鐵山公司 (IRM) 2024 Q3 法說會逐字稿

Good morning and welcome to the earned mall in third quarter 2024 earnings conference call. (Operator Instruction) Please note this event is being awarded. I would now like to turn the conference over to Ms. Gillian Tiltman, Senior Vice President and Head and Head of Investor Relations. Please go ahead, ma'am.

早安，歡迎來到賺取商城 2024 年第三季財報電話會議。 （操作員說明）請注意此活動正在進行獎勵。現在我想將會議交給資深副總裁兼投資人關係主管 Gillian Tiltman 女士。請繼續，女士。

Thank you, Chad, and good morning and welcome to our third quarter 2024 earnings conference call. On today's call, we'll refer to materials available on our Investor Relations website. We're joined here today by William Meaney, President and Chief Executive Officer, and Barry Hytinen, Executive Vice President and Chief Financial Officer.

謝謝查德，早上好，歡迎參加我們的 2024 年第三季財報電話會議。在今天的電話會議上，我們將參考投資者關係網站上提供的資料。今天，總裁兼執行長 William Meaney 和執行副總裁兼財務長 Barry Hytinen 也加入了我們的行列。

After prepared remarks, we'll open the lines for Q&A. Today's earnings materials contain forward looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on Slide 2 for our quarterly report on Form 10-Q for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements.

準備好發言後，我們將開始問答環節。今天的收益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，即我們 10-Q 表格季度報告投影片 2 上的安全港語言，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 used to non-GAAP measures when presenting our financial results. We have included the reconciliation to these measures in our supplemental financial information. With that, I'll turn the call over to Bill.

此外，我們在公佈財務績效時採用非公認會計準則衡量標準。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，我就把電話轉給比爾。

Thank you, Gillian, and thank you all for taking time to join us today to discuss our third quarter results. We delivered another excellent quarter with record results across all financial metrics of revenue, adjusted EBITDA and AFFO.

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。我們又一個出色的季度在收入、調整後 EBITDA 和 AFFO 等所有財務指標上取得了創紀錄的業績。

This is a direct result of the portfolio-based momentum we have built, which will continue to deliver sustained double-digit growth. During the quarter, we achieved our highest ever quarterly revenue of $1.6 billion, up 12% from the prior year. We also set a new adjusted EBITDA record of $568 million, up 14 %.

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。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%。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. Given our strong performance year to date, we are now on track to achieve the high end of our full year 2024 for guidance range. 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 you truly transformative results to our customers.

此外，正常化基礎上每股 AFFO 為 1.12 美元，比上年增長 10%。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。現在，我將介紹本季度我們的主要成就的最新情況，這些成就基於以下戰略重點，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，為我們的客戶帶來真正的變革性成果。

In terms of revenue cost in cybersecurity, providing asset lifecycle management capabilities, which are both economic and environmentally sustainable and supplying differentiated data center offerings through our global scale and customer trust. Now let me highlight some important wins from the quarter that showcase how we demonstrate the power of our plan form. Let's begin with our records and information management business. In Australia, a large government department was looking for a partner that could provide a number of services. We earned their trust in signed a seven-year contract, delivering storage, digital solutions and asset life cycle management services.

就網路安全的收入成本而言，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。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計畫形式的力量。讓我們從我們的記錄和資訊管理業務開始。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。我們贏得了他們的信任，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. This quarter, we launched our inside a digital experience or DXP. SaaS-based platform. DXP allows customers to automate the generation of meta data as well as having the ability to access manage, govern and monetize physical and digital information.

轉向我們的數位解決方案業務。本季度，我們推出了內部數位體驗或 DXP。基於 SaaS 的平台。 DXP 允許客戶自動產生元數據，並能夠存取、管理、管理實體和數位資訊並使其貨幣化。

In addition, we launched this enhanced platform on the 1' of August, and we have already booked 24 recurring revenue deals. I'll speak to two existing customer wins where we cross-sold DXP offering.

此外，我們在 8 月 1 日推出了這個增強型平台，並且已經預訂了 24 筆經常性收入交易。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 a customer in Mexico due to new requirements in the country for all pension information to be digitized, a long-standing customer turned to Iron Mountain dentist with regain compliance. We have secured the DXP. contract with this large financial services company to sort digitize and manage their pension records over the next 12 months comprise nothing more than 50 million images.

讓我們從墨西哥的一位客戶開始，由於該國對所有退休金資訊進行數位化的新要求，一位長期客戶轉向 Iron Mountain 牙醫並重新獲得合規性。我們已經獲得了 DXP。與這家大型金融服務公司簽訂的合約是在未來 12 個月內對他們的退休金記錄進行排序、數位化和管理，其中包含的圖像不超過 5000 萬張。

Secondly, in the U.S., a large health care company is an existing records management and ALM customer will leverage our DXP platform to manage a complex set of multi format records by digitizing in migrating this data into our DXT. platform, our customer will be able to manage records more effectively, including the elimination of in eligible claims. This is an example how the power of our DXP platform drives value for our customers in our unique ability to support their physical and digital information management needs. Turning to our asset lifecycle management business. We are pleased with the progress we are making to expand our capabilities and geographic footprint.

其次，在美國，一家大型醫療保健公司是一家現有的記錄管理公司，ALM 客戶將利用我們的DXP 平台，透過數位化方式將這些資料遷移到我們的DXT 中，來管理一組複雜的多格式記錄。在平台上，我們的客戶將能夠更有效地管理記錄，包括消除符合條件的索賠。這是我們的 DXP 平台的強大功能如何透過我們支援其實體和數位資訊管理需求的獨特能力為客戶創造價值的範例。轉向我們的資產生命週期管理業務。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 the way in IT assets, given our nationwide scale this customer determine that we are the right partner for handling a high volume of IT hardware efficiently.

在澳大利亞，一家電信供應商需要 IT 資產方面的服務，考慮到我們的全國規模，該客戶確定我們是高效處理大量 IT 硬體的合適合作夥伴。

As a result, our Mountain was awarded a recurring contract for these services in the US. Our expanded footprint and capabilities following our acquisition of Regency technologies has resulted in a significant and ALM contract with a global technology company.

因此，我們的 Mountain 獲得了在美國提供這些服務的定期合約。收購 Regency Technologies 後，我們擴大了業務範圍和能力，與一家全球科技公司簽訂了一份重要的 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, the strength of our logistics capabilities was a major factor in winning this contract, consistent with our strategy to significantly grow our presence in the large and fragmented enterprise asset lifecycle management space.

根據該協議，我們將為客戶管理所有 IT 資產處置服務。美國業務，除了我們已經提供的記錄管理服務之外，我們的物流能力也是贏得這份合約的一個主要因素，這與我們在大型且分散的企業資產生命週期管理領域顯著擴大業務的策略是一致的。

We are pleased to announce the acquisition of WiseTech in end-to-end IT asset disposition company, which will provide us with an expanded footprint across Europe in the United States.

我們很高興地宣布收購慧諮科技（WiseTech）這家端到端IT資產處置公司，這將為我們在歐洲和美國的業務拓展提供協助。

We also completed the acquisition of APCD., a leading Australian IT asset disposition specialist. These acquisitions will enable us to continue to expand our reach across a number of categories. Turning to our data center business, I would like to share two examples that demonstrate the continued demand for capacity at our campuses across the world.

我們也完成了對澳洲領先IT資產處置專家APCD.的收購。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。談到我們的資料中心業務，我想分享兩個例子，它們證明了我們世界各地園區對容量的持續需求。

In Virginia our team one, a second two megawatt deal with a global technology company building on a similar deal with this customer at our data center in Pennsylvania earlier this year in Arizona, we are supporting a global fintech provider to migrate from an internal data center and a 1.5-megawatt deal with scope for further expansion. Our compliance program was the deciding factor for this highly regulated customer.

在維吉尼亞州，我們的團隊一與一家全球科技公司達成了第二個2 兆瓦的交易，該交易是基於今年早些時候在亞利桑那州賓夕法尼亞州數據中心與該客戶達成的類似交易，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以及1.5兆瓦的處理方案，還有進一步擴展的空間。我們的合規計畫是這個受到嚴格監管的客戶的決定因素。

The leasing achieved in the first three quarters brings us to 106 megawatts compared to the US increased guidance for the year of 130 megawatts. To conclude, I'll leave you with three key takeaways. Our strategy is built on the strength of our portfolio of growth businesses, including digital solutions, data center and asset lifecycle management, each growing at a cash figure of 20% plus .

前三季實現的租賃量使我們達到 106 兆瓦，而美國今年的指導值為 130 兆瓦。最後，我將向您提出三個關鍵要點。我們的策略建立在我們成長業務組合的實力之上，包括數位解決方案、資料中心和資產生命週期管理，每項業務的現金成長率都在 20% 以上。

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. 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. Our base of nearly 250,000 customers, including 95% of the Fortune 1,000. And the cornerstone of this strategy is our Company DNA of placing our customers' needs and well-being at the heart of how we serve them. This is all thanks to our dedicated team of mountaineers with that, I'll turn it over to Barry to provide more details on our financial results and outlook.

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。這種成長是持續且有彈性的，因為它是基於滿足客戶當前和未來需求的產品和服務組合。我們擁有近 25 萬名客戶，其中包括 95% 的財富 1,000 強企業。這項策略的基石是我們的公司 DNA，將客戶的需求和福祉置於我們服務的核心。這一切都要歸功於我們敬業的登山團隊，我將把它交給巴里，以提供有關我們財務業績和前景的更多詳細資訊。

Thanks, Bill, and thank you all for joining us to discuss our results in the third quarter. Our team delivered strong performance across all of our key financial metrics, including revenue, EBITDA and AFFO results for each of those were ahead of the projections we provided on our last call.

謝謝比爾，也謝謝大家加入我們討論我們第三季的業績。我們的團隊在所有關鍵財務指標（包括營收、EBITDA 和 AFFO）方面均取得了強勁的業績，其中每項指標均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, during the third quarter, we achieved record revenue of $1.56 billion, up 12% on a reported basis, driven by 9% store growth and 17% service growth delivered strong organic growth in the quarter, up 10%. Total storage revenue in the quarter was $936 million, up $77 million year on year.

我們的團隊在所有業務領域都取得了穩健的業績，在談到第四季度的前景之前，我將更詳細地討論每個業務領域，第三季度，我們實現了創紀錄的收入15.6 億美元，比報告的成長12%在 9% 的商店成長和 17% 的服務成長的推動下，本季實現了強勁的有機成長，成長了 10%。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. Organic service revenue growth accelerated to 10% year on year. I will note this represents our best quarterly growth rate for annex service revenue in the last two years.

服務總收入為 6.22 億美元，比去年增加 9,200 萬美元。有機服務收入較去年成長速度加快至10%。我要指出的是，這代表了過去兩年我們附屬服務收入的最佳季度成長率。

Revenue was driven by strong performance in our ALM and global wind businesses. Reported service revenue growth at 17.4% reflects the inclusion of our Regency Technologies acquisition. Adjusted EBITDA was $568 million, a new record, up 14% year on year, driven by strong growth in our global room ALM. and data center businesses.

我們的 ALM 和全球風電業務的強勁表現推動了營收的成長。報告的服務收入成長 17.4% 反映了我們對 Regency Technologies 的收購。調整後 EBITDA 為 5.68 億美元，創下新紀錄，年增 14%，這得益於我們全球客房 ALM 的強勁成長。和資料中心業務。

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

調整後 EBITDA 利潤率為 36.5%，較去年同期成長 50 個基點，這反映出我們所有業務的利潤率均有所改善。 AFFO 為 3.32 億美元，成長 3,100 萬美元，比去年第三季成長超過 10%。從去年第三季開始。

Reported AFFO on a per-share basis was $1.13, up $0.11 from last year. AFFO per share included a $0.01 benefit due to our GAAP share count in the quarter. 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.

報告的每股 AFFO 為 1.13 美元，比去年增加 0.11 美元。由於我們本季的 GAAP 股票數量，AFFO 每股包含 0.01 美元的收益。 AFFO 每股正常化後上漲 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。

The outperformance to our guidance was driven by higher adjusted EBITDA. As expected, the strength of the US dollar continued to be a headwind increasingly. So, toward the end of the quarter, on a constant currency basis, revenue was up 13% and AFFO was up 11%.

調整後 EBITDA 的提升推動了業績超越我們的指引。正如預期，美元走強繼續成為日益不利的因素。因此，到本季末，以固定匯率計算，營收成長了 13%，AFFO 成長了 11%。

Now turning to segment performance. I'll start with our global wind business, which achieved revenue of $1.26 billion, an increase of $78 million year on year. Organic storage was up in excess of 7%, driven by revenue management in consistent volume. Organic service revenue was also up 7% with contributions from digital and core services. A key highlight is the performance of our digital business. The team launched the digital experience platform that Bill mentioned, while also delivering the best bookings quarter. Yet consistent with our matter one plan, the vast majority of the digital wins were the result of cross selling global room. Adjusted EBITDA was $569 million, an increase of $52 million year on year.

現在轉向細分市場表現。我先從我們的全球風電業務開始，該業務實現收入12.6億美元，年增7800萬美元。在穩定數量的收入管理的推動下，有機儲存增加了 7% 以上。由於數位和核心服務的貢獻，有機服務收入也增加了 7%。一個關鍵亮點是我們數位業務的表現。該團隊推出了比爾提到的數位體驗平台，同時也實現了最佳預訂季度。然而，與我們的第一件事計劃一致，絕大多數數位化勝利都是交叉銷售全球房間的結果。調整後 EBITDA 為 5.69 億美元，年增 5,200 萬美元。

Global in adjusted EBITDA margin was up 120 basis points sequentially and 140 basis points from last year. Margin expansion was driven by operating leverage and revenue management. Turning to our global data center business, the team delivered revenue of $153 million, an increase of $26 million year on year. From a total revenue perspective, we achieved 20% organic growth. We delivered storage rental revenue growth, up 22% from the third quarter of last year.

全球調整後 EBITDA 利潤率較上季上升 120 個基點，較去年上升 140 個基點。利潤率擴張是由營運槓桿和收入管理所推動的。轉向我們的全球資料中心業務，該團隊實現收入 1.53 億美元，年增 2,600 萬美元。從總收入的角度來看，我們實現了 20% 的有機成長。我們實現了儲存租賃收入成長，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. Data center adjusted EBITDA was $67 million, representing strong growth of 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.

提醒一下，安裝收入往往很低，甚至達到損益兩平。資料中心調整後 EBITDA 為 6,700 萬美元，強勁成長 26%。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. Turning to new and expansion leasing, we signed nine megawatts in the quarter, bringing total bookings year to date to one of the year. 130 megawatts of new leases signed in 2024, 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 when fully built out the campus will operate with greater than 200 megawatts of capacity.

利潤率擴張是由定價、近期開工和營運槓桿推動的。談到新建和擴建租賃，我們在本季度簽署了 9 兆瓦，使今年迄今的總預訂量達到了全年之一。 2024 年簽署的 130 兆瓦新租賃合同，符合我們超大規模客戶關係的實力和不斷擴大的性質，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，我們已經收購了一個開發場地位於弗吉尼亞州里士滿的園區完全建成後，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%. Turning to asset lifecycle management. Total ALM revenue in the quarter was 102 million, an increase of 61 million or 145% year on year. 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. Regency technologies performed very well this quarter with revenue of $36 million. Leveraging Regency's capabilities. Capturing synergies related to the deal in improved efficiencies in our data center decommissioning resulted in considerable improvement in ALM. profitability.

由於該交易於第四季度完成，因此未包含在我們對這個新市場的補充中。我們的資料中心總容量超過 1.1 吉瓦，增幅超過 20%。轉向資產生命週期管理。該季度ALM總營收為1.02億美元，年增6,100萬美元，增幅145%。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 本季表現非常出色，營收為 3,600 萬美元。充分利用攝政的能力。獲得與該交易相關的協同效應，提高我們資料中心退役的效率，從而使 ALM 得到顯著改善。盈利能力。

Our focus on cross-selling is delivering great results. For example, over 95% of our ALM bookings this quarter were cross-sell wins regarding the ALM acquisitions that Bill referenced, we closed a PCD. in August and it contributed $3 million to revenue. We close those WiseTech in late September. So, we had no income statement contribution in the quarter from that acquisition. Turning to capital allocation remains 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.

我們對交叉銷售的關注正在帶來巨大的成果。例如，本季超過 95% 的 ALM 預訂都是關於 Bill 提到的 ALM 收購的交叉銷售勝利，我們關閉了 PCD。 8 月份，它貢獻了 300 萬美元的收入。我們在九月下旬關閉了這些慧諮科技。因此，我們在本季沒有從該收購中獲得損益表貢獻。在資本配置方面，我們仍然致力於我們的策略，即在為我們的成長計畫提供資金、為股東提供有意義的回報和維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. Turning to the balance sheet with strong EBITDA performance. We ended the quarter with net lease adjusted leverage of 5.0 times, which is again a lowest level we have achieved since prior to the Company's reconversion in 2014. For me two minutes for five days from the third quarter of last year. Also, we improved days payable by two days.

第三季資本支出為 4.15 億美元，其中成長支出為 3.73 億美元，經常性支出為 4,100 萬美元。轉向資產負債表，EBITDA 表現強勁。本季結束時，我們的淨租賃調整槓桿率為 5.0 倍，這又是我們自 2014 年公司轉型以來所達到的最低水平。此外，我們也將應付天數縮短了兩天。

Turning to our dividend, our Board of Directors declared our quarterly dividend of $0.715 per share to be paid in early January. And now turning to our projections for the full year, we are on track to achieve the high end of our guidance. 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. In conclusion, our third quarter results represent another milestone on our growth plan. We operate in very large categories with a total addressable market in excess of $150 billion annually and growing Iron Mountain has long-standing relationships with nearly 250,000 clients, many measured in decades and duration in the vast majority of those relationships.

至於股息，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。現在轉向我們對全年的預測，我們有望實現我們指導的高端。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。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。我們的業務涉及非常大的類別，每年的潛在市場總額超過1,500 億美元，不斷發展的Iron Mountain 與近250,000 家客戶建立了長期合作關係，其中許多客戶關係長達數十年，而且絕大多數這些關係的持續時間。

We are okay. We penetrated with a small fraction of our total product offering. We are driving value for our customers, and we are highly focused on cross-selling and expanding market share across our businesses. I would like to thank all of my fellow mountaineers for their efforts to serve our clients and grow our company. And with that, operator, would you please open the line for Q&A?

我們沒事。我們只佔產品總量的一小部分進行滲透。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。我要感謝所有登山同胞為服務我們的客戶和發展我們公司所做的努力。那麼，接線員，請開通問答線好嗎？

Thank you. We will now begin the question-and-answer session. (Operator Instruction) We'll pause momentarily to assemble our roster. In the first question will come from George Tong with Goldman Sachs. Please go ahead.

謝謝。我們現在開始問答環節。 （操作員指示）我們將暫停片刻以集合我們的名單。第一個問題將由高盛的 George Tong 提出。請繼續。

Hi, thanks. Good morning. In your ALM business. Can you have 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 some volumes and pricing?

你好，謝謝。早安.在您的 ALM 業務中。您能否詳細介紹您在資料中心和企業方面看到的業務趨勢，包括您看到的一些數量和定價有多少貢獻？

Morning, George, that thanks for the question. Let me let me talk about the overall trends and very us to comment a little bit on the pricing trends. So, as you as you I think alluded to is that we see good growth are very strong growth coming out of the data center decommissioning, especially where a lot of the hyperscale's are renewing their equipment take advantage of the latest GPUs. So we continue to see strength in that trend, but that's not to preclude the are to ignore the strength in the growth, the volumetric trends that we see also in the enterprise side.

早安，喬治，謝謝你的提問。讓我談談總體趨勢，並對定價趨勢進行一些評論。因此，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，而且是非常強勁的成長，特別是在許多超大規模企業正在利用最新的 GPU 更新設備的情況下。因此，我們繼續看到這種趨勢的力量，但這並不排除我們忽視成長的力量，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 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 very, I would say from a pricing standpoint, we continue to see expected to trend, as I've been discussing throughout the year, goes up some on a year-over-year basis in trending. However, the spread between on new and second-hand year have been then a little bit variable based on the specific component. So, with memory, for example, being a little wider than normal and some of those others being a little tighter, as I've said before, we're not really predicating our guidance on a really meaningful increase in component pricing. You just give you a perspective on this are totally aligned. Business was $102 million of home.

喬治，我想說，從定價的角度來看，我們繼續看到預期趨勢，正如我全年討論的那樣，趨勢同比有所上升。然而，根據特定的組成部分，新年份和二手年份之間的價差略有不同。因此，例如，正如我之前所說，內存比正常情況寬一點，而其他一些內存則窄一點，我們並沒有真正將我們的指導預測為組件價格的真正有意義的增長。你只是給你一個完全一致的觀點。家庭業務價值 1.02 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 a limb was about $64 million, and that compares to last year at $42 million. So, we are to Bill's point of volume is driving a lot increase. And with that volume together with the synergies from our Regency deal, we're seeing the airline profitability the up a lot. So, we're very pleased with where our ALM business is trending. George.

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，這意味著我們本季的有機收入約為 6,400 萬美元，而去年為 4,200 萬美元。因此，我們認為比爾的交易量正在大幅增加。憑藉這一數量以及我們攝政交易的協同效應，我們看到航空公司的獲利能力大幅上升。因此，我們對 ALM 業務的發展趨勢感到非常滿意。喬治.

Got it. Very helpful Thank you.

知道了。非常有幫助，謝謝。

Your next question will come from Jonathan Atkin with RBC. Please go ahead.

您的下一個問題將由加拿大皇家銀行 (RBC) 的喬納森·阿特金 (Jonathan Atkin) 提出。請繼續。

Thank you all. Wanted to ask about on CapEx requirements to kind of fuel the growth going forward. Give us a sense as to how to maybe frame that for the next year? I assume a lot of that would be data centers, but any color on that would be helpful. Thank you.

謝謝大家。想詢問資本支出要求，以推動未來的成長。讓我們了解明年如何制定這個計劃？我認為其中很多都是資料中心，但任何顏色都會有所幫助。謝謝。

Hi, John, it's Barry. 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 and in fact will probably be somewhere in the vicinity of a couple of hundred million more growth capital than we were previously expecting earlier in the year in light of the signings and as you probably saw in our supplemental, we are advancing pretty heavily and some of the construction of all the pre-leased assets is, as I've said before, our important note is nearly everything that we have under construction is already pre-leased. one very, very favourable terms.

嗨，約翰，我是巴里。您是對的，鑑於我們在租賃領域繼續看到強勁增長，我們將繼續在數據中心增長資本上進行大量投資，事實上，增長資本可能比我們多出幾億左右。在今年早些時候進行，正如您可能在我們的補充資料中看到的那樣，我們正在大力推進，正如我之前所說，所有預租賃資產的一些建設是我們的重要說明我們正在建造的幾乎所有東西都已經預租了。一項非常非常優惠的條件。

So our total guidance for capital this year is probably approaching $1.8 billion. And with about approaching $150 million of that being recurring, the vast, vast majority of growth for data center, 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 will be bringing online under those pre-lease agreements. Thank you.

因此，我們今年的資本指導總額可能接近 18 億美元。其中大約有 1.5 億美元是經常性的，這是資料中心的絕大多數增長，我認為根據我們已經簽署的合約和金額，您可能應該期待類似的情況。謝謝。

The next question will come from Shlomo Rosenbaum with Stifel. Please go ahead.

下一個問題將由什洛莫·羅森鮑姆和斯蒂菲爾提出。請繼續。

Hi, thank you very much of the key. Talk a little bit about kind of the pacing of when you expect some of the construction to come on board. It wasn't a ton of sequential revenue growth in the data center business. And obviously there wasn't a huge Sun wing quarter relative to what we see saw in the last couple of quarters. So, once you know, if you could just give us, you know, I know it's lumpy on the siding side and obviously you have to put something into them commission that you're actually the customers using it in order to generate revenue. Can you give us a little bit of an idea of how we should think about that pacing into the fourth quarter?

你好，非常感謝你的關鍵。談談您預計某些建設何時開始實施的節奏。資料中心業務的收入並沒有大幅連續成長。顯然，與我們在過去幾個季度中看到的情況相比，太陽翼季度並沒有出現巨大的變化。所以，一旦你知道，如果你能給我們，你知道，我知道它在壁板方面是不穩定的，顯然你必須向他們投入一些佣金，你實際上是使用它來產生收入的客戶。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 just in general, over the next year or so, how are how is that oh looking? Are you looking to bring a lot of new capacity or new data centers actually into service?

總的來說，在接下來的一年左右的時間裡，看起來怎麼樣？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. So, there's a few pieces in there. So let me let me start first of all, about the signing this quarter, the nine megawatts. And as you alluded to and I think we said in the last call, there was some that kind of we expected in Q3 last time that landed in Q2. 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 do that you mentioned that we're really pleased with the. Yes, these two contracts that we cited are the two that I mentioned on the call, for instance, because these are more coal low, which obviously attract very high margins.

謝謝什洛莫提出的問題。所以，裡面有幾塊。首先，讓我開始，關於本季簽署的九兆瓦電力。正如您所提到的，我想我們在上次電話會議中也說過，我們上次在第三季預期的一些內容在第二季出現了。我們仍然對今年必須達到 130 兆瓦的管道感到非常滿意，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塊狀性，我們對。是的，我們引用的這兩個合約就是我在電話會議上提到的兩個合同，因為這些合約的煤炭價格更低，這顯然會吸引非常高的利潤。

So we feel really good about the overall guidance for the year. I think in terms of the revenue growth in the pickup that you mentioned is the commencements are actually driving this. We actually see an acceleration of revenue growth both year over year over year and sequentially as well. 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 and data center case, you know, north of 20% kegger and that the growth of that business as we as we go into 2025. And that CEO reinforced by the fact that we announced since the close of the quarter.

因此，我們對今年的整體指導感到非常滿意。我認為就您提到的皮卡收入成長而言，開工實際上是推動這一成長的因素。實際上，我們看到收入年比和環比成長都在加速。我們進入第四季度，這確實會讓我們做好準備，因為我們有動力繼續保持這種強勁的兩位數和數據中心案例，你知道，超過 20% 的增長，並且該業務的增長當我們進入2025 年時。

But in Q4, we've already purchased more land to build a lot of campus in Richmond, Virginia that Barry mentioned in his remarks. So, we feel really good about the setup as we go into 2025. The fourth quarter will be very strong and very if you want to add anything.

但在第四季度，我們已經購買了更多土地，以在巴里在演講中提到的弗吉尼亞州里士滿建設大量校園。因此，我們對進入 2025 年的情況感到非常滿意。

Shlomo, the only other color I suppose I would provide is you would see in the supplemental that we did commence on into a revenue generating and finish construction, if you will, on a quite a few megawatts. But the vast majority of that, it was right at the end of the quarter.

什洛莫，我想我會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並完成建設，如果你願意的話，在相當多的兆瓦上。但其中絕大多數是在季度末發生的。

So really contributed almost very de minimum amount of revenue to the home to the headline results. And so that's one of the reasons why we have a high degree of visibility to something in the neighbourhood of probably 20 plus million or more of incremental data center revenue in the fourth quarter versus the third that incidentally is up from our prior guidance to reflect putting the fact that our team's doing a great job with keeping construction on budget and on time.

因此，實際上為家庭貢獻了幾乎微乎其微的收入，才達到了整體業績。因此，這就是為什麼我們對第四季度資料中心收入增量可能達到 20 多百萬或更多，而第三個季度的收入比我們之前的指導有所上升的原因之一，以反映事實上，我們的團隊在按預算按時完成施工方面做得非常出色。

And as you would see in the supplemental, we got quite a few commencements coming on over the next couple, three, four quarters. So, you should be anticipating a ramping levels of data center revenue from us going forward. And I'll just I'll just point out that as we said before, the returns we've been writing have been improving. Pricing, obviously, in data center has been getting better for quite some time now. And so that's one of the reasons why you're seeing the margin step-up sequentially, and we expect that trend to continue. So, we feel quite good about where we are.

正如您在補充資料中看到的那樣，我們在接下來的幾個、三個、四個季度中開始了相當多的活動。因此，您應該預期我們未來的資料中心收入將持續上升。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。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。這就是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。所以，我們對自己所處的位置感覺很好。

Our next question. The next question will come from Nate Crossett with BNP. Please go ahead.

我們的下一個問題。下一個問題將由法國巴黎銀行 (BNP) 的內特·克羅塞特 (Nate Crossett) 提出。請繼續。

Hey, good morning. I was wondering if you could give us your expectation for volumes in 4Q and maybe into next year, what should we expect for RIM pricing? And then one on the Richmond land, is that power provision ready? And maybe when can we see the developments on that site?

嘿，早安。我想知道您是否可以告訴我們您對第四季度甚至明年銷售的預期，我們對 RIM 的定價有何預期？然後在里士滿的土地上，電力供應準備好了嗎？也許我們什麼時候可以看到網站的進展？

Thanks, Nate. Let me start with the Richmond light. Yes, that is power provided. And as you say, that will be north of 200 megawatts of critical IT. load. So, we're really pleased with that expansion. And I'll let Barry talk about the RIM volume and pricing.

謝謝，內特。讓我從里士滿之光開始。是的，那就是提供的電源。正如您所說，這將超過 200 兆瓦的關鍵 IT。載入.所以，我們對這次擴張感到非常滿意。我將讓 Barry 談談 RIM 的銷售和定價。

Sure. I need them, 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. The team is doing a great job capturing market share and growing our physical volume, pricing revenue management. We were clearly focused, as I mentioned, on driving value for our clients and with that value.

當然。我需要它們，正如您在補充材料中看到的那樣。我們在本季繼續擴大我們的總實物量，我們預計這一趨勢將在第四季度持續到明年。該團隊在佔領市場份額、增加實體銷售、定價收入管理方面做得非常出色。正如我所提到的，我們顯然專注於為客戶創造價值並實現這一價值。

And I think where you think the only provider that can serve clients, especially our larger clients in the ways that we do, and we're offering new offerings that make the value that much higher things like small, our store in the John demand, RDXP. platform among numerous other offerings that drive value for clients. So, you would see that the total revenue in global room on the storage side was up a little over 7% organic in the quarter. And that was very being as the team continues to do very well driving that value.

我認為，你認為唯一能夠以我們的方式為客戶，尤其是我們的大客戶提供服務的提供商，我們正在提供新的產品，使像小東西這樣的價值更高，我們在約翰的商店的需求， RDXP。平台以及眾多其他為顧客帶來價值的產品。因此，您將看到本季度儲存方面的全球空間總收入有機成長略高於 7%。這非常重要，因為團隊繼續出色地推動了這一價值。

Thank you, Tim. And I would say you mentioned, but for next year, so our long-term outlook continues to be that our physical volume will be flattish to slightly up. I see no reason why at this point, that will be any different next year. 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. Thank you.

謝謝你，提姆。我想說你提到過，但對於明年，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。目前我認為明年的情況不會有任何不同。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，即中期到高位個位數。謝謝。

The next question will come from Kevin McVeigh with UBS. Please go ahead.

下一個問題將由瑞銀集團的凱文·麥克維提出。請繼續。

Great. Thanks so much. Good morning. I guess a bariatric, you talk to kind of revenue and EBITDA at the upper end of the range last quarter to look like you beat by a little bit in the quarter on and any thoughts as to just ways reaffirmed as opposed to not take it up with one quarter left in the year. Was that affected any puts and takes on us?

偉大的。非常感謝。早安.我猜想是肥胖症患者，你談到上個季度的收入和 EBITDA 處於範圍的上限，看起來你在本季度略有下降，並且任何關於重申而不是不接受它的方式的想法一年還剩四分之一。這是否影響了我們的任何看跌期權？

Hey, Kevin. So good morning. Really appreciate the question. Appreciate the on time. Words, I would say we have been saying all year long that what our full year guidance was, and we've just taken it to the high end. 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. So, and then AFFO and AFFO per share kind of works out to right at the high end of the guidance, 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. And I know that, and it makes 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. But don't forget, we have a fair amount of exposure in Latin America.

嘿，凱文。早安.真的很感激這個問題。感謝準時。話說，我想說我們一整年都在說我們的全年指導是什麼，我們剛剛把它帶到了高端。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。因此，AFFO 和 AFFO 每股的計算結果正好位於指引的高端，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。我知道這一點，這聽起來有點像剛剛進入雜草，但這可能聽起來有點與你對英鎊和歐元的預期相反。但不要忘記，我們在拉丁美洲有相當多的曝光度。

We got a great business there. And incidentally, our Latin America business doing phenomenally well, Greeley growing booking in our digital business, taking off dramatically in Latin-America. And but with that, we are exposed to the Argentine peso that Chile and currencies of the Brazilian real. And so, all of those you would see had had a really tough go of versus the dollar. So that's disproportionately impacting our revenue and our EBITDA.

我們在那裡生意很好。順便說一句，我們的拉丁美洲業務表現非常好，格里利在我們的數位業務中的預訂量不斷增加，在拉丁美洲取得了巨大的成功。但這樣一來，我們就面臨阿根廷比索、智利貨幣和巴西雷亞爾的貨幣。因此，所有你會看到的貨幣兌美元都經歷了非常艱難的時期。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 favourable. And as we said before, we are running well ahead of our long-term target for a pager of 10% that we issued at the Investor Day. We're probably running to 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. And that is based on our growth portfolio that Bill spoke about. We expect that growth portfolio continue to grow it in excess of 20% for a long period of time. That's ALM. digital and data center, coupled together with the strength of our global wind business. Next question.

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。正如我們之前所說，我們遠遠超出了我們在投資者日發布的 10% 的長期目標。在該目標的頭幾年，我們的利率可能會比該目標高出 300 個基點或更多。我們繼續期望達到或高於這些水平，並帶來可觀的獲利能力。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持續成長超過20%。這就是 ALM。數位化和資料中心，再加上我們全球風電業務的實力。下一個問題。

Next question will come from Andrew Steinerman with JPMorgan. Please go ahead.

下一個問題將由摩根大通的安德魯·斯坦納曼提出。請繼續。

Hi, everybody. A question on inside. You caught my ear with the twenty two wins on the inside the XP platform. I wanted to know if I am out Jane is getting many revenues, French site. I know kind of initially that was at the strategy more of a cross-sell. 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 Internet capability? And if twenty two to a large number of Insight wins, like why should we understand is to be important?

大家好。一個關於內部的問題。你在 XP 平台上贏得了 22 場勝利，引起了我的注意。我想知道我是否出去了 Jane 獲得了很多收入，法國網站。我知道最初的策略更像是交叉銷售。那麼，如果您沒有獲得太多收入，那麼您從與互聯網功能捆綁在一起的新存儲合約中獲得的典型收入是多少？如果二十二個大量的洞察力獲勝，那麼我們為什麼要理解是重要的？

Thanks. Sandra, I appreciate the questions. So, first of all, as 24, but who's counting, but just the first of all, we don't do anything for free. So thinking that these are when I say, highly profitable, these are the typical kind of double digit service contracts that use that you're used to watching LCL when you think of these things, depending on the length of the contract, depending on how much of productivity we build in during the life of the contracts, but think of them somewhere between 20% and 40% gross margin contracts. On the nice thing about this with the DXP platform. Not only we are tracking those contracts is I mean, but you've also been watching the Company for a long time.

謝謝。桑德拉，我很高興提出這些問題。所以，首先，作為 24 歲，但誰在數，但首先，我們不會免費做任何事情。所以當我說這些是高利潤的時候，這些是典型的兩位數服務合同，當你想到這些東西時，你習慣看拼箱，取決於合同的長度，取決於如何我們在合同有效期內建立的大部分生產力，但請考慮毛利率在20% 到40% 之間的合約。關於 DXP 平台的好處。我的意思是，我們不僅在跟踪這些合同，而且您已經關注該公司很長時間了。

Our when we started up our digital businesses that we were doing relatively little in the area of workflows, much more exceeding their data lakes by the digitization of physical documents, this DXP platform, not only a part of it is there is a digitization part but more importantly, what I'm talking about, the 20%-40% margin, depending on the length of the contract and how much up productivity we can build during that course, is lots of times it's taking in data that's completely digital is born digitally, and we're putting that on to our SaaS platform, creating meta data automatically and putting workflow around that.

當我們開始我們的數位業務時，我們在工作流程領域做得相對較少，透過實體文件的數位化遠遠超出了他們的資料湖，這個DXP平台，不僅是它的一部分，還有數位化部分，而且更重要的是，我所說的，20%-40%的利潤，取決於合約的長度以及我們在此過程中可以提高多少生產力，很多時候它所吸收的數據是完全數位化的。其放到我們的SaaS 平台上，自動建立元資料並圍繞它建立工作流程。

So I think I highlighted the savings bond example recently that was the precursor to DXP, where we took 2 billion microfilm images of historical savings for savings bonds where they couldn't find the owners and 96% of them. We were able to process with the precursor of DXP, which we call that insight and without a person in the loop and identify the owners. So, it's back hydro power and that's platform. And of course, we've taken at the next step further, and it's a fully SaaS-based platform. But yes, we are we like the profitability of this business. We really like the growth of the business. And generally, I think you know me well enough. I don't do anything free.

所以我想我最近強調了儲蓄債券的例子，它是 DXP 的前身，我們為儲蓄債券拍攝了 20 億張歷史儲蓄的縮微圖像，但他們找不到所有者和其中 96% 的人。我們能夠利用 DXP 的前身（我們稱之為洞察力）進行處理，無需人員介入並識別所有者。所以，這就是水力發電，這就是平台。當然，我們已經採取了更進一步的措施，它是一個完全基於 SaaS 的平台。但是，是的，我們喜歡這項業務的獲利能力。我們真的很喜歡業務的成長。總的來說，我認為你夠了解我了。我不做任何免費的事。

Your next question will come from Eric Luebchow with Wells Fargo. Please go ahead.

您的下一個問題將來自富國銀行的 Eric Luebchow。請繼續。

Thanks. Appreciate you taking the question on video. You just touch on kind of some of your longer-term aspirations with Alnylam. I know your Investor Day a couple of years ago, you talked about getting to $900 million or so of revenues by 2026. That's obviously a pretty massive ramp from where you're currently at.

謝謝。感謝您在視頻中提出問題。您只是談到了您對 Alnylam 的一些長期願望。我知道幾年前的投資者日，您談到到 2026 年收入將達到 9 億美元左右。

So I just wanted to confirm if that's still your stated goal 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 up to that number, whether it comes from component pricing, volume or incremental M&A, but you may or may not do. Thank you.

因此，我只是想確認這是否仍然是您既定的目標，以及您如何從目前的目標（年化收入超過 4 億美元）過渡到這個數字，無論它是否來自組件定價、批量或增量併購，但您可能會這樣做，也可能不會。謝謝。

Let me add. Thanks, Eric. I appreciate the question. So, I think, yes, we still very much have line of sight to the targets that we set out on Investor Day. Now. Obviously, that's a combination of organic growth. And as Barry pointed out, we have very, very strong organic growth this quarter. 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 and in the pricing of components over time. And we saw that a year-and-a-half two years ago.

讓我補充一下。謝謝，埃里克。我很欣賞這個問題。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。現在。顯然，這是有機成長的結合。正如巴里指出的那樣，本季我們的有機成長非常非常強勁。儘管本季成長超過 50%，但我們仍會繼續。我們繼續指導我們可以保持 20% 以上的成長，因為隨著時間的推移，組件的定價顯然會出現一些波動。我們在一年半兩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, decommissioning is the amount of volume because people have a different a different need as they refresh their equipment and maybe they had 10 years ago, both environmentally and from a security standpoint, we see the volumetric trends. So that's a really strong double digit growth business.

但是，如果你看看我們在該業務中看到的容量趨勢，無論是在企業中，還是在超大規模資料中心甚至企業資料中心上，退役就是容量的大小，因為人們有不同的需求，因為他們更新他們的設備，也許他們10 年前就已經擁有了，無論是環境還是從安全的角度來看，我們都看到了體積趨勢。所以這是一個非常強勁的兩位數成長業務。

And in addition, we like the two acquisitions we highlighted that we did in Q. threes. We see that there's a number of these acquisitions that will continue to build. So, we feel really good about the targets that we outlined at Investor Day. I don't know, Barry, if you want to add anything,

此外，我們喜歡我們在第三季所做的兩次收購。我們看到許多此類收購將繼續進行。因此，我們對在投資者日概述的目標感到非常滿意。我不知道，巴里，你是否想補充什麼

I think are 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 thousand. I think growth portfolio continues to outperform, and our global business also is considerably ahead of where our projections were at that time in the scenario that you're referring to. Yes, I'll just underscore ALM is a really big category and the TAM there is immense.

我認為我們為整個公司設定的營收目標是 10%。正如我之前提到的，我們顯然正在運行數十萬。我認為成長投資組合繼續表現出色，而且我們的全球業務也遠遠超出了我們當時在您提到的情況下的預測。是的，我只是強調 ALM 是一個非常大的類別，而且 TAM 非常巨大。

We're already one of the if not the largest player and I think go from an organic and inorganic standpoint, we can become the market leader in that space. And you saw us doing that both on the organic side as well as with a couple of recent complementary deal.

我們即使不是最大的參與者，也已經是其中之一，我認為從有機和無機的角度來看，我們可以成為該領域的市場領導者。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. It is very much on track with our strategy for cross-selling and odd driving more value for our clients. Next question, please.

所以我們對 ALM 感覺很好。這與我們的交叉銷售和奇怪為客戶創造更多價值的策略非常吻合。請下一個問題。

Next question will come from Brendan Lynch with Barclays. Please go ahead.

下一個問題將由巴克萊銀行的布倫丹·林奇提出。請繼續。

Great. Thank you for taking my question. I want to stick with the ALM theme. You just give us some more details around WiseTech and you see in terms of their geography in their product offering, maybe their customer focus between enterprise and hyperscale and also your offer to the appetite you have for larger acquisitions that have maybe some of these bolt-ons?

偉大的。感謝您回答我的問題。我想堅持使用 ALM 主題。您只需向我們提供有關慧諮科技的更多詳細信息，您就會看到他們在產品供應中的地理位置，也許他們在企業和超大規模之間的客戶關注點，以及您對更大規模收購的興趣，這些收購可能包含其中一些螺栓-昂斯？

Thanks, Brent, for the question. So let me I'll talk a little bit about the categories and geographies they break out. So, I've WiseTech really helps us expand our portfolio, primarily in Europe and North America. So, they have good presence in both markets. 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 WiseTech, which was greater than a customer that we have a relationship and some of our other businesses already. But having picked up the hyperscale relationship on the AL side, in addition through the through the WyoTech acquisition was really great.

謝謝布倫特提出的問題。那麼讓我來談談它們所分割的類別和地理。所以，我認為慧諮科技確實幫助我們擴大了我們的產品組合，主要是在歐洲和北美。因此，他們在這兩個市場都有良好的影響力。此外，他們還為企業帶來了強大的客戶關係，而且，我們透過收購慧諮科技獲得了一個新的超大規模客戶，這比我們已經建立的關係和我們其他一些業務的客戶還要大。但在 AL 方面建立了超大規模關係，此外透過收購 WyoTech，這真的很棒。

I think also you're obviously the acquisition we did in Australia does build out our capabilities in Australia, which has always been in a strong and important market for Iron Mountain, but it allows us to actually broaden our portfolio services for our customers. Barry if you want to talk a little bit more about Brenda

我認為我們在澳洲進行的收購顯然也增強了我們在澳洲的能力，澳洲一直是 Iron Mountain 強大且重要的市場，但它使我們能夠真正擴大為客戶提供的產品組合服務。巴里，如果你想多談談布倫達的話

Hi Brenda good morning, 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 $75 million - $80 million run rate USD revenue. And the WiseTech is based in Ireland that has decent size on operations, as Bill was mentioning, both in Europe as well as U.S. and a little bit in Asia. MAPCD., as I mentioned, is based in Australia. And the thing about us really is that's a that's a large data center market, as I know, you know, because you follow the data center industry so well, so I that is an underpenetrated opportunity for us, both in terms of the enterprise as well as decommissioning.

你好，布倫達，早上好，我們並沒有真正披露這幾筆較小交易的財務條款，但我會告訴你，它們加起來可能代表大約 7500 萬至 8000 萬美元的運行費率美元收入。正如比爾所提到的，WiseTech 總部位於愛爾蘭，在歐洲、美國和亞洲都有一定的業務規模。正如我所提到的，MAPCD. 總部位於澳洲。關於我們的事情確實是，這是一個巨大的數據中心市場，正如我所知，你知道，因為你很好地關注數據中心行業，所以我認為這對我們來說是一個未充分滲透的機會，無論是在企業方面還是在企業方面。

And so we feel very good about these opportunities. You've seen what we've been able to do even still early on with our Regency acquisition. I think all of these create more scale, more capability, more reach for us to serve our global client base much more effectively. And as it really mentioned, are we open to larger deals.

因此，我們對這些機會感到非常滿意。您已經看到了我們在收購 Regency 的早期所取得的成就。我認為所有這些都為我們創造了更大的規模、更強的能力、更廣泛的影響力，從而更有效地為我們的全球客戶群提供服務。正如它真正提到的那樣，我們是否願意接受更大的交易。

The thing about this is really and we're already the largest player. So after you get past us and a couple others that are owned, say, half our size, they then that all the all the players that are in the space or relatively small finance, are you thinking like $100 million revenue more or less.

事實是，我們已經是最大的參與者了。因此，當你超越我們和其他幾家擁有我們一半規模的公司之後，他們就會知道這個領域或相對較小的金融領域的所有參與者，你會認為收入或多或少是 1 億美元。

And so I don't think you should anticipate anything large in that space. And but frankly, we're doing quite well on the organic side, and we're very happy to welcome the team from wise Tecan APCD. to our company. So, thank you for the questions.

所以我認為你不應該預期這個領域有什麼大的事情。但坦白說，我們在有機方面做得相當好，我們非常高興地歡迎來自明智的 Tecan APCD 的團隊。到我們公司。所以，謝謝你的提問。

This concludes our question-and-answer session and the Iron Mountain Third Quarter 2024 earnings conference call. Thank you for attending today's presentation. You may now disconnect.

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。感謝您參加今天的演講。您現在可以斷開連線。