鐵山公司 (IRM) 2024 Q2 法說會逐字稿

內容摘要

公司總裁、執行長和財務長召開了 2024 年第二季收益電話會議,討論了強勁的財務業績、創紀錄的收入以及各個業務部門的成長。該公司公佈了收入成長、調整後的 EBITDA 和 AFFO,重點關注有機收入成長和定價趨勢。他們增加了股息,重申了今年的指導,並討論了資料中心和資產生命週期管理的未來成長機會。

談話還涉及超大規模企業的資金來源、利率、股權資本成本和庫存實踐。該公司對 EBITDA 的產生感到滿意,並計劃長期實現中上個位數成長。他們專注於透過定價和優化營運來為客戶增加價值,以進一步擴張。

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good morning, and welcome to the Iron Mountain second quarter 2024 earnings conference call. (Operator Instructions) Please note today's 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.

    早安,歡迎參加鐵山 2024 年第二季財報電話會議。 (操作員說明)請注意今天的活動正在錄製中。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。

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Thank you, Rocco. Good morning and welcome to our second quarter 2024 earnings conference call. On today's call, we'll refer to materials available on our Investor Relations website. We are joined here today by Will Meaney, President and Chief Executive Officer; and Barry Hytinen, Executive Vice President and Chief Financial Officer. After prepared remarks, we'll open up the lines for Q&A.

    謝謝你,羅科。早安,歡迎參加我們的 2024 年第二季財報電話會議。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,總裁兼執行長威爾·米尼 (Will Meaney) 也加入了我們的行列。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.

    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。

  • 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. So with that, I'll turn the call over to Will.

    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。這樣,我就把電話轉給威爾。

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Thank you, Gillian, and thank you all for taking the time to join us today for our discussion of our second quarter results. As you saw in this morning's announcement this quarter delivered another record financial performance and exceeded our expectations. Reflecting on these results, I am incredibly proud of how our team consistently executes at a high level, putting our customers at the center of everything we do.

    謝謝阿嬌,也謝謝大家今天抽空參加我們對第二季業績的討論。正如您在今天早上的公告中看到的那樣,本季的財務表現再創歷史新高,超出了我們的預期。反思這些結果,我對我們的團隊如何始終如一地高水準執行、將客戶置於我們所做的一切的中心感到非常自豪。

  • With our proven growth strategy, we are entering the back half of the year with strong momentum. We continue to see firsthand the power of Project Matterhorn from our commercial teams who are successfully leveraging our full suite of products and solutions to help position Iron Mountain has an ideal partner to our customers. This customer centricity continues to power our results forward for both customers and our shareholders.

    憑藉我們行之有效的成長策略,我們將以強勁的勢頭進入今年下半年。我們繼續從我們的商業團隊中親眼目睹馬特洪峰計畫的力量,他們成功地利用我們的全套產品和解決方案來幫助 Iron Mountain 成為我們客戶的理想合作夥伴。這種以客戶為中心的理念繼續推動我們為客戶和股東取得成果。

  • Building on our track record of value creation for our shareholders and our strong positive outlook, our Board of Directors has authorized an increase of our quarterly dividend by 10% to $0.715, in line with our AFFO per share growth.

    基於我們為股東創造價值的記錄和強烈的積極前景,我們的董事會已授權將我們的季度股息增加 10% 至 0.715 美元,與我們每股 AFFO 的成長保持一致。

  • I'll now turn to key developments during the quarter and how we executed on our growth strategy, which is aligned to our business segments. As a reminder, our strategic priorities are the following: driving continued revenue growth in our physical storage records management business. Providing digitally enabled solutions for our 240,000 customers, which allows them to get true competitive advantage out of their physical and digital information.

    現在我將談談本季的主要發展以及我們如何執行與我們的業務部門一致的成長策略。提醒一下,我們的策略重點如下:推動我們的實體儲存記錄管理業務的收入持續成長。為我們的 240,000 名客戶提供數位化解決方案,使他們能夠從實體和數位資訊中獲得真正的競爭優勢。

  • Delivering differentiated data center offerings and offering top-tier growth through our global scale and customer trust. And advancing our asset lifecycle management services, which provides security, maximum efficiency, and an environmentally sound lifecycle management approach for our customers' IT assets.

    透過我們的全球規模和客戶信任,提供差異化的資料中心產品並實現頂級成長。並推動我們的資產生命週期管理服務,為客戶的 IT 資產提供安全性、最高效率和環保的生命週期管理方法。

  • To give you some examples of how we have recently applied our services on behalf of our customers let's begin with our records management business. The first, when I wish to highlight, shows how our scalable solutions can solve for complex regulatory requirements and address changing customer needs.

    為了向您提供一些我們最近如何代表客戶應用我們的服務的範例,讓我們從我們的記錄管理業務開始。我想強調的第一點是,展示我們的可擴展解決方案如何解決複雜的監管要求並滿足不斷變化的客戶需求。

  • A European-based pharmaceutical company came to us in need of a global record retention schedule as the company was struggling to manage costs and meet regulatory requirements. As part of our expanding partnership we are providing a fully managed suite of solutions, including policy center upkeep, advisory services, and a dedicated help desk for queries in a scalable and flexible way, that can seamlessly adapt over time as their needs evolve.

    一家歐洲製藥公司向我們尋求全球記錄保留計劃,因為該公司正在努力管理成本和滿足監管要求。作為我們不斷擴大的合作夥伴關係的一部分,我們提供了一套完全託管的解決方案,包括政策中心維護、諮詢服務以及以可擴展和靈活的方式進行查詢的專用幫助台,這些解決方案可以隨著時間的推移隨著需求的變化無縫地適應。

  • Continuing with wins in our records management business, I am particularly excited to discuss a couple of digital wins. The first example to highlight is a major contract signed with a large financial institution. The foundation of this win was based on upon multiple decades of a trusted relationship with the banks understanding of our truly differentiated approach to digitally managing and automating workflow.

    繼續我們在記錄管理業務中取得的勝利,我特別高興地討論一些數字方面的勝利。第一個要強調的例子是與一家大型金融機構簽訂的重大合約。這場勝利的基礎是基於與銀行數十年的信任關係,了解我們真正差異化的數位化管理和自動化工作流程方法。

  • As a result, they selected Iron Mountain to serve as its partner for a long-term transformation of its management of digital and physical documents. On the bank's behalf, Iron Mountain is transforming how it captures both digital and physical documents and their associated metadata across all lines of business, including nonbanking internal documents like finance and HR.

    因此,他們選擇 Iron Mountain 作為合作夥伴,對其數位和實體文件管理進行長期轉型。代表銀行,Iron Mountain 正在改變其捕獲所有業務線的數位和實體文件及其相關元資料的方式,包括財務和人力資源等非銀行內部文件。

  • Our unique offering, revolutionizes document processing services for both physical and digital documents. We have achieved this by employing our proprietary leading edge AI powered intelligent document processing, built into our insight platform.

    我們獨特的產品徹底改變了實體和數位文件的文檔處理服務。我們透過採用內建於我們的洞察平台中的專有的領先人工智慧驅動的智慧文件處理來實現這一目標。

  • Continuing with our digital business, in Australia, we have secured a large deal with one of the country's biggest banks to provide our digital mailroom solution, which brings together our operational scale and digital capabilities.

    繼續我們的數位業務,在澳大利亞,我們與全國最大的銀行之一達成了一項大額交易,以提供我們的數位郵件收發室解決方案,該解決方案匯集了我們的營運規模和數位能力。

  • Iron Mountain has been a trusted records management partner for over 20 years, and we built on that relationship to develop a comprehensive service offering that will see us manage their physical mailroom sites across Australia and scan around 32 million images a year as we process mortgage documents, cheque, vouchers and other banking documents.

    20 多年來,Iron Mountain 一直是值得信賴的記錄管理合作夥伴,我們在這種關係的基礎上開發了全面的服務產品,這將使我們管理他們在澳大利亞各地的物理郵件收發室站點,並在處理抵押文件時每年掃描約3,200 萬張影像、支票、憑證和其他銀行文件。

  • Our proven implementation methodology reassure the customer that we could execute a seamless transition of services and the innovative technology we are deploying, will help them to realize significant efficiencies in the years ahead.

    我們經過驗證的實施方法讓客戶放心,我們可以執行服務的無縫過渡,而我們正在部署的創新技術將幫助他們在未來幾年實現顯著的效率。

  • Moving to our data center business, through the first half of the year, we leased 97 megawatts, which includes 66 megawatts this quarter. Due to our strong pipeline, we feel confident we will exceed our original projection and now expect to lease 130 megawatts for the year.

    轉向我們的資料中心業務,今年上半年,我們租賃了 97 兆瓦,其中本季租賃了 66 兆瓦。由於我們強大的管道,我們有信心超越我們最初的預測,現在預計今年租賃 130 兆瓦。

  • The speed of leasing in the first half of the year is, thanks to the momentum that our team has built in our leasing pipeline. We are an attractive partner to customers looking for infrastructure, which can support their very dense IT workloads in associated with their AI enabled services. Here are some examples of wins during the quarter from our US and UK markets.

    上半年的租賃速度,得益於我們團隊在租賃管道中建立的勢頭。對於尋求基礎架構的客戶來說,我們是一個有吸引力的合作夥伴,這些基礎架構可以支援與其人工智慧服務相關的非常密集的 IT 工作負載。以下是本季我們在美國和英國市場取得的一些勝利的例子。

  • At our Western Pennsylvania location, we welcomed a new hyperscale customer with a seven year contract since signing the contract, the customers already in discussions about potential expansion to some of our other campuses. A good example of our continued and growing partnerships with some of the largest hyperscalers, our recent wins this quarter with a single customer in both the US and UK markets.

    在我們賓州西部的工廠,我們迎來了一位新的超大規模客戶,自簽訂合約以來,該客戶簽訂了為期七年的合同,該客戶已經在討論向我們其他一些園區擴張的可能性。我們最近在本季度與美國和英國市場的單一客戶取得了勝利,這是我們與一些最大的超大規模提供者持續不斷發展的合作夥伴關係的一個很好的例子。

  • This customer has placed a 10-year contract for us -- with us for almost 25 megawatts of capacity at our London data center campus and a 15-year contract for 36 megawatts at our data center campus in Phoenix, Arizona.

    該客戶為我們簽訂了一份為期10 年的合同,為我們的倫敦數據中心園區提供近25 兆瓦的容量,並為我們位於亞利桑那州鳳凰城的數據中心園區簽訂了為期15 年的36 兆瓦的合約。

  • Also at our Phoenix campus, we have won a 10-year co-location contract with one of Japan's largest banks. We will be riding 800 kilowatts of capacity to support the complete transformation of this customer's North American IT platform.

    同樣在我們的鳳凰城園區,我們也與日本最大的銀行之一贏得了為期 10 年的主機代管合約。我們將利用 800 千瓦的容量來支援該客戶北美 IT 平台的徹底轉型。

  • Turning to our asset lifecycle management business, we continue to see established Iron Mountain customers seek new solutions from our ever-expanding portfolio. A perfect example of this is how we expanded the relationship with an insurance company that has been in Iron Mountain customers since the late 1950s. Having secured a small ALM project with them last year, our customers' confidence in our capabilities and our delivery record has led them to make us their sole ALM provider.

    談到我們的資產生命週期管理業務,我們不斷看到鐵山老客戶從我們不斷擴大的產品組合中尋求新的解決方案。一個完美的例子是我們如何擴大與保險公司的關係,該保險公司自 20 世紀 50 年代末以來一直是 Iron Mountain 的客戶。去年與他們合作獲得了一個小型 ALM 專案後,我們的客戶對我們的能力和交付記錄充滿信心,促使他們選擇我們作為他們唯一的 ALM 提供者。

  • Finally, I'd like to share the last example of a customer that has added our ALM services to the Iron Mountain solutions from which they already benefit. This global cloud-based software company has asked us to manage an ALM program to securely destroy, remarket or recycle datacenter assets at more than 30 locations in North America, EMEA, Latin America and the Asia Pacific regions.

    最後,我想分享最後一個客戶範例,該客戶已將我們的 ALM 服務新增至他們已經從中受益的 Iron Mountain 解決方案。這家基於雲端的全球軟體公司要求我們管理 ALM 計劃,以安全地銷毀、再行銷或回收位於北美、歐洲、中東和非洲、拉丁美洲和亞太地區 30 多個地點的資料中心資產。

  • Demonstrating, we can provide a full-service global ALM offering is no small task, but our skilled and dedicated team's successfully met the challenge. We are now a proud ALM partner for this customer alongside the records management and digital solutions that we already provide.

    證明我們可以提供全方位的全球 ALM 產品並非易事,但我們技術精湛、敬業的團隊成功應對了挑戰。現在,除了我們已經提供的記錄管理和數位解決方案外,我們還成為該客戶自豪的 ALM 合作夥伴。

  • To conclude, we have thoughtfully and strategically curated a mountain range of best in class solutions and an effective operating model under Project Matterhorn. This quarter's successes are a brief testament to the value, our strategy is already delivering in a window into the future we are building at Iron Mountain.

    總而言之,我們在馬特洪峰計畫下精心策劃了一系列一流的解決方案和有效的營運模式。本季的成功簡要證明了我們的戰略價值,我們的策略已經為我們在鐵山建設的未來提供了一個窗口。

  • As we continue to expand our footprint of storage and services and deliver tailored innovative solutions for each of our customers, I could not be more grateful for the hard work of our mountaineers. Our strategy and execution is showing the way and delivering consistently strong revenue growth and the resulting financial model that delivers top-tier growth in both our AFFO and our dividend.

    隨著我們不斷擴大儲存和服務範圍,並為每位客戶提供量身定制的創新解決方案,我對登山者的辛勤工作深表感激。我們的策略和執行正在指明方向,並實現持續強勁的收入成長,以及由此產生的財務模型,實現我們的 AFFO 和股息的頂級成長。

  • We have an energized team of experienced, proven operators who are committed to excellence, and that gives us great confidence in our future.

    我們擁有一支充滿活力的團隊,由經驗豐富、久經考驗的操作員組成,他們致力於卓越,這讓我們對未來充滿信心。

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

    這樣,我就把電話轉給巴里。

  • Barry Hytinen - Chief Financial Officer, Executive Vice President

    Barry Hytinen - Chief Financial Officer, Executive Vice President

  • Thanks, Will, and thank you all for joining us to discuss our results. I'll begin by providing an overview of our second quarter results and then go into more detail on each of our business segments, before turning to our outlook for the third quarter, a full year.

    謝謝威爾,也謝謝大家加入我們討論我們的結果。我將首先概述我們第二季的業績,然後詳細介紹我們的每個業務部門,然後再展望第三季全年。

  • In the second quarter, our team achieved strong performance across all of our key financial metrics. We achieved record revenue of $1.534 billion, up 13% on a reported basis, driven by 11% storage growth and 17% service growth.

    第二季度,我們的團隊在所有關鍵財務指標上都取得了強勁的業績。在儲存成長 11% 和服務成長 17% 的推動下,我們實現了創紀錄的 15.34 億美元收入,按報告增加 13%。

  • We delivered 10% organic revenue growth. Revenue was ahead of the expectations, we shared on our last call by more than $30 million. Total storage revenue was $920 million, up $89 million year-on-year. Storage growth was driven by revenue management and continued strong commencements in our data center business. Total service revenue was $615 million, up $87 million from last year, driven by strength in our asset lifecycle management and global RIM businesses.

    我們實現了 10% 的有機收入成長。我們在上次電話會議上分享的收入超出預期超過 3000 萬美元。儲存總收入為9.2億美元,年增8,900萬美元。儲存成長是由收入管理和資料中心業務持續強勁的發展所推動的。在資產生命週期管理和全球 RIM 業務實力的推動下,總服務收入達到 6.15 億美元,比去年增加 8,700 萬美元。

  • Adjusted EBITDA was $544 million, a new record, up 14% year-on-year, driven by strong growth in global RIM as well as data center and asset lifecycle management. Adjusted EBITDA margin was 35.5%, up 50 basis points year-on-year, which reflects improved margins across our business.

    受全球 RIM 以及資料中心和資產生命週期管理強勁成長的推動,調整後 EBITDA 為 5.44 億美元,創下新紀錄,較去年同期成長 14%。調整後 EBITDA 利潤率為 35.5%,較去年同期成長 50 個基點,反映出我們整個業務的利潤率有所改善。

  • AFFO was $321 million or $1.8 on a per-share basis, up $34 million and $0.10 respectively from the second quarter of last year. This represents growth of 12% for AFFO and 10% for AFFO per share. This is ahead of the guidance we provided for the second quarter, driven by higher adjusted EBITDA as well as lower than expected cash taxes, which is included in our guidance for the third quarter.

    AFFO 營收為 3.21 億美元,每股收益 1.8 美元,比去年第二季分別增加 3,400 萬美元和 0.10 美元。這意味著 AFFO 每股成長 12%,AFFO 每股成長 10%。這高於我們為第二季提供的指導,這是由於調整後的 EBITDA 較高以及低於預期的現金稅(包含在我們第三季的指導中)所推動的。

  • The strength of the US dollar continued to be a headwind in the quarter. On a constant currency basis, revenue was up 14% and AFFO was up 13%.

    美元走強繼續成為本季的不利因素。以固定匯率計算,營收成長 14%,AFFO 成長 13%。

  • Now turning to segment performance. I'll start with our global RIM business, which achieved revenue of $1.25 billion, an increase of $91 million year-on-year, with strong organic revenue growth of 7.9%. Revenue management and positive volume trends drove organic storage rental growth of 7.7%. Our team delivered organic service revenue up 8.3%.

    現在轉向細分市場表現。我先從我們的全球 RIM 業務開始,該業務實現收入 12.5 億美元,年增 9,100 萬美元,有機收入強勁增長 7.9%。收入管理和積極的銷售趨勢推動有機倉儲租金成長 7.7%。我們團隊的有機服務收入成長了 8.3%。

  • Global RIM adjusted EBITDA was $549 million, an increase of $50 million year-on-year. Global RIM adjusted EBITDA margin was up 40 basis points sequentially and 90 basis points from last year, driven by storage growth and continued productivity across our operations.

    全球RIM調整後EBITDA為5.49億美元,年增5000萬美元。在儲存成長和整個業務持續生產力的推動下,全球 RIM 調整後 EBITDA 利潤率比上一季增長 40 個基點,比去年增長 90 個基點。

  • Turning to global data center, the team delivered revenue of $153 million, an increase of $35 million year-on-year. From a total revenue perspective, we achieved 24% organic growth. Organic storage rental revenue growth was particularly strong at 27%, driven by commencements and improved pricing.

    轉向全球資料中心,團隊實現營收1.53億美元,年增3500萬美元。從總收入的角度來看,我們實現了 24% 的有機成長。在開工和定價改善的推動下,有機倉儲租賃收入成長尤其強勁,達到 27%。

  • GAAP mark to market in the second quarter was 12.3% and was benefited by a single relatively large renewal. We continue to expect mark to market to be up mid to high single digit in the second half. Data center adjusted EBITDA was $66 million, representing 23% growth.

    第二季的 GAAP 市場分數為 12.3%,受益於一次相對較大的更新。我們繼續預計下半年市價將上升到中高個位數。資料中心調整後 EBITDA 為 6,600 萬美元,成長 23%。

  • Turning to new and expansion leasing, we signed 66 megawatts in the quarter, bringing total bookings for the first half to 97 megawatts. As Will mentioned, with our strong leasing and favorable outlook, we are increasing our full year projection to 130 megawatts.

    談到新建和擴建租賃,我們在本季簽署了 66 兆瓦,使上半年的總預訂量達到 97 兆瓦。正如威爾所提到的,憑藉我們強勁的租賃和良好的前景,我們將全年預測提高到 130 兆瓦。

  • The data center market continues to develop rapidly and with our strong and expanding hyperscale relationships, our pipeline continues to grow. I am pleased to report that we have increased our landbank by 57 megawatts. With those additions, our total data center capacity can now be built out to 918 megawatts over time with 347 megawatts held for development.

    資料中心市場持續快速發展,憑藉我們強大且不斷擴大的超大規模關係,我們的管道持續成長。我很高興地報告,我們的土地儲備增加了 57 兆瓦。隨著這些增加,隨著時間的推移,我們的資料中心總容量現在可以增加到 918 兆瓦,其中 347 兆瓦用於開發。

  • Turning to asset lifecycle management, total ALM revenue in the quarter was $90 million, an increase of 111% year-on-year and 30% on an organic basis, driven by both improved volume and pricing. ALM continues to be a key beneficiary of cross-selling with over 95% of our bookings this quarter, happening as a result of that initiative.

    在資產生命週期管理方面,本季 ALM 總營收為 9,000 萬美元,年增 111%,有機成長 30%,這得益於銷售量和定價的改善。 ALM 仍然是交叉銷售的主要受益者,本季我們超過 95% 的預訂都是透過此舉措實現的。

  • The team at Regency Technologies continues to deliver results ahead of our plan with revenue of $35 million in the quarter. We have seen our combination with Regency results and expanded client relationships and improved profitability.

    Regency Technologies 團隊繼續領先我們的計劃,本季營收達到 3,500 萬美元。我們已經看到了與 Regency 的合併成果,擴大了客戶關係並提高了獲利能力。

  • Turning to capital allocation, we remain focused on a disciplined approach to fund our growth initiatives and drive meaningful shareholder returns while maintaining a strong balance sheet.

    在資本配置方面,我們仍然專注於採用嚴格的方法來為我們的成長計畫提供資金並推動有意義的股東回報,同時保持強勁的資產負債表。

  • Capital expenditures in the second quarter were $399 million with $360 million of growth and $37 million of recurring.

    第二季資本支出為 3.99 億美元,其中成長支出為 3.6 億美元,經常性支出為 3,700 萬美元。

  • Turning to the balance sheet with strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.0 times, which is the lowest level we have achieved since prior to the company's reconversion in 2014.

    轉向 EBITDA 表現強勁的資產負債表,本季結束時,我們的淨租賃調整槓桿率為 5.0 倍,這是自 2014 年公司轉型以來我們達到的最低水準。

  • Turning to our dividends, on a trailing four quarter basis, our payout ratio is now 60%, consistent with our target payout range and reflecting our positive outlook, we have increased our dividend 10%.

    談到我們的股息,在過去四個季度的基礎上,我們的派息率為 60%,與我們的目標派息範圍一致並反映了我們的積極前景,我們將股息增加了 10%。

  • Now turning to our projections. For the full year, we now expect to deliver results towards the high end of our guidance range on all metrics. For the third quarter, we expect revenue of approximately $1.55 billion. Adjusted EBITDA of approximately $560 million, AFFO of approximately $325 million and AFFO per share of approximately $1.10.

    現在轉向我們的預測。對於全年,我們現在預計所有指標的結果都將達到我們指導範圍的高端。我們預計第三季營收約為 15.5 億美元。調整後的 EBITDA 約為 5.6 億美元,AFFO 約 3.25 億美元,每股 AFFO 約 1.10 美元。

  • In conclusion, our team delivered record results in the first half. We continue to perform ahead of our long-term growth objectives, and our outlook is strong. I'd like to take this opportunity to thank all of our mountaineers for their continued efforts to deliver on behalf of our customers.

    總而言之,我們隊在上半場取得了創紀錄的成績。我們繼續超前於我們的長期成長目標,我們的前景十分樂觀。我想藉此機會感謝我們所有的登山者為我們的客戶所做的持續努力。

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

    那麼,接線員,請開通問答線好嗎?

  • Operator

    Operator

  • (Operator Instructions) George Tong, Goldman Sachs. Please go ahead.

    (操作員指令)George Tong,高盛。請繼續。

  • George Tong - Analyst

    George Tong - Analyst

  • Hi, thanks, good morning. Your ALM business saw 30% organic revenue growth in the quarter. Can you discuss how much of the growth came from volumes versus pricing and what assumptions for component prices you're baking into your guidance.

    嗨,謝謝,早安。您的 ALM 業務本季的有機收入成長了 30%。您能否討論一下成長有多少來自銷售與價格,以及您在指導中考慮的零件價格假設是什麼。

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Thanks, George, and good morning. I'll -- let me handle the first part and then I'll let Barry talk a little bit more about the pricing trends that we're seeing.

    謝謝,喬治,早安。我將——讓我處理第一部分,然後我將讓巴里更多地談論我們所看到的定價趨勢。

  • So first, we're really pleased with the growth in the organic growth that you highlighted in our ALM business this quarter. And you think about that about two thirds of that is driven by just pure volume and the other third is the price improvement that we've seen from the record lows that were 12, 18 months ago. So we're really pleased with the progress, but I'd say most of the growth is from volume.

    首先,我們對您在本季度 ALM 業務中強調的自然成長感到非常滿意。你想想看,其中大約三分之二是由純粹的成交量驅動的,另外三分之一是我們從 12、18 個月前的歷史低點看到的價格改善。因此,我們對進展感到非常滿意,但我想說大部分增長來自數量。

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • And George, from a standpoint of what we're seeing in our view for pricing going forward, is, as you know, pricing continues to be expected to trend higher. We've been somewhat conservative with respect to our outlook for pricing because we've seen some variation between the spreads, between new gear and secondary gear.

    喬治,從我們對未來定價的看法來看,正如你所知,預計定價將繼續走高。我們對定價前景有些保守,因為我們發現新裝備和二級裝備之間的價差有些差異。

  • Particularly so on memory, it's widen some, but frankly, it's narrow those spreads on other gear like drives. So look, it's a very positive outlook for our ALM business because the team continues to win a lot of business. The cross-selling activity we have is immense. And we're expecting -- if you work through the guidance we just gave, for the third quarter and the implied for the fourth, you should be expecting our ALM business to be comping organically in the 40s in the back half, if not higher.

    特別是在內存方面,它擴大了一些,但坦率地說,它縮小了其他齒輪(如驅動器)的差距。因此,我們的 ALM 業務前景非常樂觀,因為團隊繼續贏得大量業務。我們的交叉銷售活動非常巨大。我們預計,如果您按照我們剛剛給出的第三季度指導和第四季度的暗示進行操作,您應該預計我們的 ALM 業務在後半段的有機競爭將達到 40 多歲,甚至更高。

  • So we're feeling really good. And I guess I should just call out since you asked about ALM, our Regency business is doing phenomenal. The team there continues to execute very, very well. We're seeing very strong productivity as a result of leveraging Regency's capabilities and their utilization is going up, thanks to historic Iron Mountain business that's being processed by Regency. So thank you, George.

    所以我們感覺非常好。我想既然你問到了 ALM,我就應該大聲說出來,我們的 Regency 業務做得非常出色。那裡的團隊繼續執行得非常非常好。由於利用 Regency 的能力,我們看到了非常強大的生產力,並且由於 Regency 處理的歷史悠久的鐵山業務,其利用率正在上升。謝謝你,喬治。

  • Operator

    Operator

  • Kevin McVeigh, UBS.

    凱文麥克維,瑞銀集團。

  • Kevin McVeigh - Anlayst

    Kevin McVeigh - Anlayst

  • Great. Congratulations on a record results. Just I don't know if this for Barry or -- can you reconcile kind of that two quarters would be relative to the reaffirmed guidance and just, the optimism that it seems like it's scaling on the ALM side, just puts and takes around that?

    偉大的。祝賀創紀錄的結果。只是我不知道這對巴里來說,或者——你能調和一下這兩個季度與重申的指導有關嗎?

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Yeah, thanks. Kevin, good morning. We continue to feel very good as we just noted about our guidance and we -- as you know, we beat in the first quarter and we did again here in the second quarter, actually a wider beat than the first.

    是的,謝謝。凱文,早安。我們仍然感覺非常好,因為我們剛剛注意到了我們的指導,正如你所知,我們在第一季度擊敗了我們,我們在第二季度再次做到了這一點,實際上比第一季度更廣泛。

  • And our thought processes that -- things continue to trend very much in the right direction. That's why we pointed towards the higher end of our guidance range for the year. I'll note FX continues to be a headwind, so you'll see the stronger dollar being an impact to our reported results in the third quarter, probably of the order of the same magnitude as the second quarter, if not a little bit more.

    我們的思考過程是──事情繼續朝著正確的方向發展。這就是為什麼我們指向今年指導範圍的高端。我會注意到,外匯仍然是一個逆風,因此您會看到美元走強對我們第三季報告的業績產生影響,其影響程度可能與第二季相同,甚至更多。

  • But what you're seeing is improving trends as compared to our initial outlook this year, across the business. Global RIM continues to perform really well. In the organic storage rental revenue growth accelerated in the quarter as we expected it to and as we forecasted last quarter, and we continue to expect that to be in the [seven] to [eight] range in the back half.

    但與我們今年最初的展望相比,您看到的是整個業務的趨勢正在改善。全球 RIM 持續表現出色。在有機儲存租金收入成長中,本季加速成長,正如我們預期的那樣以及我們上季度的預測,我們繼續預計後半段將在 [七] 到 [八] 範圍內。

  • And then in terms of data center, as we've talked about before, that's a business that has a tremendous amount of visibility in the near term. And as we talked about the outlook for the long term there is very robust in light of the leasing activity we've had. And I just mentioned ALM with George, so appreciate the questions.

    然後就資料中心而言,正如我們之前討論過的,這是一項在短期內具有巨大可見性的業務。當我們談論長期前景時,鑑於我們的租賃活動非常強勁。我剛剛與 George 提到了 ALM,所以感謝您提出的問題。

  • Operator

    Operator

  • Nate Crossett, BNP.

    內特·克羅塞特,法國巴黎銀行。

  • Nate Crossett - Analyst

    Nate Crossett - Analyst

  • Hey, good morning. Just wondering what you're expecting in terms of overall RIM volumes for 3Q and the balance of the year?

    嗨,早安。只是想知道您對第三季和今年剩餘時間的 RIM 整體銷售有何預期?

  • And then can you, I guess you've already talked about your expectations for pricing growth. So should we assume that the organic revenue growth is [70%] in the back half?

    然後你可以嗎,我想你已經談到你對價格成長的預期了。那麼我們是否應該假設下半年有機收入成長為[70%]?

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Hi Nate. It's Barry. Consistent with our outlook for the last many quarters, we continue to expect our volume, physical volume to be flattish to slightly up, and it continued that trend, obviously in the second quarter and we have a favorable outlook for it again to be in that vicinity in the third and in the fourth quarter.

    嗨內特。是巴里。與我們對過去多個季度的展望一致,我們繼續預計我們的成交量、實物成交量將持平或略有上升,並且明顯在第二季度延續了這一趨勢,我們對它再次處於這一水平持樂觀態度第三季和第四季附近。

  • So we expect our volumes to be continuing to rise. I'll just note we have never stored more physical volumes than we are storing today. And so that is, I think, a testament to the teams, no diligence as it relates to serving our customers and frankly, the value we're driving for customers as they continue to trust us with their important assets.

    因此,我們預計我們的銷量將繼續增加。我只想指出,我們儲存的實體卷從未比今天儲存的多。因此,我認為,這證明了團隊在服務客戶方面的不勤奮,坦白說,這證明了我們為客戶帶來的價值,因為他們繼續信任我們的重要資產。

  • In terms of organic growth in RIM on the storage side, you've got it right. So the volume would be relatively small component of the growth and then the rest would be driven principally by revenue management. And I will note that, our services business in global RIM continues to be benefited both on the traditional side, but also in going forward, likely to be ramping some on the digital side because we -- the team in our digital solutions group just delivered the best bookings quarter we've ever had in digital. So that is a really nice performance by our commercial and digital teams. Thanks, Nate.

    就 RIM 在存儲方面的有機增長而言,您說得對。因此,銷售量在成長中所佔的比例相對較小,其餘部分將主要由收入管理驅動。我要指出的是,我們在全球 RIM 的服務業務繼續受益於傳統方面,而且在未來,可能會在數位方面有所增長,因為我們——我們的數位解決方案團隊中的團隊剛剛交付了這是我們在數位領域經歷過的最好的預訂季度。因此,我們的商業和數位團隊的表現非常出色。謝謝,內特。

  • Operator

    Operator

  • Andrew Steinerman, JPMorgan.

    安德魯‧史坦納曼,摩根大通。

  • Alex Hess - Analyst

    Alex Hess - Analyst

  • Hi, this is Alex Hess on for Andrew Steinerman. Hope you're all well today. A quick question on data center CapEx. And then maybe a quick follow-up. A data center CapEx did the assumptions that you guys made at Investor Day -- at your Investor Event in 2022 still hold. Obviously, we're seeing notable pickup in the guided CapEx numbers from the hyperscalers.

    大家好,我是安德魯·斯坦納曼的亞歷克斯·赫斯。希望你今天一切都好。關於資料中心資本支出的一個簡單問題。然後也許是快速跟進。資料中心資本支出做了你們在投資者日 - 在 2022 年投資者活動上所做的假設仍然成立。顯然,我們看到超大規模企業的引導資本支出數字顯著上升。

  • And then maybe a structural question, has the pool of hyperscalers? Are those still say the same firms for you guys as three or four years ago? Or is there opportunity for some of these infrastructure software and AI start-ups to also be hyperscalers in your book as well? Thank you.

    然後可能是一個結構性問題,有超大規模的池子嗎?對你們來說,這些公司還跟三、四年前一樣嗎?或者,其中一些基礎設施軟體和人工智慧新創公司是否也有機會成為您書中的超大規模企業?謝謝。

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Good morning. Let me -- I'll start with your second question and then Barry will follow up on the CapEx relative to our Investor Day. So I think what you see for us hyperscalers are always kind of not just the largest cloud providers, but the largest SaaS providers as well.

    早安.讓我——我將從你的第二個問題開始,然後巴里將跟進與我們的投資者日相關的資本支出。因此,我認為我們的超大規模供應商不僅會看到最大的雲端供應商,還會看到最大的 SaaS 供應商。

  • So people who need very, very large deployments in terms of megawatts of data center capacity. And usually these are global firms. And so I'm not saying that we won't see some of those firms, some of the more newer firms that you're highlighting come into that depot.

    因此,人們需要非常非常大的部署(兆瓦級資料中心容量)。通常這些都是全球性公司。因此,我並不是說我們不會看到其中一些公司,您強調的一些較新的公司進入該倉庫。

  • But I would say that the barriers to entry for these really very large hyperscalers, just given the cost of leasing and building data centers, it is a fairly consolidated and tight group. I'm not saying that there couldn't be people that break into it, but I think for the moment, it's a pretty stable group, slightly increasing as some of the SaaS players get bigger in their own right.

    但我想說的是,考慮到租賃和建造資料中心的成本,這些真正非常大的超大規模企業的進入障礙是一個相當整合和緊密的群體。我並不是說不可能有人闖入,但我認為目前這是一個相當穩定的群體,隨著一些 SaaS 參與者自身規模的擴大,該群體的規模略有增加。

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Alex, it's Barry. I would say a couple of thoughts about your question on the CapEx views. We are continuing to see our data center business and actually the whole business run ahead of the expectations we shared at that Investor Day.

    亞歷克斯,這是巴里。對於您關於資本支出觀點的問題,我想說一些想法。我們繼續看到我們的資料中心業務,實際上整個業務的運作超出了我們在投資者日分享的預期。

  • As we talked about last quarter for the first couple of years we will well ahead. And if you look at what we're doing here, this year, we're actually accelerating that level of beat. So we're generating more revenue, more EBITDA, and more cash generation.

    正如我們談到前幾年上個季度的那樣,我們將遠遠領先。如果你看看我們今年在這裡所做的事情,我們實際上正在加速這種節奏。因此,我們正在創造更多的收入、更多的 EBITDA 和更多的現金產生。

  • And certainly, we continue to lease more and faster than we were indicating at the time of the Investor Day. So over time, I think it is possible that we may see a continued ramp in capital for data center. But I'll just note we're constructing to leases, with some of the best quality tenants you could imagine in the hyperscalers. And I mean, a couple of statistics we're 96% leased in our operating portfolio.

    當然,我們的租賃數量繼續比投資者日時顯示的更多、更快。因此,隨著時間的推移,我認為我們可能會看到資料中心的資本持續增加。但我只想指出,我們正在以租賃方式建設,擁有一些您可以想像的超大規模企業中最優質的租戶。我的意思是,根據一些統計數據,我們的營運投資組合中 96% 是出租的。

  • And in our under development construction portfolio, which is about 10% bigger than what we're operating, maybe even 15% bigger than we're operating. We're 96% leased on that as well on a pre-lease basis. So I will just underscore that when we are putting capital to work to build out our data center platform. It is because we have already signed contracts with clients and we are very pleased with the level of returns that we have been generating on those deals.

    在我們正在開發的建築投資組合中,這比我們正在運營的項目大約大 10%,甚至可能比我們正在運營的項目大 15%。我們的 96% 都是在預租的基礎上出租的。因此,當我們投入資金來建立我們的資料中心平台時,我只想強調這一點。這是因為我們已經與客戶簽訂了合同,我們對這些交易所產生的回報水平非常滿意。

  • Operator

    Operator

  • Eric Luebchow, Wells Fargo.

    艾瑞克‧盧布喬 (Eric Luebchow),富國銀行。

  • Eric Luebchow - Anlayst

    Eric Luebchow - Anlayst

  • Thanks. Appreciate it. Just a follow up on the data center conversation. I mean just based on the opportunity you've had the outperformance on leasing year to date. Maybe you could just talk about funding sources going forward and on given the fact that your stock has been so strong this year, your equity cost of capital is significantly lower, that has been in years past, the issuing equity enter the conversation going forward as you look at funding the data center business. Thank you.

    謝謝。欣賞它。只是資料中心對話的後續。我的意思是,僅基於您今年迄今為止在租賃方面表現出色的機會。也許你可以只談論未來的資金來源,鑑於今年你的股票如此強勁,你的股權資本成本顯著降低,這在過去的幾年裡都是如此,發行股票進入未來的對話您正在考慮為數據中心業務提供資金。謝謝。

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Thanks, Eric. Let me start and then Barry he may want to chime in as well. But so first, we feel really good about as you're highlighting the growth and momentum that we're building in the data center business, in not just in the co-lo, but more and more in the hyperscale and the majority is coming from hyperscale.

    謝謝,埃里克。讓我開始吧,然後巴里他可能也想插話。但首先,我們感到非常高興,因為您強調了我們在資料中心業務中建立的成長和勢頭,不僅是在託管中心,而且越來越多地在超大規模領域,而且大多數即將到來來自超大規模。

  • But as Barry said is, overnight -- well over 90% like overground, 96% is all pre-leased and it's a fully funded plan as we highlighted in the Investor Day. So we don't see any -- we feel really good in terms of the way that we're able to fund the growth. And so we're happy in terms of the trajectory that we have without, going out, raising equity. We think we have a plan that works.

    但正如巴里所說,一夜之間——超過 90% 的面積與地上面積一樣,96% 都已預租,正如我們在投資者日強調的那樣,這是一個資金充足的計劃。所以我們沒有看到任何——就我們能夠為成長提供資金的方式而言,我們感覺非常好。因此,我們對沒有走出去、籌集股本的軌跡感到高興。我們認為我們有一個可行的計劃。

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Yeah. Eric, I would just add that, if you look going forward, likely rates are probably coming down over time. So that makes it that much easier for us. And the business is so cash generative from the core. And as you see, the co-brand business continues to deliver outstanding results.

    是的。艾瑞克,我想補充一點,如果你展望未來,利率可能會隨著時間的推移而下降。這讓我們變得更容易。而該業務的核心業務非常能產生現金。正如您所看到的,聯合品牌業務繼續取得出色的業績。

  • So I think from a standpoint of your point about the equity has risen a bit, that is true, but I think that's more a function of where it was. And if you look at us on a multiple versus the growth we're putting up, I think that bolsters the point Will was just making as it relates to equity. Thank you.

    因此,我認為從您的觀點來看,淨值有所上升,這是事實,但我認為這更多的是資產淨值的函數。如果你看看我們的倍數與我們所實現的成長,我認為這支持了威爾剛剛提出的觀點,因為它與股權有關。謝謝。

  • Operator

    Operator

  • Shlomo Rosenbaum, Stifel.

    什洛莫·羅森鮑姆,斯蒂菲爾。

  • Shlomo Rosenbaum - Analyst

    Shlomo Rosenbaum - Analyst

  • Hi. Thank you very much. I just wanted to touch on two items if I may. One, just on ALM, are you seeing the hyperscalers starting to really open up, the inventory of gear that they had, has been really starting to sell it? Or are you still starting seeing that hesitation in case prices raise rise more, what I'm trying to understand is are they starting to actually -- delta stuff that they've been holding onto?

    你好。非常感謝。如果可以的話,我只想談兩件事。一,就 ALM 而言,您是否看到超大規模企業開始真正開放,他們擁有的設備庫存真的開始銷售?或者你仍然開始猶豫,以防價格進一步上漲,我想了解的是,他們是否開始真正——他們一直持有的三角洲東西?

  • And then just second, just if you can comment, Barry, on the storage gross margin, it increased by 20 basis points sequentially, but the moving parts are very interesting. We had like all other storage costs up by $10 million, but you had a rent actually go down $2 million sequentially. Maybe you could talk about what the movements over there, how did rent go down and what are those other storage costs that are going up?

    其次,巴里,如果你能評論儲存毛利率,它連續增加了 20 個基點,但變化的部分非常有趣。與所有其他儲存成本一樣,我們的儲存成本增加了 1000 萬美元,但租金實際上連續下降了 200 萬美元。也許你可以談談那邊的變動,租金如何下降,以及其他正在上漲的儲存成本是多少?

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Good morning Shlomo. So I'll take the question on the ALM and then Barry can talk to you a little bit about the spends and takes in terms of storage cost. So on the ALM side is the hyperscalers, the reticence that you might have seen last year that I think we commented from the hyperscalers was less to do with the pricing on the components, it was more the availability of new kit that they had to actually refresh their data centers.

    早安什洛莫。因此,我將回答有關 ALM 的問題,然後 Barry 可以與您談談在儲存成本方面的支出和占用情況。因此,在ALM 方面是超大規模企業,您可能在去年看到了超大規模企業的沉默,我認為我們對超大規模企業的評論與組件的定價關係不大,更多的是他們實際上必須提供的新套件的可用性更新他們的資料中心。

  • And I think you've seen all the reporting from some of the largest hyperscalers in the last couple of weeks that they're all ramping up there, their refresh of their data centers to bring in the most capable GPUs so that they are AI ready and they can build out some of their AI services.

    我想你已經看到了過去幾週一些最大的超大規模企業的所有報告,他們都在加大力度,更新資料中心,引入最強大的 GPU,以便為 AI 做好準備他們可以建立一些人工智慧服務。

  • So we do see an uptick to your point in the volume that we're getting from the hyperscalers, but it's driven more because they're refreshing their data centers to be more AI enabled, and they're able to get the latest GPUs from the suppliers. So they're able to accelerate some of that. So we do see it building volume from the hyperscalers right now, in terms of decommissioning, which leads to more ALM volume in our business.

    因此,我們確實看到從超大規模供應商那裡獲得的數量增加,但它的推動力更大,因為他們正在刷新資料中心以更加支援人工智慧,並且他們能夠從供應商。所以他們能夠加快其中的一些速度。因此,就退役而言,我們確實看到超大規模提供者的數量正在增加,這會導致我們業務中的 ALM 數量增加。

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Shlomo, it's very couple of thoughts about the storage rental gross margin. First of all, we were really pleased with that at 70%. And that being because, really if you look at our global RIM business, it was up very nicely year-on-year. Of course, part of that revenue management. Part of that is the continued productivity that our operations teams are driving.

    Shlomo,關於儲存租賃毛利率有很多想法。首先,我們對此非常滿意,達到了 70%。這是因為,如果你看看我們的全球 RIM 業務,你會發現它比去年同期成長非常好。當然,這是收入管理的一部分。其中一部分是我們的營運團隊正在推動的持續生產力。

  • And so the reason it was slightly down year on year is related to, as I talked about -- our as well as data center. As we talked about sometimes before data center is a lower gross margin, but it's, of course, accretive to our EBITDA margin. And so as datacenter continues to ramp at a very fast rate, it has a little bit of a, level of mix, but obviously it's very incremental.

    因此,正如我所說,同比略有下降的原因與我們以及資料中心有關。正如我們之前有時談到的,資料中心的毛利率較低,但它當然會增加我們的 EBITDA 利潤率。因此,隨著資料中心繼續以非常快的速度成長,它有一點混合水平,但顯然它是非常增量的。

  • And on a sequential basis, you would expect on that all other storage costs there to be some power inflation as commencements begin to ramp and folks start to drop hours, that's a direct ask through. So it can actually also affect rate. So to have the storage gross margin up sequentially in light of that headwind is we thought very, very favorable about that.

    在連續的基礎上,您會預計,隨著開工時間開始增加,人們開始減少工作時間,所有其他儲存成本都會出現一些電力通膨,這是一個直接的詢問。所以它實際上也會影響速率。因此,鑑於這一不利因素,儲存毛利率連續上升是我們認為非常非常有利的。

  • On the storage rent expense. It was down some sequentially and that's thanks to our team's continued productivity around warehouse efficiencies, we have, as you would have seen over the last few quarters, reduced some of our warehouses and thereby got into a better expense position.

    關於倉儲租金費用。它連續下降了一些,這要歸功於我們團隊在倉庫效率方面的持續生產力,正如您在過去幾個季度中看到的那樣,我們減少了一些倉庫,從而進入了更好的支出狀況。

  • And the only other thing I'll mention is taking it up a level. Our gross margin in the quarter for the whole company was almost just under 56%. Now that's slightly down from last year, but two things to think about one, we're absorbing the mix issues, including the power that I mentioned in that number.

    我要提到的唯一一件事就是將其提升一個水平。本季整個公司的毛利率幾乎略低於 56%。現在比去年略有下降,但有兩件事需要考慮,一是我們正在解決混合問題,包括我在該數字中提到的力量。

  • And two, we've added Regency Technologies, which is, again, a mix headwind on gross margin, but by the way, Regency performed extraordinarily well on EBITDA in the quarter. And so we feel really good about where the gross margin is trending and it's been ahead of our expectations.

    第二,我們增加了 Regency Technologies,這對毛利率來說又是一個混合逆風,但順便說一句,Regency 在本季度的 EBITDA 上表現非常出色。因此,我們對毛利率的趨勢非常滿意,並且超出了我們的預期。

  • Operator

    Operator

  • Brendan Lynch, Barclays.

    布倫丹·林奇,巴克萊銀行。

  • Brendan Lynch - Analyst

    Brendan Lynch - Analyst

  • Great. Thanks for taking my question. It came up a little bit already. But on the pricing front, your organic constant currency growth was 7.7% for storage rentals up quarter to quarter, but down relative to the 2023 pace.

    偉大的。感謝您提出我的問題。它已經出現了一點。但在定價方面,儲存租金的有機固定貨幣成長率為 7.7%,環比成長,但相對 2023 年的成長速度有所下降。

  • I think you guys have won suggested mid-single digit price growth, what is possible over the next couple of years. But you've been at high single digits for a few years now. Is a transition to big single digits occurring now. And how should we think about you guys push and price as inflation waned?

    我認為你們已經贏得了建議的中個位數價格成長,這在未來幾年是可能的。但幾年來你一直處於高個位數。現在正向大個子過渡。隨著通膨減弱,我們該如何看待你們的推動和價格?

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Brendan, we were very pleased with the 7.7%, and I think at that level, you can see the amount of EBITDA the business generates since it's a highly productive portion of our company. And as it relates to trending, we've indicated we feel like mid to upper single is the right kind of level over the longer term. And so I would say if trending in this vicinity is would be very positive for the business model going forward.

    Brendan,我們對 7.7% 感到非常滿意,我認為在這個水平上,您可以看到該業務產生的 EBITDA 金額,因為它是我們公司生產力高的部分。由於它與趨勢相關,我們已經表示,從長遠來看,我們認為中上單曲是正確的水平。所以我想說,如果該區域的趨勢對於未來的商業模式來說是非常積極的。

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Yeah, the only thing I would add is that it isn't so much inflation based anymore. It's really about the value that we're adding to our customers. So if you look at our traditional records management business is we've over the last few years, we've added a portfolio of services such as smart sort, smart reveal and I highlighted on the call some of the governance and compliance, consulting and systems that we're able to install around their hard records management.

    是的,我唯一要補充的是,它不再那麼依賴通貨膨脹了。這實際上關係到我們為客戶增加的價值。因此,如果你看看我們過去幾年的傳統記錄管理業務,我們增加了一系列服務,例如智慧排序、智慧顯示,我在電話會議上強調了一些治理和合規性、諮詢和我們能夠圍繞他們的硬記錄管理安裝系統。

  • And, so we're really driving more value for our customers and the customers see value in that. So I think you can continue to expect that our pricing will remain some scale [403 basis points] to 400 basis points ahead of what you would think is normal inflation, but it's really driven by the value that our customers see from our services.

    而且,我們確實在為客戶創造更多價值,而客戶也看到了其中的價值。因此,我認為您可以繼續預期我們的定價將保持一定規模[403 個基點] 到400 個基點,比您認為的正常通膨要高,但這實際上是由我們的客戶從我們的服務中看到的價值驅動的。

  • Barry Hytinen - Chief Financial Officer, Executive Vice President

    Barry Hytinen - Chief Financial Officer, Executive Vice President

  • Brendan, the only other thing I'll add is that, at the start of the year, we had suggested global RIM might be in the assuming a 6% total growth for the year. And so year to date, we're running 7.5% on that business. So we continue to see outperformance in global RIM. Some of that is driven off of revenue management, also incremental service uptake of the sort that Will just mentioned.

    Brendan,我要補充的唯一一件事是,在今年年初,我們曾建議全球 RIM 可能會假設今年的總成長率為 6%。今年迄今為止,我們在該業務上的營運率為 7.5%。因此,我們繼續看到全球 RIM 表現出色。其中一些是由收入管理以及威爾剛才提到的那種增量服務的採用所驅動的。

  • Operator

    Operator

  • (Operator Instructions) Jonathan Atkin, RBC.

    (操作員說明)Jonathan Atkin,RBC。

  • Jonathan Atkin - Analyst

    Jonathan Atkin - Analyst

  • Thanks. A couple of questions. Can you talk a little bit about ALM and to what extent Regency is sort of fully occupied? Or do you have the opportunity within that set of assets to see more productivity?

    謝謝。有幾個問題。您能談談 ALM 以及 Regency 的發展程度嗎?或者您是否有機會在該資產集中看到更高的生產力?

  • And then secondly, on data centers, if there's anything to call out in terms of lead times around construction and delivery and conversion of book to bill. Thank you.

    其次,在資料中心方面,在建設、交付以及帳本轉換的交貨時間方面是否有什麼需要注意的地方。謝謝。

  • William Meaney - President, Chief Executive Officer, Director

    William Meaney - President, Chief Executive Officer, Director

  • Good morning, Jon. And let me start with the data center piece and then Barry can talk about Regency and more broadly the ALM business and operating leverage. So on the data center side is you're right to highlight the lead times for a lot of the build components, including the concrete panels or the actual physical construction of the shell.

    早安,喬恩。讓我從資料中心部分開始,然後 Barry 可以談論 Regency 以及更廣泛的 ALM 業務和營運槓桿。因此,在資料中心方面,您強調許多建置組件的交付時間是正確的,包括混凝土面板或外殼的實際物理結構。

  • The good news is that we've been able to manage that and keep the lead times similar to historical norms. And what are our customers are expecting because as we're building scale in our data center business, we're standardizing across those a lot of those components in market, right.

    好消息是,我們已經能夠管理這一點並將交貨時間保持在與歷史標準相似的水平。我們的客戶期望什麼,因為當我們在資料中心業務中擴大規模時,我們正在對市場上的許多組件進行標準化,對吧。

  • So across some of those like Europe versus the United States, you can't standardize as much, but within Europe you can standardize a lot, within the United States you can standardize a lot, India you can standardize a lot, et cetera.

    因此,在歐洲和美國等一些國家,你不能標準化那麼多,但在歐洲你可以標準化很多,在美國你可以標準化很多,印度你可以標準化很多,等等。

  • So we are doing that. And what that allows us to do is that we get scale, is to be much more flexible in terms of having the right equipment for the right customer in the right location. So we feel pretty good in terms of our ability to manage the supply chain and keep our timing intact.

    所以我們正在這樣做。這讓我們能夠擴大規模,更靈活地在正確的地點為正確的客戶提供正確的設備。因此,我們對管理供應鏈和保持時間完好的能力感到非常滿意。

  • Barry Hytinen - Chief Financial Officer, Executive Vice President

    Barry Hytinen - Chief Financial Officer, Executive Vice President

  • John, this is Barry. As it relates to Regency and the opportunity to continue to utilize and optimize further, it is definitely there. There is a lot of opportunity, we have considerable capacity to expand the business, both in terms of what is already in place, as well as the opportunity to expand the footprint at relatively low CapEx. I might add.

    約翰,這是巴里。由於它與攝政以及繼續進一步利用和優化的機會有關,所以它肯定是存在的。有很多機會,我們有相當大的能力來擴展業務,無論是在現有的基礎上,還是以相對較低的資本支出擴大業務範圍的機會。我可能會補充一點。

  • So it's a very positive situation to be having Regency get further utilized, which I expect it to over time. And I will say, we have very, highly capable team at Regency that there is no doubt, can manage a much larger business and drive a tremendous amount of value for our shareholders.

    因此,攝政能得到進一步利用是一個非常積極的情況,我預計隨著時間的推移,情況會如此。我想說的是,我們 Regency 擁有非常非常有能力的團隊,毫無疑問,他們可以管理更大的業務,並為我們的股東帶來巨大的價值。

  • Operator

    Operator

  • Shlomo Rosenbaum, Stifel.

    什洛莫·羅森鮑姆,斯蒂菲爾。

  • Shlomo Rosenbaum - Analyst

    Shlomo Rosenbaum - Analyst

  • Hi. Thanks for squeezing me in for one more. This is a little bit more of a technical one. Also, just it looks like the real estate depreciation went up sequentially for like $14 million. Was there a major site that came on board during the quarter?

    你好。謝謝你又加了一份給我。這有點技術性的。此外,房地產折舊似乎連續上升了約 1,400 萬美元。本季是否有主要網站加入?

  • Gillian Tiltman - SVP and Head of Investor Relations

    Gillian Tiltman - SVP and Head of Investor Relations

  • Shlomo, you should expect the depreciation, of course, to continue to ramp with all of the CapEx we've been doing on data center as well as some of our incremental new warehouses that we put in, as well as some of the digital innovation that we've been driving internally for some time now. So that's the primary driver in those that order.

    Shlomo,當然,你應該預料到折舊會隨著我們在資料中心上所做的所有資本支出以及我們投入的一些增量新倉庫以及一些數位創新而繼續增加我們已經在內部推動了一段時間了。因此,這是該訂單中的主要驅動力。

  • Shlomo Rosenbaum - Analyst

    Shlomo Rosenbaum - Analyst

  • Okay. Thank you.

    好的。謝謝。

  • Operator

    Operator

  • Thank you. And ladies and gentlemen, this concludes our question and answer session and the Iron Mountain second quarter 2024 earnings conference call. We thank you for attending today's presentation. You may now disconnect your lines and have a wonderful day.

    謝謝。女士們、先生們,我們的問答環節和 Iron Mountain 2024 年第二季財報電話會議到此結束。我們感謝您參加今天的演講。您現在可以斷開線路並度過美好的一天。