鐵山公司 (IRM) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Iron Mountain First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded.

早上好，歡迎參加 Iron Mountain 2024 年第一季財報電話會議。 （操作員說明）請注意今天的活動正在錄製中。

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

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。

Thanks, Rocco. Good morning, and welcome to our first quarter 2024 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. After prepared remarks, we'll open up the lines for Q&A.

謝謝，羅科。早上好，歡迎參加我們的 2024 年第一季財報電話會議。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。準備好發言後，我們將開放問答環節。

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. 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.

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、投影片 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。此外，我們在展示財務績效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資訊中。

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. We are pleased to report that our team has delivered outstanding results for the first quarter of 2024, achieving another set of all-time highs for revenue and profitability. Our continued progress is evidence of the success of Project Matterhorn and our team's commitment to delivering best-in-class solutions.

謝謝阿嬌，也謝謝大家今天抽出時間參加我們的活動。我們很高興地報告，我們的團隊在 2024 年第一季取得了出色的業績，收入和盈利能力再創歷史新高。我們的持續進步證明了馬特洪峰計畫的成功以及我們團隊致力於提供一流解決方案的承諾。

On a reported basis, in the first quarter, we achieved our highest ever quarterly revenue of $1.48 billion, representing 12% year-over-year growth and a new first quarter adjusted EBITDA record of $519 million, delivering 13% year-over-year growth. Project Matterhorn has successfully transformed Iron Mountain into a solutions-based business with a commercial organization that offers a broad range of products and services to meet the evolving needs of our customers.

根據報告，第一季我們實現了有史以來最高的季度營收 14.8 億美元，年增 12%，第一季調整後 EBITDA 創下新紀錄，達 5.19 億美元，年成長 13%。馬特宏峰計畫已成功將鐵山公司轉變為以解決方案為基礎的企業，其商業組織提供廣泛的產品和服務，以滿足客戶不斷變化的需求。

This integrated product portfolio drives strong growth across all business areas through our integrated solutions, combining storage with truly differentiated services. Now I'd like to take you through some pivotal wins this quarter. Let's begin with records and information management.

此整合產品組合透過我們的整合解決方案將儲存與真正差異化的服務相結合，推動所有業務領域的強勁成長。現在我想向您介紹本季的一些關鍵勝利。讓我們從記錄和資訊管理開始。

The strength and longevity of the relationships we have built with our 240,000 customers is leading to further opportunities to offer more solutions from our portfolio to meet our customers' needs. An excellent example of this cross-selling is in the oil and energy sector where a U.S.-headquartered customer with a presence in 75 countries initially selected Iron Mountain to securely manage its data containing geological information.

我們與 240,000 名客戶建立的牢固而持久的關係為我們提供了更多機會，從我們的產品組合中提供更多解決方案，以滿足客戶的需求。這種交叉銷售的一個很好的例子是石油和能源領域，一家總部位於美國、業務遍及 75 個國家的客戶最初選擇 Iron Mountain 來安全地管理其包含地質資訊的資料。

Thanks to our expanded range of solutions and a deep understanding of the customers' needs, we are now also providing a secure IT asset disposition solution.

由於我們擴大的解決方案範圍以及對客戶需求的深入了解，我們現在也提供安全的 IT 資產處置解決方案。

Another example of our strength and ability to cross-sell and provide more solutions for our customers is in the United Arab Emirates. For the past 2 years, we have been partnering with a prominent bank to provide records management services for a growing volume of documents. With this customer's need to comply with regulations from the UAE Central Bank, we secured an agreement to extend our solutions. These now include document capture and asset life cycle management or ALM services.

阿拉伯聯合大公國是我們交叉銷售和為客戶提供更多解決方案的實力和能力的另一個例子。在過去的兩年裡，我們一直與一家知名銀行合作，為不斷增長的文件量提供記錄管理服務。由於該客戶需要遵守阿聯酋中央銀行的法規，我們達成了一項協議來擴展我們的解決方案。這些現在包括文件擷取和資產生命週期管理或 ALM 服務。

We continue to see opportunities to support government and public sector organizations with their transformations, helping them to increase efficiency and demonstrate value for money for the sources they provide to their citizens. A recent example of this is in the U.K., where we have a long-term relationship with a government agency that trust us to store approximately 18 million records. This customer awarded Iron Mountain a contract to manage documents that must be retained whilst legal proceedings are ongoing.

我們繼續看到支持政府和公共部門組織轉型的機會，幫助他們提高效率並證明他們為公民提供的資源物有所值。最近的一個例子是在英國，我們與一家政府機構建立了長期合作關係，該機構信任我們可以儲存約 1800 萬筆記錄。該客戶授予 Iron Mountain 一份合同，以管理在法律訴訟進行期間必須保留的文件。

Our proven ability to manage records effectively to this customer and a number of other government organizations in the U.K. demonstrates we have the skills, capabilities and experience to successfully manage sensitive projects like this.

我們已證明有能力有效管理該客戶和英國其他許多政府組織的記錄，這表明我們擁有成功管理此類敏感專案的技能、能力和經驗。

Turning to our digital business, a global customer that provides automation solutions has asked us to digitize its physical records in Morocco. Our InSight platform, which as you will recall, fully integrates both artificial intelligence and machine learning will enable this customer to simplify their current use of multiple information systems and content formats.

談到我們的數位業務，一家提供自動化解決方案的全球客戶要求我們將其在摩洛哥的實體記錄數位化。您還記得，我們​​的 InSight 平台完全整合了人工智慧和機器學習，將使該客戶能夠簡化其目前對多種資訊系統和內容格式的使用。

InSight will enable them to derive greater value from their information whilst improving their compliance and driving greater operational efficiencies. The customer's confidence in our solution is a testament to our team's clear understanding of our customers' needs as well as our proven track record of success as a digital transformation partner.

InSight 將使他們能夠從資訊中獲得更大的價值，同時提高合規性並提高營運效率。客戶對我們解決方案的信心證明了我們團隊對客戶需求的清晰了解，以及我們作為數位轉型合作夥伴的成功記錄。

Staying with digital solutions, an Australian government agency asked Iron Mountain to digitize approximately 250,000 land registry files dating back to the 1850s for government-owned real estate in the state of Victoria. Our solution will ensure that these vital historical records are preserved both physically and digitally, enabling efficient access for land managers, potential developers and government departments.

澳洲一家政府機構繼續採用數位解決方案，要求 Iron Mountain 對維多利亞州政府擁有的房地產的大約 250,000 個土地登記文件進行數位化，這些文件可追溯到 1850 年代。我們的解決方案將確保這些重要的歷史記錄以實體和數位方式保存，從而使土地管理者、潛在開發商和政府部門能夠高效存取。

Our infrastructure, reputation and expertise, including our ability to meet a requirement to manage the entire project within the state of Victoria were key differentiators that enabled us to secure this deal.

我們的基礎設施、聲譽和專業知識，包括我們滿足在維多利亞州管理整個項目的要求的能力，是使我們能夠獲得這筆交易的關鍵優勢。

Moving next to our data center business. We continue to be pleased by the strength and rapid growth of this business and how we can support more customers with the capacity we are creating at our facilities around the world. Today, I want to highlight 3 examples of leases we signed this quarter.

接下來是我們的資料中心業務。我們對這項業務的實力和快速成長以及我們如何利用我們在世界各地的工廠創造的產能來支持更多客戶感到滿意。今天，我想重點介紹我們本季簽署的 3 個租賃範例。

First, we have signed a 24-megawatt 12-year contract with a global technology company for data center space at our Manassas, Virginia campus. This is an existing North American records customer that required space in Virginia to support their high-performance computing needs and to expand their footprint. Also this quarter, we leased 4 megawatts with an existing global cloud storage customer. The customer relate to us that our excellent customer service was a key determinant in their decision to expand their footprint with us.

首先，我們與一家全球科技公司簽署了一份為期 12 年的 24 兆瓦合同，為我們位於維吉尼亞州馬納薩斯的園區提供資料中心空間。這是一家現有的北美唱片客戶，需要維吉尼亞州的空間來支援他們的高效能運算需求並擴大他們的足跡。同樣在本季度，我們向現有的全球雲端儲存客戶租賃了 4 兆瓦。客戶認為我們卓越的客戶服務是他們決定擴大與我們合作的關鍵決定因素。

Additionally, in our data center business, we are pleased to welcome a global IT consulting firm as a new customer. They chose us in order to be in close proximity to their clients as well as to meet their demanding connectivity requirements.

此外，在我們的資料中心業務中，我們很高興地歡迎一家全球 IT 顧問公司成為新客戶。他們選擇我們是為了更接近他們的客戶並滿足他們苛刻的連接要求。

Turning to asset life cycle management. We are pleased to share that this quarter, we closed the acquisition of Regency Technologies. The Regency leadership team have already made strong contributions to our ALM efforts, both commercially and operationally and have integrated well into our company. Moreover, Regency adds 8 complementary locations to our U.S. network.

轉向資產生命週期管理。我們很高興地告訴大家，本季我們完成了對 Regency Technologies 的收購。 Regency 領導團隊在商業和營運方面為我們的 ALM 工作做出了巨大貢獻，並且已經很好地融入了我們的公司。此外，Regency 還在我們的美國網路中增加了 8 個補充地點。

Moving to ALM more broadly. We are pleased with strong organic growth in the business, driven by a combination of increased volume and component price recovery leading to a strong quarter. As we continue to build our ALM capabilities, I wish to share several examples of how ALM enables us to offer more solutions to new and existing customers.

更廣泛地轉向 ALM。我們對業務強勁的有機成長感到高興，這是由於銷量增加和零件價格回升共同推動的，導致了季度的強勁增長。隨著我們繼續建立 ALM 功能，我希望分享幾個範例，說明 ALM 如何幫助我們為新客戶和現有客戶提供更多解決方案。

A well-known food service brand has signed an agreement with Iron Mountain in the Netherlands to recycle their decommissioned IT assets. Data security was paramount in their decision to partner with Iron Mountain as well as our ability to be at any of their in-country locations within 48 hours. Also in this quarter, an existing Iron Mountain global financial institution customer signed a program deal to manage their secure ITAD, recycling and remarketing requirements, including their remote workplace inventory for over 400 sites nationwide.

某知名食品服務品牌與荷蘭 Iron Mountain 簽署協議，回收其退役的 IT 資產。他們決定與 Iron Mountain 合作，以及我們能夠在 48 小時內到達他們國內任何地點的能力，資料安全至關重要。同樣在本季度，一家現有的 Iron Mountain 全球金融機構客戶簽署了一項計畫協議，以管理其安全 ITAD、回收和再行銷要求，包括全國 400 多個地點的遠距工作場所庫存。

The customer wanted a single vendor approach to streamline their asset life cycle management. We worked with them on a unique solution that created process and workflow enhancements, integrated with their existing asset management systems and lowered their overall cost through the remarketing initiatives. The program supports all of their corporate locations with both on and off-site ALM services.

客戶希望採用單一供應商方法來簡化其資產生命週期管理。我們與他們合作開發了一種獨特的解決方案，該解決方案增強了流程和工作流程，與他們現有的資產管理系統集成，並透過再行銷舉措降低了總體成本。該計劃透過現場和場外 ALM 服務支援其所有公司地點。

Finally, a multinational conglomerate company has signed a deal with us to manage its ALM needs for data center decommissioning as well as their end user devices. Due to the customers' significant growth through acquisition, they had accumulated a significant amount of legacy data center and end-user device equipment that needed to be securely decommissioned. We were pleased to be able to provide a holistic global solution backed by our secure chain of custody in order to meet their needs.

最後，一家跨國集團公司與我們簽署了一項協議，以管理其資料中心退役及其最終用戶設備的 ALM 需求。由於客戶透過收購實現顯著成長，他們累積了大量需要安全退役的遺留資料中心和最終用戶設備。我們很高興能夠提供由我們的安全監管鏈支援的整體全球解決方案，以滿足他們的需求。

To conclude, I am very proud of the strong results our Mountaineers continue to deliver. Our consistently strong performance, including our ability to achieve our highest quarterly revenue to date is evidence of the increasing heights we are achieving as part of our Matterhorn climb.

最後，我對我們的登山者繼續取得的強勁成果感到非常自豪。我們始終如一的強勁表現，包括我們實現迄今為止最高季度收入的能力，證明了我們在攀登馬特宏峰的過程中所取得的成就越來越高。

At the core of this continued strong performance is our customers. All of us at Iron Mountain are humbled by the trust which more than 240,000 organizations around the world including 95% of the Fortune 1000 have in us in our increased portfolio of services. We look forward to continuing our growth journey as we deliver our best-in-class and integrated solutions to our clients and create value for our shareholders.

這種持續強勁業績的核心是我們的客戶。全球超過 24 萬個組織（包括 95% 的財富 1000 強企業）對我們不斷增加的服務組合給予我們的信任，Iron Mountain 的所有人都深感榮幸。我們期待繼續我們的成長之旅，為客戶提供一流的整合解決方案，並為股東創造價值。

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

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 first quarter, our team continued our track record of strong performance, exceeding the expectations we've provided on our last call.

謝謝比爾，也謝謝大家加入我們討論我們的結果。在第一季度，我們的團隊繼續保持強勁的業績記錄，超出了我們上次電話會議中提供的預期。

We achieved record quarterly revenue of $1.48 billion, up 12% on a reported basis, driven by 9% storage growth and 17% service growth. On an organic basis, revenue grew 8%. Revenue was nearly $30 million ahead of the expectations we shared on our last call, driven by stronger performance in both our Global RIM and our asset life cycle management businesses.

在儲存成長 9% 和服務成長 17% 的推動下，我們實現了創紀錄的季度收入 14.8 億美元，按報告計算增長 12%。在有機基礎上，收入成長了 8%。在我們的全球 RIM 和資產生命週期管理業務表現強勁的推動下，營收比我們在上次電話會議中分享的預期高出近 3,000 萬美元。

Total storage revenue of $885 million, up $75 million year-on-year was driven by solid performance from both Global RIM and data center. Total service revenue of $592 million was up $88 million from last year, reflecting strength in Global RIM and digital as well as strong contribution from our recently closed acquisition of Regency Technologies.

Global RIM 和資料中心的強勁表現推動了儲存總收入達到 8.85 億美元，比去年同期成長 7,500 萬美元。總服務收入為 5.92 億美元，比去年增加 8,800 萬美元，反映出全球 RIM 和數位領域的實力以及我們最近完成的對 Regency Technologies 收購的強勁貢獻。

For me, 2 key highlights in the quarter are: first, data center storage revenue exceeded 30% growth year-on-year. And second, our organic service revenue growth accelerated to 10% year-on-year, primarily driven by improved performance in our asset life cycle management business. Adjusted EBITDA was $519 million, an increase of $58 million from last year. This constitutes growth of 13%, both on a reported and constant currency basis year-on-year, driven by strong contributions across all business units.

對我來說，本季有兩個關鍵亮點：第一，資料中心儲存收入年增超過30%。其次，我們的有機服務收入年增率加速至 10%，這主要是由於我們的資產生命週期管理業務的績效改善所致。調整後 EBITDA 為 5.19 億美元，比去年增加 5,800 萬美元。在所有業務部門的強勁貢獻的推動下，按報告和固定匯率計算，年增 13%。

Adjusted EBITDA margin was 35.1%, consistent year-on-year driven by revenue management and cost productivity, offset by mix. AFFO was $324 million or $1.10 on a per share basis, up $29 million and $0.09, respectively, from the first quarter of last year. This was ahead of the expectations we shared on our last call as a result of the upside in adjusted EBITDA as well as phasing of both recurring capital investments and cash taxes, which is incorporated into our guidance for the second quarter.

調整後 EBITDA 利潤率為 35.1%，在收入管理和成本生產力的推動下與去年同期保持一致，但被組合所抵銷。 AFFO 的營收為 3.24 億美元，每股收益 1.10 美元，分別比去年第一季增加 2,900 萬美元和 0.09 美元。由於調整後 EBITDA 的上升以及經常性資本投資和現金稅的分階段實施（已納入我們第二季度的指導），這超出了我們在上次電話會議中所分享的預期。

Now turning to segment performance. In the first quarter, our Global RIM business delivered revenue of $1.21 billion, an increase of $84 million from last year. On a reported and organic basis, revenue grew 7%. Storage rental revenue growth of 6% reflects our focus on revenue management and consistent volume trends. We delivered service revenue growth of 10%, driven by traditional services and digital solutions.

現在轉向細分市場表現。第一季度，我們的全球RIM業務營​​收12.1億美元，比去年增加8,400萬美元。在報告和有機基礎上，收入成長了 7%。儲存租賃收入成長 6% 反映了我們對收入管理的關注和穩定的銷售趨勢。在傳統服務和數位解決方案的推動下，我們的服務收入成長了 10%。

Global RIM adjusted EBITDA was $526 million, an increase of $48 million year-on-year. Turning to our global data center business. We achieved revenue of $144 million, an increase of $32 million and 28% year-on-year. Data center adjusted EBITDA was $62 million or 22% growth from the first quarter of 2023.

全球RIM調整後EBITDA為5.26億美元，年增4800萬美元。轉向我們的全球資料中心業務。我們營收1.44億美元，年增3,200萬美元，成長28%。資料中心調整後 EBITDA 為 6,200 萬美元，較 2023 年第一季成長 22%。

Turning to new and expansion leasing. We had a successful quarter with the team signing 30 megawatts with strong cross-selling activity. Our data center pipeline is robust across the markets we serve. In Phoenix, where we are fully leased in our first 2 sites, we have now commenced construction on our third site and have a considerable pipeline of opportunities to fill it.

轉向新建和擴建租賃。我們度過了一個成功的季度，團隊透過強勁的交叉銷售活動簽署了 30 兆瓦的合約。我們的資料中心管道在我們所服務的市場中都很強大。在鳳凰城，我們的前兩個地點已全部出租，我們的第三個地點現已開始建設，並有大量機會來填補它。

In support of our data center strategy and consistent with our sustainability commitments, we were pleased to execute our first green loan in April. This $300 million financing was well received and considerably oversubscribed. Proceeds will be used to support the construction of energy-efficient data centers in Northern Virginia.

為了支持我們的資料中心策略並符合我們的永續發展承諾，我們很高興在四月執行了第一筆綠色貸款。這筆 3 億美元的融資受到熱烈歡迎並獲得大幅超額認購。所得款項將用於支持在維吉尼亞州北部建設節能資料中心。

Turning to asset life cycle management. In the first quarter, we delivered improved performance for both revenue and EBITDA. Total ALM revenue in the quarter was $84 million, an increase of 103% year-on-year. Regency Technologies performed ahead of our expectations in the quarter with revenue of $32 million.

轉向資產生命週期管理。第一季度，我們的營收和 EBITDA 業績均有所改善。該季度 ALM 總營收為 8,400 萬美元，年增 103%。 Regency Technologies 本季的表現超出了我們的預期，營收為 3,200 萬美元。

While we are only 1 quarter into the integration, we are very pleased with the acquisition and are already seeing more benefit than planned in terms of cross-selling, increased capabilities and improved operational efficiencies. On an organic basis, ALM revenue increased 25% year-on-year, driven by both improved component pricing and increased volume from our strong cross-selling activity.

雖然整合僅進行了 1 個季度，但我們對此次收購感到非常滿意，並且在交叉銷售、增強能力和提高營運效率方面已經看到了比計劃更多的好處。在有機基礎上，ALM 營收年增 25%，這得益於組件定價的改善以及我們強勁的交叉銷售活動帶來的銷售增加。

Turning to capital. In the first quarter, we invested $366 million, of which $337 million was growth and $29 million was recurring. Our full year capital expenditure target remains $1.35 billion of growth and $150 million of recurring. Turning to the balance sheet. With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.1x.

轉向資本。第一季度，我們投資了 3.66 億美元，其中 3.37 億美元用於成長，2,900 萬美元用於經常性投資。我們的全年資本支出目標仍然是成長 13.5 億美元和經常性資本支出 1.5 億美元。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。

As a reminder, this remains at the lowest level in the past decade. We expect to operate within our target leverage range, which is 4.5 to 5.5x. Our Board of Directors declared our quarterly dividend of $0.65 per share to be paid in early July. On a trailing 4-quarter basis, our payout ratio is now 61% at the lower end of our long-term target range of low to mid-60s percent.

提醒一下，這仍處於過去十年來的最低水平。我們預計將在 4.5 至 5.5 倍的目標槓桿範圍內運作。我們的董事會宣布將於 7 月初支付每股 0.65 美元的季度股息。根據過去 4 個季度的數據，我們的派息率為 61%，處於 60% 左右的長期目標範圍的下限。

And now turning to our forecast. With our positive outlook, we are pleased to reiterate our full year guidance despite the impact of the strengthening U.S. dollar. Our forecast today includes current FX rates, which results in an incremental headwind of approximately $25 million to revenue and approximately $10 million to adjusted EBITDA through the remainder of the year as compared to our initial guidance.

現在轉向我們的預測。儘管受到美元走強的影響，但憑藉積極的前景，我們很高興重申全年指引。我們今天的預測包括當前的匯率，與我們最初的指導相比，這將導致今年剩餘時間內收入增加約 2500 萬美元，調整後 EBITDA 增加約 1000 萬美元。

For the second quarter, we expect revenue of approximately $1.5 billion, adjusted EBITDA of approximately $535 million, AFFO of approximately $310 million and AFFO per share of approximately $1.05. In summary, we are pleased to have delivered strong first quarter results, and we expect continued growth in 2024 as a result of our focus on Project Matterhorn objectives.

我們預計第二季營收約 15 億美元，調整後 EBITDA 約為 5.35 億美元，AFFO 約 3.1 億美元，AFFO 每股約 1.05 美元。總而言之，我們很高興第一季取得了強勁的業績，由於我們專注於馬特洪峰計畫的目標，我們預計 2024 年將繼續成長。

I would like to take this opportunity to once again thank our entire team for their continued dedication and commitment to Iron Mountain and our clients. And with that, operator, would you please open the line for Q&A.

我想藉此機會再次感謝我們整個團隊對 Iron Mountain 和我們客戶的持續奉獻和承諾。那麼，接線員，請開通問答線路。

(Operator Instructions) And today's first question comes from George Tong with Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的George Tong。

Within the storage business, organic revenue growth step to 7.5% in the quarter compared to about 10.5% in 4Q. Presumably, most of that was driven by changes in price realization since volumes are generally stable in storage. Can you talk a little bit about what you're seeing with your revenue management strategy and your latest traction with price realization in the quarter and expectations for the remainder of the year?

在儲存業務中，本季有機收入成長率升至 7.5%，而第四季約為 10.5%。據推測，其中大部分是由價格實現的變化驅動的，因為存儲量通常是穩定的。您能否談談您對收入管理策略的看法以及本季度價格實現的最新進展以及今年剩餘時間的預期？

Thanks, George. It's Bill, and I appreciate you joining the call. The -- so let me start with kind of the macro view. So we're really very pleased with our storage, both in terms of the records management as well as in the data center side because you can see we're continuing to grow. We've never stored on the traditional side or the records management side, we've never stored more documents than we do today.

謝謝，喬治。我是比爾，感謝您加入通話。那麼讓我從宏觀角度開始。因此，我們對我們的儲存非常滿意，無論是在記錄管理方面還是在資料中心方面，因為您可以看到我們正在持續成長。我們從未在傳統方面或記錄管理方面進行存儲，我們從未存儲過比今天更多的文件。

So we're really pleased with the continued strength of the volume and the growth and the volume on the data center side. In terms of pricing, you can appreciate that we -- as we go through the year, that ramp. So you should think about that as being kind of the low point. But I don't know, Barry, you might want to add a little bit more color to it?

因此，我們對資料中心方面的數量持續增長以及數量增長感到非常滿意。在定價方面，您可以欣賞我們在這一年中的成長。所以你應該認為這是一種低點。但我不知道，巴里，你可能想給它一點顏色嗎？

George, thanks for that question. Bill's got it right there on the revenue management within Global Rim. The timing of revenue management actions year-on-year is such that there was a bit of a shift in the first quarter. Last year, we had more of the revenue management actions in place right at the beginning of the year. And this year, we're back to our more normal cadence of kind of the Mark's time frame, generally speaking, in terms of getting them all into the market and realized.

喬治，謝謝你提出這個問題。比爾在 Global Rim 的收入管理方面做得很好。收入管理行動的時間安排與去年同期相比，第一季出現了一些變化。去年，我們在年初就採取了更多的收入管理行動。今年，我們回到了更正常的節奏，即馬克的時間框架，一般來說，就讓它們全部進入市場並實現而言。

As it relates to how it performed, though in Global RIM for storage rental revenue growth is actually, to be clear, ahead of our expectations on the lines you're asking about. And in total, we delivered 7.5% total revenue growth in Global RIM. You'll recall last quarter, we mentioned that our guide for the whole year, assuming Global RIM at about 6%. So we're starting very well. There was upside in Global RIM principally driven off of services, but a little bit ahead, as I mentioned, on storage rental and of course, data centers off to a really strong start.

因為它與它的表現有關，但需要明確的是，在全球 RIM 中，儲存租賃收入的成長實際上超出了我們對您所問問題的預期。總的來說，我們在全球 RIM 的總收入成長了 7.5%。您還記得上個季度，我們提到了全年指南，假設全球 RIM 約為 6%。所以我們的起步很好。全球 RIM 的成長主要來自於服務，但正如我所提到的，在儲存租賃方面也有一些領先，當然，資料中心也有一個非常強勁的開局。

So we feel very well positioned with respect to where we started the year, George, on both revenue management, total storage revenue as well as the full enterprise results.

因此，喬治，我們感覺在今年年初的收入管理、總儲存收入以及整體企業業績方面都處於非常有利的位置。

And our next question today comes from Nate Crossett with BMP.

今天我們的下一個問題來自 BMP 的 Nate Crossett。

Maybe just a follow-up to that. What is your expectation for RIM volumes for 2Q and the balance of the year? And then data center leasing guidance, is it still 100-megawatt? And maybe you could just talk about the pipeline for data center.

也許只是後續行動。您對 RIM 第二季和今年剩餘時間的銷售有何預期？然後資料中心租賃指導，還是100兆瓦嗎？也許您可以只討論資料中心的管道。

Okay. Thanks, Nate. I'll give you the -- in terms of volume, we continue -- it's a rock-solid business in terms of RIM volume, and we continue to see that to flat, slightly up. So we don't see any change, and you can see that in our supplemental, we don't see any change in that trend, and we continue to feel really good about that.

好的。謝謝，內特。我會告訴你——就銷量而言，我們繼續——就 RIM 銷量而言，這是一項堅如磐石的業務，我們繼續看到銷量持平，略有上升。所以我們沒有看到任何變化，你可以在我們的補充中看到，我們沒有看到這種趨勢有任何變化，我們仍然對此感覺很好。

And in terms of the pipeline on data center, it's extremely strong. You see we're off to a good start. We guided 100 megawatts for the full year. We're 30 megawatts in the first quarter, and we have a very strong pipeline as Barry alluded to in terms of Arizona, for instance, in terms of building out the third site in Phoenix.

而且在資料中心的管道方面，它是非常強大的。你看我們有了一個好的開始。我們全年指導100兆瓦。我們第一季的發電量為 30 兆瓦，正如巴里所提到的，我們在亞利桑那州擁有非常強大的管道，例如在鳳凰城建造第三個站點。

But across the globe, we have a very, very strong pipeline. So we're expecting another very strong year, benefiting from the strong macro environment around data centers, especially with the growth around AI applications.

但在全球範圍內，我們擁有非常非常強大的管道。因此，我們預計又一個非常強勁的一年，受益於資料中心強大的宏觀環境，特別是人工智慧應用的成長。

And Nate, the only -- this is Barry. The only thing I would add is -- building on to Bill's point there at the beginning on volume. We are forecasting for volume to be up second quarter versus the first quarter. And consistent to slightly up for the full year as we've been saying for some time we're well on track with that forecast. And just as a reminder, we have never stored more physical volume than we are storing today.

內特，唯一的──這是巴里。我唯一要補充的是──以比爾一開始的觀點為基礎。我們預計第二季的銷售量將比第一季增加。全年略有上升，正如我們一段時間以來一直所說的那樣，我們很好地實現了這一預測。提醒一下，我們從未儲存過比今天更多的物理量。

And our next question today comes from Brendan Lynch with Barclays.

今天我們的下一個問題來自巴克萊銀行的布倫丹·林奇。

Maybe we could start just by disaggregating the ALM components between increased volume and improvement pricing?

也許我們可以先將 ALM 組件分解為增加數量和改進定價？

Brendan, it's Barry. Thanks for that question. If we look at total ALM, we had $84 million of revenue. Now Regency, which, as you know, we just recently acquired was just over $32 million of revenue, as I mentioned on the prepared remarks. So that -- and by the way, that was very good performance. So that's on a run rate of nearly, let's call it, 130, you'll recall last quarter, I mentioned that embedded in the midpoint of our guidance, it was for Regency to be about 115. And so we are well on track with respect to that line.

布蘭登，我是巴里。謝謝你提出這個問題。如果我們查看總 ALM，我們的收入為 8400 萬美元。現在，正如您所知，我們最近剛收購的 Regency 的收入剛剛超過 3200 萬美元，正如我在準備好的演講中提到的那樣。順便說一句，這是非常好的表現。所以，運行率接近，我們稱之為 130，你會記得上個季度，我提到，在我們指導的中點，Regency 的運行率約為 115。

In terms of enterprise and hyperscale rest of our ALM business is performing quite well. As I mentioned, on an organic basis, ALM was up 25%, which was stronger than we expected. And I should note that ALM in total was about $10 million ahead of the expectations we have baked into our first quarter guidance. So it was a meaningful portion of the upside for the total.

在企業和超大規模方面，我們的 ALM 業務的其餘部分錶現得相當不錯。正如我所提到的，從有機角度來看，ALM 上漲了 25%，強於我們的預期。我應該指出，ALM 總額比我們納入第一季指引的預期高出約 1000 萬美元。因此，對於總體上漲來說，這是一個有意義的部分。

In enterprise and hyperscale, getting directly to your question now, volume and price were both up and we saw component pricing rising through the quarter with more of the increase late in the quarter. So as we sit here today in April, component prices have continued to rise as compared to where they were in the first quarter.

在企業和超大規模領域，現在直接回答你的問題，銷量和價格都上漲了，我們看到整個季度的組件價格都在上漲，並且在本季度末漲幅更大。因此，當我們今天坐在這裡時，四月份的零件價格與第一季相比繼續上漲。

And in our outlook, we continue to be, I think, prudent with our expectations that, that is likely to continue to rise, although we haven't baked in the kind of some of the levels of increase that you've seen from some of the industry analysts, which are very robust increases as we move through the remainder of the year.

在我們的展望中，我認為，我們仍然對我們的預期持謹慎態度，即這一數字可能會繼續上升，儘管我們還沒有達到您從某些國家看到的那種增長水平。時間的推移，產業分析師的成長非常強勁。

Volume is being driven by our strong cross-selling activity and increased penetration with hyperscale clients as it relates to decommissioning. In both cases, we see that continuing to trend up over time. So we're feeling really good about the way ALM is starting to track with it.

我們強勁的交叉銷售活動以及與退役相關的超大規模客戶滲透率的提高推動了銷售的成長。在這兩種情況下，我們都看到隨著時間的推移，這種趨勢持續上升。因此，我們對 ALM 開始追蹤它的方式感到非常滿意。

And our next question today comes from Jon Atkin with RBC.

今天我們的下一個問題來自加拿大皇家銀行的喬恩·阿特金。

So a question on data centers and a question on, I guess, ALM. So on data centers for some of your newer expansions where you might end up doing build-to-suits or single tenant. What are the unlevered yields now that you are kind of underwriting to what would be kind of a minimum level that you think the market will bear? And then for ALM, I just wondered which regions do you think you could see outsized growth in?

這是一個關於資料中心的問題，還有一個關於 ALM 的問題。因此，對於一些較新的擴展的資料中心，您最終可能會進行定製或單一租戶。既然您承銷了您認為市場能夠承受的最低水平，那麼無槓桿收益率是多少？對於 ALM，我只是想知道您認為哪些地區會大幅成長？

Okay. So maybe I'll start, John, and then Barry can give you some more color on ALM. On the data center side, I think we covered pretty much what we said in the last quarter, we see those trends continuing. So think of it as a couple of hundred basis points above the historical cash-on-cash return.

好的。 John，也許由我開始，然後 Barry 可以為您提供有關 ALM 的更多資訊。在資料中心方面，我認為我們幾乎涵蓋了上個季度所說的內容，我們看到這些趨勢仍在繼續。因此，可以將其視為比歷史現金回報率高出數百個基點。

So you're kind of looking at the 9 to 10 on hyperscale and then your -- I guess your question was more around hyperscale. So if you think about in terms of cost of capital, then we've -- basically, it's slightly ahead of what we've seen in the cost of capital with the run-up in interest rates. So the spreads are still positive in terms of the cost of finance, in terms of what we've gotten for cash-on-cash returns on the new leasing that we're doing.

所以你會關注超大規模的朝九晚十，然後你的——我想你的問題更多是圍繞著超大規模的。因此，如果你考慮資本成本，那麼基本上，它稍微領先於我們在利率上升時所看到的資本成本。因此，就融資成本而言，就我們正在進行的新租賃所獲得的現金現金回報而言，利差仍然是正值。

I mean that's due to the macro environment, as you know very well, in terms of -- it's a very, very strong market for data center, and we see that in our results.

我的意思是，這是由於宏觀環境所致，正如您所熟知的那樣，這是一個非常非常強大的資料中心市場，我們在結果中看到了這一點。

Jon, it's Barry. On the ALM question as it relates to where we might see continued outsized performance, I don't want to come across promotional, but it's basically all regions because we are seeing ALM component pricing rise on a global basis, and we're seeing continued volume growth around the world, particularly in the U.S., thanks to our continued cross-selling to our some of our largest Fortune 1000 type clients as well as partnering together with the great team at Regency Technologies, we're seeing strong growth there.

喬恩，我是巴里。關於ALM 問題，因為它關係到我們可能會在哪裡看到持續的超額業績，我不想遇到促銷，但基本上是所有地區，因為我們看到ALM 組件定價在全球範圍內上漲，而且我們看到持續的全球銷售成長，特別是在美國，由於我們對一些最大的財富 1000 強客戶的持續交叉銷售，以及與 Regency Technologies 優秀團隊的合作，我們看到了強勁的成長。

And I think that will continue for some time. As you know, the ALM market is very large, it's highly fragmented, and we think we have a huge opportunity in that space. And I just want to underscore that we're really, really pleased with the way the Regency combination is already unfolding even in this early stage of the integration.

我認為這種情況將持續一段時間。如您所知，ALM 市場非常大，而且高度分散，我們認為我們在該領域擁有巨大的機會。我只是想強調，即使在整合的早期階段，我們對 Regency 組合已經展開的方式感到非常非常滿意。

(Operator Instructions) Our next question comes from Andrew Steinerman with JPMorgan.

（操作員說明）我們的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 2 quick questions if you allow. On the ALM side, it appears that sort of -- if my math is right, that quarter-on-quarter, so 4Q '23 to 1Q '24 sort of the organic growth was about flat.

我是亞歷克斯·赫斯 (Alex Hess) 替安德魯·斯坦納曼 (Andrew Steinerman) 發言。如果您允許的話，也許可以問兩個簡單的問題。在 ALM 方面，如果我的數學正確的話，季度環比，因此 23 年第 4 季到 24 年第 1 季度的有機增長大致持平。

Is that right? Maybe 25 million -- 25% growth times a year ago growth rate, a year ago revenue number for ALM? And then if I think about -- and maybe I'll let you answer that and then hopefully, you don't mind if I ask a maybe more longer-term-oriented question.

是對的嗎？也許是 2500 萬——一年前成長率的 25%，一年前 ALM 的收入是多少？然後如果我考慮一下——也許我會讓你回答這個問題，然後希望你不介意我問一個可能更長期的問題。

Go ahead with the longer term, and so we'll have them both.

從長遠來看，我們會同時擁有它們。

All right. Sounds good. So on the more longer-term-oriented question. I just wanted to know like how do you think about your ability to sort of deliver on time, on budget within your data center business and maybe how that's benchmarked against your peer group?

好的。聽起來不錯。所以關於更長遠的問題。我只是想知道您如何看待您在資料中心業務中按時、按預算交付的能力，以及與您的同行群體相比如何進行基準測試？

Okay. Well, I'll deal with the longer term, and then I'll let Barry talk to you about the sequential quarter-over-quarter -- quarter-to-quarter on the ALM side. So on the -- I mean, the data center business, I think you can see that we're continuing to drive strong deployments across all of our campuses.

好的。好吧，我將討論更長期的問題，然後我將讓 Barry 與您討論 ALM 方面的逐季連續數據。因此，我的意思是，資料中心業務，我認為您可以看到我們正在繼續推動所有園區的強大部署。

So we don't see any change in terms of our ability to both plan and execute that, that's -- and you can see that in our leasing activity because as you can imagine, especially with the hyperscale clients and most of our leasing over the last 12 months has been -- the vast majority has been with hyperscale. You can imagine that's a key component for them to decide who they're going to go to, is our ability to actually execute on time, on budget, which is managing also the supply chain.

因此，我們在計劃和執行能力方面沒有看到任何變化，您可以在我們的租賃活動中看到這一點，因為正如您可以想像的那樣，特別是對於超大規模客戶以及我們的大部分租賃過去12個月，絕大多數都是超大規模的。你可以想像，這是他們決定去找誰的關鍵因素，是我們準時、依照預算實際執行的能力，這也是管理供應鏈的能力。

So if anything, we see -- even though the demand is really, really strong right now in data center, we see that the planning has gotten a little bit simpler as supply chain is more normalized, albeit though this very, very strong demand. So we're blessed with a very good construction team. And our customers' trust is in a big part, exactly what you're talking about?

因此，如果有什麼不同的話，我們看到——儘管資料中心現在的需求確實非常強勁，但我們看到，隨著供應鏈更加規範化，規劃變得更加簡單，儘管需求非常非常強勁。所以我們很幸運擁有一支非常優秀的施工團隊。我們客戶的信任很重要，這正是您所說的嗎？

And Alex, it's Barry. Thanks for that question. You're doing the math right. It was up slightly on a dollar basis Q-to-Q. And I'll just note that as we said last quarter, on the decommissioning side, we had some clients last quarter that wanted to move some of their volume that they had been sitting on for some time. So there was a little bit of timing there.

亞歷克斯，是巴里。謝謝你提出這個問題。你算得對。以美元計算，環比略有上升。我要指出的是，正如我們上個季度所說，在退休方面，上個季度我們有一些客戶希望轉移他們已經持有了一段時間的部分數量。所以這裡有一點時機。

And frankly, I think we also saw in light of the way pricing was moving both from the end of the fourth quarter through the first quarter that some of our hyperscale clients were actually deferring some of the remarketing until later in the quarter in light of the fact that they wanted to like we did as well capture the better pricing that we've been seeing. As I mentioned earlier, the pricing really did ramp later in the quarter and continues.

坦白說，我認為我們也看到，從第四季度末到第一季度的定價變化方式來看，我們的一些超大規模客戶實際上將一些再行銷推遲到了本季度晚些時候，因為事實上，他們希望像我們一樣獲得我們所看到的更好的定價。正如我之前提到的，定價確實在本季晚些時候有所上升，而且還在持續。

So the trends in that business are quite good. And what that results in is we had a little bit of mix in legacy IT renew business. I will note, however, that the enterprise business was up nicely on a sequential basis. And of course, in light of the cross-selling activity and the bookings that we've been talking about in that business and knowing that it's not the kind of remarketing. It's just a very straight service oriented.

所以該業務的趨勢非常好。結果是我們在遺留 IT 更新業務上有一些混合。不過，我要指出的是，企業業務環比成長良好。當然，鑑於我們一直在該業務中討論的交叉銷售活動和預訂，並且知道這不是那種再行銷。這只是一個非常直接的服務導向。

I am expecting the enterprise business to continue to grow quarter-to-quarter and, frankly, the hyperscale as well. So thanks for that, Alex.

我預期企業業務將繼續逐季成長，坦白說，超大規模業務也將持續成長。所以謝謝你，亞歷克斯。

And our next question today comes from Eric Luebchow with Wells Fargo.

今天我們的下一個問題來自富國銀行的 Eric Luebchow。

Just to follow back on the data center business. Obviously, you have a high-class problem with most of your footprint pretty leased up. So how should we think about future data center CapEx given the strong leasing in the quarter? And how are you thinking about either additional markets or areas where you might need to add land capacity so that you have a further runway to grow the business beyond this year?

只是為了跟進資料中心業務。顯然，您遇到了一個高級問題，因為您的大部分足跡都被租用了。那麼，鑑於本季的租賃強勁，我們應該如何考慮未來資料中心的資本支出？您如何考慮可能需要增加土地容量的其他市場或領域，以便您在今年之後有進一步發展業務的跑道？

Thanks, Eric, for the question. Yes. So I think let me kind of break out your question in 2 parts. From a capital standpoint, we're very much within our multiyear plan that we laid out at the Investor Day. So in terms of our ability to fund it, as I said, earlier is that we have a fully funded plan and that we don't see any issues between the strength that we have in our traditional records management business that generates as you know, tons of cash that we then -- after paying the dividend, we actually flow into data center and growth areas.

謝謝埃里克提出的問題。是的。所以我想讓我把你的問題分成兩個部分。從資本的角度來看，我們非常符合我們在投資者日制定的多年計劃。因此，就我們為其提供資金的能力而言，正如我之前所說，我們有一個全額資助的計劃，並且我們沒有看到我們在傳統記錄管理業務中所擁有的實力之間存在任何問題，如您所知，在支付股息後，我們實際上流入了資料中心和成長領域的大量現金。

And then, of course, the strong growth we're getting in EBITDA gives us plenty of debt capacity to continue to fund that growth. So in terms of the funding side of it, as you say, it's a high-class problem. But you can imagine even when we were putting the plans together and we do our budgets is we look at upside and downside in terms of demand. So we're pretty comfortable that we can continue to fund the growth that we're seeing.

當然，我們的 EBITDA 強勁成長為我們提供了充足的債務能力來繼續為這種成長提供資金。因此，就資金方面而言，正如您所說，這是一個高級問題。但你可以想像，即使我們在製定計劃並製定預算時，我們也會考慮需求的上行和下行。因此，我們對能夠繼續為我們所看到的成長提供資金感到非常滿意。

In terms of the footprint, you're right to point out that we're going to be full and for instance, in our Manassas campus fairly soon. And we've talked about that we're already starting construction on our third campus or our third data center in Phoenix. And we're building out the Madrid campus. We're adding to the Amsterdam campus London 3. We started off with 1 data center. Now we're in 3. We have 2 data centers in Frankfurt.

就佔地面積而言，您正確地指出我們很快就會滿員，例如在我們的馬納薩斯校區。我們已經談到，我們已經開始在鳳凰城建造第三個園區或第三個資料中心。我們正在建設馬德里校區。我們正在為阿姆斯特丹校區新增 London 3。現在我們是 3。

So you're right to point that out. But I think you can imagine that we, right now, we feel very confident that we have in our pipeline to acquire more land that's in excess of the 100 megawatts for instance, that we guided this year. So we feel really good about the land bank strategy that we have in terms of what we have in the acquisition pipeline for land over the next -- for the rest of the year that will be ahead of our leasing activity.

所以你指出這一點是對的。但我想你可以想像，我們現在非常有信心，我們有能力收購更多土地，例如我們今年指導的超過 100 兆瓦的土地。因此，我們對我們的土地儲備策略感到非常滿意，因為我們在接下來的土地收購管道中擁有的土地——今年剩餘時間將在我們的租賃活動之前進行。

Yes, Eric, I would just add on and thank you for the compliment, by the way, on how the data center business is continuing to progress. The team is doing a phenomenal job. But I would just add on that we have multiple land parcels that we are in active negotiations with. We were looking at multiple sites.

是的，艾瑞克，我想補充一點，順便感謝您對資料中心業務如何持續發展的讚揚。該團隊做得非常出色。但我想補充一點，我們正在積極與多塊地塊進行談判。我們正在查看多個站點。

And importantly, that is embedded in our capital spending that we've been planning, as Bill alluded to, to continue to add to the land bank kind of continuously year in and year out. So that's embedded in the capital.

重要的是，正如比爾所提到的那樣，這已融入我們一直在計劃的資本支出中，以繼續年復一年地不斷增加土地儲備。所以這是根植於首都的。

And our next question comes from Jon Atkin with RBC.

我們的下一個問題來自加拿大皇家銀行的喬恩·阿特金。

Just a follow-up on, I guess, 2 follow-ups for your time. So you mentioned a lot of sovereign requirements, and I'm just interested in how competitive you find that space in terms of the RFP activity. And again, similar to my other question with earlier, is there particular region where you see more of those sorts of things, perhaps presenting opportunities? And then beyond the question would be the...

我想，這只是您時間的 2 個後續行動的後續行動。因此，您提到了很多主權要求，我只是對您在 RFP 活動方面發現該空間的競爭力感興趣。再次，與我之前提出的其他問題類似，是否在特定區域您會看到更多此類事情，也許會帶來機會？然後超越問題的是......

Jon, just before you go into the next question, we had a little interference with the signal. Can you repeat the first part of the question or maybe just give us the first question again?

喬恩，就在您進入下一個問題之前，我們的訊號受到了一些幹擾。您能否重複問題的第一部分，或再次向我們提出第一個問題？

Yes. How competitive are you finding the sovereign requirements? I don't know if these are formal RFPs in each case, but if you can talk a little bit about the competitive environment and then future opportunities, are there particular regions where you see more growth ahead in kind of the public sector?

是的。您發現主權要求的競爭力如何？我不知道這些是否都是正式的 RFP，但如果您能談談競爭環境和未來的機會，您是否認為公共部門未來會出現更多成長？

And then the second question was more around ITAD and you mentioned the integration of Regency. How complex are those integrations? And is it too soon to think about doing more of those types of tuck-ins for ALM?

第二個問題更圍繞著 ITAD，您提到了 Regency 的整合。這些整合有多複雜？現在考慮為 ALM 做更多此類的折邊活動是否為時過早？

Okay. Thanks, Jon. I'll take the question in terms of government contracting. And Barry, as you know, runs our M&A shopping. So I'll let him talk about both the integration with Regency as well as the pipeline in terms of further roll-ups.

好的。謝謝，喬恩。我將從政府合約的角度回答這個問題。如您所知，巴里負責我們的併購採購。因此，我將讓他談談與 Regency 的整合以及進一步整合的管道。

I think in terms of the sovereign contracting or government side of the business, is that we work for -- we work with a number. As you noticed that I highlighted a couple this time with United Kingdom, we do quite a bit in the United States, we also do quite a bit in other parts of Germany, including France and in -- yes, in other parts of France and Germany.

我認為就主權合約或政府方面的業務而言，我們為—我們與一些人合作。正如您所注意到的，我這次與英國強調了一些，我們在美國做了很多工作，我們在德國其他地區也做了很多工作，包括法國和——是的，在法國其他地區和德國。

And you're right, the relationships -- first of all, it's like anything else, it's a relationship building to make sure that you get into the queue. And you're right to point out that many times, these things lapse 12 months. In other words, they start talking to you before they get into the budgets and the budgets for the following year and you go through a tender process.

你是對的，關係——首先，它就像其他任何事情一樣，它是一種關係的建立，以確保你進入隊列。你多次指出，這些事情會過去 12 個月，這是正確的。換句話說，他們在進入預算和下一年的預算之前就開始與您交談，然後您就可以進行招標程序。

But we feel pretty good about -- I mean, we've got teams that are very experienced at that. I think it's actually an opportunity for us because you can imagine we pick our places that we decide to play because you do have to have a 24-month horizon when you're going after that kind of business. So we typically go to the -- both the parts of government and the governments or states where we think that there's enough of a volume to do.

但我們感覺很好——我的意思是，我們的團隊在這方面非常有經驗。我認為這對我們來說實際上是一個機會，因為你可以想像我們選擇我們決定玩的地方，因為當你追求這種業務時，你確實必須有 24 個月的期限。因此，我們通常會去政府部門以及我們認為有足夠工作量的政府或州。

So I think there's more for us to do and we're continuing to add to our teams in that area. And of course, you have to put very strong compliance around it, right? So -- but it is a strong part of our business, and it continues to grow. And it's a strong part -- and of all of our businesses. It's not just on the records management or the digital side, it includes data center.

因此，我認為我們還有更多工作要做，並且我們將繼續增加該領域的團隊成員。當然，你必須非常嚴格地遵守它，對嗎？所以——但它是我們業務的重要組成部分，而且還在持續成長。這是我們所有業務的重要組成部分。這不僅是在記錄管理或數位方面，還包括資料中心。

Jon, it's Barry. Thanks for that question on the integration and tuck-ins. First thing I'd say is the integration is going very well. No integration, I would ever say, is easy because, of course, combinations of companies are -- it is complex. However, I think our team is doing a very, very good job, and I alluded to in the script, that we are ahead of plan, and we are seeing more benefits in terms of operational efficiencies, driving better margins, improved capabilities.

喬恩，我是巴里。感謝您提出有關整合和折疊的問題。我首先要說的是，整合進展順利。我想說，沒有任何整合是容易的，因為當然，公司的合併是很複雜的。然而，我認為我們的團隊做得非常非常好，我在腳本中提到，我們提前了計劃，並且我們在營運效率、推動更好的利潤和改進的能力方面看到了更多的好處。

And that's credit to the team we picked up at Regency Technologies because they have a best-in-class capability as it relates to processing and recycling. And Bill and I were recently in our largest facility in Ohio with the team of Regency Technologies. We saw a lot of great processing going on, a really dedicated team.

這要歸功於我們在 Regency Technologies 聘請的團隊，因為他們在處理和回收方面擁有一流的能力。比爾和我最近與 Regency Technologies 團隊一起來到了俄亥俄州最大的工廠。我們看到了很多出色的處理正在進行，這是一個非常敬業的團隊。

I was in our Atlanta Regency facility last week, and saw the integration underway and we continue to see a lot of incremental capacity to utilize as we build out our ALM customer base. And as it relates to additional tuck-ins, I would say now that we've built the platform of both hyperscale, decommissioning as well as combining with Regency, tuck-ins are definitely something we are continuing to look at.

上週我在亞特蘭大 Regency 工廠，看到整合正在進行中，並且在我們建立 ALM 客戶群的過程中，我們繼續看到大量增量產能可供利用。由於它與額外的折騰有關，我想說現在我們已經建立了超大規模、退役以及與 Regency 結合的平台，折騰絕對是我們繼續關注的事情。

It is to use your phrase, it is not too early to be considering them. We have a list. But of course, everything is fact and circumstances driven. We like to make sure we're getting things at a very appropriate multiple and that we can see clear growth aligned with our business and that it will be incremental to our franchise. And -- but I think that there are opportunities booked in the U.S. and throughout the world actually as we build out our ALM capability to be a global partner to our large client base.

用你的話來說，現在考慮它們還不算太早。我們有一個清單。但當然，一切都是由事實和情況驅動的。我們希望確保我們以非常合適的倍數獲得產品，並且我們可以看到與我們的業務一致的顯著增長，並且這將是我們的特許經營權的增量。而且，我認為，當我們建立 ALM 能力，成為我們龐大客戶群的全球合作夥伴時，實際上在美國和世界各地都有機會。

This concludes today's question-and-answer session and the Iron Mountain First Quarter 2024 Earnings Conference Call. Thank you for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

今天的問答環節和 Iron Mountain 2024 年第一季財報電話會議到此結束。感謝您參加今天的演講。您現在可以斷開線路，度過美好的一天。