鐵山公司 (IRM) 2025 Q1 法說會逐字稿

Good morning and welcome to the Iron Mountain first-quarter 2025 earnings conference call.

早上好，歡迎參加 Iron Mountain 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please note this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. 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·魯普先生。

Please go ahead, sir.

先生，請繼續。

Thank you, Chuck.

謝謝你，查克。

Good morning and welcome to our first quarter of 2025 earnings conference call.

早安，歡迎參加我們 2025 年第一季財報電話會議。

On today's call, we will refer to materials available on our Investor Relations website. We are joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer.

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。今天與我們一起參加活動的有總裁兼執行長比爾‧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. All forward-looking statements are subject to certain risks and uncertainties. Please refer to today's earnings materials, the Safe Harbor language on slide 2, 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. In addition, we use several non-GAAP measures when presenting our financial results. We've included the reconciliation to these measures in our supplemental financial information.

今天的收益資料包含前瞻性陳述，包括有關我們預期的陳述。所有前瞻性陳述都存在一定的風險和不確定性。請參閱今天的收益資料、投影片 2 上的安全港語言以及我們的 10-K 和 10-Q 表年度和季度報告，以了解可能導致我們的實際結果與前瞻性陳述中的結果不同的主要風險因素。此外，我們在展示財務績效時使用了幾個非公認會計準則指標。我們已將這些措施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，我就把電話轉給比爾。

Thank you, Mark, and thank you, all for joining us today to discuss our first quarter results.

謝謝馬克，也謝謝大家今天加入我們討論第一季的業績。

We are pleased with our strong start to 2025. Our team's focus on providing solutions that meet our customers' needs as part of our Matterhorn growth strategy continues to drive record results across the business and above our expectations.

我們對 2025 年的強勁開局感到高興。作為我們馬特洪峰成長策略的一部分，我們的團隊專注於提供滿足客戶需求的解決方案，這繼續推動整個業務取得創紀錄的業績，並超越我們的預期。

On a reported basis, in the first quarter, we achieved all-time high quarterly revenue of $1.6 billion, representing 8% year over year growth in record first quarter adjusted EBITDA $580 million, an increase of 12% as compared to last year.

根據報道，第一季度，我們實現了歷史最高的季度營收 16 億美元，年增 8%，第一季度調整後 EBITDA 創紀錄地達到 5.8 億美元，比去年同期增長 12%。

This performance was even better when excluding the effects of foreign exchange with revenue increasing 9% and adjusted EBITDA to growing 13% to last year. Strong growth was achieved in each of our key business units.

如果排除外匯影響，業績表現會更好，營收成長 9%，調整後 EBITDA 較去年同期成長 13%。我們的每個主要業務部門都實現了強勁成長。

Our portfolio of growth businesses, which represents more than 25% of our total revenue and includes data center, digital solutions, and asset life cycle management, collectively grew more than 20% in the quarter, and our traditional records business achieved record results as well.

我們的成長業務組合占我們總收入的 25% 以上，包括資料中心、數位解決方案和資產生命週期管理，本季整體成長超過 20%，我們的傳統記錄業務也取得了創紀錄的業績。

This formula supports our ability to sustainably drive double-digit revenue and profit growth. Our commercial team continues to make marked progress in executing our strategy. I'm especially pleased with the breadth and scope of customer deals we are winning.

這個公式支持我們持續推動兩位數的營收和利潤成長的能力。我們的商業團隊在執行策略方面繼續取得顯著進展。我對我們贏得的客戶交易的廣度和範圍感到特別高興。

For example, during the first quarter, our global scale and reputation were key factors in securing multiple records management and ALM deals where customers consolidated to single vendors, further testimony of the benefits from our number one ranking in customer satisfaction by the Wall Street Journal of the top US listed companies.

例如，在第一季度，我們的全球規模和聲譽是確保客戶整合到單一供應商的多項記錄管理和 ALM 交易的關鍵因素，這進一步證明了我們在《華爾街日報》美國頂級上市公司客戶滿意度排名中名列第一所帶來的好處。

And we achieved broad cross-selling success through both traditional add-on solution sales and by partnering across the business to integrate multiple solutions for the customer. This approach met the customer need to get their job done seamlessly and truly differentiates our individual offerings by the whole suite being worth more than any single product.

我們透過傳統的附加解決方案銷售以及跨業務合作為客戶整合多種解決方案，取得了廣泛的交叉銷售成功。這種方法滿足了客戶無縫完成工作的需求，並且透過整個套件的價值超過任何單一產品的價值，真正區分了我們的個人產品。

Our potential for growth remains significant, especially with the substantial expansion of our solutions offerings in recent years. To complement our cross-selling efforts and capitalize on this opportunity, we have marketing initiatives underway to increase awareness of our complete solutions offering.

我們的成長潛力仍然很大，尤其是近年來我們的解決方案產品大幅擴展。為了補充我們的交叉銷售工作並利用這一機會，我們正在進行行銷活動，以提高人們對我們的完整解決方案的認識。

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 truly -- which give truly transformative results to our customers in terms of revenue, security, and cost, supplying differentiated data center offerings through our global scale and customer trust and providing asset life cycle management capabilities which are secure, economic, and environmentally sustainable.

現在，讓我來介紹一下我們的主要成就和客戶勝利，這些成就和勝利展示了我們在戰略重點方面取得的成功，這些戰略重點推動了我們的實體儲存記錄管理業務收入的持續增長，提供了差異化的數位解決方案，真正為我們的客戶在收入、安全性和成本方面帶來了真正的變革性成果，透過我們的全球規模和客戶的資產化和客戶提供了經濟規模和安全性中心的健康狀況。

Let's begin with our records and information management business. We are pleased with our consistent and strong performance. Storage volume continues to increase modestly each quarter, and our revenue management is further accelerating growth by capturing the enhanced customer value we are providing through our global and integrated services.

讓我們從記錄和資訊管理業務開始。我們對自己一貫強勁的表現感到滿意。儲存量每季都在持續小幅成長，我們的收入管理透過捕捉我們透過全球綜合服務提供的增強客戶價值來進一步加速成長。

Additionally, we are driving record digital revenue and a growing percentage of this revenue is recurring. Let me highlight a few new projects we secured during the quarter starting first with records management. A Greek bank, an existing customer for over 10 years chose Iron Mountain to store records from 20 locations following a merger.

此外，我們正在推動創紀錄的數位收入，其中不斷增長的比例是經常性收入。讓我重點介紹一下我們在本季度獲得的一些新項目，首先是記錄管理。一家希臘銀行，作為現有客戶超過 10 年，在合併後選擇 Iron Mountain 來儲存來自 20 個地點的記錄。

The strength of our relationship, the security of our facility, and the speed and efficiency of our document retrieval services led to cost savings for the customer. Additionally, the global insurance company's operations in Thailand awarded Iron Mountain a three year records management agreement with the first project utilizing our Smart Sort solution to manage over 3 million commingled files.

我們之間的良好關係、我們設施的安全性以及我們文件檢索服務的速度和效率為客戶節省了成本。此外，這家全球保險公司在泰國的業務部門還與 Iron Mountain 簽訂了為期三年的記錄管理協議，第一個項目將利用我們的 Smart Sort 解決方案來管理超過 300 萬個混合文件。

I'm also excited to share recent accomplishments in our digital solutions business. Our InSight digital experience platform or DXP continues to gain traction and acceptance in the market. Customers are realizing the value of this SaaS platform, which is reflected in larger deal values and shorter sales cycles.

我也很高興與大家分享我們數位解決方案業務最近的成就。我們的 InSight 數位體驗平台或 DXP 在市場上繼續獲得關注和認可。客戶正在意識到這個 SaaS 平台的價值，這體現在更大的交易價值和更短的銷售週期。

We are continuing to expand DXP's capabilities to manage and create structure from unstructured content, increase efficiency through process automation, enable visibility of dark data, increase compliance, and make information actionable.

我們正在繼續擴展 DXP 的功能，以管理和從非結構化內容創建結構，透過流程自動化提高效率，實現暗資料的可見性，提高合規性並使資訊可操作。

We are also tailoring DXP use cases to industry-specific requirements. I'll highlight a few of our recent wins in digital solutions. In the United Kingdom, we have secured a 10 year contract with an existing customer, expanding our relationships significantly.

我們還根據行業特定要求自訂 DXP 用例。我將重點介紹我們最近在數位解決方案方面取得的一些勝利。在英國，我們與現有客戶簽訂了一份為期 10 年的合同，大大擴展了我們的關係。

Under the agreement, we will take an additional 350,000 cubic feet of documents, digitize close to 9 million images per year, and provide DXP access to 2,500 users. Our store, digitize and access solutions will enable the customer to realize financial savings, operational efficiencies and an overall improved stakeholder experience.

根據協議，我們將額外處理 35 萬立方英尺的文件，每年數位化近 900 萬張圖像，並為 2,500 名用戶提供 DXP 存取權限。我們的儲存、數位化和存取解決方案將使客戶實現財務節約、營運效率和整體改善的利害關係人體驗。

In Europe, we strengthened our relationship with a long standing healthcare client through a three year deal to digitize patient documents. Moreover, the customer is using our InSight DXP platform's AI capabilities to provide concise summaries of patient incidents and to facilitate efficient access to critical information.

在歐洲，我們透過為期三年的病患文件數位化協議加強了與長期醫療保健客戶的關係。此外，客戶正在使用我們的 InSight DXP 平台的 AI 功能來提供患者事件的簡明摘要並促進有效獲取關鍵資訊。

We will digitize 500,000 documents and 750,000 images a month whilst also providing physical records management. Our solution will provide enhanced scalability and accelerated processing time, resulting in substantial cost reductions for the customer.

我們每月將數位化 50 萬份文件和 75 萬張影像，同時也提供實體記錄管理。我們的解決方案將提供增強的可擴展性和加快的處理時間，從而為客戶大幅降低成本。

As we mentioned on our last earnings call, we believe our many years of experience in providing digital transformation services to the United States government positions us well to assist the broad DOGE effort.

正如我們在上次財報電話會議上提到的那樣，我們相信，我們多年來為美國政府提供數位轉型服務的經驗使我們能夠很好地協助廣泛的 DOGE 工作。

And now let me briefly highlight a significant order we received yesterday. We have been awarded a contract for the Department of Treasury. We will be assisting with a broad digital transformation effort, leveraging our DXP platform and its embedded AI capabilities.

現在，讓我簡要介紹一下我們昨天收到的一項重要訂單。我們已獲得財政部的合約。我們將利用我們的 DXP 平台及其嵌入式 AI 功能，協助廣泛的數位轉型工作。

The contract value is approximately $140 million and will commence immediately with the majority of the revenue in 2026. I would like to thank the Treasury and the Department of Government Efficiency for their trust in Iron Mountain.

合約價值約為 1.4 億美元，將立即生效，大部分收入將於 2026 年支付。我要感謝財政部和政府效率部對 Iron Mountain 的信任。

Lastly, during the process of this award, more people involved in transforming the federal government have learned about our capabilities and experience in digital transformation. The result has been that we have seen a marked increase in our digital services pipeline, serving a broad range of federal agencies across a number of improvement and efficiency initiatives.

最後，在此次獎項頒發的過程中，更多參與聯邦政府轉型的人們了解了我們在數位轉型方面的能力和經驗。結果是，我們看到我們的數位服務管道顯著增加，為許多聯邦機構提供了一系列改進和效率措施。

Let me now turn to our data center business. For the quarter, we continue to execute on our strong leasing backlog with revenue growth of over 20% year over year driven by more than 24% organic storage growth. In the first quarter, our enterprise leasing activity was in line with expectations, leasing approximately 4 megawatts of new business.

現在讓我來談談我們的資料中心業務。本季度，我們繼續執行強勁的租賃積壓訂單，營收年增超過 20%，這得益於超過 24% 的有機儲存成長。第一季度，我們的企業租賃活動符合預期，租賃了約4兆瓦的新業務。

Whilst we did not sign new hyperscale contracts in the quarter, we are responding to strong interest across our US, European, and Indian sites. We expect this to convert over the course of the year, which aligns with our projection for 125 megawatts of total new leasing.

雖然我們本季沒有簽署新的超大規模合同，但我們正在響應美國、歐洲和印度站點的強烈興趣。我們預計這一數字將在一年內實現轉換，這與我們對 125 兆瓦新租賃總量的預測一致。

We continue to see strong demand for data center development across our global portfolio, and our pipeline remains strong. We fully developed -- our current portfolio will reach 1.3 gigawatts, more than triple the size of our current operating portfolio.

我們持續看到全球投資組合對資料中心開發的強勁需求，我們的管道依然強勁。我們已全面開發—我們目前的投資組合將達到 1.3 千兆瓦，是我們目前營運投資組合規模的三倍多。

Finally, I would also like to welcome Gary Aitkenhead, our new EVP and General Manager of Data Centers. Gary joins us from Equinix and reports to Mark Kidd, who leads our data center and ALM businesses. His global experience, proven leadership in driving transformation and growth, and commitment to fostering high performing inclusive teams will be a key asset to our customers and team as we further expand the business.

最後，我還要歡迎我們的新任執行副總裁兼資料中心總經理 Gary Aitkenhead。Gary 來自 Equinix，他加入我們並向領導我們的資料中心和 ALM 業務的 Mark Kidd 匯報工作。隨著我們進一步拓展業務，他的全球經驗、在推動轉型和成長方面公認的領導能力以及致力於培養高績效包容性團隊的承諾將成為我們的客戶和團隊的重要資產。

Turning to our asset life cycle management business, we continue to drive strong growth in this large and highly fragmented ALM market. In the first quarter, we achieved 44% reported revenue growth, including 22% organic growth with strength across both the enterprise and hyperscale channels.

談到我們的資產生命週期管理業務，我們繼續在這個龐大且高度分散的 ALM 市場中推動強勁成長。第一季度，我們的報告營收成長了 44%，其中有機成長 22%，企業和超大規模通路均表現強勁。

In the enterprise channel, our commercial team's success is evidenced by the size and scope of deals we are winning. We think over time as large enterprises become more sensitive to the cyber risks with the disposal of their IT assets, Iron Mountain's brand will play an ever increasing factor in their vendor selection.

在企業通路，我們商業團隊的成功體現在我們贏得的交易規模和範圍。我們認為，隨著時間的推移，大型企業在處置其 IT 資產時對網路風險變得更加敏感，Iron Mountain 的品牌將在其供應商選擇中發揮越來越重要的作用。

And in the hyperscale channel, given the robust growth in data center development in recent years, we anticipate strong tailwinds for decommissioning work for the foreseeable future. We will leverage our differentiation as a data center operator in this channel to capture additional share.

在超大規模通路中，鑑於近年來資料中心發展的強勁成長，我們預計在可預見的未來退休工作將面臨強勁的順風。我們將利用我們作為該通路資料中心營運商的差異化優勢來獲取更多份額。

We will also continue to selectively acquire ALM enterprise businesses to expand our capabilities and geographic footprint. In late March, we acquired Premier Surplus in the Southern US, expanding our customer base and capabilities.

我們也將繼續有選擇地收購 ALM 企業業務，以擴大我們的能力和地理覆蓋範圍。三月下旬，我們收購了美國南部的 Premier Surplus，擴大了我們的客戶群和能力。

To illustrate our growing strength in this segment, let me now share some of the ALM wins achieved during the quarter, which continue to drive strong double-digit organic growth. A large global fintech company specializing in online payments and employing over 20,000 people globally has selected Iron Mountain as its exclusive ALM partner for the secure disposition of its assets following the customer's consolidation of providers.

為了說明我們在這一領域不斷增強的實力，現在讓我分享一下本季度取得的一些 ALM 勝利，這些勝利繼續推動強勁的兩位數有機成長。一家專門從事線上支付並在全球擁有 20,000 多名員工的大型全球金融科技公司已選擇 Iron Mountain 作為其獨家 ALM 合作夥伴，以便在客戶整合供應商後安全處置其資產。

Our long-standing relationship with this customer, our flexibility, and our experience handling sensitive assets contributed to this win. We also secured a new customer win with a global technology infrastructure provider with over 35,000 employees.

我們與該客戶的長期關係、我們的靈活性以及我們處理敏感資產的經驗促成了這場勝利。我們還贏得了一家擁有超過 35,000 名員工的全球技術基礎設施提供商的新客戶。

Iron Mountain was chosen to manage a large batch of materials the customer accumulated through a series of acquisitions. Our solution met all of this customer's requirements, including chain of custody, reconciliation, secure wiping, and remarketing.

客戶選擇 Iron Mountain 來管理其透過一系列收購累積的大量材料。我們的解決方案滿足了該客戶的所有要求，包括保管鏈、對帳、安全擦除和再行銷。

Our reputation and brand were also key to this win.

我們的聲譽和品牌也是這次勝利的關鍵。

In conclusion, I'm proud of the strong results that our dedicated Mountaineers continue to deliver. Our team's commitment to meeting the needs of our nearly 250,000 customers worldwide is integral to our success.

總而言之，我為我們敬業的登山者不斷取得的優異成績感到自豪。我們的團隊致力於滿足全球近 25 萬名客戶的需求，這是我們成功的關鍵。

As Barry will share more detail, we are increasing our full year guidance to reflect the strong Q1 performance and positive outlook.

由於 Barry 將分享更多細節，我們將提高全年業績預期，以反映強勁的第一季業績和積極的前景。

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。

Our team is off to a strong start this year, delivering record first quarter results across all of our key financial metrics. We achieved record revenue of $1.59 billion, up 8% on a reported basis and 9% on a constant currency basis.

我們的團隊今年開局強勁，第一季所有關鍵財務指標均創下紀錄。我們實現了創紀錄的 15.9 億美元收入，以報告基礎計算成長 8%，以固定匯率計算成長 9%。

We delivered strong organic growth in the quarter of 8%. Total storage revenue was $948 million, up $64 million year on year, and up 9% on an organic basis. Total service revenue was $644 million, up $52 million from last year.

我們在本季度實現了 8% 的強勁有機成長。總儲存收入為 9.48 億美元，年增 6,400 萬美元，有機成長 9%。總服務收入為 6.44 億美元，比去年增加 5,200 萬美元。

Organic service growth of 7.1% was ahead of our expectations and improved slightly from the fourth quarter rate, despite lapping a much more difficult comparison from the prior year. Adjusted EBITDA of $580 million was a record for the first quarter and expanded $61 million year on year.

7.1% 的有機服務成長率超出了我們的預期，並且較第四季度的成長率略有提高，儘管與上年相比成長困難得多。調整後EBITDA為5.8億美元，創第一季新高，較去年同期增加6,100萬美元。

This was $5 million ahead of the projection we provided on our last call. The upside to our projection was driven by $4 million of operating performance and approximately $1 million from the US dollars weakening in the first quarter.

這比我們上次電話會議上提出的預測高出了 500 萬美元。我們的預測上調是由於第一季 400 萬美元的營運業績和約 100 萬美元的美元貶值所致。

Adjusted EBITDA margin was 36.4%, up 130 basis points year on year, which reflects improved margins across all of our businesses. A key highlight for me in the quarter was that our team delivered significant operating leverage with an incremental flow through margin of greater than 50%, which is the highest we've achieved in years.

調整後的 EBITDA 利潤率為 36.4%，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。對我來說，本季的一個關鍵亮點是我們的團隊實現了顯著的營運槓桿，增量流通利潤率超過 50%，這是我們多年來取得的最高水準。

AFFO was $348 million, up $25 million which represents growth as compared to last year of 8% on a reported basis and 10% excluding FX. AFFO on a per share basis was $1.17, up 6% to last year on a reported basis, and up 9% excluding FX.

AFFO 為 3.48 億美元，增加了 2500 萬美元，與去年相比增長了 8%（報告基礎），不包括外匯則增長了 10%。每股 AFFO 為 1.17 美元，較去年同期報告成長 6%，不包括外匯則成長 9%。

Now turning to segment performance. I'll start with our Global RIM business which achieved first quarter revenue of $1.26 billion, an increase of $46 million year on year driven by revenue management and digital solutions partially offset by the stronger US dollar which negatively impacted revenue by approximately $20 million.

現在轉向細分市場表現。首先介紹我們的全球 RIM 業務，該業務第一季實現了 12.6 億美元的收入，年增 4,600 萬美元，這主要得益於收入管理和數位解決方案，但美元走強對收入產生了約 2000 萬美元的負面影響，部分抵消了這一影響。

Organic storage was up 6% driven by revenue management and consistent volume. Organic service revenue was up 5% with contributions from digital and core services. Reported service revenue was down $4 million on a sequential basis due to a $3 million decline in terminations and permanent withdrawal revenue, and another $3 million headwind from the stronger US dollar.

在收入管理和穩定儲存量的推動下，有機儲存量增加了 6%。有機服務收入成長了 5%，主要得益於數位服務和核心服務的貢獻。報告的服務收入環比下降 400 萬美元，原因是終止和永久退出收入下降 300 萬美元，以及美元走強帶來的 300 萬美元的不利影響。

Our digital business had another strong quarter, achieving record revenue. We are also pleased to report improvement in our records management retention rate and storage capacity utilization, both of which achieved the highest levels we've seen in some time.

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。我們也很高興地報告，我們的記錄管理保留率和儲存容量利用率都有所提高，這兩項都達到了我們一段時間以來的最高水平。

Global RIM adjusted EBITDA was $556 million, an increase of $30 million year on year. Global RIM adjusted EBITDA margin of 44.3% was up 80 basis points from last year, driven by operating leverage and revenue management.

RIM全球調整後EBITDA為5.56億美元，年增3000萬美元。RIM 全球調整後 EBITDA 利潤率為 44.3%，較去年同期上漲 80 個基點，主要得益於營運槓桿和收入管理。

Let me provide a brief update on our consumer storage business following our commentary on our last call. While consumer storage remained a headwind to revenue growth in the first quarter, the team is driving solid operating improvement.

讓我根據我們上次電話會議的評論，簡要介紹一下我們的消費者儲存業務。儘管消費儲存在第一季仍然是收入成長的阻力，但該團隊正在推動穩健的營運改善。

Profitability is increasing, and we are seeing very positive trends in storage reservations, which is a key forward indicator for revenue.

獲利能力正在提高，我們看到儲存預訂量呈現非常積極的趨勢，這是收入的一個關鍵前瞻性指標。

Turning to our global data center business. Total data center revenue was $173 million in the first quarter, an increase of $29 million year on year. Organic storage rental growth increased 24% driven by lease commencements and continued strong pricing trends.

轉向我們的全球資料中心業務。第一季資料中心總營收為1.73億美元，年增2,900萬美元。受租賃開始和持續強勁的定價趨勢的推動，有機倉儲租金增長了 24%。

In the first quarter, new commencements were 12 megawatts, including 8 megawatts in Northern Virginia. Pricing remains strong, with the average price per kilowatt on new commencements up 15% as compared to last year.

第一季度，新開工風電裝置容量為 12 兆瓦，其中北維吉尼亞州為 8 兆瓦。價格仍保持強勁，新開工項目每千瓦平均價格較去年同期上漲 15%。

We renewed leases totaling 10 megawatts with strong renewal spreads of 19% and 27% on a cash and GAAP basis, respectively. First quarter data center adjusted EBITDA was $91 million, up 48%. Adjusted EBITDA margin was up 960 basis points from the first quarter of last year and up 60 basis points sequentially to 52.4%.

我們續約了總計 10 兆瓦的租約，以現金和 GAAP 計算，續約利差分別為 19% 和 27%。第一季資料中心調整後的 EBITDA 為 9,100 萬美元，成長 48%。調整後的 EBITDA 利潤率較去年第一季上升 960 個基點，較上一季上升 60 個基點，達到 52.4%。

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

定價改善、近期開工以及營運槓桿是本季利潤率強勁擴張的主要驅動力。

Turning to asset life cycle management, total ALM revenue was $121 million, an increase of $37 million or 44% year over year. On an organic basis, our ALM team delivered 22% growth. The strong performance was driven by volume increases in both our enterprise and hyperscale businesses.

談到資產生命週期管理，ALM 總營收為 1.21 億美元，年增 3,700 萬美元，即 44%。從有機成長來看，我們的 ALM 團隊實現了 22% 的成長。強勁的業績表現得益於企業和超大規模業務的銷售成長。

On an inorganic basis, Wisetek and APCD continued to perform well and contributed revenue of $18 million. We are pleased with the continued improvement in ALM profitability, which was up significantly as compared to last year, benefiting from acquisition synergies, as well as improved operating performance across the business.

在無機基礎方面，Wisetek 和 APCD 繼續表現良好，貢獻了 1800 萬美元的收入。我們很高興看到 ALM 獲利能力持續改善，與去年相比大幅提升，這得益於收購綜效以及整個業務營運績效的改善。

As we discussed last quarter, our strong customer wins both in enterprise and hyperscale, give us high visibility to accelerating growth as we move through 2025. I will note that our organic growth increased over 1,000 basis points on a sequential basis, ahead of our expectations despite pricing being broadly flat to slightly down.

正如我們上個季度所討論的那樣，我們在企業和超大規模領域都贏得了強大的客戶，這讓我們在 2025 年實現加速成長方面具有很高的可見度。我要指出的是，儘管價格基本上持平或略有下降，但我們的有機成長率仍比上一季成長了 1,000 多個基點，超出了我們的預期。

Regarding our acquisition of Premier Surplus, I should note this was completed right at the end of the first quarter. So its results were not included in our quarterly financials. For modeling purposes, we expect Premier will contribute revenue of approximately $10 million to our full year results.

關於我們對 Premier Surplus 的收購，我應該指出，這是在第一季末完成的。因此其業績並未納入我們的季度財務報表。為了建模目的，我們預計 Premier 將為我們的全年業績貢獻約 1000 萬美元的收入。

Turning to capital allocation. We remain committed to our strategy that is balanced between funding our growth initiatives, delivering meaningful shareholder returns, and maintaining our strong balance sheet. Capital expenditures in the first quarter were $657 million with $629 million of growth and $28 million of recurring.

轉向資本配置。我們將繼續致力於我們的策略，即在資助我們的成長計劃、實現有意義的股東回報和維持強勁的資產負債表之間取得平衡。第一季的資本支出為 6.57 億美元，其中成長 6.29 億美元，經常性支出 2,800 萬美元。

Our outlook for capital expenditures is unchanged from our prior call, with approximately $1.8 billion of growth and approximately $150 million of recurring, both consistent with the levels from last year. We are planning for capital spending to be more first half weighted.

我們對資本支出的預期與先前的預測一致，成長約為 18 億美元，經常性支出約為 1.5 億美元，均與去年的水準一致。我們計劃將更多的資金用於上半年的資本支出。

Turning to the balance sheet with strong EBITDA performance. We ended the quarter with net lease adjusted leverage of 5.0 times, in line with our expectations for both the quarter and year end.

轉向具有強勁 EBITDA 表現的資產負債表。本季末，我們的淨租賃調整後槓桿率為 5.0 倍，符合我們對本季和年底的預期。

Turning to our dividend. Our Board of Directors declared our quarterly dividend of $0.785 per share to be paid in early July. On a trailing four quarter basis, our payout ratio is now 62%, in line with our long-term target range.

談到我們的股利。我們的董事會宣布將於 7 月初支付每股 0.785 美元的季度股息。過去四個季度，我們的股利率為 62%，符合我們的長期目標範圍。

And now turning to our outlook. Based on our strong first quarter performance and positive outlook and recent changes in currency exchange rates, we are pleased to increase our financial guidance. For the full year 2025, we now expect total revenue to be within the range of $6.74 billion to $6.89 billion which represents year on year growth even of 11% at the midpoint.

現在來談談我們的展望。基於我們第一季的強勁業績和積極的前景以及近期貨幣匯率的變化，我們很高興提高我們的財務指導。對於 2025 年全年，我們目前預計總收入將在 67.4 億美元至 68.9 億美元之間，這意味著同比增長率在中間值達到 11%。

Relative to our prior guidance, we are raising revenue by $90 million based on the weaker US dollar, continued strong revenue management, improved outlook for ALM performance, and the Premier Surplus acquisition.

相對於我們先前的指導，基於美元走弱、持續強勁的營收管理、ALM 業績前景改善以及 Premier Surplus 收購，我們將營收提高 9,000 萬美元。

We now expect adjusted EBITDA to be within the range of $2.505 billion to $2.555 billion which represents year on year growth of 13% at the midpoint. Relative to our prior guidance, we are raising adjusted EBITDA by $30 million.

我們現在預計調整後的 EBITDA 將在 25.05 億美元至 25.55 億美元之間，中間值年增 13%。相對於我們先前的指導，我們將調整後的 EBITDA 提高 3000 萬美元。

And we now expect AFFO to be within the range of $1.48 billion to $1.51 billion and AFFO per share to be $4.95 to $5.05. At the midpoint, this represents 11% and 10% growth respectively. For the second quarter, we expect revenue of approximately $1.68 billion and an increase of 10% to last year, adjusted EBITDA of approximately $620 million, up 14% year on year, AFFO of approximately $350 million which is up 9%, and AFFO per share of approximately $1.18, up 9% to last year.

我們現在預計 AFFO 將在 14.8 億美元至 15.1 億美元之間，每股 AFFO 將在 4.95 美元至 5.05 美元之間。中間值分別代表11%和10%的成長。對於第二季度，我們預計營收約為 16.8 億美元，比去年成長 10%，調整後 EBITDA 約為 6.2 億美元，年成長 14%，AFFO 約為 3.5 億美元，成長 9%，每股 AFFO 約為 1.18 美元，比去年成長 9%。

Before closing, I would like to address two additional items. First, regarding the contract with the Department of the Treasury that Bill mentioned, as it was awarded just last night, we have not included it in our financial guidance.

在結束之前，我想先談談另外兩個問題。首先，關於比爾提到的與財政部簽訂的合同，由於該合約是昨晚剛剛授予的，我們還沒有將其納入我們的財務指導中。

For modeling purposes, we expect the contract will generate revenue in both 2025 and 2026 with the majority of the benefit next year. We look forward to updating on the progress of this deal and our largest transformation on our next few calls.

為了建模目的，我們預計該合約將在 2025 年和 2026 年產生收入，其中大部分收益將在明年產生。我們期待在接下來的幾次電話會議中更新這筆交易的進展以及我們最大的轉型。

Second, knowing that tariffs are a key area of investor interest, I wanted to provide some perspective on our exposure. In our Global RIM business, our exposure to tariffs is essentially zero as our revenues and costs are matched based on each market in which we operate.

其次，我知道關稅是投資者關注的關鍵領域，因此我想提供一些關於我們曝險的觀點。在我們的全球 RIM 業務中，我們受到的關稅影響基本上為零，因為我們的收入和成本是根據我們經營的每個市場進行匹配的。

In our ALM business, the vast majority of the revenue is generated from IT gear that we decommission and then resell in the same market. For example, we decommission gear in the US and then resell it to US-based customers, and as a result, there is no cross-border impact.

在我們的 ALM 業務中，絕大部分收入來自於我們退役並在同一市場轉售的 IT 設備。例如，我們在美國退役設備，然後將其轉售給美國客戶，因此不會產生跨境影響。

While we do have some components which are sold into China, let me share a couple of important points. First, over the last few years, the team has done a terrific job significantly diversifying our downstream sales away from China.

雖然我們確實有一些零件銷往中國，但讓我分享幾個重點。首先，在過去幾年裡，我們的團隊在實現下游銷售多元化方面做得非常出色，不再僅限於中國。

And for those components that are sold into China, I would highlight that tariffs tend to be based on the original manufacturing country of origin. And as such, we would not anticipate an impact on our component sales.

對於那些銷往中國的零件，我想強調的是，關稅往往是基於原始製造國。因此，我們預計這不會對我們的零件銷售產生影響。

Lastly, in our data center business, the vast majority of the cost of construction is not subject to tariffs. We estimate that we have less than 5% exposure within data center construction.

最後，在我們的資料中心業務中，絕大多數建設成本不受關稅影響。我們估計我們在資料中心建置領域的曝光率不到5％。

With that said, let me conclude. Our year is off to a great start with record breaking first quarter results across all key financial metrics. Our outlook is strong, and we are pleased to increase our full year guidance. We are focused on driving double digit revenue growth over many years, supported by our strong cross-selling opportunity into what are very large fragmented markets.

綜上所述，讓我做個總結。今年我們有一個好的開端，第一季所有關鍵財務指標都創下歷史新高。我們的前景看好，我們很高興提高全年業績預期。我們致力於在未來多年推動兩位數的營收成長，並透過我們在非常龐大的分散市場中的強大交叉銷售機會提供支援。

I want to express my gratitude to all of our Mountaineers for their continued dedication to serving our customers.

我要向所有登山者表示感謝，感謝他們持續致力於為客戶服務。

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

那麼，接線員，請開通問答專線好嗎？

(Operator Instructions)

（操作員指示）

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Bill or Barry, if you can just talk a little bit about the market for leasing. The leasing activity has been uncharacteristically low for the last three quarters. Last quarter, you talked about a large deal that you walked away from due to some market conditions you didn't want to accept.

比爾或巴里，你們能否簡單談談租賃市場？過去三個季度，租賃活動異常低迷。上個季度，您談到了一筆大交易，但由於某些您不願意接受的市場條件，您放棄了這筆交易。

Can you just talk about what's going on? Your confidence in being able to achieve that 125 million megawatts because it does seem pretty good step up and that the rest of the year. And then if you don't mind just tagging on Barry, at the end of your last comments, you talked about the data center expansion, less than 5% exposure.

能簡單說說發生了什麼事嗎？您對實現 1.25 億兆瓦的目標充滿信心，因為這看起來確實是一個相當不錯的進步，並且在今年剩餘時間內也是如此。然後，如果您不介意在 Barry 上加標籤的話，在您上一條評論的結尾，您談到了資料中心的擴展，曝光率不到 5%。

If you don't mind just elaborating on that a little bit more because it's very timely and your ability to potentially change terms of customers in terms of there's a tariff impacted cost changes with imports.

如果您不介意的話，請稍微詳細說明一下，因為這非常及時，而且您有能力改變客戶的條款，因為關稅會影響進口成本的變化。

So why don't I start on the leasing and then just that Barry can talk -- give you a little bit more detail in terms of how we estimated the 5% impact on construction costs. So on the leasing is, first of all, we had a good quarter.

那麼我先從租賃開始，然後 Barry 可以談談——就我們如何估算對建築成本 5% 的影響向您提供更詳細的資訊。因此，就租賃而言，首先，我們度過了一個良好的季度。

If you look at the leasing activity that we have for our normal enterprise co-location sales, so we were very pleased with the amount of activity and leasing and continued pipeline in terms of the enterprise colo side. On the hyperscale side is we feel very good about our 125 megawatt guide for the year.

如果您查看我們正常企業主機託管銷售的租賃活動，您會發現我們對企業主機託管的活動量、租賃量和持續管道感到非常滿意。在超大規模方面，我們對今年的 125 兆瓦指導方針感到非常滿意。

And that's based on our pipeline and also the conversations that we're having with some of our largest hyperscale customers across a number of locations both in the US, Europe, and India.

這是基於我們的管道以及我們與美國、歐洲和印度多個地區的一些最大的超大規模客戶進行的對話。

And Shlomo, it's Barry. Yeah, so when we look at the cost of construction on data center, of course, there's a fair amount of labor in the development of the sites. Then there's -- and that's in the form of general contractors.

什洛莫，我是巴里。是的，所以當我們考慮資料中心的建設成本時，當然，場地開發需要大量的勞動力。然後還有──那就是總承包商的形式。

There's obviously design and other construction-related costs. There is some level of import both in things like steel, but also some of the component, MEP that comes in. But when we look at it, we think the total exposure is sub 5%.

顯然還有設計和其他與施工相關的成本。不僅對鋼鐵等產品有一定程度的進口，而且對一些零件、MEP 也有一定程度的進口。但當我們觀察它時，我們認為總曝光率低於 5%。

Of course, I'll note we do run a global data center portfolio. So when you factor in what's affected in the US, that's a factor of that as well. And then I'll just say as it relates to pricing, Shlomo, I think pricing in the data center market continues to be very strong.

當然，我要指出的是，我們確實經營著一個全球資料中心組合。因此，當你考慮到美國受到的影響時，這也是一個因素。然後我想說的是，關於定價，Shlomo，我認為資料中心市場的定價仍然非常強勁。

You saw our mark to market renewal spreads. And my expectation is to the extent that there were tariffs ongoing, the market would absorb those and returns would continue to be quite strong. So we feel very well positioned and don't see much in the way of tariff exposure to the data center business for the foreseeable future in light of the fact that a lot of the supply is on long term supply commitments.

您看到了我們的以市價計價的續約利差。我的預期是，只要關稅持續存在，市場就會吸收這些關稅，並且回報將繼續保持強勁。因此，我們覺得自己處於非常有利的位置，考慮到許多供應都是長期供應承諾，在可預見的未來，資料中心業務的關稅風險不會太大。

And we order those for delivery over a long period of time.

我們訂購這些產品是為了在很長一段時間內交貨。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

I want to stick on the topic of data centers. You mentioned you're very pleased with leasing activity. You feel good about hyperscalers. But I wanted to take a step back. And so if you look at broader data center demand at the industry level, certainly has been evolving.

我想繼續討論資料中心這個主題。您提到您對租賃活動非常滿意。您對超大規模計算設備感覺良好。但我想退一步。因此，如果你從產業層面來觀察更廣泛的資料中心需求，你會發現它肯定一直在不斷發展。

Has there been any place within your business where you've seen any changes in demand, in data centers from any part of your customer set?

在您的企業中，您是否發現客戶群對資料中心的需求發生了任何變化？

Actually, no. I mean in the conversations that Mark and now Gary have been having, they tag along on some of those conversations. We haven't seen anything that's changed in terms of the appetite for the largest customers of the hyperscale side.

事實上，不是的。我的意思是，在馬克和加里進行的對話中，他們也參與了一些對話。就超大規模方面的最大客戶的需求而言，我們尚未看到任何變化。

And that's really across the three geographies I mentioned. Across North America, Europe, and India. And I think the other side about that is also what you see there even in their announcements. They've been pretty rock solid.

這確實涉及我提到的三個地區。遍佈北美、歐洲和印度。我認為，這件事的另一面也是你可以在他們的公告中看到的。他們一直非常堅定。

In fact, some of them have even increased their guidance around CapEx -- expected CapEx expenditure over the next 12 to 24 months. And you can kind of consider about half of their CapEx expenditure tends to be depending on the hyperscale, but tends to be outsourced. Some are more, some are less.

事實上，其中一些公司甚至提高了對資本支出的指導——預計未來 12 至 24 個月的資本支出。你可以認為大約一半的資本支出往往取決於超大規模，但往往會外包。有的多，有的少。

But so we haven't seen any real change in that that macro environment and the scarcity of power in locations continues to give us a very strong pipeline.

但我們還沒有看到宏觀環境的任何真正變化，而且各地的電力短缺仍然為我們提供非常強大的管道。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

With respect to your sales strategy and initiatives across the businesses, I was wondering if you could talk to us about what your most important initiatives are and how you think you're tracking against them for this year and in the next.

關於您的銷售策略和各項業務的舉措，我想知道您是否可以與我們談談您最重要的舉措是什麼，以及您認為今年和明年您將如何追蹤這些舉措。

At the core and you're putting your finger on what really is the core behind the Matterhorn strategy. So if the -- and I know you're catching up to the story, but the big shift that we made as part of Matterhorn is we created a Chief Commercial Officer who's Greg McIntosh.

從核心上來說，您指出了馬特洪峰戰略背後的真正核心。所以如果——我知道你正在了解這個故事，但作為 Matterhorn 的一部分，我們做出的重大轉變是我們任命了一位首席商務官，他就是 Greg McIntosh。

And we have a central point which is that drives our relationships with the customer. So as I say, critical to what Matterhorn is all about is not just the products of portfolio that we -- or the increased portfolio products that we've launched which have taken us from $10 billion to now over $160 billion in terms of the total addressable market.

我們有一個中心點，就是推動我們與客戶的關係。所以正如我所說，Matterhorn 的關鍵不僅僅在於我們的產品組合——或者我們推出的增加的產品組合，這些產品使我們的總目標市場規模從 100 億美元增長到現在的 1600 多億美元。

But it's how we get after that in terms of offering our customers a single point of contact for Iron Mountain and the cross selling across those businesses. And that's really what's taken us from a single digit growth company to a consistently double digit growth company because people recognize that one stop shop, a broad range of products and services.

但這就是我們如何為客戶提供 Iron Mountain 的單一聯絡點以及跨業務交叉銷售的方式。這確實是我們從個位數成長公司轉變為持續兩位數成長公司的原因，因為人們認識到一站式服務、廣泛的產品和服務。

And of course, it helps that 25% or a little bit more than 25% of those products and services just have macro tailwinds that typically grow more than 20%. So but you're spot on that the big part of the transformation story around Matterhorn was that single customer point of contact into Iron Mountain where we can sell the whole range -- Mountain range, if you will, of products.

當然，25%或略高於25%的產品和服務有宏觀順風，通常會成長20%以上，這也是有幫助的。所以，但您說得對，馬特洪峰轉型故事的很大一部分是與 Iron Mountain 的單一客戶接觸點，在那裡我們可以銷售全系列產品——如果您願意的話，可以稱為 Mountain 系列產品。

Kevin McVeigh, UBS.

瑞銀的凱文·麥克維。

Barry, can you maybe disaggregate the $90 million of increase on the revenue and the EBITDA? How much of that was currency versus revenue management? It sounds like Premier was about $10 million but how much of the additional $80 million or so was FX as opposed to other things?

巴里，您能否將收入和 EBITDA 的 9,000 萬美元增幅分開來看？其中有多少是貨幣與收入管理的？聽起來 Premier 的費用大約是 1000 萬美元，但額外的 8000 萬美元中有多少是 FX 而不是其他費用呢？

The increase was $90 million. And of that $90 million, $75 million of that -- maybe just under that is the change in the FX rates. And then we've got $10 million from Premier. And then the remainder, so between $5 million and $10 million depending upon how you cut the FX, between $5 million and $10 million is just pure operating performance.

增幅達 9,000 萬美元。在這 9000 萬美元中，有 7500 萬美元——可能略低於這個數字，這是外匯匯率的變化。然後我們從 Premier 獲得了 1000 萬美元。然後剩下的部分，也就是 500 萬美元到 1000 萬美元之間，取決於你如何削減 FX，500 萬美元到 1000 萬美元之間只是純粹的營運績效。

And honestly, it's still early in the year, Kevin. So I would tell you that we feel extraordinarily good about way the business is trending. And as we mentioned on the call, I didn't include the recent yesterday contract win that we had with the US government.

老實說，凱文，今年還只是年初。所以我想告訴你，我們對業務的發展趨勢感到非常高興。正如我們在電話中提到的那樣，我沒有包括我們昨天與美國政府簽訂的合約。

So I feel good about where we are in terms of that guide. And if continue to update the market on how we're trending through the year.

因此，我對我們在該指南方面的進展感到滿意。並繼續向市場更新我們全年的趨勢。

So thanks for that question.

謝謝你的提問。

Jonathan Atkin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的喬納森·阿特金 (Jonathan Atkin)。

One on data centers and one on ALM. So for data centers, just interested in kind of where you see the opportunity set by region. Where might be the deal volumes or the deal sizes be the most meaningful relative to your portfolio?

一個是關於資料中心，一個是關於 ALM。因此，對於資料中心，我只是對您看到的按地區設定的機會感興趣。相對於您的投資組合而言，交易量或交易規模最有意義的地方在哪裡？

I think if we -- let's start with the US. In the US, we continue to have a lot of pipeline as you would expect in Northern Virginia. And now also in Richmond, kind of the new Northern Virginia for that region. We also see strong pipeline and interest in our Chicago locations relatively new to the portfolio.

我想如果我們——讓我們從美國開始。在美國，正如您所期望的那樣，我們在北維吉尼亞州繼續擁有大量管道。現在里士滿也成為了該地區新的北維吉尼亞。我們也看到了對我們投資組合中相對較新的芝加哥門市的強勁需求和濃厚興趣。

Miami, we just broke ground on that facility just recently. It's a smaller facility. So it's more kind of edge deployment, but also strong pipeline. So those three markets. We continue to see strong pipeline also in Arizona, but we're almost completely full in Arizona.

邁阿密，我們最近剛動工建造該設施。這是一個較小的設施。因此，它更像是一種邊緣部署，同時也是一種強大的管道。所以這三個市場。我們也繼續看到亞利桑那州的強勁管道，但亞利桑那州的管道幾乎已經滿了。

So I say right now, it's Northern Virginia, including our Manassas campus as well as Richmond, which we've added capacity to Manassas and Richmond's relatively new, and then Chicago and then more edge deployment around Miami.

所以我現在說的是北維吉尼亞州，包括我們的馬納薩斯校區以及里士滿，我們已經為馬納薩斯和里士滿相對較新的校區增加了容量，然後是芝加哥，然後是邁阿密週邊的更多邊緣部署。

In Europe, the expansion of our Amsterdam campus, again, strong pipelines. You know Amsterdam is a key market for a lot of the hyperscalers and is limited capacity in Europe broadly in Amsterdam in particular. So we feel really good about the pipeline that we have associated with Amsterdam.

在歐洲，我們阿姆斯特丹園區的擴張再次增強了我們的實力。您知道，阿姆斯特丹是許多超大規模企業的關鍵市場，而且歐洲各地的產能有限，尤其是在阿姆斯特丹。因此，我們對與阿姆斯特丹相關的管道感到非常滿意。

And now Madrid, right? So those are probably the biggest markets for us. We're sold out in Frankfurt and London at this point. So then if we go to India, which is relatively newer to our portfolio. And you might have noticed that we actually bought out the remaining stake and where Web Werks is 100% owned.

現在去馬德里了，對吧？所以這些可能是我們最大的市場。目前法蘭克福和倫敦的門票已經銷售一空。那麼如果我們去印度，它對於我們的投資組合來說相對較新。您可能已經注意到，我們實際上買下了剩餘的股份，而 Web Werks 擁有 100% 的股權。

But we have really strong pipeline across their sites, but specifically, I would say, as you would expect, Mumbai, we're expanding nicely in Mumbai -- in the Mumbai market and as well as Chennai.

但我們在他們的站點上擁有非常強大的管道，但具體來說，我想說，正如你所期望的那樣，孟買，我們在孟買——在孟買市場以及金奈——的擴張進展順利。

On the ALM, maybe Barry, you might want to comment.

關於 ALM，也許 Barry 你可能想發表評論。

Jon, did you have an ALM question there? I know you said you did.

喬恩，你對 ALM 有疑問嗎？我知道你說過你這麼做了。

Impressed if you were going to answer it before I asked it.

如果您在我提問之前就回答了，我會非常感動。

Well, I'm not doing my [crest] impersonation this morning, Jon. So we'll take the question.

好吧，喬恩，今天早上我不會模仿我的[徽章]。因此我們將回答這個問題。

I was interested in just the mix and how you see it evolving across cloud hyperscale and enterprise, international versus US. And then the lens with which you kind of evaluate potential further M&A in that segment.

我感興趣的只是這種組合以及您如何看待它在雲端超大規模和企業、國際與美國之間的發展。然後，您可以用某種視角來評估該領域進一步併購的可能性。

Maybe I'll start with the mix and then Barry, you can talk -- comment a little bit to the question on the M&A. On the mix is that I think we might mention this on the last call because of the ITRenew acquisition is our mix has been historically more skewed towards the hyperscale or decommissioning of data center assets.

也許我會從組合開始，然後巴里，你可以談談 - 對併購問題發表一些評論。關於組合，我認為我們可能會在上次電話會議上提到這一點，因為 ITRenew 收購使我們的組合在歷史上更加偏向於超大規模或資料中心資產的退役。

That is starting to shift because the acquisitions whether it's Wisetek, Premier, or Regency for that matter have been more on the enterprise and the market itself is more enterprise. So if you think about the market, it's more like maybe 70%-30%, 70% enterprise end user devices, other IT assets within enterprise customers and 30% data center decommissioning.

這種情況開始發生變化，因為無論是 Wisetek、Premier 還是 Regency 的收購都更針對企業，而市場本身也更針對企業。因此，如果你考慮市場，它更像是 70%-30%，70% 企業最終用戶設備，企業客戶內的其他 IT 資產和 30% 資料中心退休。

Ours was almost the opposite. It was more like 60% data center decommissioning and 40% enterprise. That's starting to shift as we're doing the acquisitions. And we feel good about that shift. It's not that we love the hyperscale business.

我們的情況幾乎相反。更像是 60% 的資料中心退役，40% 的企業退役。隨著我們進行收購，這種情況開始改變。我們對這種轉變感到滿意。這並不是說我們喜歡超大規模業務。

You can imagine with also the cross selling -- our cross selling ability and almost 250,000 customers on the enterprise side is building out that footprint is really nice. In terms of geography is although we're really pleased that we have better coverage now in the southern part of the United States because of our recent acquisition, but I think we feel we're pretty well covered in the United States from a geography standpoint where we need to get to in terms of serving the customers.

您還可以想像交叉銷售——我們的交叉銷售能力以及企業方面近 250,000 名客戶正在構建的足跡確實很棒。就地理方面而言，雖然我們很高興由於最近的收購我們現在在美國南部有了更好的覆蓋，但我認為從地理角度來看我們在美國已經覆蓋得很好了，我們需要在美國為客戶提供服務。

Wisetek, which obviously was an Irish-based company, has really helped us fill out a lot of the European side, although they also have a small presence in Thailand. So that helped us in Asia. And I think in India, that's a market that we are continuing to look at in terms of acquisitions.

Wisetek 顯然是一家愛爾蘭公司，雖然他們在泰國也有少量業務，但他們確實幫助我們填補了許多歐洲市場。這對我們在亞洲的發展很有幫助。我認為，印度是我們將繼續關注的收購市場。

We have small presence in India, but I think it's fair to say in India and the Middle East, we have more work to do. We go further into Asia Pacific in terms of major markets. We also -- I think it was the last call we announced an acquisition in Australia.

我們在印度的業務規模很小，但我認為公平地說，在印度和中東，我們還有更多的工作要做。就主要市場而言，我們進一步深入亞太地區。我們也—我認為這是我們最後一次宣佈在澳洲進行收購。

And I actually visited that acquisition maybe about a month ago. And that's off to a really, really nice start. And that's a key market. So I think the short answer to your question is you're going to see our business to reflect more like the macros of the industry that will start shifting to be more of a natural mix of, let's say 60%, 70% enterprise, 30%, 40% data center decommissioning.

大約一個月前我實際上參觀了該收購點。這是一個非常非常好的開始。這是一個關鍵市場。所以我認為對你的問題的簡短回答是，你會看到我們的業務更多地反映行業的宏觀情況，而行業宏觀情況將開始轉變為一種更自然的組合，比如說 60%、70% 的企業，30%、40% 的數據中心退役。

And then geographically, I think we're in really -- we're really well covered, I would say in North America. I would say in Europe, we're pretty well covered. I mean there's still some things that we're looking at to fill in, some countries on that.

從地理位置上看，我認為我們的業務確實涵蓋得很好，尤其是在北美。我想說，在歐洲，我們的覆蓋範圍相當廣。我的意思是，我們仍在考慮填補一些問題，有些國家也有類似的問題。

We can always do more in Eastern Europe. And then India, we're looking at some acquisitions as well as the Middle East. In Australia, we're well covered. Now there are other markets that we continue to look at like Latin America as you expect and some locations in Eastern Europe.

我們總是可以在東歐做得更多。然後是印度，我們正在考慮一些收購以及中東的收購。在澳大利亞，我們得到了很好的保障。現在，我們繼續關注其他市場，例如您所期望的拉丁美洲以及東歐的一些地區。

Jon, it's Barry. Just a couple more thoughts there to add on.

喬恩，我是巴里。還有一些想法需要補充。

From an enterprise versus hyperscale perspective, in the first quarter, we were just about 59% enterprise, 41% hyperscale. Pro forma for the Premier deal would be in the low 60s, as Bill was suggesting and trending higher.

從企業級與超大規模的角度來看，第一季度，我們的企業級業務佔比約為 59%，超大規模業務佔比約為 41%。正如比爾所建議的，Premier 交易的價格預計在 60 出頭，而且呈上升趨勢。

We like both parts of the business, obviously enterprise and hyperscale. On hyperscale side, there's a high visibility of a massive amount of volume that continues to grow in light of data center decommissioning needs, in light of the fleets of data centers out there that have been growing and continue to grow at as you know very fast rates.

我們喜歡這兩項業務，顯然是企業業務和超大規模業務。在超大規模方面，鑑於資料中心退役需求，鑑於資料中心的數量一直在增長並且繼續以非常快的速度增長，可以預見大量的容量將繼續增長。

And so that brings with it a considerable amount of volume. As we've also talked about before though, the margins on that business, it's more of a revenue share model. The margins are lower but high degree of volume.

因此這會帶來相當大的數量。正如我們之前談到的，該業務的利潤率更像是一種收入分成模式。利潤率較低，但交易量較大。

On the enterprise side, where it's much more of a flow business and a continuous business that somewhat annuity like, the margins are better. It's more of a service offering. And we -- and obviously, as Bill was mentioning, the market there is much larger than the hyperscale side.

在企業方面，它更多的是一種流動業務和一種類似年金的連續業務，利潤率更高。它更像是一種服務產品。而且我們 — — 顯然，正如比爾所提到的，那裡的市場比超大規模市場要大得多。

So we do expect the business to continue to trend more enterprise. That brings with it a better margin mix as I was mentioning. Also it creates more opportunity for operating leverage and scale efficiencies across our network and to be able -- as we service our clients better.

因此，我們確實預期業務將繼續呈現更多的企業化趨勢。正如我所提到的，這帶來了更好的利潤組合。它還為我們整個網路的營運槓桿和規模效率創造了更多的機會，使我們能夠更好地為客戶服務。

And you're seeing some of that play out as the business continues to get more scale. As I mentioned on the prepared remarks, the ALM profitability continue to improve. I think the team is doing a great job there. And that's thanks to acquisition synergies is just well as improved operating leverage.

隨著業務規模不斷擴大，您會看到其中一些成果正在顯現。正如我在準備好的評論中提到的，ALM 盈利能力持續提高。我認為該團隊在那裡做得很好。這要歸功於收購綜效以及經營槓桿的提升。

And just one last point on acquisitions in the ALM space. We continue to be on the lookout and actively working on incremental tuck-ins here and there. We generally continue to see multiples in that mid to high single digit of EBITDA.

最後再說一下 ALM 領域的收購。我們將繼續保持專注並積極地在各處進行增量整合。我們通常會繼續看到 EBITDA 的倍數處於中高個位數。

And on an acquisition synergy adjusted, that kind of very quickly gets down below 5 times. So we think it's a very positive way to both grow and augment the organic growth that the team is delivering. I'll just echo that one of the points we made, the team delivered 22% organic growth in the quarter in ALM.

經過調整的收購綜效，這一比例很快就會降到 5 倍以下。因此，我們認為這是一種非常積極的方式，既可以促進團隊的發展，又可以增強團隊的有機成長。我只是想重申我們提出的觀點之一，該團隊在本季度的 ALM 實現了 22% 的有機成長。

Very strong performance as -- and ticking up meaningfully from the fourth quarter. And as we said earlier, we've got a strong trajectory for that organic growth to continue to accelerate, Jon.

表現非常強勁——並且從第四季度開始顯著上升。正如我們之前所說，喬恩，我們有一個強勁的軌跡，可以繼續加速有機成長。

So thanks for that question.

謝謝你的提問。

(Operator Instructions)

（操作員指示）

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Sticking with the ALM theme. The volume was up quite a bit in the quarter. Can you talk about what triggered that? Did downstream pricing or something else change in the market that allowed you or your customers to accelerate the pace of selling inventory?

堅持 ALM 主題。本季的交易量大幅增加。你能談談是什麼引發了這現象嗎？下游定價或市場其他方面是否發生了變化，導致您或您的客戶加快了銷售庫存的速度？

Yeah. So Brendan, I think it's much more aligned with the fact that we've been consistently winning more business. And the team is both growing our enterprise book of business through the wins that we've made throughout last year which kind of build on themselves.

是的。所以布倫丹，我認為這與我們一直在不斷贏得更多業務的事實更加一致。團隊正在透過去年的勝利來擴大我們的企業業務，這些勝利在某種程度上是自我建立的。

As I was describing earlier, it kind of tends to be a flow oriented business where you win an account. And then you start taking on more and more volume from the account. Because of course, all of the accounts that we're winning have an existing means for recycle, reuse.

正如我之前所描述的，它傾向於成為一種以流程為導向的業務，您可以贏得一個帳戶。然後您開始從帳戶中獲取越來越多的交易量。因為當然，我們贏得的所有帳戶都有現有的回收、再利用手段。

The enterprise volume continues to come through. And then on the data center decommissioning, as we mentioned last year, we continue to win additional accounts and win more share within the accounts that we were already servicing.

企業數量持續增加。然後，關於資料中心退役，正如我們去年提到的，我們繼續贏得更多帳戶，並在我們已經服務的客戶中贏得更多份額。

Pricing, just I'll reiterate something, a comment I made in the prepared remarks. Pricing in the market was actually kind of largely flat to slightly down, I would say. So it wasn't like pricing created an opportunity. And incidentally, in my go-forward projections, we got a little more conservative with pricing.

定價，我只是想重申我在準備好的評論中提出的一些評論。我想說，市場定價實際上基本上持平或略有下降。因此，定價並不代表創造了機會。順便說一句，在我的未來預測中，我們在定價方面更加保守一些。

We left our pricing assumptions at levels where they exited the first quarter, which I think could prove conservative. But we just felt like that was the right way to do it in light of what we were seeing in the quarter.

我們將定價假設保留在第一季結束時的水平，我認為這可能比較保守。但根據本季看到的情況，我們只是覺得這是正確的做法。

So feel very well-positioned.

因此感覺自己處於非常有利的位置。

This concludes our question-and-answer session and the Iron Mountain first-quarter of 2025 earnings conference call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 Iron Mountain 2025 年第一季財報電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。