revenue for ALM was about $83 million in total. In the third quarter of last year, it was $60 million and it was $56 million in the fourth quarter. And this year, it was $42 million in the second quarter and in the third quarter. And as Bill and I mentioned in our prepared remarks, we expect our ALM business to be in the, let's say, low 50s.

成交量方面的趨勢非常好且積極。由於它與服務收入相關，是的，我們確實預計服務收入將同比增長，正如我之前談到的，第二季度是我們 ALM 業務最困難的時期，因為考慮到正在發生的事情去年，ALM 的總收入約8300 萬美元。去年第三季為6000萬美元，第四季為5,600萬美元。而今年第二季和第三季的銷售額為 4,200 萬美元。正如比爾和我在準備好的演講中提到的那樣，我們預計我們的 ALM 業務將在 50 多歲左右。

So that helps with the standpoint of turning around the comp that you'll see for the total company. The other thing is, just in light of project revenue, for example, in our digital and our global records services, we have incremental project revenue in the fourth quarter and some commencements on some longer-term digital contracts occurring here in the fourth quarter which will help our additional service revenue and is favorable as it relates to the third quarter. And as you know, some of that project revenue can be a little bit lumpy quarter-to-quarter. And that's one of the reasons why we are bullish on the sequential improvement in total revenue in the fourth quarter.

因此，這有助於扭轉整個公司的薪酬狀況。另一件事是，就專案收入而言，例如，在我們的數位和全球記錄服務中，我們在第四季度有增量專案收入，並且在第四季度開始了一些長期數位合同，這將有助於我們增加服務收入，並且與第三季相關是有利的。如您所知，其中一些項目收入可能會出現季度與季度之間的波動。這就是我們看好第四季總營收連續改善的原因之一。

So you'll see a little bit of an acceleration, thanks to ALM getting better and easier comp as well as the trending. We -- as Bill mentioned last thing, since you asked about component pricing, we've only factored in what I would call a marginal modest improvement in pricing. And certainly, we are pleased to see pricing on memory rising as much as I mentioned in the prepared remarks, but it's -- we and the whole industry have been through a lot there. So we'll kind of be prudent and watch it before baking in too much into our numbers. Thanks, Nate.

因此，您會看到一點點的加速，這要歸功於 ALM 變得更好、更容易的比較以及趨勢。正如比爾最後提到的，自從您詢問組件定價以來，我們只考慮了我所說的定價的邊際適度改進。當然，我們很高興看到內存價格的上漲正如我在準備好的評論中提到的那樣，但我們和整個行業已經經歷了很多事情。因此，我們會謹慎行事，在對數據進行過多考慮之前先觀察情況。謝謝，內特。

The next question comes from Jon Atkin of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的喬恩‧阿特金。

I was wondering if you could maybe put a finer point on helping us think about the impact of pricing actions in the room segment versus volume kind of what the relative impacts were? And then for the ALM segment, I think you I talked about trying to get to $900 million in 2026. Is that still a number to think about? Or given the M&A that you've done with Regency and just the organic growth, any different way to think about that target?

我想知道您是否可以提出更詳細的觀點，幫助我們考慮房間部分的定價行為與數量的影響，以及相對影響是什麼？然後，對於 ALM 部分，我想您談到了要在 2026 年達到 9 億美元的目標。這仍然是一個需要考慮的數字嗎？或者考慮到您與 Regency 的併購以及有機成長，有什麼不同的方式來思考這個目標嗎？

No. Thanks, Jon. So I'll -- let me take the ALM and then I'll let Barry talk a little bit more about pricing and volume trends. So on the ALM side, yes, we haven't backed off from our multiyear target that we shared at Investor Day a little over a year ago. We still see the $900 million as a reasonable target in terms of the business trends. Because one thing that we have continued to see is incoming volume. So if you look both year-over-year and year-to-date and sequentially is we do see volume continuing to grow and to ramp. And as Barry said, that we've seen now pricing starting to come back, whilst it's early green shoots, but 15% improvement in memory pricing, which you probably recall from our call last time is the bulk of the components that we sell on is -- it shows that we're moving in the right direction to get back towards the type of pricing that we saw couple of years ago.

不，謝謝，喬恩。所以我會——讓我來談談 ALM，然後我會讓 Barry 多談談定價和銷售趨勢。因此，在 ALM 方面，我們並沒有放棄一年多前在投資者日分享的多年目標。就業務趨勢而言，我們仍然認為 9 億美元是一個合理的目標。因為我們繼續看到的一件事是傳入量。因此，如果你逐年觀察、年初至今以及連續觀察，我們確實會看到交易量持續成長和增加。正如 Barry 所說，我們現在看到定價開始回升，雖然還處於萌芽階段，但內存定價提高了 15%，您可能還記得我們上次的電話會議中我們銷售的大部分組件都是這樣的是— —它表明我們正在朝著正確的方向前進，回到我們幾年前看到的定價類型。

So if you put that all together and now with the additional capabilities that we're getting from the Regency acquisition is that both -- they do a lot more on the downstream processing, which quite frankly, will not only allow us to harvest more value from the products that we're recycling from our customers, but it will also allow us to kind of expand, improve or accelerate our expansion into the OEM channels that we mentioned before. So I think you put that all together is that we feel very good about the targets that we laid out at our Investor Day.

因此，如果你把所有這些放在一起，現在我們從 Regency 收購中獲得的額外能力是——他們在下游加工方面做了更多的工作，坦率地說，這不僅能讓我們收穫更多價值從我們從客戶回收的產品中，但這也將使我們能夠擴展、改進或加速我們向我們之前提到的OEM 管道的擴張。因此，我認為綜合起來，我們對投資者日所設定的目標感覺非常好。

And John, it's Barry. Thanks for the question on revenue management in the quarter within our global RIM business. I would tell you from -- if you look at the storage rental revenue growth there on an organic constant currency basis was 8%, so it was quite strong. And volume was modestly positive as you would see in our disclosures. So the vast majority of that was revenue management, although as we've talked about the last few quarters, we are seeing some positive mix in terms of driving top line revenue growth as well.

約翰，是巴里。感謝您提出有關本季 RIM 全球業務收入管理的問題。我想告訴你，如果你看看以有機固定貨幣計算的儲存租賃收入成長是 8%，所以它相當強勁。正如您在我們的揭露中看到的那樣，成交量適度積極。因此，其中絕大多數是收入管理，儘管正如我們在過去幾季所討論的那樣，我們在推動營收成長方面也看到了一些積極的組合。

So majority of it revenue management, a little -- some mix and some improving volume trends. And going forward, as I mentioned in one of the earlier comments, we will see relatively speaking, incremental revenue management actions driving the business fourth quarter versus third thanks, Jon.

所以大部分都是收入管理，有些是混合的，有些是銷售趨勢的改善。展望未來，正如我在先前的評論中提到的那樣，相對而言，我們將看到增量收入管理行動推動第四季度業務與第三季度的業務相比，喬恩。

The next question comes from Shlomo Rosenbaum of Stifel.

下一個問題來自 Stifel 的 Shlomo Rosenbaum。

I really want to focus just a little bit more on the ALM business trajectory. Just -- what are you seeing in terms of like volumes coming in? I understand that the pricing is still low but recovering. But just absolute volumes, how is that doing? And then also just understanding the Regency acquisition, like you said that it's $100 million of TTM revenue, but obviously, it was in a downward slope similar to what you guys were seeing. Is there a run rate that you can provide to us that we can think about that in terms of how to model that thing? And then maybe just keep focusing on a little bit more, what they add to Iron Mountain? What do you mean in terms of the downstream processing? What exactly is it that they do that you do not do?

我真的想更多地關注 ALM 業務軌跡。只是——您對進來的數量有何看法？據我所知，價格仍然很低，但正在恢復。但只是絕對數量，情況如何？然後也要了解 Regency 收購，就像你所說的，TTM 收入為 1 億美元，但顯然，它正處於下降趨勢，與您所看到的類似。您是否可以向我們提供運行率，以便我們可以考慮如何建模該事物？然後也許繼續關注更多一點，他們為鐵山添加了什麼？您所說的下游加工是什麼意思？究竟是什麼是他們做了而你沒有做的？

Okay. So, Shlomo, let me talk a little bit about the -- what we see on the volume trends, and then I'll let Barry put it together in terms of how you should think about modeling that going forward in terms of the business. I'll also come and pick up your point about what exactly Regency ads. So in terms of the volume trends, if you look at the enterprise side of our business, is there, the synergies, and as Barry said in his remarks, almost 100% cross-selling in terms of our ALM business. Is there you see almost triple-digit year-on-year increases in terms of volume that we're getting from our enterprise customers.

好的。所以，什洛莫，讓我談談我們在銷售趨勢上看到的情況，然後我會讓巴里把它放在一起，告訴你應該如何考慮未來業務的建模。我也會來聽聽你關於攝政廣告到底是什麼的觀點。因此，就銷售趨勢而言，如果你看看我們業務的企業方面，是否存在協同效應，正如 Barry 在他的演講中所說，就我們的 ALM 業務而言，幾乎 100% 交叉銷售。您是否看到我們從企業客戶獲得的數量同比增長了近三位數？

So in the enterprise segment, we're seeing a really, really good volume. If you look at the hyperscale, which is the part of the business, that we acquired through IT renewal is the one that's most been impacted by what we see on the pricing of the components, which, as we said, is now just starting to move back north in the right direction. Is there, we actually see year-on -- if you put year-to-date volume trends of incoming equipment, is we actually see double-digit -- strong double-digit growth year-on-year, year-to-date incoming volume. And so the thing that's been muting that incoming volume, quite frankly, has been the pricing, but the good news is the pricing has started to improve.

因此，在企業領域，我們看到了非常非常好的銷售量。如果你看看超大規模業務，這是我們透過 IT 更新獲得的業務的一部分，它是受我們所看到的組件定價影響最大的一個，正如我們所說，現在才剛開始沿著正確的方向向北移動。是否存在，我們實際上看到同比 - 如果你列出今年迄今為止的傳入設備數量趨勢，我們實際上是否看到兩位數 - 年初至今同比強勁的兩位數增長傳入音量。因此，坦白說，導致銷售下降的因素是定價，但好消息是定價已經開始改善。

And Barry can help you think through how do you think about putting those two together as we project going forward. The last thing coming to Regency. So I'm glad you picked up on that because I probably should be more explicit on that. So Regency, first of all, they are adding a couple of customers into the portfolio that, quite frankly, we didn't have both in government sector and retail, which I think is really interesting in terms -- because a lot of the equipment gets recycled by people dropping off at their retailers. So I think that's a really good capability there.

巴里可以幫助您思考在我們未來的計劃中如何將兩者結合在一起。攝政的最後一件事。所以我很高興你注意到了這一點，因為我可能應該更明確地表達這一點。因此，Regency 首先，他們在投資組合中添加了一些客戶，坦率地說，我們在政府部門和零售業都沒有，我認為這非常有趣 - 因為很多設備被送到零售商處的人們回收。所以我認為這是一個非常好的能力。

But more importantly, is they actually are able to recycle a lot of what I would call the things that can't be reused directly into IT equipment. So things like we mentioned the plastics for pharmaceutical retailer. They do a lot more of that than we have historically. And the other thing, the other aspect is over the last couple of calls, we mentioned how we had signed up OEM relationships where these are laptop, tablet manufacturers that are looking for people when their equipment comes off lease and needs to be recycled is they come to us and other people to actually resell -- to refurbish and resell those products. And Regency has much more capability than we do in that area.

但更重要的是，他們實際上能夠回收許多我所說的不能直接重複使用到 IT 設備中的東西。就像我們提到的藥品零售商的塑膠一樣。他們在這方面所做的比我們歷史上所做的要多得多。另一方面，在過去的幾次電話中，我們提到了我們如何與筆記型電腦、平板電腦製造商簽訂 OEM 關係，當他們的設備租約結束並需要回收時，他們正在尋找人員。來找我們和其他人實際轉售－翻新和轉售這些產品。 Regency 在這方面的能力比我們強得多。

They built up not only more expertise in refurbishing tablets and laptops than we have, but they also have a very nice e-commerce platform and where they can actually resell those. So they will really accelerate those -- accelerate the sales for those channels that we mentioned on the last couple of calls, signing up the OEM manufacturers. So I think their capability will be a nice complementary fit to the contracts that we had already signed.

他們不僅在翻新平板電腦和筆記型電腦方面擁有比我們更多的專業知識，而且他們還擁有一個非常好的電子商務平台，並且可以在其中實際轉售這些平台。因此，他們將真正加速這些——加速我們在過去幾次電話中提到的那些管道的銷售，與 OEM 製造商簽約。所以我認為他們的能力將是我們已經簽署的合約的一個很好的補充。

So Shlomo, it's Barry. I appreciate the questions. Specifically, on how to model Regency, just as a reminder, we are expecting it to close kind of around year-end or early next year for when you want to add it to your model. We noted that it's in excess of $100 million of revenue, Shlomo, and I expect them to exit the year at that level in excess of $100 million, and we see the opportunity for it to be growing into the new year. But of course, we'll give guidance for next year on our next call. But we feel very good about the stability of the business that it's been generating revenue and EBITDA at the levels it's been for some time.

什洛莫，是巴里。我很欣賞這些問題。具體來說，關於如何對攝政進行建模，提醒一下，我們預計它會在年底或明年初左右關閉，以便您想將其添加到模型中時使用。我們注意到它的收入超過了 1 億美元，Shlomo，我預計他們今年的收入將超過 1 億美元，我們看到了它在新的一年成長的機會。當然，我們將在下次電話會議上提供明年的指導。但我們對業務的穩定性感到非常滿意，因為它一直在一段時間內創造收入和 EBITDA 水平。

And as Bill alluded to, it did not see the sort of trough that our ALM business did on the hyperscale side. It's much more of an enterprise IT asset disposition sort of player. And in that enterprise and government services that it does its -- didn't see the level of trough that we did, and it's come back nicely. And so we feel very good about the stability of the business at this point and feel like we're getting a very good, very synergistic deal as Bill mentioned, they have a fair bit of incremental capacity. And so we can get synergy off of bringing Iron Mountain Enterprise clients to Regency for service going forward.

正如 Bill 所提到的那樣，我們的 ALM 業務在超大規模方面並沒有遇到那種低谷。它更像是一種企業 IT 資產配置類型的參與者。在它提供的企業和政府服務中，沒有看到我們所做的低谷水平，而且它已經恢復得很好。因此，我們對目前業務的穩定性感到非常滿意，並且感覺我們正在獲得一項非常好的、非常具有協同效應的交易，正如比爾所提到的，他們有相當多的增量產能。因此，我們可以透過將 Iron Mountain Enterprise 客戶帶到 Regency 來獲得未來的服務，從而獲得綜效。

I would say -- I'll just note that you can work through the math on this that it's sort of in the low mid-20s of an EBITDA margin business. We think that, that has opportunity to expand as relative pricing in the broader market expands and through incremental capacity utilization of the footprint of what they have there. We've been very impressed with the team at Regency for a long time. They've built a very good business with critically important relationships to clients. And we've got a very strong focus on sustainability. So we feel very good about Regency. And as I zoom out to broader ALM, Shlomo, I would say, just to reiterate a point Bill made, the volume is clearly kind of doing well.

我想說的是——我只想指出，你可以透過數學計算得出，它的 EBITDA 利潤率業務大約在 20 多歲左右。我們認為，隨著更廣泛市場的相對定價的擴大以及透過增加現有產能的利用率，這種情況有機會擴大。長期以來，Regency 的團隊給我們留下了深刻的印象。他們建立了非常良好的業務，並與客戶建立了至關重要的關係。我們非常關注永續性。所以我們對攝政感覺非常好。當我把目光轉向更廣泛的 ALM 時，Shlomo，我想說，只是為了重申 Bill 提出的觀點，銷量顯然表現良好。

We are seeing incremental bookings, as I mentioned in our prepared remarks, particularly on the enterprise side, on teams having good wins on the hyperscale side as well. And our OEM relationships continue to extend. That's an area that was a focus -- has been a focus for us this year. We signed some very important relationships in that area of the market. Of course, it has -- the nature of those relationships is that they take a little longer to get to revenue generating, but we are well on our way in the OEM vertical as well. So I appreciate the comment, Shlomo.

正如我在準備好的演講中提到的那樣，我們看到了增量預訂，特別是在企業方面，以及在超大規模方面取得良好勝利的團隊。我們的 OEM 關係也不斷擴展。這是我們今年關注的重點領域。我們在該市場領域簽署了一些非常重要的合作關係。當然，這些關係的本質是它們需要更長的時間才能產生收入，但我們在 OEM 垂直領域也進展順利。所以我很欣賞你的評論，什洛莫。

The next question comes from Eric Luebchow of Wells Fargo.

下一個問題來自富國銀行的 Eric Luebchow。

So Barry, I just wanted to touch on the balance sheet, obviously, a big move in interest rates recently. So I just wanted to touch on your deployment of CapEx and the sources and uses of capital. It does look like data center CapEx, as you've mentioned before, maybe you could touch on the trajectory there, that's probably going to continue to lift higher based on the leasing you've done year-to-date. And then maybe you could talk about your kind of achieve development yields on data center deals. It looks like those continue to move higher and how comfortable you are in terms of the excess returns you're getting over your current cost of capital for what's in your data center pipeline.

巴里，我只想談談資產負債表，顯然，最近利率發生了重大變動。所以我只想談談你們的資本支出部署以及資本的來源和用途。正如您之前提到的，它確實看起來像資料中心資本支出，也許您可以觸及那裡的軌跡，根據您今年迄今為止所做的租賃，這可能會繼續走高。然後也許您可以談談您在資料中心交易中實現的開發收益。看起來這些數字繼續走高，以及您對資料中心管道中當前資本成本所獲得的超額回報感到滿意。

So Eric, I'll take the -- I'll talk about the yields that we're getting it. And then Barry can talk about the balance sheet impact and how we're thinking about financing it going forward. So I think on the yields, as you probably -- were kind of foreshadowing in the nature of your question. We have seen yields moved up and in Barry's prepared remarks and I think also in mind. I talked about the price improvement or the strength of pricing around data center as demand continues to ramp. So historically, if you think about the journey that you've watched us on, Eric, is a few years ago, we would have said, hyperscale or kind of 7 to 8. I think on the most recent calls, we said hyperscale. These are cash-on-cash returns have been 8 to 9. And now you can expect that they are 9 plus.

艾瑞克，我將談談我們所獲得的利益。然後巴里可以談論資產負債表的影響以及我們如何考慮未來的融資。所以我認為收益率，正如你可能的那樣，在某種程度上預示著你問題的性質。我們已經看到收益率上升，在巴里準備好的講話中，我認為也銘記在心。我談到了隨著需求的持續成長，資料中心的價格改善或定價強度。所以從歷史上看，如果你想想幾年前你所看到的我們的旅程，埃里克，我們會說，超大規模或7 到8 種。我認為在最近的電話會議上，我們說的是超大規模。這些現金回報率一直是 8 到 9。現在你可以預期它們是 9 以上。

So we're -- and these are all pre-leverage, cash-on-cash returns. So the returns are even with the ramp in the cost to build -- well, the cost of build is obviously built in, but in terms of the cost of financing is well ahead after you put the data center together and lease it up is well ahead of our cost of capital. So we feel really good about the returns we're getting even in the higher interest rate environment.

所以我們——這些都是預槓桿、現金現金回報。因此，回報與建設成本的上升是持平的——嗯，建設成本顯然是內置的，但在你把數據中心放在一起並出租之後，融資成本就遠遠領先了。領先於我們的資本成本。因此，即使在利率較高的環境下，我們對所獲得的回報也感到非常滿意。

Eric, it's Barry. A couple of things there. We would expect CapEx for the whole company to be probably right around $1.3 billion for the year. That's up some from our prior view because, as you point out, the team continues to do very, very well on data center, and we have a lot of construction to do to service the contracts that the team has signed. It's an interesting point about our business within data center, and we're operating now 225 megawatts, which is nearly all leased. And then we're under construction on another 260 megawatts, of which again, like 90% plus, 93% of it is pre-leased. So we are really constructing to contract as opposed to spec.

艾瑞克，我是巴里。有幾件事。我們預計今年整個公司的資本支出可能約為 13 億美元。這與我們先前的觀點相比有所提高，因為正如您所指出的，該團隊在資料中心方面繼續做得非常非常好，而且我們還有很多建設工作要做，以便為團隊簽署的合約提供服務。我們的資料中心業務很有趣，我們現在經營 225 兆瓦的電力，幾乎全部都是租賃的。然後我們正在建造另外 260 兆瓦，其中 90% 以上，其中 93% 是預租的。所以我們實際上是按照合約而不是規格來建造。

And so it is a situation where you will see us continue to be gradually rising the data center CapEx as we work to build into the contracts that we've signed. And I think it's a credit to the team and the customer wins that we've been having that we've been able to extend our lease expirations to 8-plus years on the backs of higher pricing and those returns improving. So it's -- we are feeling very good about where we're positioned with data center and the growth thereof, Eric. You're going to see a lot of growth going forward as we build into those leases.

因此，在這種情況下，您會看到我們在努力將其納入已簽署的合約的同時，繼續逐步提高資料中心資本支出。我認為，在更高的定價和回報改善的支持下，我們能夠將租賃期限延長至 8 年以上，這對團隊和客戶來說都是一種榮譽。所以，埃里克，我們對資料中心的定位及其成長感到非常滿意。當我們建立這些租賃時，您將看到未來的大量成長。

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

（操作員說明）我們的下一個問題來自巴克萊銀行的布倫丹·林奇。

I wanted to dig in on the opportunity in Miami to convert a storage facility to a data center. One, are you fully scrapping the existing facility and just using the land? Or are you actually using the existing infrastructure? And what do you see as the other opportunities throughout your portfolio to convert other facilities for data center purposes?

我想抓住邁阿密將儲存設施轉變為資料中心的機會。第一，您是否完全廢棄現有設施並僅使用土地？或者您實際上正在使用現有的基礎設施嗎？您認為整個產品組合中將其他設施轉變為資料中心用途的其他機會是什麼？

Brendan, thanks for the question. So the -- yes, so in Miami, you probably can imagine, yes, we are actually scrapping the building. So we're reusing the land in that particular case because it's the way that we could get the most data center capacity into that facility, otherwise we would have been leaving too much opportunity on the table. So it's a better use or a better way of actually tapping into that market. But it still gives us kind of -- if you look at an all-in basis, probably a 15% reduction in cost to build.

布倫丹，謝謝你的提問。所以——是的，所以在邁阿密，你可能可以想像，是的，我們實際上正在廢棄這棟建築。因此，在這種特殊情況下，我們會重複使用土地，因為這是我們可以將最大資料中心容量投入該設施的方式，否則我們將留下太多機會。因此，這是一種更好的用途，或者是真正進入該市場的更好方法。但它仍然為我們帶來了某種程度——如果你綜合考慮的話，建造成本可能會降低 15%。

And obviously, the speed at which we can enter the market is much faster because trying to find the right location of land in Miami and secure the power can be challenging. So we think both in terms of speed and then 15% cost improvement, which is significant, is really important. And if you look more broadly of the 90 million square feet of industrial real estate that we have around the globe that's associated with our records management business is -- think about that's probably in the order of 15% to 20% of the properties are under evaluation on any given day as we look at it.

顯然，我們進入市場的速度要快得多，因為試圖在邁阿密找到合適的土地位置並確保電力可能具有挑戰性。因此，我們認為無論是速度還是 15% 的成本改進，這一點都很重要，非常重要。如果您更廣泛地觀察我們在全球擁有的與我們的記錄管理業務相關的 9000 萬平方英尺的工業房地產，想一想，可能有 15% 到 20% 的財產處於管理之下。我們對任何一天的評估。

So we're constantly screening about 15% to 20% of our locations and looking at what customers' requirements are and in some cases, having discussions with customers and thinking about which of those sites might be next. And these are generally fit in very nicely for what I call these kind of edge deployments or secondary cities like Miami, right? So this won't be the last one that we -- the first and the last. This will be the first of many, we feel as we continue to go forward.

因此，我們不斷篩選大約 15% 到 20% 的地點，了解客戶的需求，在某些情況下，與客戶進行討論並思考下一個可能是哪些地點。這些通常非常適合我所說的邊緣部署或邁阿密等二線城市，對吧？所以這不會是我們的最後一個——第一個也是最後一個。當我們繼續前進時，我們感覺這將是眾多事件中的第一個。

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

我們的問答環節和 Iron Mountain 2023 年第三季財報電話會議到此結束。感謝您參加今天的演示，您現在可以斷開連接了。