鐵山公司 (IRM) 2024 Q3 法說會逐字稿

Good morning and welcome to the Iron Mountain third-quarter 2024 earnings conference call.

早上好，歡迎參加 Iron Mountain 2024 年第三季財報電話會議。

(Operator Instruction)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

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

我現在將會議交給資深副總裁兼投資者關係主管 Gillian Tiltman 女士。

Please go ahead, ma'am.

請繼續，女士。

Thank you, Chuck.

謝謝你，查克。

Good morning, and welcome to our third quarter 2024 earnings conference call.

早上好，歡迎參加我們的 2024 年第三季財報電話會議。

On today's call, we will refer to materials available on our Investor Relations website.

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。

We're joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, Executive Vice President and Chief Financial Officer.

今天，總裁兼執行長比爾·米尼 (Bill Meaney) 也加入了我們的行列。執行副總裁兼財務長 Barry Hytinen。

After prepared remarks, we'll open the lines for Q&A.

準備好發言後，我們將開始問答環節。

Today's earnings materials can be forward-looking statements, including statements regarding our expectations.

今天的收益資料可能是前瞻性陳述，包括有關我們預期的陳述。

All forward-looking statements are subject to risks and uncertainties.

所有前瞻性陳述均面臨風險和不確定性。

Please refer to today's earnings materials, the Safe Harbor language on slide 2 and our quarterly reports 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.

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在 10-Q 表格上的季度報告，以討論可能導致我們的實際結果與前瞻性聲明中的結果不同的主要風險因素。

In addition, we use several non-GAAP measures when presenting our financial results.

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。

We have included the reconciliations to these measures in our supplemental financial information.

我們已將這些措施的調節表納入我們的補充財務資訊中。

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

這樣，我就把電話轉給比爾。

Thank you, Gillian, and thank you all for taking time to join us today to discuss our third-quarter results.

謝謝阿嬌，也謝謝大家今天抽出時間加入我們討論我們的第三季業績。

We do have another excellent quarter, with record results across all financial metrics of revenue, adjusted EBITDA and AFFO.

我們確實又度過了一個出色的季度，營收、調整後 EBITDA 和 AFFO 等所有財務指標都創下了創紀錄的業績。

This is a direct result of the portfolio-based momentum we have built, which will continue to deliver sustained double-digit growth.

這是我們建立的基於投資組合的勢頭的直接結果，該勢頭將繼續實現持續的兩位數增長。

During the quarter, we achieved our highest-ever quarterly revenue of $1.6 billion, up 12% from the prior year.

本季度，我們實現了有史以來最高的季度收入 16 億美元，比上年增長 12%。

We also set a new adjusted EBITDA record of $568 million, up 14%.

我們也創下了調整後 EBITDA 的新紀錄，達到 5.68 億美元，成長 14%。

In addition, AFFO per share on a normalized basis was $1.12, up 10% compared to the prior year.

此外，正常化基礎上每股 AFFO 為 1.12 美元，比上年增長 10%。

Given our strong performance year-to-date, we are now on track to achieve the high end of our full year 2024 guidance range.

鑑於我們今年迄今的強勁表現，我們現在預計將實現 2024 年全年指導範圍的高端。

I'll now turn to an update of our key achievements during the quarter, which are grounded in the following strategic priorities: driving continued revenue growth in our physical storage records management business; delivering differentiated digital solutions, which give truly transformative results to our customers in terms of revenue, cost and cybersecurity; providing asset life cycle management capabilities, which are both economic and environmentally sustainable; and supplying differentiated data center offerings through our global scale and customer trust.

現在我將介紹本季我們主要成就的最新情況，這些成就基於以下策略重點：推動我們的實體儲存記錄管理業務收入持續成長；提供差異化的數位解決方案，在收入、成本和網路安全方面為我們的客戶帶來真正的變革性成果；提供經濟和環境可持續的資產生命週期管理能力；並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。

Now let me highlight some important wins from the quarter that showcase how we demonstrate the power of our platform.

現在讓我重點介紹本季的一些重要成果，這些成果顯示了我們如何展示平台的力量。

Let's begin with our records and information management business.

讓我們從我們的記錄和資訊管理業務開始。

In Australia, a large government department was looking for a partner that could provide a number of services.

在澳大利亞，一個大型政府部門正在尋找可以提供多種服務的合作夥伴。

We earned their trust and signed a seven-year contract delivering storage, digital solutions and asset life cycle management services.

我們贏得了他們的信任，並簽署了一份為期七年的合同，提供儲存、數位解決方案和資產生命週期管理服務。

Turning to our digital solutions business.

轉向我們的數位解決方案業務。

This quarter, we launched our InSight Digital Experience, or DXP, a SaaS-based platform.

本季度，我們推出了 InSight Digital Experience（DXP），一個基於 SaaS 的平台。

DXP allows customers to automate the generation of metadata as well as having the ability to access, manage, govern and monetize physical and digital information.

DXP 允許客戶自動產生元數據，並能夠存取、管理、治理實體和數位資訊並從中獲利。

We launched this enhanced platform on August 1st, and we have already booked 24 recurring revenue deals.

我們於 8 月 1 日推出了這個增強型平台，並且已經預訂了 24 項經常性收入交易。

I'll speak to two existing customer wins where we cross-sold our DXP offering.

我將談談我們透過交叉銷售 DXP 產品贏得的兩個現有客戶。

Let's start with the customer in Mexico.

讓我們從墨西哥的客戶開始。

Due to new requirements in the country for all pension information to be digitized, a long-standing customer turned to Iron Mountain to swiftly gain compliance.

由於該國對所有退休金資訊進行數位化的新要求，一位長期客戶向 Iron Mountain 求助，以迅速獲得合規性。

We have secured a DXP contract with this large financial services company to sort, digitize and manage their pension records over the next 12 months, comprising more than 50 million images.

我們已與這家大型金融服務公司簽訂了一份 DXP 合同，將在未來 12 個月內對他們的退休金記錄進行分類、數位化和管理，其中包含超過 5000 萬張圖像。

Secondly, in the US, a large healthcare company that has an existing records management and ALM customer will leverage our DXP platform to manage a complex set of multi-format records.

其次，在美國，一家擁有現有記錄管理和 ALM 客戶的大型醫療保健公司將利用我們的 DXP 平台來管理一組複雜的多格式記錄。

By digitizing and migrating this data into our DXP platform, our customer will be able to match their records more effectively, including the elimination of ineligible claims.

透過將這些數據數位化並遷移到我們的 DXP 平台中，我們的客戶將能夠更有效地匹配他們的記錄，包括消除不合格的索賠。

This is an example of how the power of our DXP platform drives value for our customers and our unique ability to support their physical and digital information management needs.

這是我們 DXP 平台的力量如何為客戶創造價值以及我們支持他們的實體和數位資訊管理需求的獨特能力的一個例子。

Turning to our asset life cycle management business.

轉向我們的資產生命週期管理業務。

We are pleased with the progress we are making to expand our capabilities and geographic footprint.

我們對擴大我們的能力和地理足跡所取得的進展感到高興。

In Australia, a telecommunications provider needed services for the secured destruction and disposal of e-waste and IT assets.

在澳大利亞，一家電信業者需要安全銷毀和處置電子廢棄物和 IT 資產的服務。

Given our nationwide scale, this customer determined that we are the right partner by handling a high volume of IT hardware efficiently.

鑑於我們的全國規模，該客戶認為我們是正確的合作夥伴，能夠有效地處理大量 IT 硬體。

As a result, Iron Mountain was awarded a recurring contract for these services.

結果，Iron Mountain 獲得了這些服務的定期合約。

In the US, our expanded footprint and capabilities following our acquisition of Regency Technologies has resulted in a significant ALM contract with a global technology company.

在美國，我們收購 Regency Technologies 後擴大了業務範圍和能力，並與全球科技公司簽訂了重要的 ALM 合約。

Under this agreement, we will be managing all IT asset disposition services for our customers' US operations, in addition to the records management services that we already provide.

根據該協議，除了我們已經提供的記錄管理服務外，我們還將管理客戶在美國業務的所有 IT 資產處置服務。

The strength of our logistics capabilities was a major factor in winning this contract.

我們的物流能力是贏得這份合約的主要因素。

Consistent with our strategy to significantly grow our presence in the large and fragmented enterprise asset life cycle management space, we are pleased to announce the acquisition of Wisetek, an end-to-end IT asset disposition company, which will provide us with an expanded footprint across Europe and the United States.

根據我們大幅擴大在大型且分散的企業資產生命週期管理領域的影響力的策略，我們很高興地宣布收購 Wisetek，一家端到端 IT 資產處置公司，這將為我們提供更大的足跡橫跨歐洲和美國。

We also completed the acquisition of APCD, a leading Australian IT asset disposition specialist.

我們也完成了澳洲領先IT資產處置專家APCD的收購。

These acquisitions will enable us to continue to expand our reach across a number of categories.

這些收購將使我們能夠繼續擴大我們在多個類別的業務範圍。

Turning to our data center business.

轉向我們的資料中心業務。

I would like to share two examples that demonstrate the continued demand for capacity at our campuses across the world.

我想分享兩個例子，證明我們世界各地的校園對容量的持續需求。

In Virginia, our team won a second 2-megawatt deal with a global technology company, building on a similar deal with this customer at our data center in Pennsylvania earlier this year.

在維吉尼亞州，我們的團隊贏得了與一家全球科技公司的第二筆 2 兆瓦交易，此前我們在今年稍早在賓州的資料中心與該客戶達成了類似的交易。

In Arizona, we are supporting a global fintech provider to migrate from an internal data center in a 1.5 megawatt deal with scope for further expansion.

在亞利桑那州，我們正在支持一家全球金融科技供應商從內部資料中心遷移至 1.5 兆瓦的交易，並有進一步擴展的空間。

Our compliance program was a deciding factor for this highly regulated customer.The leasing achieved in the first 3 quarters brings us to 106 megawatts compared to the increased guidance for the year of 130 megawatts.

我們的合規計畫是這個受到嚴格監管的客戶的決定性因素。

To conclude, I'll leave you with three key takeaways.

最後，我將向您提出三個關鍵要點。

Our strategy is built on the strength of our portfolio of growth businesses, including digital solutions, data center and asset life cycle management, each growing at a CAGR of 20%-plus.

我們的策略建立在我們成長型業務組合的優勢之上，包括數位解決方案、資料中心和資產生命週期管理，每項業務的複合年增長率均超過 20%。

This, coupled with the mid to high single-digit growth of our records management business, will continue to deliver consolidated growth in excess of 10% for years to come.

再加上我們的記錄管理業務的中高個位數成長，未來幾年將繼續實現超過 10% 的綜合成長。

This growth is sustained and resilient given it is based upon a portfolio of products and services that meet the current and future needs of our customer base of nearly 250,000 customers, including 95% of the Fortune 1000.

這種成長是持續且有彈性的，因為它基於滿足我們近 250,000 名客戶（包括 95% 的財富 1000 強客戶）當前和未來需求的產品和服務組合。

And the cornerstone of this strategy is our company's DNA of placing our customers' needs and well-being at the heart of how we serve them.

這項策略的基石是我們公司的 DNA，將客戶的需求和福祉置於我們服務的核心。

This is all thanks to our dedicated team of Mountaineers.

這一切都歸功於我們敬業的登山團隊。

With that, I'll turn it over to Barry to provide more details on our financial results and outlook.

接下來，我會將其轉交給巴里，以提供有關我們的財務表現和前景的更多詳細資訊。

Thanks, Bill, and thank you all for joining us to discuss our results.

謝謝比爾，也謝謝大家加入我們討論我們的結果。

In the third quarter, our team delivered strong performance across all of our key financial metrics, including revenue, EBITDA and AFFO.

第三季度，我們的團隊在所有關鍵財務指標（包括營收、EBITDA 和 AFFO）上均取得了強勁的業績。

Results for each of those were ahead of the projections we provided on our last call.

每一項的結果都領先於我們上次電話會議中提供的預測。

Our team drove solid performance across all of our business segments, each of which I will discuss in more detail before turning to our outlook for the fourth quarter.

我們的團隊在所有業務領域都取得了穩健的業績，在轉向我們對第四季度的展望之前，我將更詳細地討論每個業務領域。

During the third quarter, we achieved record revenue of $1.56 billion, up 12% on a reported basis, driven by 9% storage growth and 17% service growth.

第三季度，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 15.6 億美元收入，按報告增加 12%。

We delivered strong organic growth in the quarter, up 10%.

我們在本季度實現了強勁的有機成長，成長了 10%。

Total storage revenue in the quarter was $936 million, up $77 million year on year.

該季度儲存總收入為 9.36 億美元，年增 7,700 萬美元。

We drove 9% organic storage growth, two-thirds of which was driven by revenue management trends in our global RIM business and one-third from our data center business.

我們推動了 9% 的有機儲存成長，其中三分之二是由我們全球 RIM 業務的收入管理趨勢推動的，三分之一來自我們的資料中心業務。

Total service revenue was $622 million, up $92 million from last year.

服務總收入為 6.22 億美元，比去年增加 9,200 萬美元。

Organic service revenue growth accelerated to 10% year on year.

有機服務收入較去年成長速度加快至10%。

I will note, this represents our best quarterly growth rate for organic service revenue in the last two years.

我要指出的是，這代表了過去兩年我們有機服務收入的最佳季度成長率。

Revenue was driven by strong performance in our ALM and Global RIM businesses.

我們的 ALM 和 Global RIM 業務的強勁表現推動了營收的成長。

Reported service revenue growth at 17.4% reflects the inclusion of our Regency Technologies acquisition.

報告的服務收入成長 17.4% 反映了我們對 Regency Technologies 的收購。

Adjusted EBITDA was $568 million, a new record, up 14% year on year, driven by strong growth in our Global RIM, ALM and data center businesses.

調整後 EBITDA 為 5.68 億美元，創下新紀錄，年增 14%，這得益於我們全球 RIM、ALM 和資料中心業務的強勁成長。

Adjusted EBITDA margin was 36.5%, up 50 basis points year-on-year, which reflects improved margins across all of our businesses.

調整後 EBITDA 利潤率為 36.5%，較去年同期成長 50 個基點，反映出我們所有業務的利潤率均有所改善。

AFFO was $332 million, up $31 million, which represents growth in excess of 10% for the third quarter of last year -- from the third quarter of last year.

AFFO 為 3.32 億美元，增加了 3,100 萬美元，比去年第三季成長超過 10%。

Reported AFFO on a per share basis was $1.13, up $0.11 from last year.

報告的每股 AFFO 為 1.13 美元，比去年增加 0.11 美元。

AFFO per share included a $0.01 benefit due to our GAAP share count in the quarter.

由於我們本季的 GAAP 股票數量，AFFO 每股包含 0.01 美元的收益。

Normalizing for that, AFFO per share was up 10% to $1.12, which is comparable to the projection we provided on our last call of $1.10. The outperformance to our guidance was driven by higher adjusted EBITDA.

正常化後，AFFO 每股上漲 10% 至 1.12 美元，與我們上次電話會議中提供的預測 1.10 美元相當。調整後 EBITDA 的提升推動了業績超越我們的指引。

As expected, the strength of the US dollar continued to be a headwind, increasingly so toward the end of the quarter.

正如預期的那樣，美元走強仍然是一個阻力，到本季末時這種情況越來越嚴重。

On a constant currency basis, revenue was up 13% and AFFO was up 11%.

以固定匯率計算，營收成長 13%，AFFO 成長 11%。

Now turning to segment performance.

現在轉向細分市場表現。

I'll start with our Global RIM business, which achieved revenue of $1.26 billion, an increase of $78 million year on year.

我先從我們的全球RIM業務開始，該業務實現收入12.6億美元，年增7800萬美元。

Organic storage was up in excess of 7%, driven by revenue management and consistent volume.

在營收管理和穩定銷售的推動下，有機儲存成長了 7% 以上。

Organic service revenue was also up 7%, with contributions from digital and core services.

由於數位和核心服務的貢獻，有機服務收入也成長了 7%。

A key highlight is the performance of our digital business.

一個關鍵亮點是我們數位業務的表現。

The team launched the digital experience platform that Bill mentioned, while also delivering their best bookings quarter yet.

該團隊推出了比爾提到的數位體驗平台，同時也實現了迄今為止最好的預訂季度。

Consistent with our Matterhorn plan, the vast majority of the digital wins were the result of cross-selling.

與我們的馬特宏峰計劃一致，絕大多數數位勝利都是交叉銷售的結果。

Global RIM adjusted EBITDA was $569 million, an increase of $52 million year-on-year.

全球RIM調整後EBITDA為5.69億美元，年增5,200萬美元。

Global RIM adjusted EBITDA margin was up 120 basis points sequentially and 140 basis points from last year.

全球 RIM 調整後 EBITDA 利潤率較上季成長 120 個基點，較去年成長 140 個基點。

Margin expansion was driven by operating leverage and revenue management.

利潤率擴張是由營運槓桿和收入管理所推動的。

Turning to our global data center business.

轉向我們的全球資料中心業務。

The team delivered revenue of $153 million, an increase of $26 million year-on-year.

該團隊實現收入1.53億美元，年增2600萬美元。

From a total revenue perspective, we achieved 20% organic growth.

從總收入的角度來看，我們實現了 20% 的有機成長。

We delivered storage rental revenue growth of 22% from the third quarter of last year.

我們的儲存租賃收入比去年第三季成長了 22%。

As expected, service revenue was down slightly this quarter due to the customer-specific installation work we had last year.

正如預期的那樣，由於我們去年進行的客戶特定安裝工作，本季的服務收入略有下降。

As a reminder, installation revenue tends to be at low to breakeven margins.

提醒一下，安裝收入往往很低，甚至達到損益兩平。

Data center adjusted EBITDA was $67 million, representing strong growth of 26%.

資料中心調整後 EBITDA 為 6,700 萬美元，強勁成長 26%。

Adjusted EBITDA margin was 43.6%, an increase of 190 basis points from the third quarter of last year and up 40 basis points sequentially.

調整後 EBITDA 利潤率為 43.6%，比去年第三季成長 190 個基點，比上一季成長 40 個基點。

Margin expansion was driven by pricing, recent commencements and operating leverage.

利潤率擴張是由定價、近期開工和營運槓桿推動的。

Turning to new and expansion leasing.

轉向新建和擴建租賃。

We signed 9 megawatts in the quarter, bringing total bookings year-to-date to 106 megawatts, and we expect to finish the year with 130 megawatts of new leases signed in 2024.

我們在本季簽署了 9 兆瓦，使年初至今的總預訂量達到 106 兆瓦，我們預計到 2024 年年底將簽署 130 兆瓦的新租賃合約。

Consistent with the strength and expanding nature of our hyperscale customer relationships, together with the outlook for long-term secular growth in the data center industry, we are pleased to announce that we have acquired a development site in Richmond, Virginia.

與我們超大規模客戶關係的實力和不斷擴展的性質相一致，以及數據中心行業長期長期增長的前景，我們很高興地宣布，我們已經收購了弗吉尼亞州里士滿的一個開發場地。

When fully built out, the campus will operate with greater than 200 megawatts of capacity.

完全建成後，該園區的營運容量將超過 200 兆瓦。

As this transaction closed in the fourth quarter, it is not included in our supplemental.With this new market, our total data center capacity rises to in excess of 1.1 gigawatts, an increase of over 20%.

由於該交易已於第四季度完成，因此未包含在我們的補充中。

Turning to asset life cycle management.

轉向資產生命週期管理。

Total ALM revenue in the quarter was $102 million, an increase of $61 million or 145% year on year.

該季度 ALM 總營收為 1.02 億美元，年增 6,100 萬美元，即 145%。

On an organic basis, our ALM team delivered strong double-digit growth, which was driven by data center decommissioning and expansion in our enterprise business.

在有機基礎上，我們的 ALM 團隊實現了強勁的兩位數成長，這是由資料中心退役和企業業務擴張所推動的。

Regency Technologies performed very well this quarter with revenue of $36 million.

Regency Technologies 本季表現非常出色，營收為 3,600 萬美元。

Leveraging Regency's capabilities, capturing synergies related to the deal and improved efficiencies in our data center decommissioning resulted in considerable improvement in ALM profitability.

利用 Regency 的能力、獲取與交易相關的協同效應以及提高資料中心退役效率，導致 ALM 獲利能力顯著提高。

Our focus on cross-selling is delivering great results.

我們對交叉銷售的關注正在帶來巨大的成果。

For example, over 95% of our ALM bookings this quarter were cross-sell wins.

例如，本季超過 95% 的 ALM 預訂都是交叉銷售獲勝。

Regarding the ALM acquisitions that Bill referenced.

關於 Bill 提到的 ALM 收購。

We closed APCD in August, and it contributed $3 million to revenue.

我們在 8 月關閉了 APCD，它為收入貢獻了 300 萬美元。

We closed Wisetek in late September, so we had no income statement contribution in the quarter from that acquisition.

我們在 9 月底關閉了 Wisetek，因此該收購對本季的損益表沒有貢獻。

Turning to capital allocation.

轉向資本配置。

We remain committed to our strategy, that is balanced between funding our growth initiatives, while delivering meaningful returns to our shareholders and maintaining a strong balance sheet.

我們仍然致力於我們的策略，即在為我們的成長計劃提供資金、同時為股東提供有意義的回報和保持強勁的資產負債表之間取得平衡。

Capital expenditures in the third quarter were $415 million, with $373 million of growth and $41 million of recurring.

第三季資本支出為 4.15 億美元，其中成長 3.73 億美元，經常性支出 4,100 萬美元。

Turning to the balance sheet.

轉向資產負債表。

With strong EBITDA performance, we ended the quarter with net lease adjusted leverage of 5.0 times, which is again the lowest level we have achieved since prior to the company's REIT conversion in 2014.

憑藉強勁的 EBITDA 表現，本季末我們的淨租賃調整槓桿率為 5.0 倍，這又是自 2014 年公司 REIT 轉換以來我們達到的最低水準。

For me, a highlight in the quarter was the significant improvement in our cash cycle, with the third quarter having the best performance in that metric in over a decade.

對我來說，本季的一個亮點是我們的現金週期的顯著改善，第三季在該指標上取得了十多年來的最佳表現。

Our team drove days sales outstanding down by over five days from the third quarter of last year.

我們的團隊讓應收帳款週轉天數比去年第三季減少了五天以上。

Also, we improved days payable by two days.

此外，我們也將應付天數縮短了兩天。

Turning to our dividend.

轉向我們的股利。

Our Board of Directors declared our quarterly dividend of $0.715 per share to be paid in early January.

我們的董事會宣布將於 1 月初支付每股 0.715 美元的季度股息。

And now turning to our projections.

現在轉向我們的預測。

For the full year, we are on track to achieve the high end of our guidance.

全年來看，我們有望實現指導目標的高端。

For the fourth quarter, we expect revenue of approximately $1.6 billion, adjusted EBITDA of approximately $595 million, AFFO of approximately $358 million and AFFO per share of approximately $1.21.

我們預計第四季度營收約 16 億美元，調整後 EBITDA 約為 5.95 億美元，AFFO 約為 3.58 億美元，AFFO 每股約 1.21 美元。

In conclusion, our third quarter results represent another milestone on our growth plan.

總之，我們第三季的業績代表了我們成長計畫的另一個里程碑。

We operate in very large categories, with a total addressable market in excess of $150 billion annually and growing.

我們經營的品類非常龐大，每年的潛在市場總額超過 1500 億美元，而且還在持續成長中。

Iron Mountain has long-standing relationships with nearly 250,000 clients, many measured in decades of duration.

Iron Mountain 與近 250,000 家客戶建立了長期合作關係，其中許多客戶的合作期限長達數十年。

And in the vast majority of those relationships, we are only penetrated with a small fraction of our total product offering.

在絕大多數這些關係中，我們只滲透到我們提供的全部產品的一小部分。

We are driving value for our customers, and we are highly focused on cross-selling and expanding market share across our businesses.

我們正在為客戶創造價值，並且高度關注交叉銷售和擴大我們業務的市場份額。

I would like to thank all of my fellow Mountaineers for their efforts to serve our clients and grow our company.

我要感謝所有登山者為服務我們的客戶和發展我們公司所做的努力。

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

那麼，接線員，請開通問答線路。

(Operator Instruction)

（操作員說明）

George Tong, Goldman Sachs.

喬治唐，高盛。

Hi, thanks.

你好，謝謝。

Good morning.

早安.

In your ALM business, can you talk a little bit more about trends that you're seeing in the data center and enterprise side of the business, including how much contribution you're seeing from volumes and pricing?

在您的 ALM 業務中，您能否多談談您在資料中心和企業方面看到的業務趨勢，包括您從數量和定價中看到的貢獻有多大？

George, thanks for the question.

喬治，謝謝你的提問。

Let me talk about the overall trends.

我先說一下整體趨勢。

And Barry, I'll ask you to comment a little bit on the pricing trends.

巴里，我想請您對定價趨勢發表一些評論。

So as you, I think, alluded to, is that we see good growth or very strong growth coming out of the data center decommissioning, especially where a lot of the hyperscalers are renewing their equipment to take advantage of the latest GPU.

因此，我認為，正如您所提到的，我們看到資料中心退役帶來了良好的成長或非常強勁的成長，特別是在許多超大規模企業正在更新其設備以利用最新 GPU 的情況下。

So we continue to see strength in that trend but that's not to preclude -- or to ignore the strength in the growth, the volumetric trends that we see also in the enterprise side.

因此，我們繼續看到這種趨勢的力量，但這並不排除或忽視成長的力量，我們在企業方面也看到了體積趨勢。

But you're right to assume that we see good growth in the hyperscale segment due to the refresh of some of their equipment to take advantage of AI.

但你的假設是正確的，我們看到超大規模領域出現了良好的成長，因為他們更新了一些設備以利用人工智慧。

And George, it's Barry.

喬治，是巴里。

I would say from a pricing standpoint, we continue to see -- expect it to trend as I've been discussing throughout the year.

我想說，從定價的角度來看，我們將繼續看到——預計它會像我全年討論的那樣出現趨勢。

It was up some on a year-year basis and trending.

在同比和趨勢上有所上升。

However, the spreads between new and second hand of the year have been a little bit variable based on the specific component.

然而，今年的新車和二手車之間的價差根據具體組成部分略有不同。

So with memory, for example, being a little wider than normal and some of those others being a little tighter.

例如，記憶體比正常情況寬一些，而其他一些則比正常情況窄一些。

As I've said before, we're not really predicating our guidance on a really meaningful increase in component pricing.

正如我之前所說，我們的指引並不是真正基於零件價格的真正有意義的成長。

And just to give you a perspective on this, our total ALM business was $102 million of revenue, almost $103 million in the quarter.

為了讓您了解這一點，我們的 ALM 業務總收入為 1.02 億美元，本季幾乎為 1.03 億美元。

As I mentioned, Regency was $36 million, and then we had about $3 million from APCD, which means our organic revenue in the quarter on ALM was about $64 million, and that compares to last year at $42 million.

正如我所提到的，Regency 為 3,600 萬美元，然後我們從 APCD 獲得了約 300 萬美元，這意味著我們本季 ALM 的有機收入約為 6,400 萬美元，而去年為 4,200 萬美元。

So we are -- to Bill's point, the volume is driving a lot of increase.

所以我們——按照比爾的觀點，銷量正在推動大幅成長。

And with that volume, together with the synergies from our Regency deal, we're seeing the ALM profitability to be up a lot.

有了這樣的銷量，再加上我們與 Regency 交易的協同效應，我們看到 ALM 的獲利能力將大幅上升。

So we're very pleased with the way our ALM business is trending, George.

George，我們對 ALM 業務的發展趨勢感到非常滿意。

Jonathan Atkin, RBC.

喬納森·阿特金，加拿大皇家銀行。

Thank you.

謝謝。

I wanted to ask about CapEx requirements to kind of fuel the growth going forward.

我想詢問有關推動未來成長的資本支出要求。

Give us a sense as to how to maybe frame that for the next year?

讓我們了解一下明年如何制定框架？

I assume a lot of that would be data centers, but any color on that would be helpful.

我認為其中很多都是資料中心，但任何顏色都會有所幫助。

Thank you.

謝謝。

Jon, it's Barry.

喬恩，我是巴里。

You are correct that in light of the strong growth we continue to see in leasing, we will be continuing to invest significantly in data center growth capital.

您是對的，鑑於我們在租賃領域持續強勁成長，我們將繼續大力投資資料中心成長資本。

And in fact, we'll probably be somewhere in the vicinity of a couple of hundred million dollars more growth capital than we were previously expecting earlier in the year, in light of the signings.

事實上，根據簽約情況，我們的成長資本可能比我們今年稍早的預期多出幾億美元左右。

And as you probably saw in our supplemental, we are advancing pretty heavily in some of the construction of all the pre-leased assets.

正如您可能在我們的補充資料中看到的那樣，我們在所有預租賃資產的一些建設方面正在大力推進。

As I've said before, important note is nearly everything that we have under construction is already pre-leased on very, very favorable terms.

正如我之前所說，重要的是，我們正在建造的幾乎所有東西都已經以非常非常優惠的條件預租了。

So our total guidance for capital this year is probably approaching $1.8 billion and about -- approaching $150 million of that being recurring.

因此，我們今年的資本指引總額可能接近 18 億美元，其中經常性資本接近 1.5 億美元。

The vast, vast majority of the growth is for data center.

絕大多數成長來自資料中心。

And I think you should probably expect something of that order or so going forward in light of the signings that we've had and the amount of capacity we'll be bringing online under those pre-leased agreements.

我認為，鑑於我們已經簽署的協議以及我們將根據這些預租協議上線的容量，您可能應該期待類似的情況。

Shlomo Rosenbaum, Stifel.

什洛莫·羅森鮑姆，斯蒂菲爾。

Hi, thank you very much.

你好，非常感謝你。

Could you talk a little bit about kind of the pacing of when you expect some of the construction to come on board?

您能談談您預計某些建設何時開始實施的節奏嗎？

It wasn't a ton of sequential revenue growth in the data center business.

資料中心業務的收入並沒有大幅連續成長。

And obviously, there wasn't a huge signing quarter where -- relative to what we saw in the last couple of quarters.

顯然，與我們在過去幾個季度看到的情況相比，沒有一個巨大的簽約季度。

So I want to know if you could just give us -- I know it's lumpy on the signings side.

所以我想知道你是否可以給我們——我知道簽約方面的情況很不穩定。

And obviously, you have to put something into commission that you're actually -- the customers using it in order to generate revenue.

顯然，你必須將一些實際的東西投入佣金——客戶使用它來產生收入。

Can you give us a little bit of an idea of how we should think about that pacing into the fourth quarter?

您能給我們一些關於我們應該如何考慮第四季度的節奏的想法嗎？

And then in general, over the next year or so, how are -- how is that looking?

總的來說，在接下來的一年左右的時間裡，情況如何？

Are you looking to bring a lot of new capacity or new data centers actually into service?

您是否希望將大量新容量或新資料中心實際投入使用？

Thanks, Shlomo, for the question.

謝謝什洛莫提出的問題。

So there's a few pieces in there.

所以裡面有幾塊。

So let me start, first of all, about the signing this quarter, the 9 megawatts.

首先，讓我開始談談本季簽署的 9 兆瓦電力。

And as you alluded to, and I think we said on the last call, there was some that kind of we expected in Q3, last time that landed in Q2.

正如您所提到的，我想我們在上次電話會議中說過，我們在第三季度中出現了一些預期，上次在第二季度出現了這種情況。

We still feel very good with the pipeline that we have to land at 130 megawatts or maybe a little bit better for the year because of the lumpiness of some of these large hyperscale contracts that you mentioned.

我們仍然對管道感到非常滿意，因為我們今年必須達到 130 兆瓦，或者可能會好一點，因為您提到的一些大型超大規模合約的混亂程度。

But we're really pleased with the -- these two contracts that we signed or the two that I mentioned on the call, for instance, because these are more colo, which obviously attract very high margins.

但我們對我們簽署的這兩份合約或我在電話會議中提到的兩份合約感到非常滿意，因為這些合約更多的是託管服務，這顯然會吸引非常高的利潤。

So we feel really good about the overall guidance for the year.

因此，我們對今年的整體指導感到非常滿意。

I think in terms of the revenue growth and the pickup that you mentioned is the commencements are actually driving this.

我認為就收入成長和你提到的回升而言，開工實際上推動了這一點。

So we actually see an acceleration of revenue growth, both year-over-year and sequentially as we head into the fourth quarter, which is really going to set us up well as we get the momentum to continue to carry this strong double-digit in this center case, north of 20% CAGR in the growth of that business as we go into 2025.

因此，當我們進入第四季度時，我們實際上看到了收入增長的加速，無論是同比還是環比，這確實將為我們奠定良好的基礎，因為我們有動力繼續保持強勁的兩位數增長。這個中心案例為例，進入2025 年，該業務的複合年增長率將超過20%。

And that's reinforced by the fact that we announced it since the close of the quarter, but in Q4, we've already purchased more land to build out a campus in Richmond, Virginia that Barry mentioned in his remarks.

我們從本季末就宣布了這一消息，這一事實強化了這一點，但在第四季度，我們已經購買了更多土地，用於在弗吉尼亞州里士滿建設校園，巴里在講話中提到了這一點。

So we feel really good about the setup as we go into 2025.

因此，當我們進入 2025 年時，我們對這種設置感覺非常好。

The fourth quarter will be very strong.

第四季將會非常強勁。

And I don't know, Barry, if you want to add anything.

巴里，我不知道你是否想補充什麼。

Sure.

當然。

Well, the only other color I suppose I would provide is you would see in the supplemental that we did commence into revenue-generating and construction, if you will, on quite a few megawatts.

好吧，我想我要提供的唯一其他顏色是你會在補充材料中看到我們確實開始創造收入和建設，如果你願意的話，在相當多的兆瓦上。

But the vast majority of that was right at the end of the quarter.

但其中絕大多數是在本季末發生的。

So it really contributed almost very de minimis amount of revenue to the headline results.

因此，它確實為整體業績貢獻了幾乎微乎其微的收入。

And so that's one of the reasons why we have a high degree of visibility to something in the neighborhood of probably $20 million-plus or more of incremental data center revenue in the fourth quarter versus the third.

因此，這就是為什麼我們對第四季度與第三季度相比資料中心收入增量可能超過 2000 萬美元或更多的情況具有高度可見性的原因之一。

That incidentally is up from our prior guidance, so reflecting the fact that our team is doing a great job with keeping construction on budget and on time.

順便說一句，這高於我們先前的指導，因此反映出我們的團隊在按預算和按時進行施工方面做得很好。

And as you would see in the supplemental, we've got quite a few commencements coming over the next couple, three, four quarters.

正如您在補充資料中看到的那樣，我們將在接下來的幾個、三個、四個季度內啟動相當多的活動。

So you should be anticipating ramping levels of data center revenue from us going forward.

因此，您應該預期我們未來的資料中心收入將持續上升。

And I'll just point out that as we said before, the returns we've been writing have been improving.

我只想指出，正如我們之前所說，我們所寫的回報一直在改善。

Pricing, obviously, in data center has been getting better for quite some time now.

顯然，資料中心的定價在相當長一段時間內已經變得越來越好。

And so that's one of the reasons why you're seeing the margins step up sequentially, and we expect that trend to continue.So we feel quite good about where we are.

這就是為什麼你會看到利潤率連續上升的原因之一，我們預計這種趨勢將持續下去。

Nate Crossett, BNP.

內特·克羅塞特，法國巴黎銀行。

Hey, good morning.

嘿，早安。

I was wondering if you could give us your expectation for RIM volumes in 4Q?

我想知道您能否告訴我們您對 RIM 第四季銷售的預期？

And maybe into next year, what should we expect for RIM pricing?

也許到了明年，我們對 RIM 的定價有何預期？

And then one on the Richmond land, is that power provisioned already?

然後，在里士滿的土地上，電力是否已配備？

And maybe when can we see start developments on that site?

也許我們什麼時候可以看到網站開始開發？

Thanks, Nate.

謝謝，內特。

Let me start with the Richmond land.

讓我從里士滿土地開始。

Yes, that is power provided.

是的，那就是提供的電源。

And as we said, that will be north of 200 megawatts of critical IT load.

正如我們所說，這將超過 200 兆瓦的關鍵 IT 負載。

So we're really pleased with that expansion.

所以我們對這次擴張感到非常滿意。

And I'll let Barry talk about the RIM volume and pricing.

我將讓 Barry 談談 RIM 的銷售和定價。

Sure.

當然。

Nate, as you would see in the supplemental, we continue to expand our total physical volume in the quarter, and we expect that trend to continue certainly in the fourth quarter and going into next year.

內特，正如您在補充資料中看到的那樣，我們在本季繼續擴大我們的總實物量，我們預計這種趨勢肯定會在第四季度持續到明年。

The team is doing a great job capturing market share and growing our physical volume.

該團隊在佔領市場份額和增加實體銷售方面做得非常出色。

Pricing, revenue management, we were clearly focused, as I mentioned, on driving value for our clients and with that value.

正如我所提到的，在定價、收入管理方面，我們顯然專注於為客戶創造價值並創造這種價值。

And I think we're really on provider that can serve clients, especially our larger clients in the ways that we do.

我認為我們確實是一個能夠以我們的方式為客戶，特別是我們的大客戶提供服務的提供者。

And we're offering new offerings that make the value that much higher, things like Smartstore, Image on Demand, our DXP platform, among numerous other offerings that drive value for clients.

我們正在提供新的產品，使價值更高，例如 Smartstore、影像點播、我們的 DXP 平台以及眾多其他為客戶帶來價值的產品。

So you would see that the total revenue in global RIM on the storage side was up a little over 7% organic in the quarter, and that was very much in line, in fact, a little bit ahead of what we were expecting as the team continues to do very well driving that value.

因此，您會看到本季全球 RIM 在儲存方面的總收入有機成長略高於 7%，這非常符合，事實上，比我們團隊的預期稍稍提前了一點繼續很好地推動這一價值。

And I would say you mentioned about for next year.

我想說你提到了明年的情況。

Our long-term outlook continues to be that our physical volume will be flattish to slightly up.

我們的長期前景仍然是我們的實體交易量將持平或略有上升。

I see no reason why, at this point, that would be any different next year.

就目前而言，我認為明年的情況沒有任何不同。

And similarly, I think as long as we're continuing to drive value for clients as we are, you should be anticipating our revenue management opportunities to be of the same order that we've been speaking about for some time, which is that mid- to upper single digit.

同樣，我認為只要我們繼續為客戶創造價值，您就應該預期我們的收入管理機會與我們一段時間以來一直在談論的相同，即中期- 到最高個位數。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great.

偉大的。

I guess, Barry, I think you talked to kind of revenue and EBITDA at the upper end of the range last quarter, too.

巴里，我想您也談到了上季營收和 EBITDA 處於區間上限的情況。

It looks like you beat by a little bit in the quarter.

看起來你在本季稍微領先了一些。

Any thoughts as to just why it was reaffirmed as opposed to not take it up with one quarter left in the year?

對於為什麼要重申這一點而不是在今年還剩四分之一的時候不採取這一點有什麼想法嗎？

Was that FX?

那是外匯嗎？

Any puts and takes on that?

有什麼看跌期權嗎？

Kev, really appreciate the question.

凱夫，非常感謝這個問題。

Appreciate the kind words.

感謝善意的話語。

I would say we have been saying all year long that what our year guidance was, and we've just taken it to the high end.

我想說的是，我們一整年都在說我們的年度指導是什麼，我們剛剛把它帶到了高端。

And frankly, if you work through the guide, you'd find that we're probably going to be a little bit above the high end for revenue and EBITDA based on our fourth quarter projection.

坦白說，如果您仔細閱讀該指南，您會發現根據我們第四季度的預測，我們的收入和 EBITDA 可能會略高於高端水平。

So -- and then AFFO and AFFO per share kind of works out to right at the high end of the guidance.

因此，AFFO 和 AFFO 每股的計算結果恰好位於指導的高端。

Of course, you are right, FX has been a headwind to us all year, probably at least as much of a headwind in the fourth quarter as it was in the third quarter in light of the dollar strength.

當然，你是對的，全年外匯對我們來說都是不利因素，鑑於美元走強，第四季的不利因素可能至少與第三季一樣大。

And I know that it may sound a little bit -- just getting into the weeds, but that may sound a little counter to what you expect when you look at, say, the pound and the euro.

我知道這聽起來可能有點——只是陷入困境，但這可能聽起來有點與你對英鎊和歐元的預期相反。

But don't forget, we have a fair amount of exposure in Latin America.

但不要忘記，我們在拉丁美洲有相當多的曝光度。

We've got a great business there.

我們在那裡生意很好。

And incidentally, our Latin America business is doing phenomenally well, really growing bookings in our digital business, taking off dramatically in LatAm.

順便說一句，我們的拉丁美洲業務表現非常好，我們的數位業務預訂確實在成長，在拉丁美洲取得了巨大的進步。

But with that, we are exposed to the Argentine peso, the Chilean currencies or the Brazilian real.

但這樣一來，我們就面臨阿根廷比索、智利貨幣或巴西雷亞爾的風險。

And so all of those you would see have had a really tough go versus the dollar.

所以你會看到所有這些貨幣兌美元都經歷了非常艱難的時期。

So that's disproportionately impacting our revenue and our EBITDA.

因此，這對我們的收入和 EBITDA 產生了不成比例的影響。

But look, we feel really good about where we are and our outlook is very favorable.

但看，我們對自己的處境感覺非常好，而且我們的前景非常樂觀。

And as we said before, we are running well ahead of our long-term target for a CAGR of 10% that we issued at the Investor Day.

正如我們之前所說，我們遠遠超出了投資者日發布的 10% 複合年增長率的長期目標。

We're probably running 200, 300 basis points or more above that for the first few years of that target, and we continue to expect to be at or above those levels and driving considerable profitability.

在該目標的頭幾年，我們的獲利水平可能比該目標高出 200、300 個基點或更多，我們繼續預計將達到或高於這些水平，並帶來可觀的獲利能力。

And that is based on our growth portfolio that Bill spoke about, we expect that growth portfolio to continue to grow it in excess of 20% for a long period of time.

這是基於比爾談到的我們的成長投資組合，我們預計成長投資組合將在很長一段時間內繼續成長超過 20%。

That's ALM, digital and data center, coupled together with the strength of our global RIM business.

這就是 ALM、數位和資料中心，以及我們全球 RIM 業務的實力。

Andrew Steinerman, JPMorgan.

安德魯‧史坦納曼，摩根大通。

Hi, everybody.

大家好。

Question on InSight.

關於洞察力的問題。

You deal with the 22 wins on the InSight DXP platform.

您在 InSight DXP 平台上處理 22 場勝利。

I wanted to know if Iron Mountain is getting revenues for InSight?

我想知道 Iron Mountain 是否透過 InSight 獲得收入？

I know kind of initially, that wasn't the strategy, more of a cross-sell.

我一開始就知道，這不是策略，更多的是交叉銷售。

So if you're not getting much revenues, what's kind of a typical revenues you're getting from new storage contracts that are bundled with the InSight capability?

因此，如果您沒有獲得太多收入，那麼您從與 InSight 功能捆綁在一起的新儲存合約中獲得的典型收入是多少？

And if 22, a large number of InSight wins, like why should we understand this to be important?

如果是 22，大量的 InSight 獲勝，為什麼我們應該理解這很重要？

Thanks, Andrew.

謝謝，安德魯。

I appreciate the question.

我很欣賞這個問題。

So first of all, it's 24, but who's counting?

首先，是 24，但是誰在數呢？

But just -- but -- first of all, we do anything for free.

但只是——但是——首先，我們做任何事情都是免費的。

So these are -- when I say highly profitable, these are the typical kind of double-digit service contracts that you're used to watching us when -- think of these things, depending on the length of the contract, depending on how much productivity we build in during the length of the contract, but think of them somewhere between 20% and 40% gross margin contracts.

因此，當我說高利潤時，這些是典型的兩位數服務合同，您習慣於在觀看我們時考慮這些事情，取決於合同的長度，取決於多少我們在合同期內建立的生產力，但請考慮毛利率在20% 到40% 之間的合約。

The nice thing about these with the DXP platform, not only are we tracking those contracts is I mean you've been watching the company for a long time, when we start off our digital business is that we were doing relatively little in the area of workflow, it's much more feeding their data links by the digitization of physical documents.

使用 DXP 平台的好處是，我們不僅可以追蹤這些合同，我的意思是您已經關注該公司很長時間了，當我們開始數位業務時，我們在以下領域做得相對較少：工作流程中，更多的是透過實體文檔的數位化來提供資料連結。

This DXP platform, not only part of that is there is a digitization part.

這個DXP平台，不只一部分，還有數位化的部分。

But more importantly, when I'm talking about the 20% to 40% margin, depending on the length of the contract, and how much productivity we can build during that course is lots of times, it's taking in data that's completely digital, it's foreign digitally.

但更重要的是，當我談論 20% 到 40% 的利潤時，這取決於合約的長度，以及我們在這個過程中可以建立多少生產力，很多時候，它正在吸收完全數位化的數據，它是國外數位化。

And we're putting that into our SaaS platform, creating metadata automatically and putting workflow around that.

我們將其放入我們的 SaaS 平台中，自動建立元資料並圍繞它建立工作流程。

So I highlighted the savings bond example recently, that was the precursor to DXP, where 2 billion [microimages] of historical savings bonds where they couldn't find the owners.

所以我最近強調了儲蓄債券的例子，這是 DXP 的前身，其中有 20 億張歷史儲蓄債券的[微圖像]，但他們找不到所有者。

And 96% of them, we were able to process with the precursor of DXP, which we called InSight and without a person in the loop and identify the owner.

其中 96%，我們能夠使用 DXP 的前身（我們稱之為 InSight）進行處理，而無需人員介入並識別所有者。

So it's that kind of power in this platform.

這就是這個平台的力量。

Of course, we've taken it the next step further, and it's a fully SaaS fig platform.

當然，我們已經更進一步，它是一個完全 SaaS 的無花果平台。

But we like the profitability of this business.

但我們喜歡這項業務的獲利能力。

We really like the growth of the business.

我們真的很喜歡業務的成長。

And generally, I think you know me well enough.

總的來說，我認為你夠了解我了。

I don't do anything for free.

我不做任何免費的事。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬 (Eric Luebchow)，富國銀行。

Maybe you could just touch on kind of some of your longer-term aspirations with ALM.

也許您可以談談您對 ALM 的一些長期願望。

I know at your Investor Day a couple of years ago, you talked about getting to $900 million or so of revenues by 2026.

我知道在幾年前的投資者日上，您談到到 2026 年收入將達到 9 億美元左右。

That's obviously a pretty massive ramp from where you're currently at.

與您目前所處的位置相比，這顯然是一個相當大的坡道。

So I just wanted to confirm if that's still your stated goal?

所以我只是想確認這是否仍是您既定的目標？

And maybe how you can kind of bridge from where you're at today, call it, just north of $400 million in annualized revenue to that number.

也許你可以如何從目前的狀況（年化收入 4 億美元以上）過渡到這個數字。

Whether it comes from open pricing, volume or incremental M&A that you may or may not do?

它是否來自公開定價、數量或增量併購（您可能會或可能不會）？

Let me -- thanks, Eric.

讓我——謝謝，艾瑞克。

I appreciate the question.

我很欣賞這個問題。

So I think, yes, we still very much have line of sight to the targets that we set out on Investor Day.

所以我認為，是的，我們仍然非常關注我們在投資者日設定的目標。

Now obviously, that's a combination of organic growth.

顯然，這是有機成長的結合。

And as Barry pointed out, we had very, very strong organic growth this quarter.

正如巴里指出的那樣，本季我們的有機成長非常非常強勁。

We continue -- although it was up over 50% this quarter, we continue to guide that we can maintain over 20% growth because there's obviously some fluctuation in the pricing of components over time, and we saw that 1.5 years or 2 years ago.

我們繼續進行——儘管本季度增長了50% 以上，但我們繼續指導我們可以保持20% 以上的增長，因為隨著時間的推移，組件的定價顯然會出現一些波動，我們在1.5 年或2 年前就看到了這一點。

But if you look at the volumetric trends that we see in that business, whether it be on enterprise, whether it be on hyperscale data centers or even enterprise data centers decommission, is the amount of volume because people have a different need as they refresh their equipment than maybe they had 10 years ago, both environmentally and from a security standpoint.

但是，如果你看看我們在該業務中看到的容量趨勢，無論是企業資料中心，還是超大規模資料中心，甚至是企業資料中心退役，都會發現容量的大小，因為人們在更新他們的資料時有不同的需求。

We see the volumetric trends so that's a really strong double-digit growth business.

我們看到了銷售趨勢，因此這是一項非常強勁的兩位數成長業務。

And in addition, we -- like the acquisitions we highlighted that we did in Q3, we see that there's a number of these acquisitions that we'll continue to build.

此外，就像我們在第三季強調的收購一樣，我們看到我們將繼續進行許多此類收購。

So we feel really good about the targets that we outlined on Investor Day.

因此，我們對投資者日概述的目標感到非常滿意。

I don't know, Barry, if you want to add anything.

巴里，我不知道你是否想補充什麼。

I think, Eric, the top line target that we provided for the whole company was 10%, and we're obviously running as I mentioned earlier, a couple of hundred -- 200, 300 basis points ahead of that.

我認為，艾瑞克，我們為整個公司提供的頂線目標是 10%，而且我們顯然正在按照我之前提到的方式運行，比該目標提前幾百個 - 200、300 個基點。

We -- I think our growth portfolio continues to outperform and our global RIM business also is considerably ahead of where our projections were at that time in the scenario that you're referring to.

我認為我們的成長投資組合繼續表現出色，而且我們的全球 RIM 業務也遠遠超出了我們當時在您提到的情況下的預測。

I'd just underscore, ALM is a really big category.

我只是強調，ALM 是一個非常大的類別。

And the TAM there is immense.

那裡的 TAM 是巨大的。

We're already one of the -- if not, the largest player.

我們已經是最大的參與者之一——如果不是的話，也是最大的參與者之一。

And I think both from an organic and inorganic standpoint, we can become the market leader in that space.

我認為無論從有機或無機的角度來看，我們都可以成為該領域的市場領導者。

And you saw us doing that both on the organic side as well as with a couple of recent complementary deal.

你看到我們在有機方面以及最近的一些補充交易上都這樣做了。

So we feel quite good about ALM.

所以我們對 ALM 感覺很好。

It is very much on track with our strategy for cross-selling and driving more value for our clients.

這與我們的交叉銷售和為客戶創造更多價值的策略非常吻合。

Brendan Lynch, Barclays.

布倫丹·林奇，巴克萊銀行。

Great.

偉大的。

Thank you for taking my question.

謝謝你回答我的問題。

I want to stick with the ALM theme.

我想堅持使用 ALM 主題。

Can you just give us some more details around Wisetek and APCD in terms of their geography and their product offering, maybe the customer focus between enterprise and hyperscale?

您能否為我們提供一些有關 Wisetek 和 APCD 的更多詳細信息，包括他們的地理位置和產品供應，也許是企業和超大規模之間的客戶關注點？

And also the appetite you have for larger acquisitions instead maybe some of these bolt-ons?

您是否有興趣進行更大規模的收購，而不是進行一些補充性收購？

Thanks, Brendan, for the question.

謝謝布倫丹提出的問題。

So let me -- I'll talk a little bit about the categories and geographies they bring.

那麼，讓我來談談它們帶來的類別和地理。

So Wisetek really helps us expand our portfolio, primarily in Europe and North America.

因此，Wisetek 確實幫助我們擴大了產品組合，主要是在歐洲和北美。

So they have good presence in both markets.

因此他們在這兩個市場都有良好的影響力。

In addition, they also bring strong customer relationships, both on the enterprise, but also we picked up a new hyperscale customer through the acquisition of Wisetek, which was great.

此外，他們還為企業帶來了強大的客戶關係，而且我們透過收購 Wisetek 獲得了一個新的超大規模客戶，這非常棒。

This is a customer that we have a relationship in some of our businesses already.

我們已經在一些業務中與該客戶建立了合作關係。

But having -- picking up the hyperscale relationship on the ALM side, in addition through the Wisetek acquisition was really great.

但是，除了透過收購 Wisetek 之外，在 ALM 方面建立超大規模關係確實很棒。

I think also, obviously, the acquisition we did in Australia does build out our capabilities in Australia, which has always been a strong and important market for Iron Mountain.

我還認為，顯然，我們在澳洲的收購確實增強了我們在澳洲的能力，而澳洲一直是鐵山公司強大而重要的市場。

But it allows us to actually broaden our portfolio of services for our customers there.

但這使我們能夠真正擴大為那裡的客戶提供的服務組合。

I don't know, Barry, if you want to talk a little bit more about

我不知道，巴里，你是否想多談

--

--

Brendan, we didn't really disclose financial terms on these couple of smaller deals but I will tell you that combined, they probably represent in the vicinity of USD75 million, USD80 million run rate US dollar revenue.

布倫丹，我們並沒有真正披露這幾筆較小交易的財務條款，但我會告訴您，它們加起來可能代表大約 7500 萬美元、8000 萬美元的美元收入。

And they -- Wisetek is based in Ireland that has decent-sized operations as Bill was mentioning both in Europe as well as US and a little bit in Asia.

他們——Wisetek 總部位於愛爾蘭，正如比爾所提到的那樣，在歐洲、美國以及亞洲都有一定規模的業務。

APCD as I mentioned, is based in Australia.

正如我所提到的，APCD 總部位於澳洲。

And the thing about Australia is that's a large data center market as I know you know, because you follow the data center industry so well.

據我所知，澳洲是一個龐大的資料中心市場，因為您非常關注資料中心產業。

So that is an underpenetrated opportunity for us, both in terms of the enterprise as well as decommissioning.

因此，無論是在企業方面還是在退役方面，這對我們來說都是一個未充分利用的機會。

And so we feel very good about these opportunities.

因此，我們對這些機會感到非常滿意。

You've seen what we've been able to do, even still early on with our Regency acquisition.

您已經看到了我們所取得的成就，即使是在收購 Regency 的早期。

I think all of these create more scale, more capability and more reach for us to serve our global client base much more effectively.

我認為所有這些都為我們創造了更大的規模、更強的能力和更廣泛的影響力，以便更有效地為我們的全球客戶群提供服務。

And as it -- you mentioned, are we open to larger deals?

正如您所提到的，我們是否願意接受更大的交易？

The thing about this is there's really -- I mean we're already the largest player.

問題是，我的意思是我們已經是最大的參與者了。

So actually, you get past us and a couple of others that are, say, half our size, they -- all the players that are in the space are relatively small, Brendan.

所以實際上，你超越了我們和其他幾個，比如說，只有我們一半大小的人，他們——這個空間中的所有玩家都相對較小，布倫丹。

So you're thinking like $100 million revenue or less.

所以你的想法是 1 億美元或更少的收入。

And so I don't think you should anticipate anything large in that space.

所以我認為你不應該預期這個領域有什麼大的事情。

And -- but frankly, we're doing quite well on the organic side, and we're very happy to welcome the team from Wisetek and APCD to our company.

但坦白說，我們在有機方面做得相當好，我們非常高興歡迎 Wisetek 和 APCD 的團隊加入我們公司。

So thank you for the questions.

謝謝你的提問。

This concludes our question-and-answer session, and the Iron Mountain third-quarter 2024 earnings conference call.

我們的問答環節和 Iron Mountain 2024 年第三季財報電話會議到此結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。