鐵山公司 (IRM) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Iron Mountain second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Iron Mountain 2025 年第二季財報電話會議。（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 Mr. Mark Rupe, Senior Vice President of Investor Relations. Please go ahead, sir.

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。先生，請繼續。

Thanks, Chuck. Good morning, everyone, and welcome to our second-quarter 2025 earnings conference call.

謝謝，查克。大家早安，歡迎參加我們的 2025 年第二季財報電話會議。

Joining us today are Bill Meaney, our President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer. After our prepared remarks, we'll open the lines for Q&A.

今天與我們一起出席的有我們的總裁兼執行長 Bill Meaney 和我們的執行副總裁兼財務長 Barry Hytinen。在我們準備好發言之後，我們將開始問答環節。

Today's call will include forward-looking statements, which are subject to risks and uncertainties. For a discussion of the major risk factors that could cause our actual results to differ from these statements, please refer to today's earnings materials, including the Safe Harbor language on slide 2 of the earnings presentation, and our annual and quarterly reports on Form 10-K and 10-Q. Each of these items, as well as reconciliations of non-GAAP financial measures referenced during this call, can also be found on our Investor Relations website.

今天的電話會議將包括前瞻性陳述，這些陳述受風險和不確定性的影響。有關可能導致我們的實際結果與這些聲明不同的主要風險因素的討論，請參閱今天的收益材料，包括收益演示文稿第 2 張幻燈片上的安全港語言，以及我們的 10-K 和 10-Q 表格年度和季度報告。上述各項以及本次電話會議中提到的非公認會計準則財務指標的對帳表也可在我們的投資者關係網站上找到。

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 second-quarter results.

謝謝你，馬克，也謝謝大家今天加入我們討論我們的第二季業績。

As you saw in this morning's release, we delivered another quarter of record financial performance in double-digit growth. We achieved an all-time high for quarterly revenue, adjusted EBITDA, and AFFO. Our financial results exceeded our expectations and were strong across our business. Following on from this strong performance, we are pleased to increase our guidance across all key financial metrics. Revenue increased 12% to $1.7 billion, adjusted EBITDA grew 15% to $628 million, and AFFO increased 15% to $370 million.

正如您在今天早上的發布中看到的，我們又一個季度實現了兩位數的成長，創下了創紀錄的財務業績。我們的季度營收、調整後 EBITDA 和 AFFO 均創下歷史新高。我們的財務表現超出了我們的預期，整個業務表現強勁。繼這一強勁表現之後，我們很高興提高所有關鍵財務指標的指導。營收成長 12% 至 17 億美元，調整後 EBITDA 成長 15% 至 6.28 億美元，AFFO 成長 15% 至 3.7 億美元。

I am impressed with how our team continues to deliver on our growth strategy. Our double-digit growth reflects continued successful execution of our strategic priorities. We are driving continued revenue growth in our physical storage business, achieving record revenue in Q2. We are on pace for our 37th consecutive year of organic storage rental growth. We are delivering AI-powered digital solutions across industry verticals and quickly becoming a key leader, recognized by customers as well as industry analysts, with our InSight Digital Experience Platform, or DXP.

我們的團隊持續執行成長策略令我印象深刻。我們的兩位數成長反映了我們策略重點的持續成功執行。我們正在推動實體儲存業務收入持續成長，並在第二季實現了創紀錄的收入。我們正朝著連續第 37 年實現倉儲租金有機成長的目標邁進。我們正在為各個垂直行業提供由人工智慧驅動的數位解決方案，並憑藉我們的 InSight 數位體驗平台 (DXP) 迅速成為關鍵領導者，受到客戶和行業分析師的認可。

We are growing our Data Center business on a global basis, generating organic storage growth of 26% in the second quarter, with a strong pipeline in place to execute against our portfolio capacity of 1.3 gigawatts. And we are accelerating growth in our Asset Lifecycle Management business, with our investments in this highly fragmented market beginning to pay off, delivering more than 40% organic growth in the second quarter.

我們正在全球範圍內拓展資料中心業務，第二季度實現了 26% 的有機儲存成長，並擁有強大的管道來執行我們 1.3 千兆瓦的投資組合容量。我們正在加速資產生命週期管理業務的成長，我們在這個高度分散的市場中的投資開始獲得回報，第二季度實現了超過 40% 的有機成長。

Our business has never been stronger and more profitable than it is today. Our growth portfolio, including Data Center, Digital, and Asset Lifecycle Management, will represent nearly 30% of our total revenue exiting 2025 and provide some 6% annual revenue growth on a consolidated basis. And that is on top of the mid-single-digit growth provided by the strength in our physical records management business.

我們的業務從未像今天這樣強大且有利可圖。我們的成長組合，包括資料中心、數位和資產生命週期管理，到 2025 年將占我們總收入的近 30%，並在合併基礎上提供約 6% 的年收入成長。這是在我們的實體記錄管理業務強勁成長的推動下實現的中等個位數成長的基礎上實現的。

And looking ahead, the strong momentum across our business lines provides a similarly strong growth outlook for revenue and EBITDA going forward beyond 2025. This continued growth is all due to our team's successful execution of our strategy and commitment to delivering value for our customers, whilst leveraging our synergistic business model.

展望未來，我們各業務線的強勁發展勢頭為 2025 年以後的營收和 EBITDA 提供了同樣強勁的成長前景。這種持續的成長完全歸功於我們團隊成功執行了我們的策略並致力於為客戶提供價值，同時利用我們的協同業務模式。

Iron Mountain is winning as a result of: one, our long-standing relationships and proven track record of reliability and trust, as reflected by our number one ranking in the customer satisfaction by the Wall Street Journal of the top US-listed companies; two, our strong reputation for security, ability to meet stringent compliance requirements, and deliver a secure chain of custody; three, our comprehensive end-to-end solutions offering, allowing customers to partner with a single vendor to meet all of their needs, which is a focus of our commercial team's cross-selling efforts; and four, our global footprint and operational scale, enabling customers to leverage our services across 61 countries and award us larger deals that only we can effectively manage.

Iron Mountain的成功源於以下幾個原因：第一，我們與客戶建立了長期的合作關係，並取得了可靠和值得信賴的良好業績，這從我們在《華爾街日報》美國上市公司客戶滿意度調查中名列第一就可以看出；第二，我們在安全方面享有盛譽，能夠滿足嚴格的合規性要求，並提供安全的監管鏈；第三，我們提供全面的端到端解決方案，使客戶能夠與單一供應商合作以滿足他們的所有需求，這也是我們商業團隊交叉銷售工作的重點；第四，我們遍布全球的業務足跡和運營規模，使客戶能夠利用我們在61 個國家的服務，並與我們簽訂只有我們才能有效管理的大型交易。

Let me now describe some recent customer wins to illustrate the momentum supporting our growth. In Records Management, we continue to see many unvended storage opportunities within our customer base. A great example is a US bank with more than 300 locations that chose Iron Mountain to store 42,000 cubic feet of records after previously managing them in-house. The strength of our existing relationship, our expertise in storing records, the security of our facilities, and the ability to integrate multiple solutions for the customers were key to winning this business.

現在讓我描述一下最近一些客戶的勝利，以說明支持我們成長的勢頭。在記錄管理中，我們繼續在客戶群中看到許多非售賣儲存機會。一個很好的例子是一家擁有 300 多個分行的美國銀行，該銀行之前在內部管理這些記錄，後來選擇將這些資料儲存到 Iron Mountain。我們現有關係的牢固性、我們在儲存記錄方面的專業知識、我們設施的安全性以及為客戶整合多種解決方案的能力是贏得這項業務的關鍵。

Additionally, we secured two new long-term customer relationships in the healthcare industry, one in the UK and the other in Norway. Both of these wins were captured from competitors and jointly deliver more than 50,000 cubic feet of records. These customers selected Iron Mountain due to our strong reputation for security with our service-level commitment and transportation network, also cited as important factors.

此外，我們在醫療保健行業建立了兩個新的長期客戶關係，一個在英國，另一個在挪威。這兩場勝利都是從競爭對手手中奪得的，共同創造了超過 50,000 立方英尺的記錄。這些客戶之所以選擇 Iron Mountain，是因為我們在安全方面享有盛譽，並且我們致力於提供水平服務，並且擁有完善的運輸網絡，這些也被認為是重要因素。

Turning to our Digital Solutions business, where we achieved another record quarter of revenue in Q2. The DXP platform continues to accelerate, securing increasingly strategic partnerships and positioning itself as a differentiating technology solution for enterprises globally. We are excited about the upcoming release of AI agents designed to support intelligent, multi-step decision-making across complex workflows, which are now being embedded into our industry solutions.

談到我們的數位解決方案業務，我們在第二季度實現了另一個創紀錄的收入。DXP 平台持續加速發展，確保越來越多的策略合作夥伴關係，並將自己定位為全球企業的差異化技術解決方案。我們對即將發布的人工智慧代理商感到非常興奮，該代理商旨在支援跨複雜工作流程的智慧、多步驟決策，現在已嵌入到我們的行業解決方案中。

And we're proud that leading analyst firms, including Gartner and Everest, are recognizing Iron Mountain alongside top-tier AI software vendors and business process outsourcing providers. Our continued investment in platform intelligence and customer-driven development is being recognized and positions us well for sustained digital growth.

我們很自豪，包括 Gartner 和 Everest 在內的領先分析公司與頂級人工智慧軟體供應商和業務流程外包提供者一樣認可 Iron Mountain。我們對平台智慧和客戶驅動開發的持續投資得到了認可，並為我們實現持續的數位成長做好了準備。

In addition, I am pleased to announce that we have significantly strengthened our position as a leading player in India. Earlier this morning, we signed a definitive agreement to acquire CRC India, a leading Indian digitization services company. As we've shared in the past, India represents a major growth opportunity for Iron Mountain, and this acquisition sets us up well to capitalize on that growth over the coming years, as well as expanding our digital product portfolio, both for India and globally.

此外，我很高興地宣布，我們已大大加強了我們在印度領先企業的地位。今天早些時候，我們簽署了收購印度領先的數位化服務公司 CRC India 的最終協議。正如我們過去所分享的，印度對 Iron Mountain 來說是一個重大的成長機會，此次收購將使我們在未來幾年充分利用這一成長機遇，並擴大我們在印度和全球的數位產品組合。

I will now highlight a few of our recent wins in Digital Solutions. A major global SaaS company employing over 75,000 people selected our digital HR solution built on the DXP platform as its enterprise content management, or ECM, platform for its human resource needs. DXP's modern, user-friendly interface and solution offers this customer greater control over HR processes whilst achieving greater productivity from the AI embedded in our platform.

現在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就。一家擁有超過 75,000 名員工的全球大型 SaaS 公司選擇了我們基於 DXP 平台構建的數位人力資源解決方案作為其企業內容管理 (ECM) 平台，以滿足其人力資源需求。DXP 現代化、使用者友好的介面和解決方案為該客戶提供了對人力資源流程的更大控制權，同時透過我們平台中嵌入的人工智慧實現了更高的生產力。

And as it relates to our digital award with the Department of Treasury, we are actively digitizing documents and leveraging our intelligent digitization solution. More recently, we have submitted our response to the government's request for quotation regarding a larger, longer-term engagement, which would incorporate the work we are currently doing under the initial award. We look forward to hearing back from the department on this new government efficiency opportunity.

由於這與我們與財政部簽訂的數位獎項有關，我們正在積極地將文件數位化並利用我們的智慧數位化解決方案。最近，我們提交了對政府關於更大、更長期合作的報價請求的回應，該合作將納入我們目前根據初始合約所做的工作。我們期待收到該部門關於這項新的政府效率機會的回應。

Let me now turn to our Data Center business. For the quarter, we achieved revenue growth of 24%, driven by 26% organic storage growth, as we further execute on our strong leasing backlog. We commenced 23 megawatts, primarily in Northern Virginia, and renewed leases totaling 25 megawatts, with continued strong pricing spreads. As it relates to new leasing activity, we leased 2 megawatts of enterprise business in the quarter and 6 megawatts year to date.

現在讓我來談談我們的資料中心業務。本季度，由於我們進一步執行了強勁的租賃積壓訂單，我們實現了 24% 的收入成長，這得益於 26% 的有機儲存成長。我們主要在北維吉尼亞州啟動了 23 兆瓦的發電項目，並續簽了總計 25 兆瓦的租約，同時繼續保持強勁的價差。就新的租賃活動而言，我們在本季租賃了 2 兆瓦的企業業務，今年迄今租賃了 6 兆瓦。

The data center market remains very strong. Pricing continues to be good and returns are high. Our new lease signings this year have been lighter than planned, and we now project new lease signings of 30 to 80 megawatts in 2025.

數據中心市場依然強勁。定價持續良好且回報率高。我們今年的新租賃簽約量比計劃的要少，我們預計 2025 年的新租賃簽約量將為 30 至 80 兆瓦。

Over the course of the year, we've observed our hyperscale customers have been particularly focused on procuring and developing large deployments to support AI training. More recently, we have seen an increased level of priority for AI inference in cloud infrastructure, which is where our assets are deployed. Correspondingly, we have seen more intense activity and engagement across our pipeline.

在這一年中，我們觀察到我們的超大規模客戶特別注重採購和開發大型部署以支援人工智慧訓練。最近，我們發現，我們的資產部署在雲端基礎架構中，而雲端基礎架構對人工智慧推理的優先順序有所提高。相應地，我們看到整個管道中的活動和參與度更加活躍。

Looking out beyond this year, we have high confidence in our ability to drive consistent revenue growth in line with the levels we've achieved over the past few years. This outlook is underwritten by both our backlog, as well as the high-value assets we have to sell in prime markets, including Northern Virginia, Richmond, Amsterdam, Madrid, and Chicago.

展望今年以後，我們對自己能夠推動收入持續成長的能力充滿信心，這與過去幾年取得的水平一致。這一前景得益於我們的積壓訂單以及我們在北維吉尼亞、里士滿、阿姆斯特丹、馬德里和芝加哥等主要市場出售的高價值資產。

Turning to our Asset Lifecycle Management business. We achieved 70% reported revenue growth, including 42% organic growth with strength across both our enterprise and data center decommissioning channels. Our commercial team continues to cross-sell our portfolio of solutions and win new business, including several single-vendor consolidations in the quarter.

轉向我們的資產生命週期管理業務。我們實現了 70% 的報告收入成長，其中包括 42% 的有機成長，這得益於企業和資料中心退役管道的強勁成長。我們的商業團隊繼續交叉銷售我們的解決方案組合併贏得新業務，包括本季的幾次單一供應商合併。

Let me now share some of the ALM wins achieved, which support our ability to continue driving strong double-digit organic growth. In the enterprise channel, a globally recognized food company has selected Iron Mountain as its exclusive ALM partner for secure disposition of its assets across 1,500 locations in France. The deal represents a cross-sell, building on our long-standing records management relationship with the customer and our reputation for delivering highly secure services.

現在，讓我分享一些 ALM 所取得的勝利，這些勝利支持了我們繼續推動強勁的兩位數有機成長的能力。在企業通路中，一家全球知名的食品公司選擇 Iron Mountain 作為其獨家 ALM 合作夥伴，以安全處置其在法國 1,500 個地點的資產。該交易代表著一次交叉銷售，建立在我們與客戶長期的記錄管理關係以及我們提供高度安全服務的聲譽之上。

And a global consulting firm with more than 70,000 employees has asked Iron Mountain to provide secure IT asset disposition services for its business in Canada. This ALM win also represents a cross-sell, building on our 25-year partnership of providing records management services to this customer. Iron Mountain was selected, thanks to our secure chain of custody and global presence. We see additional opportunities in the future as the customer seeks to standardize processes globally.

一家擁有 70,000 多名員工的全球顧問公司已要求 Iron Mountain 為其在加拿大的業務提供安全的 IT 資產處置服務。這次 ALM 勝利也代表著一次交叉銷售，建立在我們為該客戶提供記錄管理服務的 25 年合作關係之上。由於我們安全的監管鏈和全球影響力，Iron Mountain 被選中。隨著客戶尋求在全球範圍內實現流程標準化，我們看到未來將有更多機會。

And in the data center decommissioning channel, we won new business across North America and in the UK. These wins include decommissioning a data center in the UK, where we won business previously with a competitor; providing on-site server destruction services at more than 20 data center centers for a software company; and managing the remarketing and recycling of racks and equipment for a hyperscale customer. Iron Mountain's reputation as the trusted partner with security expertise contributed to each win.

在資料中心退役管道，我們在北美和英國贏得了新業務。這些勝利包括關閉英國的一個資料中心，我們之前曾與競爭對手贏得業務；為一家軟體公司在 20 多個資料中心提供現場伺服器銷毀服務；以及為超大規模客戶管理機架和設備的再行銷和回收。Iron Mountain 作為值得信賴的合作夥伴，憑藉其在安全方面的專業知識，贏得了良好的聲譽，這也為每一次勝利做出了貢獻。

In conclusion, I'm incredibly proud of the results that our Mountaineers continue to deliver. Our performance during the first half of the year exceeded our expectations, and our second-half outlook is equally bright. The momentum we continue to build in service to our customers makes me confident that we can sustain our double-digit revenue and profit growth for the foreseeable future. This same increasing strength and momentum in our business is further evidenced by the increase in our guidance for this year, which Barry will share in more detail.

總而言之，我對我們的登山者不斷取得的成果感到無比自豪。我們上半年的業績超出了預期，下半年的前景也同樣光明。我們在為客戶提供服務方面持續增強的勢頭讓我相信，在可預見的未來，我們能夠保持兩位數的收入和利潤成長。我們今年的業績預期上調進一步證明了我們業務實力和勢頭的增強，Barry 將對此進行更詳細的分享。

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 executed very well in the second quarter, delivering another record performance across all of our key financial metrics. We achieved record revenue of $1.71 billion, up $178 million year on year, an increase of 12% on a reported basis and 11% on a constant currency basis. We exceeded our projection for the second quarter by $32 million, driven by strength in our ALM business. Foreign exchange rates accounted for $5 million of the upside relative to our second-quarter revenue guidance.

我們的團隊在第二季表現非常出色，所有關鍵財務指標都創下了新高。我們實現了創紀錄的 17.1 億美元收入，比去年同期成長 1.78 億美元，以報告基礎計算成長 12%，以固定匯率計算成長 11%。受 ALM 業務強勁推動，我們第二季的業績超出預期 3,200 萬美元。相對於我們的第二季營收預期，外匯匯率貢獻了 500 萬美元的上行空間。

We delivered strong organic growth in the quarter of 9.4%. Total storage revenue was $1.01 billion, up $90 million year on year and up 9% on an organic basis. Total service revenue was $702 million, up $87 million from last year. Organic service growth of 10% was ahead of our expectations and notably improved from the first-quarter rate.

我們本季實現了 9.4% 的強勁有機成長。總儲存收入為 10.1 億美元，年增 9,000 萬美元，有機成長 9%。總服務收入為 7.02 億美元，比去年增加 8,700 萬美元。10% 的有機服務成長率超出了我們的預期，並且比第一季的成長速度有顯著提高。

Adjusted EBITDA of $628 million was an all-time quarterly record and expanded $84 million, or 15%, year on year. This was $8 million ahead of the projection we provided in our last call, driven by operational strength across the business. Adjusted EBITDA margin was 36.7%, up 120 basis points year on year, which reflects improved margins across all of our businesses. For me, a key callout is our team's performance delivering significant operating leverage, resulting in an incremental flow-through margin of 47% in the quarter.

調整後的 EBITDA 為 6.28 億美元，創下季度歷史新高，年增 8,400 萬美元，增幅為 15%。這比我們上次電話會議上提出的預測高出 800 萬美元，這得益於整個企業的營運實力。調整後的 EBITDA 利潤率為 36.7%，較去年同期成長 120 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，一個關鍵的亮點是我們團隊的表現提供了顯著的營運槓桿，導致本季的增量流通利潤率達到 47%。

AFFO was $370 million, up $49 million, which represents growth as compared to last year of 15%. AFFO on a per-share basis was $1.24, also up 15% to last year.

AFFO 為 3.7 億美元，增加了 4,900 萬美元，與去年相比成長了 15%。每股 AFFO 為 1.24 美元，較去年同期上漲 15%。

Now turning to segment performance. I'll start with our Global RIM business, which achieved record second-quarter revenue of $1.32 billion, driven by revenue management and digital solutions. This is a marked increase of $73 million year on year and represents our best quarter in years in terms of sequential growth in both dollars and percent.

現在轉向細分市場表現。我首先從我們的全球 RIM 業務開始，在收入管理和數位解決方案的推動下，該業務第二季度實現了創紀錄的 13.2 億美元的收入。與去年同期相比，這一數字顯著增加 7,300 萬美元，無論從金額或百分比的連續增長來看，都是我們多年來最好的季度。

Our storage -- organic storage was up 6% year on year, driven by revenue management and consistent volume. On a two-year comp basis, organic storage revenue was up 13.5% in the second quarter, as compared to 10.8% in the first quarter. Organic service revenue was up 5% with contributions from digital and core services.

我們的儲存空間—有機儲存年增 6%，這得益於收入管理和穩定的儲存量。以兩年比較計算，第二季有機儲存收入成長 13.5%，而第一季為 10.8%。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。

Our digital business had another strong quarter, achieving record revenue. I'd like to note that reported service revenue was impacted by a slight decline in terminations, permanent withdrawal, and [tracking] revenue relative to last year. Excluding those items, services revenue was up 8%.

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。我想指出的是，報告的服務收入受到終止、永久退出和[追蹤]收入與去年相比略有下降的影響。除去這些項目，服務收入成長了8%。

Global RIM adjusted EBITDA was $586 million, an increase of $38 million year on year. Global RIM adjusted EBITDA margin of 44.3% was up 40 basis points from last year, driven by operating leverage and revenue management.

RIM全球調整後EBITDA為5.86億美元，年增3,800萬美元。RIM 全球調整後 EBITDA 利潤率為 44.3%，較去年同期上升 40 個基點，主要得益於營運槓桿和收入管理。

Turning to our Global Data Center business. Total Data Center revenue was $189 million in the second quarter, an increase of $37 million year on year. Organic storage rental growth increased 26%, driven by lease commencements and continued strong pricing trends. In the second quarter, new commencements were 23 megawatts and renewed leases totaled 25 megawatts. Pricing remains strong, with renewal pricing spreads of 13% and 20% on a cash and GAAP basis, respectively.

轉向我們的全球資料中心業務。第二季資料中心總營收為 1.89 億美元，年增 3,700 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 26%。第二季度，新開工風電裝置容量為23兆瓦，續租總量為25兆瓦。定價依然強勁，續約價格差價（現金和 GAAP 基礎）分別為 13% 和 20%。

Second-quarter Data Center adjusted EBITDA was $96 million, up 46%. Adjusted EBITDA margin was up 760 basis points from the second quarter of last year. The strong margin expansion in the quarter was primarily driven by improved pricing, recent commencements, and operating leverage. For 2025, we expect Data Center revenue of nearly $800 million, which is approaching 30% growth.

第二季資料中心調整後的 EBITDA 為 9,600 萬美元，成長 46%。調整後的 EBITDA 利潤率較去年第二季上升了 760 個基點。本季利潤率的強勁成長主要得益於定價的提高、近期的開工以及經營槓桿。到 2025 年，我們預計資料中心收入將接近 8 億美元，成長率接近 30%。

Together with the leasing outlook Bill shared, I thought it would be helpful to provide some context about 2026 and beyond. As you would see from our disclosures, we expect to commence a considerable amount of megawatts over the balance of 2025, with more pre-leased assets to commence next year. With those factors noted, we expect Data Center revenue growth in excess of 25% in 2026. I'd like to note that this projection requires no additional leasing. So when we give financial guidance for 2026, I expect Data Center revenue will be in excess of $1 billion.

結合比爾分享的租賃前景，我認為提供一些有關 2026 年及以後的背景資訊會有所幫助。正如您從我們的揭露中看到的，我們預計在 2025 年餘下時間將開始大量兆瓦的發電，並且明年將開始更多的預租資產。考慮到這些因素，我們預計 2026 年資料中心營收成長將超過 25%。我想指出的是，這個預測不需要額外的租賃。因此，當我們給出 2026 年的財務指引時，我預計資料中心收入將超過 10 億美元。

Turning to Asset Lifecycle Management. Total ALM revenue was $153 million, an increase of 63 million, or 70% year over year. On an organic basis, our team delivered 42% growth. The ALM business performed well and exceeded our expectations in the quarter, driven by our team's strong execution, volume increases in both our enterprise and data center decommissioning businesses, and improved component pricing trends, particularly late in the quarter.

轉向資產生命週期管理。ALM 總營收為 1.53 億美元，比去年同期增加 6,300 萬美元，成長 70%。從有機成長來看，我們的團隊實現了 42% 的成長。ALM 業務在本季度表現良好並超越了我們的預期，這得益於我們團隊的強大執行力、企業和資料中心退役業務量的增加以及組件定價趨勢的改善（尤其是在本季度末）。

On an inorganic basis, our recent acquisitions have performed well and contributed revenue of $25 million. We also drove significant improvement in ALM profitability in the quarter, driven by improved operating performance across the business, as well as acquisition synergies. Looking ahead, we remain confident in our outlook for growth in the ALM business based on our strong customer wins in both our enterprise and data center decommissioning channels.

從無機基礎來看，我們最近的收購表現良好，貢獻了 2,500 萬美元的收入。本季度，我們也大幅提高了 ALM 獲利能力，這得益於整個業務的營運績效改善以及收購綜效。展望未來，基於我們在企業和資料中心退役管道中贏得的強大客戶，我們對 ALM 業務的成長前景仍然充滿信心。

Turning to capital deployment. In the second quarter, we invested $477 million, with $442 million of growth CapEx and $35 million of recurring CapEx.

談到資本部署。第二季度，我們投資了 4.77 億美元，其中成長資本支出 4.42 億美元，經常性資本支出 3,500 萬美元。

Turning to our dividend. Our Board of Directors declared our quarterly dividend of $0.785 per share to be paid in early October. On a trailing four-quarter basis, our payout ratio is now 63% 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 10 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 63%，符合我們的長期目標範圍。

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.

轉向資產負債表。憑藉強勁的 EBITDA 表現，我們在本季末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。

As you may have seen during the quarter and aligned with our strategy, our team successfully upsized our Term Loan A facility as part of our US credit agreement by $287 million to $500 million. We also upsized our Australian Term Loan B facility by AUD117 million to AUD400 million and extended the maturity by four years to 2030.

正如您可能在本季看到的那樣，並且與我們的策略保持一致，我們的團隊成功地將作為美國信貸協議一部分的定期貸款 A 額度從 2.87 億美元增加到 5 億美元。我們還將澳洲定期貸款 B 額度增加了 1.17 億澳元，達到 4 億澳元，並將期限延長四年至 2030 年。

And now turning to our outlook. Based on our strong second-quarter performance and positive outlook, we are increasing our financial guidance for the year. For the full year 2025, we now expect total revenue to be within the range of $6.79 billion to $6.94 billion, which represents year-on-year growth of 12% at the midpoint. Relative to our prior guidance, we are raising our revenue range by $50 million. This increase reflects our strong second-quarter results and positive outlook and nearly $10 million resulting from current FX rates. We have also included the India acquisition that Bill mentioned, which we expect will add approximately $8 million to our second-half results.

現在來談談我們的展望。基於我們第二季的強勁表現和積極的前景，我們提高了今年的財務預期。對於 2025 年全年，我們目前預計總營收將在 67.9 億美元至 69.4 億美元之間，中間值年增 12%。相對於我們先前的指導，我們將收入範圍提高了 5000 萬美元。這一成長反映了我們強勁的第二季業績和積極的前景，以及當前外匯匯率帶來的近 1,000 萬美元的成長。我們還包括了比爾提到的印度收購，我們預計這將為我們下半年的業績增加約 800 萬美元。

We now expect adjusted EBITDA to be within the range of $2.52 billion to $2.57 billion, which represents year-on-year growth of 14% at the midpoint. Relative to our prior guidance, we are raising adjusted EBITDA by $15 million.

我們現在預計調整後的 EBITDA 將在 25.2 億美元至 25.7 億美元之間，中間值年增 14%。相對於我們先前的指導，我們將調整後的 EBITDA 提高 1500 萬美元。

And we now expect AFFO to be within the range of $1.505 billion to $1.53 billion and AFFO per share to be $5.04 to $5.13. At the midpoint, this represents 13% and 12% growth, respectively.

我們目前預計 AFFO 將在 15.05 億美元至 15.3 億美元之間，每股 AFFO 將在 5.04 至 5.13 美元之間。以中間值計算，這分別代表 13% 和 12% 的成長。

For the third quarter, we expect revenue of approximately $1.75 billion, an increase of 12% to last year; adjusted EBITDA in excess of $650 million, up more than 14% year on year; AFFO of approximately $385 million, up 16%; and AFFO per share of approximately $1.28, up 13% to last year.

對於第三季度，我們預計營收約為 17.5 億美元，比去年增長 12%；調整後 EBITDA 超過 6.5 億美元，同比增長超過 14%；AFFO 約為 3.85 億美元，增長 16%；每股 AFFO 約為 1.28 美元，比去年增長 13%。

In conclusion, we have delivered very strong first-half performance with record-breaking results across all of our key financial metrics and business segments. Our confidence in the business and our forward outlook is reflected in our increased financial guidance for the year. We have a significant runway for growth and remain focused on driving double-digit revenue growth over many years, supported by our strong cross-selling opportunity into what are very large, fragmented markets. I want to thank all of our Mountaineers for their continued hard work and dedication in serving our customers and driving our business.

總而言之，我們上半年的業績非常強勁，所有關鍵財務指標和業務部門的業績都創下歷史新高。我們對業務的信心和我們的前瞻性展望體現在我們提高今年的財務指導。我們擁有巨大的成長空間，並將繼續專注於在未來多年推動兩位數的營收成長，這得益於我們在非常龐大且分散的市場中強大的交叉銷售機會。我要感謝我們所有的登山者，感謝他們為服務我們的客戶和推動我們的業務而持續的辛勤工作和奉獻精神。

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) George Tong, Goldman Sachs.

（操作員指示）高盛的 George Tong。

Hi. Thanks. Good morning. You mentioned the data center signings came in lighter than expected and trimmed your guidance for data center new lease signings. Can you elaborate on what you're seeing in the Data Center business that's causing the slowdown?

你好。謝謝。早安.您提到資料中心的簽約量低於預期，並下調了資料中心新租約簽約量的預期。您能否詳細說明一下資料中心業務中導致成長放緩的原因？

Yeah. Good morning, George, and thanks for the question. First of all, the market remains very strong. I mean, you see it in all the reporting by analysts, and we see the same in our discussions with our customers across the globe.

是的。早安，喬治，謝謝你的提問。首先，市場依然強勁。我的意思是，你可以在所有分析師的報告中看到這一點，我們在與全球客戶的討論中也看到了同樣的情況。

That being said, it is fair to say that the discussions that we've been having in the first half, they've been prioritizing their large campuses, supporting where they build their large language models. And that's not a market that we play in. But now, we see that they're actually now starting to be more engaged in our conversations, becoming increasingly intense or focused on their market where they develop their inference campuses and their cloud buildout, which is the market that we play in.

話雖如此，公平地說，我們在上半年進行的討論中，他們一直優先考慮他們的大型校園，並支持他們在那裡建立大型語言模型。這不是我們所處的市場。但現在，我們看到他們實際上開始更多地參與我們的對話，變得越來越專注或專注於他們的市場，他們開發他們的推理園區和雲端建設，這就是我們所處的市場。

So if you kind of look at it, is that the first half of the year, they were this is for large language models. And now, they're kind of back to where we play, which is, if you think over the next two, three years, we have 500 megawatts coming up across Northern Virginia with 175, Richmond, 200, Amsterdam, 30, Chicago's about 36 megawatts, and Madrid, 75. So those are the kind of the key markets that we play in. And those are also markets where our customers now are refocusing their efforts as they're building out their cloud and inference.

所以如果你看一下，你會發現，今年上半年，他們正在研究大型語言模型。現在，他們又回到了我們原來的位置，也就是說，如果你考慮在未來的兩三年內，我們將在北維吉尼亞州建成 500 兆瓦的發電廠，其中 175 兆瓦，里士滿 200 兆瓦，阿姆斯特丹 30 兆瓦，芝加哥約 36 兆瓦，馬德里 75 兆瓦。這些就是我們所涉足的關鍵市場。這些也是我們的客戶在建立雲端和推理時重新集中精力的市場。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬（Eric Luebchow），富國銀行。

Great. Thanks for taking the question. Just to follow up on the data center discussion, Bill, do you think that a lot of this is just timing? And do you suspect that based on the power delivery timelines you have in places like Virginia and Richmond, there may be a kind of shrinking book-to-bill window from some of the hyperscalers versus a few years ago that the outlook for data center leasing will kind of improve into 2026?

偉大的。感謝您回答這個問題。只是為了跟進資料中心的討論，比爾，你是否認為這在很大程度上只是時間問題？您是否懷疑，根據弗吉尼亞州和里士滿等地的電力傳輸時間表，與幾年前相比，一些超大規模資料中心的訂單到出貨窗口可能會縮小，到 2026 年，資料中心租賃的前景會有所改善？

And I guess related to that, given the slightly softer outlook, does this have any impact on how you think about data center CapEx beyond this year? Thank you.

我想與此相關的是，鑑於前景略顯疲軟，這對您對今年以後資料中心資本支出的看法有何影響？謝謝。

Thanks for the question, Eric. I think that, first, it really has been more of a focus on their larger campuses and AI, large language models for that part of it. Obviously, the inference is more placed in the campuses that we have. So that's been kind of the primary shift. I mean, that being said is that we feel pretty good that the next two to three years, having both the power availability for 500 megawatts across those key campuses that I mentioned earlier, I think we're in pretty good stead.

謝謝你的提問，艾瑞克。我認為，首先，他們確實更加關注更大的校園和人工智慧以及大型語言模型。顯然，推論更多的是建立在我們現有的校園裡。所以這是一種主要的轉變。我的意思是，話雖如此，我們對未來兩到三年感到非常滿意，我之前提到的那些主要校園將擁有 500 兆瓦的電力供應，我認為我們的處境非常有利。

And I think in terms of -- if you think about making sure that we can actually be ready to energize that much faster, which brings our revenue in quicker than previously when you're kind of leasing out two to three years, I think that plays to our strength. But the primary, I think, difference between having the leasing a little bit lighter in the first half of the year has been their focus on the large language models.

我認為，如果你想確保我們能夠真正準備好更快地投入使用，這將使我們的收入比以前租賃兩到三年時更快地增加，我認為這將發揮我們的優勢。但我認為，今年上半年租賃量略有減少的主要原因在於他們專注於大型語言模式。

And Eric, I would just -- this is Barry -- add on to that. And as it relates to capital, I'll just remind you that the vast majority of our data center growth capital is going to support the construction of pre-leased assets.

艾瑞克，我是巴里，我想補充這一點。至於資本，我只想提醒您，我們資料中心成長資本的絕大部分將用於支援預租資產的建設。

If you look at the next few quarters, we have assets in Arizona that will be completing construction, 100% leased. If you look at what we've got in London, same situation. If you look at what we've got in Northern Virginia, same situation. All of those assets are 100% pre-leased and the clients are looking forward to having the ability to turn on.

如果你看一下接下來的幾個季度，我們在亞利桑那州的資產將完成建設，100％出租。如果你看看我們在倫敦的情況，情況也是一樣。如果你看看我們在北維吉尼亞州的情況，情況也是一樣。所有這些資產均已 100% 預租，客戶期待能夠投入使用。

So no change in terms of the way we're thinking about capital deployment. It's vastly going to support pre-leased construction. Thanks.

因此，我們對資本配置的思考方式並沒有改變。它將大力支持預租賃建設。謝謝。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hi. Thank you. I just want to pivot a little bit more now to the ALM business, which came out particularly strong which -- very good after the last few years. I was just wondering if you could parse the ALM growth in the quarter, how much was enterprise versus data center, how much was volume versus component pricing, and just the trajectory that you're seeing from your clients right now. Are you going to kind of break that out as a separate unit in the near future, given the growth that we're seeing there?

你好。謝謝。我現在想稍微談談 ALM 業務，該業務表現特別強勁 - 在過去幾年中表現非常好。我只是想知道您是否可以分析本季的 ALM 成長情況，企業與資料中心的成長情況如何，批量與組件定價的成長情況如何，以及您現在從客戶那裡看到的軌跡。考慮到我們看到的成長情況，您是否會在不久的將來將其拆分成一個獨立的部門？

So thanks for the question, Shlomo. Let me talk about what we're seeing from our clients, and then I'll let Barry comment on the trends from the financial standpoint.

謝謝你的提問，Shlomo。讓我來談談我們從客戶那裡看到的情況，然後讓巴里從財務角度評論這些趨勢。

In terms of the discussions with the clients, as I mentioned in a couple of the wins I highlighted, we really see the synergies that it fits with our 240,000 customers across the globe, including the hyperscale as well as the enterprise. And that's really starting to drive a lot of traction because it's just natural for us to have a conversation on how to handle their IT assets, where we've been handling a lot of their information assets over decades. So if you see the build that we're able to get with those customer conversations, it reflects with the very strong organic revenue growth that we've seen this quarter.

在與客戶的討論方面，正如我在強調的幾場勝利中所提到的，我們確實看到了它與我們全球 240,000 個客戶（包括超大規模客戶和企業）的協同效應。這確實開始產生很大的推動作用，因為我們自然會討論如何處理他們的 IT 資產，幾十年來我們一直在處理他們的大量資訊資產。因此，如果您看到我們透過與客戶的對話所取得的成就，那麼它就反映出了我們本季看到的非常強勁的有機收入成長。

I'll let Barry comment a little bit more in terms of the overall financial trends that we see in the business.

我會讓巴里就我們在業務中看到的整體財務趨勢發表更多評論。

Good morning, Shlomo. It was very balanced in terms of the growth across the two primary channels. So the enterprise business grew very, very well, as did the Data Center business.

早上好，什洛莫。就兩個主要管道的成長而言，它非常均衡。因此，企業業務和資料中心業務都成長得非常好。

And in terms of volume versus price, it was disproportionately volume. As we talked about on the last few calls, we continue to win a lot of business across data center decommissioning. And then our cross-selling efforts from the large client base we have continues to win really strong books of business on the enterprise side. And as we talked about before, incidentally, the enterprise book of business is a very nice margin business for us and very much an annuity that builds.

從數量與價格的比例來看，數量是不成比例的。正如我們在前幾次電話會議中談到的那樣，我們在資料中心退役領域繼續贏得大量業務。然後，我們透過龐大的客戶群進行的交叉銷售努力繼續在企業方面贏得真正強大的業務。正如我們之前談到的，企業業務對我們來說是一項非常好的保證金業務，也是一項年金。

And so what you're seeing unfold, I think, is the combination of us continuing what is more project-oriented work on the data center side and becoming a deeper and deeper partner there, together with the natural growth of our wins within enterprise. So volume was the vast driver of the business, and pricing was kind of -- think about in terms of like single-digit million increase year on year.

因此，我認為，您所看到的是，我們將繼續在資料中心方面進行更具專案導向的工作，並在那裡成為越來越深入的合作夥伴，同時我們在企業內部的勝利也在自然增長。因此，銷售量是業務的主要驅動力，而定價則是——想想每年以個位數百萬的成長。

I will note that we have continued to see pricing, particularly on memory, be up some here in the early part of the third quarter. And I have not extrapolated that out beyond where it is at this stage. There are certainly indicators that would suggest that there's more opportunity on pricing going forward, but we'll kind of continue to do what we've been doing with that and report it quarterly. So very good volume trends, very strong revenue growth across the business, and we're very pleased with how ALM has continued to support our multi-year growth plan.

我要指出的是，我們繼續看到價格上漲，特別是記憶體價格在第三季初有所上漲。目前我還沒有推斷出超出目前水準的情況。確實有指標表明未來定價有更多機會，但我們將繼續採取我們一直在採取的做法並每季報告。因此，銷售趨勢非常好，整個業務的收入成長非常強勁，我們對 ALM 如何繼續支持我們的多年成長計畫感到非常滿意。

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)。

So following up on that topic, hyperscale decommissioning, you mentioned a couple of wins in your prepared remarks. I think one of them you mentioned might have been competitive. But can you talk a little bit about the industry dynamics in a sector that's still fragmented? And when you win business from a competitor, what are some of the factors behind that? And then what are you seeing in terms of the pipeline going forward for the sector around hyperscale decommissioning? Thanks.

因此，繼續討論超大規模退役這一主題，您在準備好的發言中提到了一些勝利。我認為您提到的其中一個可能具有競爭力。但是您能否談談這個仍然分散的行業的動態？當您從競爭對手那裡贏得業務時，背後的因素有哪些？那麼，您對超大規模退役領域的未來發展有何看法？謝謝。

Okay. Good morning. Thanks for the question. I'll talk about the customer behavior and what leads to our wins, and then I'll ask Barry to talk about the pipeline.

好的。早安.謝謝你的提問。我將談論客戶行為以及導致我們獲勝的原因，然後我將請 Barry 談論渠道。

So specifically on the hyperscale, I think the thing that one of the parts that is our secret sauce, and I highlighted one of the wins, was that we were doing some of the decommissioning and destruction on-site is we can do everything either on-site or we can make sure that we can remove it from their site with very secure chain of custody and do it in our location. And for some of our customers, they want more destroyed and less reused and resold or refurbished and resold, and others want the other mixes that they almost have everything refurbished and resold.

因此，具體到超大規模，我認為我們的秘密武器之一，也是我強調的其中一個勝利，就是我們在現場進行一些退役和銷毀工作，我們可以在現場完成所有工作，或者我們可以確保我們能夠通過非常安全的保管鏈將其從他們的站點移除並在我們的位置進行。對於我們的一些客戶來說，他們希望更多的是銷毀，而不是重新使用和轉售或翻新和轉售，而其他人則希望幾乎所有東西都是翻新和轉售的。

So I think it's really the strength of where we win the business is that we can do it on their site. We have software where we can do part of it on their site and move it into our site so that it's highly secure. We have a very strong chain of custody, so we can actually decommission it with very high integrity and bring it into our site to do all the work, which is probably the most cost-effective. And we have the flexibility to reuse and recycle as much as they want or as little as they want. And then wrapped around, of course, that when we do actually destroy things and sell it on as scrap, is we do that in an environmentally sensitive and compliant way.

所以我認為我們贏得業務的真正優勢在於我們可以在他們的網站上做到這一點。我們有軟體可以在他們的網站上完成部分工作，然後將其移到我們的網站上，以確保高度安全。我們擁有非常強大的監管鏈，因此我們實際上可以非常完整地將其退役並將其帶入我們的站點完成所有工作，這可能是最具成本效益的。我們可以靈活地根據他們的需要重複使用和回收盡可能多的物品，也可以根據需要減少回收量的。當然，當我們真正銷毀物品並將其作為廢品出售時，我們會以環保且合規的方式進行。

So I think it's really the full menu and scale that we're able to operate. And it's not lost on customers if they use us in one country. Almost certainly, they can use us across the globe, just given our footprint.

所以我認為這確實是我們能夠操作的完整菜單和規模。如果客戶在一個國家使用我們的服務，他們不會感到失望。幾乎可以肯定，只要我們足跡遍佈全球，他們就可以利用我們。

John, it's Barry. Just building on that as it relates to the pipeline, the pipeline is very good within our ALM business, across the business. And I'll start with data center decommissioning. You're right, of course, that the market is huge, call it an $8 billion TAM just for that segment and very fragmented.

約翰，我是巴里。僅基於與管道相關的這一點，我們的 ALM 業務和整個業務中的管道都非常好。我將從資料中心退役開始。當然，您說得對，這個市場非常巨大，光是這一細分市場的總市場規模就高達 80 億美元，而且非常分散。

And I think it -- why is our pipeline building out and continuing to increase? I think it's because we're seeing the synergistic nature of our ALM data center decommissioning together with our data center development business, where we are operating largely with the same clients and a level of overlap there. And they see the strength of our offering and how we can help them consistently across what they're doing with their own hyperscale sites.

我認為——為什麼我們的管道不斷建設和增加？我認為這是因為我們看到了 ALM 資料中心退役與資料中心開發業務的協同特性，我們主要與相同的客戶合作，並且有一定程度的重疊。他們看到了我們產品的優勢，以及我們如何在他們自己的超大規模網站上為他們提供持續的幫助。

As it relates to the enterprise side, which is the even larger piece of the TAM, we estimate it to be $22 billion, very fragmented. And we're winning more and more business, and we see our pipeline growing largely built on the same reasons that we have built our physical storage business, which is chain of custody, consistency, ability to serve the client around the world. We are continuing to build out our footprint, as you know. And right now, clients are continuing to have to turn to many different small vendors across the world, because other than us, there's really no other player with a footprint that's expanding and global in nature.

至於企業方面，這是 TAM 中更大的一塊，我們估計價值為 220 億美元，非常分散。我們贏得了越來越多的業務，我們看到我們的管道不斷成長，這主要建立在我們建立實體儲存業務的相同原因之上，即監管鏈、一致性、為全球客戶提供服務的能力。如您所知，我們正在繼續擴大我們的足跡。而現在，客戶不得不繼續求助於世界各地的許多不同的小型供應商，因為除了我們之外，實際上沒有其他參與者的足跡能夠不斷擴大並具有全球性。

So we are finding, particularly in regulated portions of the customer base, like financial services, healthcare, insurers, et cetera, that that is a very compelling message. We're continuing to win business. And as I said before, we feel like we have a very long runway here for growth in ALM.

因此我們發現，特別是在受監管的客戶群中，例如金融服務、醫療保健、保險公司等，這是一個非常引人注目的訊息。我們正在繼續贏得業務。正如我之前所說，我們覺得 ALM 在成長方面還有很長的路要走。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thanks. I wanted to ask a margin question. I think you cited 47% flow-through. Is there anything unusual propping up that figure? And how do you think about the trajectory going forward?

謝謝。我想問一個邊際問題。我認為您提到了 47% 的流通率。有什麼不尋常的東西支撐著這個數字嗎？您如何看待未來的發展軌跡？

Yeah. Hi, Tobey. It's Barry. Thank you for that.

是的。你好，托比。是巴里。謝謝你。

We did note it was 47% flow-through. It's been of that order now for a couple of quarters or more in a row, and part of that is driven off of the fact that, first, our Global RIM business is just fundamentally a great business, and it just gushes cash. It requires very limited capital to grow, and the blended margin is already in the 44% and rising, thanks to revenue management and our operational teams focused on continuous improvement of productivity and operating leverage.

我們確實注意到流通率為 47%。連續幾個季度或更長時間以來，我們都處於這種狀態，部分原因在於：首先，我們的全球 RIM 業務從根本上來說是一項偉大的業務，而且它能產生大量的現金。公司發展所需的資本非常有限，而且由於收益管理和我們的營運團隊專注於持續提高生產力和營運槓桿，混合利潤率已經達到 44% 並且還在上升。

Secondly, as you look at our P&L, a good amount of the EBITDA is continuing to come out of our Data Center business. That business has now reached 50%-plus EBITDA margins. We projected that level for some time for it to be rising because we knew that if you look at the commencements that we've been doing this year when we wrote those deals, the underwriting was very good on them, and that's the same case for going forward on our commencements that will occur throughout the remainder of this year and next year. They're all underwritten at very strong returns.

其次，當您查看我們的損益表時，您會發現相當一部分 EBITDA 仍來自我們的資料中心業務。該業務的 EBITDA 利潤率現已達到 50% 以上。我們預計該水準會在一段時間內上升，因為我們知道，如果你看看我們今年在簽訂這些交易時所做的開工情況，你會發現承銷情況非常好，而今年剩餘時間和明年我們將繼續進行開工的情況也是如此。它們均以非常豐厚的回報承保。

So we're investing in businesses that have very high and increasingly good returns. And I think the margin that you should be anticipating on data center, as I mentioned in prepared remarks, is 50% and rising going forward, thanks to pricing and the other elements I mentioned. That, together with the fact, Tobey, that our ALM business, as I mentioned in prepared remarks, is seeing significant improvement in trend driven by operating leverage, and of course, particularly as the enterprise business grows, that's a better mix for us in the ALM portfolio.

因此，我們投資的是回報率非常高且不斷提高的企業。我認為，正如我在準備好的演講中提到的那樣，您應該預期資料中心的利潤率為 50％，並且由於定價和我提到的其他因素，利潤率未來還會上升。托比，正如我在準備好的演講中提到的那樣，我們的 ALM 業務在營運槓桿的推動下呈現顯著改善的趨勢，當然，特別是隨著企業業務的增長，這對我們來說是 ALM 產品組合的更好組合。

So it's a variety of factors. But really, all of our businesses are continuing to see improving trends in margin, and we are very pleased with the level of flow-through.

所以這有多種因素。但實際上，我們所有業務的利潤率都持續呈現改善趨勢，我們對流通水準感到非常滿意。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great. Thanks for taking my question. I appreciate the details you gave around the Treasury contract, but maybe just help us understand the kind of puts and takes there. If I recall correctly, it was announced on the first-quarter call, but it wasn't included in guidance. And then the press release suggested that it was going to be rebid, but now it sounds like you are generating some revenue from it already. So maybe just walk us through the path there and what we should expect going forward.

偉大的。感謝您回答我的問題。我很感謝您提供的有關國庫合約的詳細信息，但也許只是幫助我們了解那裡的看跌期權和看漲期權的類型。如果我沒記錯的話，它是在第一季電話會議上宣布的，但並未包含在指導中。然後新聞稿暗示將會重新招標，但現在聽起來你已經從中獲得了一些收入。所以也許只是帶我們走過這條路，以及我們應該對未來抱持什麼樣的期望。

Okay. Thanks, Brendan. And I'll let Barry comment in terms of the flow-through in terms of how it comes into the revenue, although I should say not much came in in Q2 because, as we announced on the last call, it was just ramping up.

好的。謝謝，布倫丹。我會讓巴里就其如何進入收入這一問題發表評論，不過我應該說第二季度的收入並不多，因為正如我們在上次電話會議上宣布的那樣，收入只是在增加。

So we're very pleased to win the initial $140 million contract, and we're executing against that contract. And as we sit here today, we're digitizing the work for the Treasury department. I think we mentioned on the last call is the contract was always going to be most of the revenue was going to come in 2026 because there's a seasonality aspect of this Treasury contract. That being said, though, there is work to be done now, and our teams are actually busy digitizing a number of these workflows and documents for the Treasury.

因此，我們很高興贏得最初的 1.4 億美元合同，並且我們正在按照該合約執行。今天我們坐在這裡，正在將財政部的工作數位化。我想我們在上次電話會議上提到過，合約的大部分收入將在 2026 年產生，因為這份國債合約具有季節性。話雖如此，但現在仍有工作要做，我們的團隊實際上正忙於為財政部將許多工作流程和文件數位化。

Subsequently, the Treasury decided to go out for a larger, much longer-term contract, which our expectation would subsume this contract over time, and we bid for that, as did others. And we will see in due course how that bidding or that contract progresses, but in the meantime, we're actually doing the work. But again, the work has always been more loaded into 2026 because of the seasonality.

隨後，財政部決定尋求一份規模更大、期限更長的合同，我們預計隨著時間的推移，這份合同會被取代，因此我們和其他人一樣參加了競標。我們將在適當的時候看到投標或合約的進展情況，但與此同時，我們實際上正在進行工作。但同樣，由於季節性因素，2026 年的工作量總是更大。

I don't know, Barry, if you want to add anything about how the revenue flows through this year.

巴里，我不知道你是否想補充一些關於今年收入流向的資訊。

Yeah. Brendan, as I said on the last call, we didn't anticipate any revenue of substance in the second quarter. I'm happy to tell you we only recognized $1 million of revenue from the services we were offering in the quarter. In the third quarter, our expectation is for that to be like sub-$5 million, just based on the building, as Bill just mentioned, to a ramp into 2026. So as the larger award is processed by the government, we will be looking forward to updating the investment community on how that would flow. And yeah, that's the facts.

是的。布倫丹，正如我在上次電話會議上所說的那樣，我們預計第二季不會有任何實質的收入。我很高興地告訴您，我們本季提供的服務僅實現了 100 萬美元的收入。在第三季度，我們預計這一數字將低於 500 萬美元，僅基於建築情況，正如比爾剛才提到的，到 2026 年將會有所增長。因此，隨著政府處理更大額度的獎勵，我們將期待向投資界通報獎勵的流程。是的，事實就是如此。

(Operator Instructions) Kevin McVeigh, UBS.

（操作員指示）瑞銀的 Kevin McVeigh。

Great. Thanks so much, and thanks for all the detail. Can you just -- Barry or Bill, you said it quickly, I just want to make sure. On the megawatts, kind of the targets this year, is it $20 million to $80 million? What was the initial target, and what have you assigned year to date? I just want to make sure I have the numbers down.

偉大的。非常感謝，感謝您提供的所有詳細資訊。你能不能——巴里或比爾，你說得很快，我只是想確認一下。就兆瓦而言，今年的目標是 2,000 萬美元到 8,000 萬美元嗎？最初的目標是什麼？今年迄今為止您設定的目標是什麼？我只是想確保我已經掌握了這些數字。

So the expected range for this year, Kevin, is 30 to 80 megawatts for the year, and we're halfway through the year right now. If you look at it on a rolling 12-month basis in terms of our pipeline, as I said, we're in discussions with our customers across a portfolio, say that's roughly around 500 megawatts that come available in the next two to three years. That includes Virginia -- Northern Virginia, Richmond, Amsterdam, Chicago, and Madrid.

因此，凱文，今年的預期範圍是 30 至 80 兆瓦，而我們現在已經過了今年的一半。如果以 12 個月的滾動時間來看我們的專案管道，正如我所說，我們正在與客戶討論一個投資組合，假設未來兩到三年內將有大約 500 兆瓦的電力可用。其中包括維吉尼亞州——北維吉尼亞州、里士滿、阿姆斯特丹、芝加哥和馬德里。

If you look at year to date, it's about 6 megawatts that we've leased. And the discussion is still robust. The prime markets that we're playing in are the prime markets for our customers. But the first half of the year, for sure, the customers that we serve regularly have been more focused on building out their large language model campuses.

如果你看一下今年迄今為止的情況，我們租賃的電力約為 6 兆瓦。討論仍然很激烈。我們所涉足的主要市場也是我們客戶的主要市場。但可以肯定的是，今年上半年，我們經常服務的客戶更專注於建立他們的大型語言模型校園。

Yeah. And Kevin, I'll just add on to that. When we talk about our revenue guidance for data center approaching 30% this year, that requires no additional leasing because, of course, we generally are a pre-leased business here. And so we'll be commencing further assets here in the second half, and those will wrap into next year. And then you can see in the supplemental we have quite a few assets to commence in 2026. So when I mentioned that we expect data center revenue growth of at least 25% next year, that's not assuming any benefit from the leasing activity that Bill just mentioned going forward.

是的。凱文，我只是想補充這一點。當我們談到今年資料中心的收入預期接近 30% 時，這並不需要額外的租賃，因為當然，我們在這裡通常是一家預租賃業務。因此，我們將在下半年開始投入更多資產，這些資產將持續到明年。然後您可以在補充資料中看到，我們有相當多的資產將於 2026 年開始。因此，當我提到我們預計明年資料中心收入將至少成長 25% 時，這並不是假設比爾剛才提到的租賃活動會帶來任何好處。

So to the extent we lease something that could commence in a year, that would just be simply additive to that 25% growth rate next year. So we feel like the data center team is executing very, very well, and we're pleased that the activity in our pipeline is stepping up, as Bill discussed in his prepared remarks.

因此，就我們租賃可以在一年內開始的業務而言，這只會對明年 25% 的成長率產生簡單的補充作用。因此，我們覺得資料中心團隊的執行非常非常好，我們很高興看到我們的管道活動正在加強，正如比爾在他的準備好的發言中所討論的那樣。

Thanks, Kevin.

謝謝，凱文。

Andrew Steinerman, JPMorgan.

摩根大通的安德魯‧施泰納曼。

Hi, guys. This is Alex Hess on for Andrew. Just wanted to review maybe the way you guys are positioned in the data center ecosystem broadly. Obviously, there's been a ton of funding for the market of late, including from private capital. But you've also got a sort of tougher reinvestment phase with one of your large competitors, where you guys have made a large hire from. Can you highlight for us just sort of where you feel you were positioned in today's ecosystem, where you're advantaged, and maybe opportunities for you guys to be an important participant in the next juncture of the AI rollout?

嗨，大家好。我是 Alex Hess，代替 Andrew 發言。只是想回顧一下你們在資料中心生態系統中的定位。顯然，最近市場上湧入了大量資金，其中包括來自私人資本的資金。但你們也面臨著與一個大型競爭對手進行更艱難的再投資階段，你們從該競爭對手那裡招募了大量員工。您能否向我們重點介紹一下您在當今生態系統中所處的位置、您的優勢以及您在下一個人工智慧發展階段成為重要參與者的機會？

Good morning, Alex. Thanks for the question.

早安，亞歷克斯。謝謝你的提問。

So I wouldn't say we're in a tougher environment. I would say that the customers that we serve across our campuses have been primarily focused over this last 6 to 12 months on building out their large campuses that serve their large language models. That being said, if you think about the data center market, with AI being such a big part, there's where they build their large language models, and then there's where they run them in their cloud infrastructure and where they can do inference. And it's the inference in the cloud infrastructure is where we play, and they're now starting to pivot their attention back to that.

所以我不會說我們處在一個更艱難的環境。我想說的是，在過去的 6 到 12 個月裡，我們在各個校園服務的客戶主要致力於建立服務大型語言模型的大型校園。話雖如此，如果你考慮資料中心市場，人工智慧佔據瞭如此重要的地位，他們就會在那裡建立大型語言模型，然後在他們的雲端基礎設施中運行它們並進行推理。而雲端基礎設施中的推論就是我們發揮作用的地方，現在他們開始將注意力轉回這一點。

So if you think about where we play and where we have really, I would say, prime properties, is the 500 megawatts that I talked about that become available in the next two to three years, again, that's in Northern Virginia, which is the largest data center in the market in the world, and it's a place where people just can't get enough capacity. Richmond, we think, is going to be -- we already see a lot of strong interest in the 200 megawatts that we have that will come onboard in the next two to three years in Richmond.

因此，如果你想想我們的業務所在地和我們真正擁有的資源，我想說，優質資產就是我提到的未來兩到三年內可用的 500 兆瓦，再次強調，那是在北弗吉尼亞州，這是全球市場上最大的數據中心，也是人們無法獲得足夠容量的地方。我們認為，里士滿將會——我們已經看到很多人對我們擁有的 200 兆瓦電力表現出濃厚興趣，這些電力將在未來兩到三年內在里士滿投入使用。

Amsterdam, for instance, 30 megawatts in Amsterdam is like gold these days. There's just no capacity in Amsterdam, so we're really finding that we get a lot of attention and attraction on that market as they're now starting to need more capacity into that market as they run their inference in cloud and build out their cloud. And then Chicago also has become a key market for a number of our customers as well as Madrid.

以阿姆斯特丹為例，如今 30 兆瓦的電力對阿姆斯特丹來說就像黃金一樣。阿姆斯特丹根本沒有容量，因此我們發現我們在該市場獲得了很多關注和吸引力，因為他們現在開始需要更多的容量進入該市場，因為他們在雲端中運行推理並建立雲端。芝加哥和馬德里也已成為我們許多客戶的關鍵市場。

So we feel -- I wouldn't say that the competition has gotten tougher as opposed to some of our competitors. I think where I'm focused on -- we're focused on is really that AI inference and cloud buildout, not so much in terms of the low latency, what I would call retail side of it. That's not the business that we play in.

因此我們感覺——與我們的一些競爭對手相比，競爭並沒有變得更加激烈。我認為我所關注的——我們真正關注的是人工智慧推理和雲端構建，而不是低延遲方面，我稱之為零售方面。這不是我們所從事的業務。

I mean, we do have some data centers that support our customers in those areas, like Amsterdam, what I mentioned, or Frankfurt because of the location of those data centers. But for the most part, I wouldn't say the competition has gotten tougher. If anything, the power that we have available, 500 megawatts, is really a differentiator in the market.

我的意思是，我們確實有一些資料中心為這些地區的客戶提供支持，例如我提到的阿姆斯特丹，或者法蘭克福，因為這些資料中心的位置很好。但總體而言，我不會說競爭變得更加激烈。如果有什麼差別的話，那就是我們擁有的 500 兆瓦電力確實是市場差異化因素。

Shlomo Rosenbaum, Stifel.

施蒂費爾的什洛莫·羅森鮑姆。

Hi. Thank you. I just wanted to ask if you can talk a little bit more about the growth in the digital business. How much was it some of the additional capabilities that are being added in? And with those additional capabilities, how differentiated is what you have versus no other items that are out there in the market?

你好。謝謝。我只是想問您是否可以再多談談數位業務的成長情況。增加的一些附加功能多少錢？有了這些附加功能，你們的產品與市場上其他產品有何不同？

Thanks, Andrew (sic - Shlomo). I think, first of all, we feel really good about what our teams are building in that digital business. And you've been watching this space a long time. It started off as more digitizing physical documents, and now it really is end-to-end workflow, and a lot of the workflow is already born natively digitally.

謝謝，安德魯（原文如此 - Shlomo）。我認為，首先，我們對我們的團隊在數位業務中所做的努力感到非常滿意。你已經關注這個領域很久了。它最初是將更多的實體文件數位化，現在它實際上是端到端的工作流程，並且許多工作流程已經以數位化的方式誕生。

So I think a good example of really the secret sauce that we've been able to build with this DXP platform is highlighted in the win I mentioned on the SaaS company. So this is a SaaS company, which itself is an AI company. And they came -- it came to us because this digital experience platform is really unique in being able to put structure around unstructured data. This is actually data that's already in digital form.

因此，我認為我們能夠利用這個 DXP 平台建造的秘密武器的一個很好的例子就是我提到的 SaaS 公司的成功。所以這是一家 SaaS 公司，它本身就是一家 AI 公司。他們來找我們是因為這個數位體驗平台非常獨特，能夠將非結構化資料結構化。這實際上是已經是數字形式的數據。

And I think that's really where we're playing and getting a lot of traction because people are sitting on tons and tons of unstructured data, which is effectively dark unless they have an engine that can automatically generate metadata without a human in the loop and then be able to build workflow on top of that. And so it's really what's driving the strong double-digit growth that we're getting in that business. And this year, we're projecting a run rate of over $500 million, $540 million.

我認為這正是我們正在努力並獲得大量關注的地方，因為人們坐擁大量非結構化數據，這些數據實際上是黑暗的，除非他們擁有一個可以在沒有人工參與的情況下自動生成元數據的引擎，然後能夠在其基礎上構建工作流程。這正是推動我們在該業務中實現強勁兩位數成長的因素。今年，我們預計營業額將超過 5 億美元、5.4 億美元。

Yeah. That's exactly right, Shlomo. Based on the second quarter, we'd be at that kind of level of run rate. And obviously, the business has a very good trajectory. And I think the source of opportunities that we are bidding on and actively positioning ourselves against with respect to things like the Department of Treasury, among others, has the potential to significantly expand our digital business quickly.

是的。完全正確，什洛莫。根據第二季的情況，我們的運行率將達到這種水平。顯然，業務發展軌跡非常好。我認為，我們正在競標並積極爭取的與財政部等機構的合作機會有可能迅速大幅擴展我們的數位業務。

And this will conclude our question-and-answer session and the Iron Mountain second-quarter 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 年第二季財報電話會議將結束。感謝您參加今天的演講。您現在可以斷開連線。