鐵山公司 (IRM) 2024 Q4 法說會逐字稿

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

早安，歡迎參加 Iron Mountain 2024 年第四季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mark Rupe, Senior Vice President of Investor Relations.

現在，我想將會議交給投資者關係高級副總裁馬克·魯佩 (Mark Rupe)。

Please go ahead.

請繼續。

Thank you, Betsy.

謝謝你，貝琪。

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

早上好，歡迎參加我們的 2024 年第四季財報電話會議。

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 are joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer.

今天與我們一起參加的是總裁兼執行長比爾·米尼 (Bill Meaney)；以及我們的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 contain forward-looking statements, including statements regarding our expectations.

今天的收益資料包含前瞻性陳述，包括有關我們的預期的陳述。

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

所有前瞻性陳述都存在風險和不確定性。

Please refer to today's earnings materials, the safe harbor language on slide 2.

請參閱今天的收益資料，投影片 2 上的安全港語言。

And our annual and quarterly reports on Form 10-K and 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.

以及我們的 10-K 表和 10-Q 表年度和季度報告中討論的可能導致我們的實際結果與前瞻性陳述不同的主要風險因素。

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

此外，我們在展示財務結果時使用了幾項非 GAAP 指標。

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

我們已將這些指標的對帳納入我們的補充財務資訊中。

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

說完這些，我會把電話轉給比爾。

Thank you, Mark, and thank you all for joining us today to discuss our fourth-quarter and full-year results. 2024 marked another year of record performance in double-digit growth for Iron Mountain.

謝謝馬克，也感謝大家今天加入我們討論我們的第四季和全年業績。 2024年是Iron Mountain再創兩位數成長紀錄的一年。

We achieved all-time highs for revenue, adjusted EBITDA, and AFFO for the year and for the fourth quarter.

我們今年和第四季的營收、調整後 EBITDA 和 AFFO 均創下歷史新高。

Our record results were also broad-based across all of our businesses.

我們的創紀錄業績也廣泛涵蓋了我們所有的業務。

For the full year, revenue increased 12% to $6.1 billion.

全年營收成長 12% 至 61 億美元。

Adjusted EBITDA grew 14% to $2.2 billion, and AFFO increased 11% to $1.3 billion.

調整後的 EBITDA 成長 14% 至 22 億美元，AFFO 成長 11% 至 13 億美元。

And in the fourth quarter, revenue increased 11%, adjusted EBITDA grew 15%, and AFFO increased 12%.

第四季度，營收成長了 11%，調整後 EBITDA 成長了 15%，AFFO 成長了 12%。

These outstanding results reflect the strength of our highly profitable business model, broad and growing portfolio of solutions, long tenure customer relationships, and the hard work and dedication of Mountaineers across the world.

這些出色的業績體現了我們高利潤的商業模式、廣泛且不斷增長的解決方案組合、長期的客戶關係以及世界各地登山者的辛勤工作和奉獻精神。

The results also validate that Project Matterhorn has proven to be very beneficial to our business, and we are exceeding the growth targets we established at our Investor Day presentation in 2022.

結果也證實，馬特洪峰計畫對我們的業務非常有益，我們正在超越我們在 2022 年投資者日演示中設定的成長目標。

I should also point out that a foundational element behind Project Matterhorn was to accelerate growth through embracing a customer-centric culture.

我還要指出的是，馬特洪峰計畫背後的一個基礎要素是透過擁抱以客戶為中心的文化來加速成長。

Whilst we are still on a journey in this regard, it was pleasing to be ranked number one for customer satisfaction by the latest Wall Street Journal ranking of the top US listed companies.

雖然我們在這方面仍處於探索階段，但我們很高興在《華爾街日報》最新的美國頂級上市公司排名中位居客戶滿意度第一名。

For this, I want to thank my fellow Mountaineers.

為此，我要感謝我的登山同胞。

Since 2021, we have grown both revenue and adjusted EBITDA at an 11% CAGR on a reported basis.

自 2021 年以來，我們的營收和調整後 EBITDA 均以 11% 的複合年增長率成長。

On a constant currency basis, this growth is 13% annually, delivering a result on both a reported and constant currency basis, well above the 10% target we established.

以固定匯率計算，年增長率為 13%，無論以報告匯率計算或以固定匯率計算，結果都遠高於我們設定的 10% 的目標。

We are also performing above our targets for AFFO, which has grown at a 9% CAGR on a reported basis or 11% on a constant currency basis versus the 8% target.

我們的 AFFO 業績也超出了我們的目標，以報告基礎計算，其複合年增長率為 9%，以固定匯率計算，其複合年增長率為 11%，而目標為 8%。

Our success and the momentum we have built over the past three years gives us increased confidence as we look ahead and is reflected in our guidance for 2025.

我們在過去三年中取得的成功和累積的勢頭使我們對未來更有信心，這也反映在我們對 2025 年的指導中。

Our portfolio of growth businesses, including digital solutions, data center, and asset life cycle management are collectively growing at a CAGR greater than 20% and becoming an increasingly larger portion of our revenue.

我們的成長業務組合，包括數位解決方案、資料中心和資產生命週期管理，整體複合年增長率超過 20%，並成為我們收入中越來越大的一部分。

If you recall at the beginning of our Matterhorn climb, our growth portfolio represented 15% of our total revenue.

如果你還記得，在我們開始攀登馬特洪峰的時候，我們的成長投資組合占我們總收入的 15%。

As we enter 2025, the growth portfolio represents 25% and which continues to build the momentum behind our consolidated goals.

當我們進入 2025 年時，成長投資組合佔比將達到 25%，這將繼續為我們實現合併目標提供動力。

Together with our records management business increasing at mid- to high single-digit rate, we naturally expect to deliver consolidated growth in excess of 10% for the foreseeable future.

加上我們的記錄管理業務以中高個位數的速度成長，我們自然預計在可預見的未來將實現超過 10% 的綜合成長率。

Our growth is driven by three principal factors: the recurring nature of our revenue streams, both from our traditional as well as our newer business areas; the strong macro factors supporting double-digit demand for our portfolio of growth businesses; and the success we continue to demonstrate in cross-selling to our loyal customer base comprising the 250,000 customers, which includes 95% of the Fortune 1000.

我們的成長由三個主要因素推動：我們的收入來源具有經常性，既來自傳統業務領域，也來自較新的業務領域；強勁的宏觀因素支撐我們成長業務組合實現兩位數需求；我們在向由 25 萬名客戶組成的忠實客戶群進行交叉銷售方面繼續取得的成功，其中包括 95% 的財富 1000 強企業。

We are already the market leader in multiple businesses and are focused on building our scale, increasing our operating leverage, broadening our solutions offerings, and leveraging our commercial platform to capitalize on Iron Mountain's unique position as a truly end-to-end solutions provider transcending both the physical and digital worlds.

我們已經是多個業務領域的市場領導者，並專注於擴大規模、提高營運槓桿、拓寬解決方案產品線，並利用商業平台充分利用 Iron Mountain 作為跨越實體和數位世界的真正端到端解決方案提供商的獨特地位。

Based on our excellent results exceeding our expectations in 2024 and the strong confidence we have in our outlook for 2025, our Board of Directors has authorized an increase of our quarterly dividend by 10%.

基於我們 2024 年超出預期的優異業績以及對 2025 年前景的堅定信心，我們的董事會已批准將季度股息提高 10%。

Let me now turn to an update of our key achievements and customer wins that showcase the success we are delivering against our strategic priorities, which are, 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; supplying differentiated data center offerings through our global scale and customer trust; and providing asset life cycle management capabilities, which are both economic and environmentally sustainable.

現在，讓我來介紹一下我們的主要成就和客戶成功案例，這些成就和客戶成功案例展示了我們在策略重點方面取得的成功，即推動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變革性的結果；透過我們的全球規模和客戶信任提供差異化的資料中心產品；並提供經濟和環境可持續的資產生命週期管理能力。

Let's begin with our records and information management business, which grew 7% in 2024.

讓我們從記錄和資訊管理業務開始，該業務在 2024 年增長了 7%。

Our recent customer wins are a testament to the power of our solutions portfolio and success in cross-selling.

我們最近贏得的客戶證明了我們的解決方案組合的強大功能和交叉銷售的成功。

In the US, we have secured a four-year contract with a Fortune 500 company, which included renewing and expanding the number of locations we serve for records management as well as add additional services from across our portfolio, underlying our continued focus on cross-selling.

在美國，我們與一家財富 500 強公司簽訂了一份為期四年的合同，其中包括更新和擴大我們為記錄管理提供服務的地點數量，以及從我們的整個產品組合中增加其他服務，這突出了我們繼續專注於交叉銷售。

Our records management, asset life cycle management and digital solutions will provide comprehensive solutions to enable this customer to streamline internal processes to enhance efficiency.

我們的記錄管理、資產生命週期管理和數位解決方案將提供全面的解決方案，使該客戶能夠簡化內部流程以提高效率。

Our team's customer-centric approach successfully demonstrated the value of forging a partnership with one provider to support their broader needs.

我們團隊以客戶為中心的方法成功地證明了與一家供應商建立合作夥伴關係以支持其更廣泛需求的價值。

I am also excited to share recent accomplishments in our digital solutions business.

我也很高興分享我們在數位解決方案業務方面取得的最新成就。

Our Digital Solutions business achieved record revenue in 2024 with recurring storage service and software growing to more than 30% of digital revenue.

我們的數位解決方案業務在 2024 年實現了創紀錄的收入，其中經常性儲存服務和軟體佔數位​​收入的 30% 以上。

We continue to see momentum and adoption of our SaaS-based platform Insight Digital Experience Platform, or DXP, with emerging use cases that are enabling our customers to improve their ability to access, manage, govern, and monetize their physical and digital information to drive instant intelligent decisions.

我們繼續看到基於 SaaS 的平台 Insight 數位體驗平台 (DXP) 的發展勢頭和採用，新興用例使我們的客戶能夠提高他們存取、管理、管理和貨幣化其實體和數位資訊的能力，以推動即時智慧決策。

On last quarter's call, we highlighted 24 DXP deals booked.

在上個季度的電話會議上，我們重點介紹了 24 筆 DXP 交易。

In Q4, we signed 39 deals.

第四季度，我們簽署了 39 筆交易。

Our customers are leveraging AI and machine learning-based capabilities within the DXP platform to automatically extract metadata and deliver business outcomes through process automation.

我們的客戶正在利用 DXP 平台中的基於 AI 和機器學習的功能來自動提取元資料並透過流程自動化提供業務成果。

Some of the use cases include consumer lending, compliance, HR,and benefits management and providing a platform which future proofs the ability to search on structured data.

一些用例包括消費者貸款、合規、人力資源和福利管理，並提供一個平台來保證未來搜尋結構化資料的能力。

I'll highlight a couple of our recent wins in digital solutions.

我將重點介紹我們最近在數位解決方案方面取得的一些成功。

In the US, we secured a multiyear deal with a long-standing global financial services customer for our Insight DXP solution.

在美國，我們與一家長期的全球金融服務客戶達成了有關我們的 Insight DXP 解決方案的多年協議。

Our client was looking for a solution to enhance its operational efficiency by automating metadata extraction, streamlined exception process within an integrated environment, and support long-term scalability.

我們的客戶正在尋找一種解決方案，透過自動化元資料提取、整合環境中的簡化異常流程來提高其營運效率，並支援長期可擴展性。

By integrating DXP into its workflow, the customer is able to seamlessly manage process exceptions, reducing manual intervention and improving accuracy across its treasury operations.

透過將 DXP 整合到其工作流程中，客戶能夠無縫管理流程異常，減少人工幹預並提高其財務營運的準確性。

This is another example of a successful cross-sell.

這是另一個成功的交叉銷售的例子。

Our intelligent business process management solutions also continued to gain traction across regions due to our unique ability to provide unified end-to-end solutions across physical and digital assets with proven capabilities to operate at scale across various environments and industries.

我們的智慧業務流程管理解決方案也繼續在各個地區獲得關注，因為我們具有獨特的能力，能夠跨實體和數位資產提供統一的端到端解決方案，並具有在各種環境和行業中大規模運營的成熟能力。

In Australia, a government department that has been a customer for more than 25 years, has turned to Iron Mountain to improve processes related to records management and data retrieval while ensuring retention compliance.

在澳大利亞，一個已經與其合作超過 25 年的政府部門已向 Iron Mountain 尋求協助，以改善與記錄管理和資料擷取相關的流程，同時確保保留合規性。

Our end-to-end solution includes document imaging and secure destruction under a five-year plan that will manage risk, drive efficiencies and enable our customer to deliver best-in-class service and answering inquiries.

我們的端到端解決方案包括五年計畫下的文件影像和安全銷毀，旨在管理風險、提高效率並使我們的客戶能夠提供一流的服務和解答詢問。

Our proven track record and our ability to deliver a comprehensive suite of services at scale enabled us to secure this important work.

我們良好的業績記錄和大規模提供全面服務的能力使我們能夠完成這項重要的工作。

Turning to our data center business. industry demand for data center development remains incredibly strong.

轉向我們的資料中心業務。業界對資料中心開發的需求依然強勁。

In 2024, we grew our data center revenue by 25% to a record $620 million.

2024 年，我們的資料中心收入成長了 25%，達到創紀錄的 6.2 億美元。

Also given the strong demand for our data centers, we added to our land portfolio and now have a total capacity of nearly 1.3 gigawatts when fully built out.

此外，鑑於對我們資料中心的強勁需求，我們增加了土地投資組合，現在完全建成後的總容量接近 1.3 千兆瓦。

This is an increase of 420 megawatts year-over-year or a growth of almost 50%.

這比去年同期增加了 420 兆瓦，增幅接近 50%。

As it relates to leasing, we had a very good year of activity in 2024, our third consecutive year where we leased more than 100 megawatts, including 10 megawatts in the fourth quarter.

就租賃而言，2024 年是我們的業務非常活躍的一年，這是我們連續第三年租賃超過 100 兆瓦，其中包括第四季度的 10 兆瓦。

Whilst we exceeded our original leasing projection of 100 megawatts with 116 megawatts, this was slightly below our updated view at midyear.

雖然我們的租賃容量達到了 116 兆瓦，超出了我們最初 100 兆瓦的租賃預測，但這略低於我們在年中更新的預期。

Given the continued strength and build of our pipeline as we enter 2025 and beyond, we maintained our underwriting returns expectations and decided to pass on a significant opportunity in the fourth quarter.

鑑於我們進入 2025 年及以後的持續實力和建設，我們維持了承保回報預期，並決定在第四季度放棄一個重大機會。

For 2025, we expect another year of strong leasing activity with 125 megawatts projected.

我們預計 2025 年租賃活動將再度強勁成長，預計租賃量將達到 125 兆瓦。

Our strong leasing activity shows that we are an attractive partner to customers looking for infrastructure that can support their very dense IT workloads associated with their AI-enabled services.

我們強勁的租賃活動表明，對於那些尋求能夠支援與其 AI 服務相關的非常密集的 IT 工作負載的基礎設施的客戶來說，我們是一個有吸引力的合作夥伴。

I would also like to highlight the announcement today of our joint venture with Urdu, the publicly listed telecom and data center company, which serves Qatar as well as the region broadly.

我還想強調今天我們與烏爾都公司（Urdu）宣布成立的合資企業，烏爾都是一家上市電信和數據中心公司，為卡達及週邊地區提供服務。

This JV furthers our existing footprint in the Middle East by adding data center services to our portfolio.

該合資企業將資料中心服務添加到我們的產品組合中，進一步擴大我們在中東的現有業務。

The Middle East is one of the fastest-growing data center markets globally.

中東是全球成長最快的資料中心市場之一。

We will take a minority stake in the venture.

我們將持有該合資企業的少數股權。

The JV will serve their existing data center portfolio in Qatar, Kuwait, Tunisia as well as the expansion across multiple markets in the Middle East region.

該合資公司將為其在卡達、科威特、突尼斯的現有資料中心組合提供服務，並擴展其在中東地區的多個市場。

Urdu was looking for a partner with global operating expertise in hyperscale data centers to assist with capitalizing on the significant market opportunity.

烏爾都語正在尋找在超大規模資料中心方面擁有全球營運專業知識的合作夥伴，以協助其抓住巨大的市場機會。

This partnership is a testament to our operational strength and credibility within the data center market as well as our relationships with the top global hyperscalers.

此次合作證明了我們在資料中心市場的營運實力和信譽以及我們與全球頂級超大規模企業的關係。

Let me now turn to our asset life cycle management business, which continues to represent a significant growth opportunity as we expand our capabilities and geographic footprint in this highly fragmented market.

現在讓我來談談我們的資產生命週期管理業務，隨著我們在這個高度分散的市場中擴大我們的能力和地理覆蓋範圍，該業務繼續代表著重要的成長機會。

In 2024, ALM revenue increased 119% with nearly 30% organic growth.

2024 年，ALM 營收成長 119%，有機成長近 30%。

Regency Technologies had a very strong year, and our recent acquisitions of Wisetek and APCD are also performing well.

Regency Technologies 今年表現非常強勁，我們最近收購的 Wisetek 和 APCD 也表現良好。

We recently secured a long-term agreement with a large global healthcare company to manage the life cycle of their IT assets.

我們最近與一家大型全球醫療保健公司達成了長期協議，以管理其 IT 資產的生命週期。

We will provide IT services and workstation deployment for end-user devices as well as data center infrastructure decommissioning in remarketing services.

我們將在再行銷服務中提供最終使用者設備的 IT 服務和工作站部署以及資料中心基礎架構退役。

The combination of our global footprint in logistics infrastructure, operational scalability, and remarketing expertise enabled our team to deliver meaningful synergies to the customer.

我們在物流基礎設施、營運可擴展性和再行銷專業知識方面的全球影響力使我們的團隊能夠為客戶帶來有意義的協同效應。

We have also secured our first significant asset life cycle management contract in Canada.

我們也在加拿大獲得了第一份重要的資產生命週期管理合約。

This is with a large North American insurance company for whom we provide a range of records management and digital services.

這是與一家大型北美保險公司合作，我們為其提供一系列記錄管理和數位服務。

We are now providing is Canadian subsidiary with ALM services, including laptop sanitization and end user redeployment, helping to address inefficiencies in workstation management across 60 locations and supporting process automation and other cost optimizations.

我們現在為加拿大子公司提供 ALM 服務，包括筆記型電腦清理和最終用戶重新部署，協助解決 60 個地點的工作站管理效率低下的問題，並支援流程自動化和其他成本最佳化。

Our track record of delivery for this customer over many years helped secure this deal as did our ability to operate comprehensive, flexible, and streamlined solution that includes automation and security best practices.

我們多年來為該客戶交付的良好記錄幫助我們達成了這筆交易，我們能夠提供包括自動化和安全最佳實踐在內的全面、靈活、精簡的解決方案。

Staying with the ALM business, we are partnering with the US state government to deliver a fully managed hard drive destruction program across its agencies.

繼續進行 ALM 業務，我們正在與美國州政府合作，為其各機構提供全面管理的硬碟銷毀計劃。

This deal builds on the existing records management and digital services we provide to this customer, demonstrating we have the compliance and security credentials and the operational expertise and scale to deliver a comprehensive range of information management solutions for our customers.

這項交易建立在我們為該客戶提供的現有記錄管理和數位服務的基礎上，表明我們擁有合規性和安全性資格以及營運專業知識和規模，可以為客戶提供全面的資訊管理解決方案。

This is a good illustration of the kind of work we do for government in general, including the US federal government.

這很好地說明了我們為包括美國聯邦政府在內的整個政府所做工作的性質。

Given the recent interest in our federal business as well as the growth opportunity that we believe Dodge will offer us, let me provide a bit more background.

鑑於最近對我們的聯邦業務的興趣以及我們相信道奇將為我們提供的成長機會，讓我提供更多背景資訊。

We work for more than 200 agencies of the Us federal government, both as a direct provider and subcontractor of services.

我們為美國聯邦政府 200 多個機構提供服務，既是服務的直接提供者，也是服務的分包商。

The physical storage of documents accounts for approximately $10 million in revenue.

文件的實體儲存收入約為1000萬美元。

Correspondingly, this represents about 0.5% of our total physical volume.

相應地，這約占我們總物理量的 0.5%。

We also generated $130 million in data center in digitization transformation services.

我們也在資料中心數位轉型服務中創造了1.3億美元的收入。

We have been growing in both of these areas with the government over the last few years as we assist certain agencies with process automation and digitization.

過去幾年來，我們在政府的這兩個領域都取得了發展，我們協助某些機構實現了流程自動化和數位化。

As the government continues to drive to be more efficient, we see this as a continued opportunity for the company.

隨著政府不斷提高效率，我們認為這對公司來說是一個持續的機會。

To conclude, I am very proud of the strong results our dedicated Mountaineers continue to deliver as the core of our success is how our team meets the needs and served our nearly 250,000 customers around the world each and every day.

總而言之，我為我們敬業的登山者不斷取得的出色成績感到非常自豪，因為我們成功的核心是我們的團隊如何滿足需求並每天為全球近 250,000 名客戶提供服務。

As we look to 2025 and beyond, we continue to have a tremendous opportunity ahead of us and still just scratching the surface of the $150 billion of the total addressable market for our services.

展望 2025 年及以後，我們仍然面臨巨大的機遇，而且我們服務的潛在市場總額仍只有 1,500 億美元，而我們目前僅觸及這一市場的表面。

We have a very strong and growing foundation, and the momentum across each of our growth businesses is clear and tangible.

我們擁有非常強大且不斷成長的基礎，我們每項成長業務的勢頭都清晰而明顯。

As Barry will share in more detail, our guidance outlook represents another record year of double-digit revenue growth for Iron Mountain in 2025.

正如 Barry 將更詳細地分享的那樣，我們的預期是，2025 年 Iron Mountain 的收入將再創兩位數成長的記錄。

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

說完這些，我會把電話轉給巴里。

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成果。

As you've heard this morning, our team continues to execute very well against our strategy.

正如您今天早上所聽到的，我們的團隊繼續出色地執行我們的策略。

We delivered record fourth-quarter and full-year results across all of our key financial metrics, and we are entering 2025 with strong momentum.

我們在所有關鍵財務指標中都取得了創紀錄的第四季度和全年業績，並且正以強勁的發展勢頭邁入 2025 年。

Turning to our financial results.

談到我們的財務結果。

During the fourth quarter, we achieved record revenue of $1.58 billion, up 11% on a reported basis and 12% on a constant currency basis.

第四季度，我們實現了創紀錄的 15.8 億美元營收，以報告基礎計算成長 11%，以固定匯率計算成長 12%。

This was driven by 8% storage growth and 17% service growth on a reported basis.

據報道，這是由 8% 的儲存成長和 17% 的服務成長推動的。

We delivered strong organic growth in the quarter of 8%.

我們本季實現了 8% 的強勁有機成長。

Total storage revenue in the quarter was $942 million, up $71 million year on year.

本季總儲存收入為 9.42 億美元，年增 7,100 萬美元。

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

我們實現了 9% 的有機儲存成長，其中一半來自我們全球 RIM 業務的收入管理趨勢，另一半來自我們的資料中心業務。

Total service revenue was $639 million, up $91 million from last year.

總服務收入為 6.39 億美元，比去年增加 9,100 萬美元。

Organic service revenue increased 7% year on year, driven by our ALM and global RIM businesses.

在 ALM 和全球 RIM 業務的推動下，有機服務收入較去年同期成長 7%。

Reported service revenue growth reflects the inclusion of our recent ALM acquisitions.

報告的服務收入成長反映了我們最近的 ALM 收購。

Adjusted EBITDA was $605 million in new record and up 15% year on year.

調整後EBITDA達6.05億美元，創歷史新高，較去年成長15%。

This was above the $595 million projection we provided on our last call and would have been nearly $610 million on the same FX rates that we used in that projection.

這一數字高於我們上次電話會議上提出的 5.95 億美元的預測，按照我們當時預測的相同外匯匯率計算，這一數字將接近 6.1 億美元。

The performance upside was driven by improved price margin realization and cost productivity across our company.

業績的上升得益於整個公司價格利潤實現和成本生產力的提高。

Adjusted EBITDA margin was 38.3%, up 130 basis points year on year, which reflects improved margins across all of our businesses.

調整後的 EBITDA 利潤率為 38.3%，年成長 130 個基點，這反映了我們所有業務的利潤率都有所提高。

AFFO was $368 million, up $40 million, which represents growth as compared to last year of 12% on a reported basis and 14% excluding FX.

AFFO 為 3.68 億美元，增加了 4,000 萬美元，與去年相比成長了 12%（報告基礎），不包括外匯則成長了 14%。

AFFO on a per share basis was $1.24, up $0.13 from last year and also ahead of the projection we provided on our last call of $1.21.

每股 AFFO 為 1.24 美元，比去年上漲 0.13 美元，也高於我們上次預測的 1.21 美元。

Now let me briefly summarize the full year which marked our fourth consecutive year of record performance across all key financial metrics.

現在，讓我簡單總結一下全年業績，這是我們連續第四年在所有關鍵財務指標上創下歷史新高。

Revenue of $6.15 billion increased 12% on a reported basis and 13% on a constant currency basis.

營收為 61.5 億美元，以報告基礎計算成長 12%，以固定匯率計算成長 13%。

Our full-year revenue achieved the high end of our guidance range despite the negative FX we incurred throughout the year.

儘管全年遭受了外匯負面影響，但我們的全年收入仍達到了預期範圍的高點。

Our commercial team's focus to sell across our entire range of products and services continues to be an important driver of our growth, and we are still in the very early days of capitalizing on this large cross-selling opportunity.

我們的商業團隊專注於銷售我們整個產品和服務系列，這仍然是我們成長的重要驅動力，我們仍處於利用這一巨大交叉銷售機會的早期階段。

Adjusted EBITDA increased 14% year on year to $2.24 billion, an increase of $275 million.

調整後EBITDA年增14%至22.4億美元，增加2.75億美元。

With this performance, we exceeded the high end of our full-year guidance.

憑藉這一業績，我們超越了全年預期的最高水準。

AFFO increased over 11% to $1.3 billion or $4.54 on a per share basis.

AFFO 成長超過 11%，達到 13 億美元，或每股 4.54 美元。

And now turning to segment performance.

現在來談談細分市場表現。

I'll start with our global RIM business would achieve fourth-quarter revenue of $1.26 billion, an increase of $66 million year on year.

首先，我們的全球 RIM 業務第四季營收將達到 12.6 億美元，比去年同期增加 6,600 萬美元。

Revenue management continued to be a key driver in the quarter across storage and service, leading to adjusted EBITDA margin reaching a new all-time high.

收入管理繼續成為本季儲存和服務業務的主要驅動力，推動調整後的 EBITDA 利潤率創下歷史新高。

Organic storage was up in excess of 5%, driven by revenue management and consistent volume.

在營收管理和穩定銷售的推動下，有機儲存量成長超過 5%。

Sequentially, it was down slightly due to the stronger dollar and our focus to drive operating performance in our consumer storage business.

與上一季相比，由於美元走強以及我們專注於推動消費者儲存業務的營運業績，銷售額略有下降。

And I should note, our records management business was up sequentially and year over year in line with our normal trends.

我應該指出的是，我們的記錄管理業務環比和同比增長符合我們的正常趨勢。

Organic service revenue was up 8% with contributions from digital and core services.

由於數位服務和核心服務的貢獻，有機服務收入增加了 8%。

Our digital business had another strong quarter, achieving record revenue.

我們的數位業務又一個季度表現強勁，實現了創紀錄的收入。

Global RIM adjusted EBITDA was $579 million, an increase of $45 million year-on-year.

RIM全球調整後EBITDA為5.79億美元，較上年同期增加4,500萬美元。

Global RIM adjusted EBITDA margin was up 130 basis points from last year, driven by operating leverage and revenue management.

受營運槓桿和收入管理的推動，RIM 全球調整後 EBITDA 利潤率較去年同期上升了 130 個基點。

Turning to our global data center business, the team delivered revenue of $170 million, an increase of $33 million.

談到我們的全球資料中心業務，團隊實現了 1.7 億美元的收入，增加了 3,300 萬美元。

This was a 24% increase from the fourth quarter of last year, driven by strong organic storage rental growth of 27%.

這比去年第四季成長了 24%，主要得益於 27% 的有機倉儲租金強勁成長。

For the full year, data center revenue grew 25% to $620 million, continuing the multiyear trend of accelerating growth.

全年資料中心營收成長25%至6.2億美元，延續多年加速成長的趨勢。

Our visibility to revenue growth in our pipeline, both continue to be very strong, supporting our outlook for further acceleration in 2025.

我們對通路收入成長的可見性仍然非常強勁，支持了我們在 2025 年進一步加速的前景。

I'll also note that 94% of our under construction assets are already leased, and as such, we have very high visibility to this revenue projection.

我還要指出的是，我們 94％的在建資產已經出租，因此，我們對這一收入預測具有非常高的透明度。

Fourth-quarter data center adjusted EBITDA was $88 million, up 51%.

第四季資料中心調整後EBITDA為8,800萬美元，成長51%。

Adjusted EBITDA margin was up 930 basis points from the fourth quarter of last year and up 820 basis points sequentially.

調整後的 EBITDA 利潤率較去年第四季上升 930 個基點，較上一季上升 820 個基點。

Improved pricing, recent commencements, and operating leverage were the key drivers of the strong margin expansion in the quarter.

定價改善、近期開始生產以及經營槓桿是本季利潤率強勁成長的主要驅動力。

We saw a continued positive trend in pricing for new and expansion leases with the full-year average price per kilowatt increasing more than 40% as compared to full year 2023.

我們看到新租賃和擴建租賃的定價持續呈現正面趨勢，全年每千瓦平均價格與 2023 年全年相比上漲了 40% 以上。

Based on our visibility into commencements, we expect strong adjusted EBITDA margin improvement in 2025 with the full year increasing 400 basis points year over year as compared to the 45.6% achieved in 2024.

根據我們對開工情況的了解，我們預計 2025 年調整後的 EBITDA 利潤率將強勁改善，全年將年增 400 個基點，而 2024 年則為 45.6%。

Turning to asset life cycle management. total ALM revenue in the quarter was $112 million, an increase of $60 million or 118% year over year.

轉向資產生命週期管理。本季 ALM 總營收為 1.12 億美元，比去年同期增加 6,000 萬美元，成長 118%。

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

從有機成長來看，我們的 ALM 團隊實現了兩位數的成長，這得益於我們企業業務的擴張。

Regency Technologies performed very well this quarter with revenue of $34 million and strong profit contribution.

Regency Technologies 本季表現非常出色，營收達 3,400 萬美元，利潤貢獻強勁。

Our recent acquisitions of Wisetek and APCD performed ahead of our expectations in the quarter.

我們最近收購的 Wisetek 和 APCD 在本季度的表現超出了我們的預期。

We are especially pleased with the continued improvement in ALM profitability, which is benefiting from Regency synergies as well as improved efficiencies in both the enterprise and data center decommissioning channels.

我們對 ALM 獲利能力的持續提高感到特別高興，這受益於 Regency 的協同效應以及企業和資料中心退役通路效率的提高。

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 our strong balance sheet.

我們將繼續致力於我們的策略，即在為成長計畫提供資金、為股東帶來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 fourth quarter were $721 million, with $685 million of growth and $36 million of recurring.

第四季的資本支出為 7.21 億美元，其中成長 6.85 億美元，經常性支出 3,600 萬美元。

For 2025, we are planning for capital expenditures to be similar to last year with approximately $1.8 billion of growth and approximately $150 million of recurring.

到 2025 年，我們計劃資本支出與去年相似，成長約 18 億美元，經常性支出約 1.5 億美元。

Turning to the balance sheet with strong EBITDA performance, we ended the year with net lease adjusted leverage of 5.0 times, which remains at the lowest level we have achieved since prior to the company's REIT conversion in 2014.

從 EBITDA 表現強勁的資產負債表來看，我們今年年底的淨租賃調整後槓桿率為 5.0 倍，這仍然是自 2014 年公司 REIT 轉換以來的最低水準。

For 2025, we expect to end the year at similar levels to year-end 2024.

對於 2025 年，我們預計年底的水平將與 2024 年底相似。

Turning to our dividend, our target payout ratio is low to mid-60%.

談到我們的股息，我們的目標派息率為 60% 至 60% 左右。

And on a trailing basis, we ended the year at 60%.

從往績來看，我們截至年底的複合年增長率為 60%。

In light of our favorable outlook for AFFO, our Board increased the dividend by 10% effective with the April payout.

鑑於我們對 AFFO 的樂觀前景，董事會從 4 月開始將股息提高 10%。

This marks the third consecutive year where we have increased the dividend.

這是我們連續第三年增加股利。

Now let me share our projections for full year 2025.

現在，讓我分享我們對 2025 年全年的預測。

We anticipate another record year of performance across all of our key financial metrics.

我們預計，今年我們所有關鍵財務指標的業績都將再創紀錄。

For 2025, we expect total revenue to be within the range of $6.65 billion to $6.8 billion, which represents year-on-year growth of 9% at the midpoint.

到 2025 年，我們預計總營收將在 66.5 億美元至 68 億美元之間，中間值年增 9%。

On constant FX rates, this implies growth of 11% at the midpoint.

以固定匯率計算，這意味著中間值成長率為 11%。

This includes 10% organic growth for 2025, which is ahead of the 9% and 7% organic growth we delivered in 2024 and 2023, respectively, and reflects the growth across our portfolio.

其中包括 2025 年 10% 的有機成長，高於我們在 2024 年和 2023 年分別實現的 9% 和 7% 的有機成長，並反映了我們整個投資組合的成長。

We expect adjusted EBITDA to be within the range of $2.475 billion to $2.525 billion, which represents year-on-year growth of 12% at the midpoint.

我們預計調整後的 EBITDA 在 24.75 億美元至 25.25 億美元之間，中間值年增 12%。

On constant FX rates, this implies growth of 13% at the midpoint.

以固定匯率計算，這意味著中間值成長率為 13%。

We expect AFFO to be in the range of $1.45 billion to $1.48 billion, which represents year-on-year growth of 9% at the midpoint.

我們預計 AFFO 將在 14.5 億美元至 14.8 億美元之間，中間值將年增 9%。

On constant FX rates, this implies growth of 11% at the midpoint.

以固定匯率計算，這意味著中間值成長率為 11%。

And we expect AFFO per share to be $4.85 to $4.95. This represents year-on-year growth of 8% at the midpoint.

我們預計每股 AFFO 為 4.85 美元至 4.95 美元。以中位數計算，年增 8%。

And on constant FX rates, this implies growth of 10% at the midpoint.

以恆定匯率計算，這意味著中間值成長率為 10%。

Turning to the first quarter, we expect revenue of approximately $1.59 billion, adjusted EBITDA of approximately $575 million, AFFO of approximately $342 million and AFFO per share of approximately $1.15.

展望第一季度，我們預計營收約為 15.9 億美元，調整後 EBITDA 約為 5.75 億美元，AFFO 約為 3.42 億美元，每股 AFFO 約為 1.15 美元。

A couple of last points for modeling.

關於建模的最後幾點。

We expect AFFO growth to accelerate through the year as the phasing of cash taxes will be more first half weighted than last year, and we expect the FX impact on reported results will be less of a headwind as we move through 2025 based on the timing of the US dollar strengthening last year.

我們預計，由於現金稅的分階段實施將比去年更側重於上半年，因此 AFFO 增長將在全年加速。 而且，根據去年美元走強的時間安排，我們預計，到 2025 年，外匯對報告結果的影響將不會那麼大。

To conclude, we are pleased to have delivered another record year in 2024, and we are entering 2025 with strong momentum.

總而言之，我們很高興在 2024 年又創下了創紀錄的一年，並且我們將以強勁的勢頭進入 2025 年。

I would like to express my thanks to our entire team for their continued dedication to serving our clients.

我要向我們整個團隊持續致力於服務客戶表示感謝。

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

接線員，請開通問答專線。

(Operator Instructions) George Tong, Goldman Sachs.

（操作員指示） 喬治·通 (George Tong)，高盛。

Hi, thanks.

嗨，謝謝。

Good morning.

早安.

Can you elaborate on how organic growth in the ALM business in 4Q was split between volumes and component prices and what broader trends you're seeing with both?

您能否詳細說明第四季度 ALM 業務的有機成長在銷售和零件價格之間的分配情況，以及您看到的兩者的更廣泛趨勢是什麼？

Yeah, sure.

是的，當然。

Hi, George, this is Barry.

嗨，喬治，我是巴里。

Thanks for that question.

謝謝你的提問。

Generally speaking, it was largely volume -- it was almost all volume driven, George, because -- and of course, varies based on the channel.

一般來說，這主要是由銷售決定的 — — 喬治，這幾乎都是由銷售驅動的 — — 當然，這取決於渠道。

But as you've seen, we're becoming more and more enterprise driven in the company, which is consistent with the size of the market.

但正如你所看到的，我們公司越來越以企業為導向，這與市場的規模是一致的。

And that's where the margin improvement is substantial in terms of -- from both what we're doing for clients, it being more of a service-oriented business as well as much more consistent in terms of the book of business that continues to build.

從我們為客戶所做的工作來看，利潤率的提高是實質性的，這更多是一種面向服務的業務，而且在持續構建的業務賬簿方面也更加一致。

What we saw in component prices on the data center decommissioning side was generally flattish.

我們看到資料中心退役方面的零件價格整體持平。

Some of the components were down a little bit, some were up a little bit.

有些成分略有下降，有些成分略有上升。

But on average, it was basically flattish.

但平均而言，基本持平。

And so that was also volume driven.

所以這也是由數量驅動的。

The organic business performed well, and we actually feel very good as we move into 2025 as it relates to both businesses, the data center decommissioning and the enterprise because we won some new clients on the data center side and additional project revenue.

有機業務表現良好，而且隨著我們進入 2025 年，我們實際上感覺非常好，因為它與資料中心退役和企業這兩項業務都相關，因為我們在資料中心方面贏得了一些新客戶和額外的專案收入。

As you know, that is a project-oriented kind of business.

如您所知，這是一種以專案為導向的業務。

Can be a little bit more quarter-to-quarter project-oriented.

可以更加以季度為單位來關注項目。

And then on the enterprise business, that continues to ramp.

然後，企業業務也將繼續蓬勃發展。

And as Bill mentioned, we won some very big deals there relative to our portfolio.

正如比爾所提到的，相對於我們的投資組合，我們在那裡贏得了一些非常大的交易。

So we expect enterprise to continue to perform throughout the year on a growing basis.

因此，我們預期企業全年業績將持續保持成長。

And I will just say that we are not planning for component pricing to be of much change at all to where it ended 2024.

我只想說，我們不打算對 2024 年底的零件定價進行太大的改變。

And that may be proved conservative, but we'd rather just plan that way and let you know that we see a lot of volume coming in in 2025.

這可能被證明是保守的，但我們寧願這樣規劃，並讓你知道，我們會看到 2025 年有大量的交易量湧入。

Thanks to our pipeline.

感謝我們的管道。

Thank you, George.

謝謝你，喬治。

Nate Crossett, BNP.

內特·克羅塞特（Nate Crossett），英國國家黨。

Good morning.

早安.

What's your expectation for RIM volumes in Q1 and maybe the balance of 2025?

您對 RIM 第一季以及 2025 年餘下的銷售有何預期？

And what should we be kind of expecting for RIM pricing growth this year?

那麼，我們對今年 RIM 的價格成長有何期待呢？

Thanks, Nate, for the question.

謝謝 Nate 提出這個問題。

I think you can expect 2025 to be consistent with the last couple of years, flat to slightly up volumetrically.

我認為，2025 年的產量將與過去幾年保持一致，持平或略有上升。

And most of the growth will be revenue management and pricing.

大部分成長將來自收益管理和定價。

So you're kind of mid-single digit -- mid- to upper single-digit overall revenue growth coming out of our RIM business.

因此，我們的 RIM 業務的整體營收成長率大概是在個位數中段到上段。

So very consistent with what you've seen in '23 and '24.

這與您在 23 年和 24 年看到的情況非常一致。

Yeah.

是的。

And Nate, it's Barry.

內特，我是巴里。

I'll just add that we expect volume to be flat to slightly up throughout the year, and that includes the first quarter to your question.

我只想補充一點，我們預計全年交易量將保持平穩或略有上升，包括您問題中的第一季。

Also from a standpoint of timing on revenue management actions, we would expect that to be more consistent in terms of the timing of actions this year, whereas you recall last year, we had a little bit of phasing.

此外，從收入管理行動的時間表來看，我們預計今年的行動時間將更加一致，而去年，我們採取了一些分階段的措施。

And so that helps bolster the point Bill was making about mid- to upper single.

這有助於支持比爾關於中上單身的觀點。

And with that, I will say, we continue to feel that we differentiate very strongly based on the value we bring to clients in terms of the ancillary services they can generate by storing with us, which they really can't get from anybody else, such as our Smart Sort, our digitization on demand, and our very fast-growing digital business.

在此我想說，我們仍然認為，我們之間的差異化非常明顯，這基於我們為客戶帶來的價值，即他們透過與我們儲存而獲得的輔助服務，而這些服務是他們從其他任何人那裡都無法獲得的，例如我們的智慧分類、按需數位化，以及我們快速成長的數位業務。

Thanks.

謝謝。

Eric Luebchow, Wells Fargo.

富國銀行的 Eric Luebchow。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

I wanted to touch on the data center business.

我想談談資料中心業務。

Maybe you could just -- Bill, at a high level, talk about any longer-term implications from the DeepSeek announcement a few weeks ago, it kind of did create a lot of noise in the market.

也許您可以——比爾，從高層的角度談談幾週前 DeepSeek 公告的任何長期影響，它確實在市場上引起了很大的轟動。

And people questioning the pacing of AI training CapEx and what impact that could have on the data centers.

人們對人工智慧培訓資本支出的步伐及其對資料中心的影響提出質疑。

And I think you also made a comment about how you passed on a large opportunity that didn't meet your underwriting returns.

我覺得您也評論過您是如何錯過一個不符合承保回報的重大機會的。

Just curious to get any more color there and what you're seeing in terms of market pricing going forward and forward returns.

我只是好奇想了解更多細節，以及您對未來市場定價和未來回報的看法。

Thank you.

謝謝。

Okay.

好的。

Thanks, Eric.

謝謝，埃里克。

Well, let me start with the last part of your question and then talk about DeepSeek.

好吧，讓我先回答你問題的最後一部分，然後再談談 DeepSeek。

I think on the -- in terms of where we see our pipeline and leasing activity is that we do have a very strong pipeline.

我認為—就我們的通路和租賃活動而言，我們確實擁有非常強大的管道。

And based on that pipeline, where we set our guidance for this year, also our multiyear guidance.

基於這個思路，我們制定了今年的指導方針，也制定了多年的指導方針。

So if you think about overall, we set guidance last year at 100 megawatts.

因此，如果從整體考慮，我們去年設定的指導值為 100 兆瓦。

This year, 125 megawatts.

今年是125兆瓦。

So 25% year-on-year growth.

因此同比增長25％。

All that's consistent with the financial plan or the multiyear plan that we laid out in 2022.

所有這些都與我們在 2022 年制定的財務計劃或多年計劃一致。

And you can see that in terms of driving the revenue growth that we're getting as those leases actually commence in the reported revenue and EBITDA line.

您可以看到，就推動收入成長而言，隨著這些租賃實際上在報告的收入和 EBITDA 線中開始生效。

So we feel really good about that.

因此我們對此感到非常高興。

Specifically, when we are on the last -- the Q3 call and we were looking at the pipeline, we were -- we did have a very large opportunity in our pipeline that gave us visibility to 130-plus megawatts for the year.

具體來說，當我們在最後一次第三季電話會議上查看管道時，我們確實在我們的管道中有一個非常大的機會，這讓我們能夠看到今年超過 130 兆瓦的產能。

And we passed on it at the end because we felt that at the end of the year, sometimes customers have an expectation of the discount they're going to get to give you a lease before the year-end.

但我們最終還是放棄了這個決定，因為我們覺得，有時到了年底，客戶會期望能得到折扣，以便在年底之前租約成功。

And we just didn't like the pricing on that, and especially when we look out at our pipeline, and we see all the hyperscale opportunities that we already have in the pipeline.

我們只是不喜歡它的定價，特別是當我們審視我們的管道時，我們看到了我們已經在頻道中擁有的所有超大規模機會。

These are 10-year contracts.

這些是10年合約。

So we're not going to make short-term decisions just to hit a leasing number, especially when we see the number of contracts that are still in play in our pipeline over the next 12, 18, 24 months.

因此，我們不會僅僅為了達到租賃數字而做出短期決策，尤其是當我們看到未來 12、18、24 個月內仍在執行的合約數量時。

So -- and I think you know the business well is that you should think about our business as normally something that, let's say, around 10 megawatts comes in, plus or minus on any quarter in addition to the large hyperscale deals, which are much more lumpy.

所以 — — 我認為你很了解這個行業，你應該把我們的業務想像成正常情況下的收入大約是 10 兆瓦，每個季度都會有上下浮動，此外還有超大規模交易，而這些交易的波動性要大得多。

But if over a 12-month period, we feel we have a lot of visibility, hence, our continued driving our growth in terms of our leasing guidance.

但如果在 12 個月的時間裡，我們覺得我們有很大可見性，因此，我們將繼續在租賃指導方面推動成長。

So coming to your DeepSeek question, this -- we think of the DeepSeek thing as two halves.

那麼回到您關於 DeepSeek 的問題，我們認為 DeepSeek 分為兩半。

One is we see that it's -- we expect it to drive some further acceleration in our digitalization business because as there's more competition in thinking about what large language models can do and how to construct those large language models, obviously, it's going to give people different price points for our AI-driven tools that we use on our digitization business to actually pull those things down.

一是我們看到它——我們預計它將進一步推動我們的數位化業務加速發展，因為在思考大型語言模型能做什麼以及如何構建這些大型語言模型方面，競爭越來越激烈，顯然，它將為人們提供不同的價格點，用於我們在數字化業務上使用的人工智能驅動的工具，以真正降低這些東西的成本。

More broadly, in terms of our data center business, we look at -- the reporting that came out of a number of our large customers over the last couple of weeks, and not a single one of them is reducing their CapEx expenditure by even $0.01. So when we look at that is -- we don't see DeepSeek.

更廣泛地說，就我們的資料中心業務而言，我們查看了過去幾週來自許多大客戶的報告，其中沒有一家將其資本支出減少哪怕 0.01 美元。所以當我們觀察它時，我們沒有看到 DeepSeek。

And it was a lot of buzz when it was announced, but we don't see any substantive change in terms of our customer base in terms of how they're expecting to continue to grow their data center infrastructure.

這項消息一經宣布，引起了廣泛關注，但就客戶群而言，他們對於如何繼續擴大其資料中心基礎設施的期望並沒有發生任何實質變化。

Eric, the only thing I would add is that when you look at the pieces we've been signing on our price per kilowatt as well as what we've commenced, what you'll see if you compare that versus prior years is, as I mentioned on the call, it's growing very nicely, right?

艾瑞克，我唯一想補充的是，當你查看我們已經簽署的每千瓦價格以及我們已經開始的部分時，如果你將其與前幾年進行比較，你會發現，正如我在電話中提到的那樣，它增長得非常好，對吧？

The average price is meaningfully higher.

平均價格明顯較高。

And so that's -- you see coming through in the EBITDA margin as we start to commence a better book of business, if you will.

這就是 — — 當我們開始開展更好的業務時，您會看到 EBITDA 利潤率有所提高。

And so as Bill mentioned, we're going to continue to stay price disciplined and return-oriented.

正如比爾所提到的，我們將繼續保持價格紀律和回報導向。

And if you look at the backlog of what we have commencing going forward, that gives us strong confidence in the revenue and margin guide that we shared on the call.

如果你看看我們未來開始的積壓訂單，你就會對我們在電話會議上分享的收入和利潤率指南充滿信心。

Thanks, Eric.

謝謝，埃里克。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

Maybe a follow-up on DeepSeek.

也許是 DeepSeek 的後續。

It did raise some questions about the flow of US hardware and chips into China.

這確實引發了一些關於美國硬體和晶片流入中國的疑問。

If the US were to implement tighter restrictions on exporting IT hardware to China, how do you think that would affect the ALM business?

如果美國對向中國出口 IT 硬體實施更嚴格的限制，您認為這會對 ALM 業務產生什麼影響？

Thanks, Brendan, for the question.

謝謝布倫丹提出這個問題。

So first of all, think about it, most of our ALM business that gets sold into China is multi-generation previous.

首先，想想，我們在中國銷售的大多數 ALM 業務都是多代之前的。

So none of these have been touched upon in terms of export restriction.

因此，在出口限制方面，這些都沒有被觸及。

We are continuing to -- as we've talked about before, driving a diversification strategy to be less reliant on China where we actually resell components.

正如我們之前談到的，我們將繼續推行多元化策略，減少對我們實際轉售零件的中國的依賴。

And I should say that a big part of our resales, which I think we talked about in the last call, has been more and more on hard drives recently than even the CPUs and GPUs, which are more sensitive in terms of technology.

我應該說，我們在上次電話會議中討論過，最近我們轉售的很大一部分產品是硬碟，甚至比 CPU 和 GPU 還要多，因為 CPU 和 GPU 在技術方面更為敏感。

So I think we continue to drive the diversification so far.

所以我認為我們迄今為止一直在繼續推動多元化。

Anyway, all our components of multi-generation old and don't come trapped on that.

無論如何，我們所有多代舊的組件都不會被困在那裡。

The other thing I should say is Barry talked about is that we very much see our strategies continuing to build on a mixed basis the enterprise side of the business.

我還應該說的是巴里談到的一點是，我們非常清楚地看到我們的策略將繼續在混合基礎上建立企業業務。

And that's -- it means that it would be less project based, less reliant in terms of selling into China.

這意味著，它將不再那麼依賴項目，不再那麼依賴中國市場銷售。

But the other part of that enterprise business is some of the work that we're doing with some of the OEMs on reintroducing the components back into their own supply chain.

但企業業務的另一部分是我們與一些 OEM 合作將組件重新引入他們自己的供應鏈。

So we really see that's where a lot of the business will be going because as we all know, electronic components generally fail at the beginning of their life, not kind of in the middle of their life.

因此，我們確實看到許多業務將會朝這個方向發展，因為眾所周知，電子元件通常在其使用壽命的初期就會出現故障，而不是在使用壽命的中期。

And a lot of our OEM customers are now starting to asking us to actually do that harvesting and help them reintroduce it back into their supply chain.

現在，許多 OEM 客戶開始要求我們實際進行收割並幫助他們將其重新引入供應鏈。

Kevin McVeigh, UBS.

瑞銀的凱文麥克維 (Kevin McVeigh)。

Great.

偉大的。

Thanks so much.

非常感謝。

Just following up on the data center.

只是跟進資料中心。

Barry, the churn in Q4 was 4.4%. I don't think that was related to the client you passed on, but just any thoughts on what drove that and probably onetime, but just maybe help us understand that a little bit.

巴里，第四季的客戶流失率為 4.4%。我認為這與您傳遞的客戶無關，但只是關於是什麼導致了這種情況以及可能的想法，但也許可以幫助我們理解一點。

Hey.

嘿。

Just I'm following up on the data center, Barry, the churn in Q4 was 4.4%.

我正在跟進資料中心的情況，Barry，第四季度的客戶流失率為 4.4%。

I don't think that was related to the client you passed on, but just any thoughts on what drove that and probably one time, but.

我認為這與您傳遞的客戶無關，只是關於是什麼導致了這種情況，可能有一次，但是。

Just maybe help us understand that a little bit.

也許能幫助我們理解一點。

Yeah.

是的。

Sure, Kevin.

當然，凱文。

That's something that we've had on the horizon for some time and it's been in our expectations because what happened is at year-end, we had a couple of clients who have been in the business for a long time, like I think, 10-plus years predecessors to some of the as we acquired, which were on, like I said, with us for a long time, and they've been moving load to more of a cloud.

這是我們一段時間以來一直在考慮的事情，也在我們的預期之中，因為在年底發生的事情是，我們有幾個客戶已經在這個行業工作了很長時間，我想，我們收購的一些客戶的前任已經有 10 多年了，就像我說的，他們和我們合作了很長時間，他們一直在將負載轉移到雲端。

And so they -- those two churn, absent that churn was very much in line, in fact, below our normal expectations in the quarter.

因此，這兩位客戶的流失率實際上低於我們本季的正常預期。

And I don't see other items like that going forward.

而且我看不到未來會有其他類似的項目。

In fact, I expect our 2025 churn to be below where we've been historically running.

事實上，我預期 2025 年我們的客戶流失率將低於歷史水準。

So I usually say something like 1% to 2%, 1.5% to 2% a quarter, which kind of equates to, say, 5%, 6%, 7%, 8%.

所以我通常會說每季 1% 到 2%、1.5% 到 2% 左右，相當於 5%、6%、7%、8%。

This year, I would think it's going to be 5%, maybe even a little bit lower than that as we look at our book of business.

今年，我認為這個數字將會是 5%，從我們的業務來看，甚至可能比這個數字還要低一點。

Importantly, we've essentially already released that space, which speaks to the demand environment and the fact that we are heavily leased in terms of our operating portfolio, Kevin.

重要的是，我們基本上已經釋放了該空間，這說明了需求環境以及我們的營運組合中租賃量很大的事實，凱文。

And I'll just also underscore that we're very pleased with the price per kilowatt that we're generating across the portfolio, whether that be on the hyperscale side or colo, which, of course, is this.

我還要強調的是，我們對整個投資組合中每千瓦的發電價格非常滿意，無論是超大規模還是託管，當然都是這樣的。

So thanks for the question, Kevin.

謝謝你的提問，凱文。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯·斯坦納曼。

Hi Barry.

你好，巴里。

I wanted to dive a little bit further into your prepared remarks about organic storage revenues being down sequentially in the fourth quarter.

我想進一步深入探討您關於第四季度有機儲存收入環比下降的準備好的評論。

Was it down sequentially on an organic constant currency basis, kind of ex FX?

它是否按照有機恆定貨幣基礎（不包括外匯）連續下降？

And you said something about normal seasonality of fourth quarter, maybe dive into that.

您談到了第四季度的正常季節性，也許可以深入探討。

And then you also said something about the consumer business.

然後您也談到了一些關於消費者業務的事情。

Is that direct-to-consumer business now being deemphasized at Iron Mountain?

鐵山公司現在是否不再重視直接面向消費者的業務了？

Yeah, thanks Andrew.

是的，謝謝安德魯。

I'll try to back all that here.

我將盡力在這裡支持這一切。

So what I was explaining was that FX, first and foremost, was a big headwind to us on that line sequentially because as you probably know, the US dollar strengthened significantly in the fourth quarter as compared to the third quarter.

因此，我要解釋的是，外匯首先對我們是一個巨大的阻力，因為您可能知道，與第三季度相比，美元在第四季度大幅走強。

In our records business, that's where we are the most diversified from a global footprint, working in 60-plus countries around the world and being exposed to currencies from the euro to the Brazilian real to the Canadian and the dollar obviously strengthened meaningfully.

在我們的唱片業務中，我們的業務從全球範圍來看最為多元化，業務遍及全球 60 多個國家，涉及的貨幣包括歐元、巴西雷亞爾、加元，而且美元顯然大幅走強。

That's on the order of $10 million sequentially of a headwind quarter to quarter.

這意味著每季的逆風額度約為 1000 萬美元。

Then on top of that -- you are right.

那麼最重要的是──你是對的。

We are -- we have been very focused on improving the profitability of our consumer storage business.

我們一直致力於提高我們的消費者儲存業務的獲利能力。

You'll recall when we acquired Clutter and put it together with our remaining business, we mentioned that that business was losing $2 million to $3 million of EBITDA a quarter.

您會記得，當我們收購 Clutter 並將其與我們剩餘的業務合併時，我們提到該業務每季的 EBITDA 損失為 200 萬至 300 萬美元。

And so what we've done there is we've realized that we shouldn't chase business that's not profitable.

所以我們所做的就是我們意識到我們不應該追逐沒有利潤的生意。

And as you know, with any storage business in and out is is not where you want to be.

如您所知，任何進出的儲存業務都不是您想要的。

You want to be with things that are going to store long term.

您希望擁有一些可以長期儲存的東西。

So the team has done a lot of analysis and has focused it's both marketing as well as where we're targeting on that business to be a much more profitable segment.

因此，該團隊進行了大量分析，並專注於行銷以及我們的目標業務，以使該業務成為更有利可圖的領域。

And we've also driven a lot of operating efficiencies there.

我們也在那裡提高了許多營運效率。

So long winded way of saying consumer was also down sequentially.

如此長篇大論地說消費者也隨之下降。

And from a run rate standpoint, that's about, nearly 10%.

從運行率的角度來看，這大約是 10%。

And so when you take those two and put it up against the organic storage rental revenue that you're asking about in total, what falls out is the core records business was up nicely sequentially in line with normal trends in our pricing trends.

因此，當您將這兩項收入與您所詢問的整體有機儲存租金收入進行比較時，您會發現核心唱片業務的環比增長良好，與我們定價趨勢的正常趨勢一致。

So we feel very good about where the records management business is trending.

因此，我們對記錄管理業務的發展趨勢感到非常滿意。

And having the consumer business now being a profitable run rate is obviously the place we want to be able to continue to expand on that.

現在消費者業務的獲利運行率顯然是我們希望能夠繼續擴張的領域。

And that helped, obviously, with the global RIM adjusted EBITDA margin improvement.

這顯然有助於 RIM 全球調整後 EBITDA 利潤率的提高。

Thanks.

謝謝。

Shlomo Rosenbaum, Stifel.

羅森鮑姆（Shlomo Rosenbaum），Stifel。

Hi.

你好。

Good morning and thank you for taking my question.

早上好，感謝您回答我的問題。

Barry, can you just -- maybe just a follow-up to what you were explaining to Andrew.

巴里，你能不能——也許只是跟進一下你向安德魯解釋的內容。

But could you talk a little bit about the factors that led to the revenue coming in a little bit lower than you expected in the quarter, right?

但是您能否談談導致本季營收略低於預期的原因是什麼？

The guidance was for about $1.6 billion.

該指導金額約為 16 億美元。

It was like $15.81. If you just rounded, it's like 19% lower.

大約是 15.81 美元。如果四捨五入的話，大約低了 19%。

Is it that $10 million on FX and $10 million on exiting some stuff in storage?

是將 1000 萬美元用於外匯，再將 1000 萬美元用於退出倉儲中的一些物品嗎？

Or what are the factors, anything in ALM in there?

或有哪些因素，ALM 中是否存在什麼因素？

Maybe you could just unpack that for us?

也許您可以為我們解開它？

Yeah, Shlomo.

是的，什洛莫。

Obviously -- you have been following the company for a long time.

顯然——您已經關注該公司很長時間了。

So you're right, it is those two things.

所以你是對的，就是這兩件事。

It's the FX.

這是 FX。

And just to be clear, the FX sequentially was even a little bit more than that because, of course, it hits us on other lines.

需要明確的是，FX 的連續性甚至比這還要高一點，因為它當然會在其他方面影響我們。

I was specifically speaking about the organic storage rental revenue line.

我特別談到了有機倉儲租金收入線。

And then the consumer business, we have been very intentional, as I mentioned in the prepared remarks.

然後，正如我在準備好的演講中提到的那樣，我們非常注重消費者業務。

So we are being very focused on driving returns for our shareholders.

因此，我們非常注重為股東帶來回報。

And we're going to continue to do that while growing our business very substantially.

我們將繼續這樣做，同時大幅發展我們的業務。

We see a tremendous amount of runway there.

我們看到那裡有大量的跑道。

You mentioned about ALM.

您提到了 ALM。

ALM performed pretty much right in the line with our expectations.

ALM 的表現基本上符合我們的預期。

The Wisetek and APCD business that we recently acquired did a little bit better than what we were expecting.

我們最近收購的 Wisetek 和 APCD 業務的表現比我們的預期要好一些。

It was a little north of $20 million.

該金額略高於2000萬美元。

And so we had decent organic growth in the core.

因此我們的核心部分實現了良好的有機成長。

Enterprise, pipeline, and bookings continuing to grow.

企業、通路和預訂量持續成長。

And as Bill alluded to, we've booked some very nice enterprise ALM deals here already this year.

正如比爾所提到的，我們今年已經在這裡簽訂了一些非常好的企業 ALM 交易。

So feel good about where we're trending and feel very good about where we are in our core records business.

因此，我們對我們的發展趨勢感到滿意，並且對我們的核心唱片業務的現狀感到非常滿意。

Thank you, Shlomo.

謝謝你，什洛莫。

(Operator Instructions) Jon Atkin, RBC Capital Markets.

（操作員指示）Jon Atkin，RBC 資本市場。

Thanks.

謝謝。

So the question I had about the guidance for -- or expectations for 2025, anything around capital recycling in your data center portfolio or other as well as any expectations around cash renewal spreads.

所以我的問題是關於 2025 年的指導或預期，有關資料中心投資組合或其他方面的資本循環利用以及有關現金續約利差的任何預期。

And then if I could ask also about the land held for development, there's quite a number of markets there across India, in Amsterdam, and Madrid, and Richmond, Northern Virginia, Chicago, and so forth.

然後，如果我可以問一下用於開發的土地，那麼在印度、阿姆斯特丹、馬德里、里士滿、北維吉尼亞、芝加哥等地有相當多的市場。

And just anything to highlight in terms of permitting milestones or construction delivery or for long lead time items where you might actually start to develop in some of those markets sooner than others.

在允許里程碑或施工交付或長期交付週期專案方面，任何需要強調的事情，您實際上可能會比其他市場更早開始在某些市場進行開發。

Thanks

謝謝

Thanks for the question, Jon.

謝謝你的提問，喬恩。

And I'll -- let me start, and then Barry might want to fill in some of the details.

我會——讓我開始，然後巴里可能想補充一些細節。

But let me start with the back of your question in terms of building a land bank, and you know the industry extremely well, is that the permitting and access to power is something that is taking longer than used to.

但讓我先從你關於建立土地銀行的問題的背後說起，你非常了解這個行業，那就是獲得許可和獲得電力所花的時間比以前要長。

But if you look at the year going forward, we feel really good where we're sitting in terms of how we're making progress on getting the land bank ready to lease, if I kind of look at some of the key markets as India, Amsterdam, Madrid, Miami, Chicago, Northern Virginia, and also Richmond as we've made, we're on track in terms of our expectations and very consistent with our guide of -- leasing 125 megawatts this year.

但如果展望未來一年，我們對目前的狀況感到非常滿意，因為我們在準備租賃土地儲備方面取得了進展，如果我看一下印度、阿姆斯特丹、馬德里、邁阿密、芝加哥、北弗吉尼亞和里士滿等一些主要市場，我們正朝著預期的方向前進，並且非常符合我們今年租賃 125 兆瓦的指導方針。

So we feel good about the land bank, where we are in terms of getting the permitting process through, a lot of that is already through permitting that I just rattled off.

因此，我們對土地銀行感到很滿意，就許可程序而言，我們已完成許多我剛才列舉的許可。

And relative to our multiyear plan in terms of continuing to grow this business in line with how we've been growing in the last few years, and that's showing up in our guidance for 125 megawatts this year, which is a 25% lift on this time last year in terms of where our guide was.

相對於我們的多年計劃，我們將繼續按照過去幾年的成長方式發展這項業務，這體現在我們今年的 125 兆瓦的預期中，比去年同期的預期增長了 25%。

In terms of capital recycling, I think the short answer is we don't have any specific plans around that.

關於資本循環利用，我認為簡而言之，我們沒有任何具體計畫。

One of the things though I would like to highlight is that we're -- we've added some more capacity to our design and construction team, and we do expect to be able to get more efficiency in terms of how we actually lock up the supply chain for some of the components in our data centers.

不過，我想強調的一點是，我們已經為我們的設計和施工團隊增加了一些能力，我們確實希望能夠在如何實際鎖定資料中心某些組件的供應鏈方面提高效率。

As we build scale, we think that, well, there's always inflation out there is we think that we have now the ability to get more operating leverage in terms of the cost of construction in our data centers this year.

隨著我們規模的擴大，我們認為，總是會存在通貨膨脹，我們認為，就今年我們資料中心的建造成本而言，我們現在有能力獲得更多的經營槓桿。

And that's reflected in our CapEx guide that Barry went through.

這反映在 Barry 所經歷的資本支出指南中。

Yeah.

是的。

And Jon, on cash renewal spreads, we -- probably no surprise, we expect them to continue to rise.

喬恩，關於現金續期利差，我們預計它們將繼續上升，這可能並不奇怪。

And that's just due to where demand is versus where supply is in the industry, I think.

我認為，這只是由產業中的需求與供應決定的。

I would only add that from a standpoint of what we're expecting for a data center the growth that we're seeing is upwards of high 20%s, 30% year-on-year from a revenue perspective with all that margin improvement that we were talking about.

我只想補充一點，從我們對資料中心的預期來看，我們看到的成長率高達 20% 以上，從收入角度來看，同比增長 30%，並且還有我們談論的所有利潤率提高。

So we feel very well positioned with respect to growing that portfolio.

因此，我們認為自己在擴大投資組合方面處於非常有利的地位。

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

我們的問答環節和 Iron Mountain 2024 年第四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。