鐵山公司 (IRM) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Iron Mountain third-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mark Rupe, Senior Vice President of Investor Relations. Please go ahead.

早上好，歡迎參加 Iron Mountain 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給投資者關係高級副總裁馬克·魯佩先生。請繼續。

Thanks, Chad. Good morning, everyone, and welcome to our third-quarter 2025 earnings conference call. Joining us today are Bill Meaney, our President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President, and Chief Financial Officer.

謝謝你，查德。各位早安，歡迎參加我們2025年第三季財報電話會議。今天與我們一同出席的有我們的總裁兼執行長比爾·米尼，以及我們的執行副總裁兼財務長巴里·海蒂寧。

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

在我們發言結束後，我們將開放問答環節。今天的電話會議將包含前瞻性陳述，這些陳述存在風險和不確定性。有關可能導致我們的實際業績與這些聲明存在差異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 頁上的“安全港”條款以及我們的 10-K 表格和 10-Q 表格年度報告和季度報告。

Each of these items as well as reconciliations of non-GAAP financial measures referenced during this call can be found on our Investor Relations website. With that, I'll turn the call over to Bill.

本次電話會議中提到的所有項目以及非GAAP財務指標的調節表都可以在我們的投資者關係網站上找到。接下來，我將把電話交給比爾。

Thank you, Mark, and thank you all for joining us to discuss our third-quarter results. We are pleased to report that our team has delivered another quarter of record financial performance and double-digit growth. We achieved an all-time high for quarterly revenue, adjusted EBITDA and AFFO, driven by strength across our business.

謝謝馬克，也謝謝各位參加我們第三季業績討論會。我們很高興地宣布，我們的團隊又一個季度取得了創紀錄的財務表現和兩位數的成長。由於公司各業務的強勁表現，我們的季度營收、調整後 EBITDA 和 AFFO 均創歷史新高。

Revenue increased 13% to $1.8 billion. Adjusted EBITDA grew 16% to $660 million and AFFO increased 18% to $393 million. Our exceptional performance in the third-quarter is a result of our team's unwavering focus on meeting our customers' needs with innovative solutions and consistent execution of our strategic priorities.

營收成長13%，達18億美元。調整後 EBITDA 成長 16% 至 6.6 億美元，AFFO 成長 18% 至 3.93 億美元。我們在第三季取得的卓越業績，源自於我們團隊始終堅持以創新解決方案滿足客戶需求，並持續執行我們的策略重點。

We are delivering revenue growth in our physical storage business, achieving record revenue in Q3, driven by consistent volume growth and higher retention rates as well as revenue management. Our Digital Solutions building business is building momentum. We are winning new contracts with our AI-powered digital solutions across industry verticals and drove record revenue and continued double-digit growth in the third-quarter.

我們的實體儲存業務實現了營收成長，第三季營收創歷史新高，這得益於持續的銷售成長、更高的客戶留存率以及營收管理。我們的數位化解決方案業務正在蓬勃發展。我們憑藉人工智慧驅動的數位解決方案在各個行業垂直領域贏得了新的合同，並在第三季度實現了創紀錄的收入和兩位數的持續增長。

We are capitalizing on robust data center industry demand with 33% revenue growth in Q3 and a strong outlook that supports more than 25% growth in 2026 based on our currently signed leases. Additionally, we saw a nice uptick in Q3 leasing and into Q4, which together with our pipeline, puts us in a good position to execute against our portfolio capacity of 1.3 gigawatts.

我們正充分利用資料中心產業的強勁需求，第三季營收成長了 33%，根據我們目前簽署的租賃協議，2026 年的強勁前景將支援超過 25% 的成長。此外，我們看到第三季租賃業務在第四季度出現了不錯的成長，加上我們的專案儲備，使我們能夠很好地利用我們 1.3 吉瓦的投資組合容量。

We are driving substantial growth in our asset life cycle management business, increasing revenue with existing customers and winning new business through cross-selling, resulting in 65% reported and 36% organic growth in the third-quarter. And we expanded profitability with adjusted EBITDA increasing 16% and margin improving 110 basis points as compared to last year.

我們在資產生命週期管理業務方面實現了顯著成長，透過現有客戶增加收入，並透過交叉銷售贏得新業務，第三季報告成長率達到 65%，有機成長率達到 36%。與去年相比，我們的獲利能力提升，調整後 EBITDA 成長 16%，利潤率提高 110 個基點。

This clearly shows that we have strong momentum behind our commitment to sustain industry-leading revenue and earnings growth. Our portfolio of growth businesses, including data center, digital and ALM drove two-thirds of our revenue growth in the quarter or 8-percentage-points on a consolidated basis.

這清楚地表明，我們擁有強勁的勢頭，能夠繼續保持業界領先的營收和獲利成長。我們的成長型業務組合，包括資料中心、數位和 ALM，在本季推動了我們營收成長的三分之二，或以合併基準計算成長了 8 個百分點。

This will remain an important tailwind going forward as the growth portfolio further increases as a percentage of total revenue, expected to be nearly 30% of total revenue exiting 2025. This is on top of the strength in our physical storage business, which is growing at a mid-single-digit rate and will contribute approximately five points of consolidated growth in 2025.

這將繼續成為一個重要的順風，因為成長型投資組合佔總收入的比例將進一步增加，預計到 2025 年底將接近總收入的 30%。此外，我們的實體儲存業務也表現強勁，正以中等個位數的速度成長，預計到 2025 年將貢獻約 5 個百分點的綜合成長。

The momentum across our business, as I just highlighted, along with our foundation of established relationships and trust with over 240,000 customers, comprehensive solutions offering, reputation for security and a global footprint firmly position us to deliver our growth commitment for the foreseeable future.

正如我剛才強調的，我們業務的強勁發展勢頭，加上我們與超過 24 萬客戶建立的穩固關係和信任基礎、全面的解決方案、安全聲譽以及全球佈局，使我們有信心在可預見的未來實現增長承諾。

Based on our strong outlook and excellent 2025 results, our Board of Directors authorized an increase of our quarterly dividend by 10%. Let me now share some recent commercial wins that illustrate the strength of our synergistic business model.

基於我們強勁的前景和2025年的優異業績，董事會批准將季度股息提高10%。現在讓我分享一些我們最近取得的商業成功案例，這些案例反映了我們協同商業模式的優勢。

First, in records management in Europe, we were selected as the single vendor for medical record storage for a hospital that has been a customer for more than 15 years, displacing a competitor. Additionally, we secured a new customer with a public sector entity that could no longer manage and store its records in-house.

首先，在歐洲的檔案管理領域，我們被一家合作超過 15 年的醫院選為醫療記錄儲存的唯一供應商，取代了競爭對手。此外，我們還獲得了一位新客戶，該客戶是一家公共部門實體，該實體已無法再自行管理和儲存其記錄。

Both of these deals were attributed to our strong reputation for secure records management and our proven ability to provide efficient and cost-effective services. In our Digital Solutions business, we continue to win new business with our DXP platform. In late October, we successfully launched our Insight DXP 2.0 platform.

這兩筆交易都歸功於我們在安全記錄管理方面的良好聲譽，以及我們提供高效、經濟高效服務的可靠能力。在我們的數位化解決方案業務中，我們憑藉 DXP 平台不斷贏得新業務。10 月下旬，我們成功推出了 Insight DXP 2.0 平台。

The new platform offers enhanced content management and smart document processing, an easy-to-use secure platform with workflow tools and AI agents. This will allow the customer to make faster and more insightful decisions as well as eliminate obsolete and duplicative data to save costs.

新平台提供增強的內容管理和智慧文件處理功能，是一個易於使用且安全的平台，配備工作流程工具和人工智慧代理。這將使客戶能夠更快地做出更明智的決策，並消除過時和重複的數據以節省成本。

And as it relates to our digital award with the Department of Treasury, in September, Iron Mountain was awarded a new long-term contract for digitization services. This new five-year contract with a value of up to $714 million expands our current scope of work subsuming the contract awarded to us in April.

至於我們與財政部簽訂的數位化合同，Iron Mountain 在 9 月獲得了新的長期數位化服務合約。這份價值高達 7.14 億美元的新五年合約擴大了我們目前的工作範圍，涵蓋了 4 月授予我們的合約。

This is a significant win for Iron Mountain, and we are thrilled to continue supporting the United States government on this efficiency opportunity. We are currently executing under the new agreement and collaborating with the department on next steps whilst preparing for the high seasonal volume expected in the spring of 2026.

這對鐵山公司來說是一項重大勝利，我們很高興能夠繼續支持美國政府抓住這個提高效率的機會。我們目前正在執行新協議，並與相關部門合作制定下一步措施，同時為預計在 2026 年春季到來的旺季做好準備。

Let me now turn to our data center business. The data center market remains very strong, and we have seen leasing activity and pipeline pick up as hyperscalers resume their focus on building out inference and cloud capacity. We leased 13 megawatts in the quarter, including a couple of larger enterprise deals with financial services firms.

現在讓我來談談我們的資料中心業務。資料中心市場仍然非常強勁，隨著超大規模資料中心營運商重新專注於建立推理和雲端容量，我們看到租賃活動和專案儲備都在增加。本季我們租賃了 13 兆瓦電力，其中包括與金融服務公司簽訂的幾筆較大的企業交易。

And in early Q4, a key hyperscaler leased our entire 36-megawatt Chicago site, transferring and expanding the customer's previous lease of 25 megawatts in London for a net incremental 11 megawatts leased. This is a great outcome for the customer who is looking to transfer to the Chicago market and for us, given the strong interest we have in the London location they are vacating.

第四季初，一家重要的超大規模資料中心營運商租用了我們位於芝加哥的整個 36 兆瓦資料中心，將該客戶先前在倫敦租用的 25 兆瓦資料中心轉移並擴大，淨增租用了 11 兆瓦。對於想要遷往芝加哥市場的客戶來說，這是一個非常好的結果；而對我們來說，考慮到我們對他們即將離開的倫敦市場有著濃厚的興趣，這也是一個不錯的選擇。

This London site has the power coming online in 2026. We have high confidence in sustaining our data center revenue growth with the levels we have achieved over the past few years. This is underwritten by our pre-leasing backlog, strong pipeline as well as 450 megawatts, which is available for sale and will be energized over the next 18 to 24 months.

這個位於倫敦的發電廠將於 2026 年投入使用。我們對維持資料中心收入成長與過去幾年所取得的水準充滿信心。這得歸功於我們充足的預租訂單、強大的項目儲備以及可供出售的 450 兆瓦電力，這些電力將在未來 18 至 24 個月內投入使用。

These assets coming online within the next two years have a collective capacity, which is the size of our current operating portfolio. The large and expanding pipeline for these assets is from hyperscale customers having the highest credit quality. Turning to our asset life cycle management business. As we previously shared, ALM represents a major growth opportunity for Iron Mountain.

這些將在未來兩年內投入營運的資產的總容量，與我們目前營運資產組合的規模相當。這些資產的龐大且不斷成長的供應管道來自信用等級最高的超大規模客戶。接下來談談我們的資產生命週期管理業務。正如我們之前所分享的，ALM 代表著 Iron Mountain 的一個重大成長機會。

The market is very large and highly fragmented, and we are well positioned to capitalize on growth through expanding business with existing customers, gaining new customers through our cross-selling efforts and strategic acquisitions to expand our capabilities and geographic footprint.

市場規模龐大且高度分散，我們已做好充分準備，透過與現有客戶拓展業務、透過交叉銷售努力獲得新客戶以及策略性收購來擴大我們的能力和地域覆蓋範圍，從而抓住成長機會。

Our results in Q3 show that we are successfully capitalizing on this meaningful opportunity. And consistent with our strategy, in September, we acquired ACT Logistics, which further strengthens our ALM market leadership position in Australia. Let me now share some of our recent ALM wins that support our confidence in the long-term opportunity.

第三季的業績表明，我們正在成功地把握這一重要機會。與我們的策略一致，我們在 9 月收購了 ACT Logistics，這進一步鞏固了我們在澳洲 ALM 市場的領先地位。現在讓我分享一些我們最近在資產負債管理方面的成功，這些成功增強了我們對長期機會的信心。

A leading financial services company with more than 200,000 employees globally has selected Iron Mountain as its ALM partner for the first time, building on our decades-long partnership for Records Management and Digital Solutions. Our established relationship, strong reputation for security and compliance and global footprint was an important factor in winning this deal. And a global company headquartered in Germany has engaged Iron Mountain to support a key decommissioning and remarketing program across six data centers in the US, Europe, and the Asia Pacific region.

一家在全球擁有超過 20 萬名員工的領先金融服務公司首次選擇 Iron Mountain 作為其 ALM 合作夥伴，這建立在我們數十年來在記錄管理和數位解決方案方面的合作關係之上。我們建立的良好關係、在安全和合規方面的強大聲譽以及全球影響力是贏得這筆交易的重要因素。一家總部位於德國的全球性公司聘請了 Iron Mountain 來支援一項重要的退役和再行銷計劃，該計劃涵蓋美國、歐洲和亞太地區的六個資料中心。

Iron Mountain has also provided records management, digital and data center co-location services for this customer over many years. We are pleased to extend our solutions, thanks to our ALM team's operational scale and robust sustainability reporting capabilities, which are a critical requirement for this project.

多年來，Iron Mountain 也為該客戶提供檔案管理、數位和資料中心託管服務。我們很高興能夠擴展我們的解決方案，這得益於我們 ALM 團隊的營運規模和強大的永續性報告能力，而這對本計畫來說至關重要。

This relationship demonstrates the power of our synergistic business model where we successfully cross-sold all of our key lines of business to a long-term customer. In conclusion, I am proud of the exceptional results our dedicated Mountaineers have continued to deliver in 2025 and what that means to our shareholders as we announced another increase in our dividend of 10%.

這種合作關係體現了我們協同商業模式的力量，我們成功地將所有主要業務線交叉銷售給了長期客戶。總之，我為我們敬業的登山者在 2025 年繼續取得的卓越成績感到自豪，也為我們的股東們宣布再次提高 10% 的股息而感到欣慰。

As you heard today, our record results are a testament to our strategic focus on customer needs, innovative solutions, and consistent execution. Our strong business momentum continues to build and a tremendous growth opportunity continues to lie ahead of us.

正如你們今天所聽到的，我們所取得的創紀錄的業績證明了我們對客戶需求的策略關注、創新解決方案和持續執行。我們強勁的業務發展勢頭持續增強，巨大的成長機會依然擺在我們面前。

We are just scratching the surface of the $165 billion total addressable market for our services. With that, I'll turn the call over to Barry.

我們目前所涉足的領域只是價值 1,650 億美元的服務市場的一個冰山一角。接下來，我將把電話交給巴里。

Thanks, Bill, and thank you all for joining us to discuss our results. As you've heard this morning, our team continues to successfully execute our strategy, driving strong revenue and earnings growth in the third-quarter. We achieved record revenue of $1.75 billion, up $197 million year-on-year.

謝謝比爾，也謝謝各位參加我們的討論會，共同探討研究結果。正如您今天早上所聽到的，我們的團隊繼續成功執行我們的策略，在第三季度實現了強勁的收入和獲利成長。我們實現了創紀錄的17.5億美元營收，比去年同期成長1.97億美元。

This was an increase of 13% on a reported basis, 12% on a constant currency basis and 10% on an organic growth basis in the quarter. Total storage revenue was $1.03 billion, up $97 million year-on-year and up 9% on an organic basis. Total service revenue was $721 million, up $100 million from last year and up 10% on an organic basis.

本季度，以報告資料計算成長了 13%，以固定匯率計算成長了 12%，以內生成長計算成長了 10%。倉儲總收入為 10.3 億美元，年增 9,700 萬美元，有機成長 9%。服務總收入為 7.21 億美元，比去年增長 1 億美元，有機成長 10%。

Adjusted EBITDA of $660 million was an all-time quarterly record and expanded $92 million or 16% year-on-year. This was $10 million ahead of the projection we provided on our last call, driven by operational strength and productivity across the business.

經調整後的 EBITDA 為 6.6 億美元，創歷史季度紀錄，年增 9,200 萬美元，增幅達 16%。這比我們上次電話會議給出的預測高出 1000 萬美元，這主要得益於公司營運實力和生產力的提升。

Adjusted EBITDA margin was 37.6%, up 110 basis points year-on-year, which primarily reflects improved margins in our data center and ALM businesses. We continue to be pleased with our team's ability to deliver meaningful operating leverage, achieving an incremental flow-through margin of 47%, consistent with last quarter. AFFO was $393 million, up $61 million. This was also an all-time quarterly record and represented strong growth of 18% as compared to last year. And AFFO on a per share basis was $1.32, up 17% to last year.

經調整的 EBITDA 利潤率為 37.6%，較去年同期成長 110 個基點，這主要反映了我們資料中心和 ALM 業務利潤率的提高。我們對團隊實現有意義的營運槓桿的能力感到滿意，實現了 47% 的增量利潤率，與上個季度一致。調整後營運資金為 3.93 億美元，增加 6,100 萬美元。這也是有史以來最高的季度業績，與去年相比成長了18%。調整後營運資金（AFFO）以每股計算為 1.32 美元，比去年增長 17%。

Now turning to segment performance. In our Global RIM business, we achieved record quarterly revenue of $1.34 billion, an increase of $78 million. RIM reported growth was 6%, including organic growth of 5% year-on-year. This was driven by revenue management, higher digital revenue, and consistent organic volume. Storage revenue growth increased 5% on an organic basis and was up 6% absent a decline in Clutter revenue. As we discussed last year, Clutter's peak revenue was in the third-quarter of 2024 before we began the actions to improve profitability.

現在來看細分市場表現。在全球RIM業務方面，我們實現了創紀錄的季度營收，達到13.4億美元，比上年增長7800萬美元。報告顯示，成長率為 6%，其中有機成長率為 5%（年成長）。這主要得益於收入管理、更高的數位收入和持續的自然流量成長。儲存業務收入以有機成長計算成長了 5%，若不計雜物儲存業務收入的下降，則成長了 6%。正如我們去年討論的那樣，在我們開始採取措施提高獲利能力之前，Clutter 的收入高峰出現在 2024 年第三季。

Global RIM organic service revenue was up 4.7% in the quarter, similar to last quarter, improving retention and consistent levels of destruction pressured revenue growth. All other services increased 7% on an organic basis, reflecting strong growth in our digital business.

全球 RIM 有機服務收入在本季度增長了 4.7%，與上一季類似，客戶留存率的提高和持續的銷毀水平對收入增長構成了壓力。其他所有服務均實現了 7% 的自然成長，反映出我們數位業務的強勁成長。

As it relates to the multiyear Department of Treasury contract, we recognized revenue of approximately $2 million in the third-quarter and expect $4 million in the fourth-quarter prior to building into tax season in the first half of next year. In the third-quarter, we began to staff up to ensure we are fully ready to support the significant ramp in this contract.

就與財政部簽訂的多年期合約而言，我們在第三季確認了約 200 萬美元的收入，預計在明年上半年報稅季到來之前，第四季將達到 400 萬美元。第三季度，我們開始增加人手，以確保我們能夠充分應對該合約中大幅增長的需求。

Global RIM adjusted EBITDA increased $29 million to $598 million, yielding an adjusted EBITDA margin of 44.7%. Turning to our acquisition in India. We are very pleased with CRC's performance with integration ahead of plan. In the quarter, CRC added $6 million to revenue, including $1.2 million to storage revenue, along with 7.4 million cubic feet of volume.

全球 RIM 調整後 EBITDA 增加 2,900 萬美元至 5.98 億美元，調整後 EBITDA 利潤率為 44.7%。接下來談談我們在印度的收購案。我們對CRC的表現非常滿意，其整合工作提前完成了規劃。本季度，CRC 的收入增加了 600 萬美元，其中包括 120 萬美元的儲存收入，以及 740 萬立方英尺的儲存量。

For modeling purposes, it's important to note that while the margin for our storage business in India is similar to our margin in the US and Europe, the price per cube is approximately 20% of our company average. As a result, the inclusion of CRC lowered our storage ASP by about 100 basis points in the quarter.

出於建模的目的，需要注意的是，雖然我們在印度的儲存業務利潤率與我們在美國和歐洲的利潤率相似，但每立方米的價格約為我們公司平均價格的 20%。因此，CRC 的加入使我們本季的儲存平均售價降低了約 100 個基點。

Turning to our global data center business. Total data center revenue was $204 million in the third-quarter, an increase of $51 million or 33% year-on-year. Organic storage rental growth increased 32%, driven by lease commencements and positive pricing trends.

接下來談談我們的全球資料中心業務。第三季資料中心總營收為 2.04 億美元，年增 5,100 萬美元，增幅達 33%。受租賃業務啟動和價格上漲趨勢的推動，有機倉儲租賃業務成長了 32%。

In the third-quarter, new commencements were 3 megawatts. We renewed nearly 300 leases for a total of 11 megawatts. Pricing remained strong with renewal pricing spreads of 14% and 19% on a cash and GAAP basis, respectively. Third-quarter data center adjusted EBITDA was $107 million, up $41 million year-on-year. Adjusted EBITDA margin was 52.6%, up 900 basis points from the third-quarter of last year. Improved pricing, recent commencements, and operating leverage were the key drivers of the margin expansion in the quarter.

第三季新增裝置容量為 3 兆瓦。我們續簽了近 300 份租賃合同，總裝置容量為 11 兆瓦。定價依然強勁，以現金和 GAAP 計算的續約價格差異分別為 14% 和 19%。第三季資料中心調整後 EBITDA 為 1.07 億美元，年增 4,100 萬美元。調整後 EBITDA 利潤率為 52.6%，比去年第三季成長 900 個基點。價格上漲、近期新項目投產以及營運槓桿作用是本季利潤率擴張的關鍵驅動因素。

In the fourth-quarter, we expect data center revenue growth in excess of 30%. We have high visibility to this forecast as we are commencing 36 megawatts of new leases. This will also drive meaningful EBITDA growth in the period despite beginning to lap the significant step-up in data center margin, which commenced in the fourth-quarter of last year.

我們預計第四季度資料中心營收成長將超過 30%。由於我們即將啟動 36 兆瓦的新租賃項目，因此我們對這項預測具有很高的可見度。儘管資料中心利潤率自去年第四季開始大幅成長，但本期仍將推動 EBITDA 實現顯著成長。

Turning to asset life cycle management. Total ALM revenue was $169 million, an increase of $66 million or 65% year-over-year. On an organic basis, we delivered 36% growth. The strong performance was driven by our team's operational execution, particularly strong growth in our enterprise volume and component pricing trends. Our recent acquisitions are performing well and contributed $30 million to revenue.

轉向資產生命週期管理。ALM 總營收為 1.69 億美元，較上年同期成長 6,600 萬美元，成長 65%。以有機成長計算，我們實現了 36% 的成長。強勁的業績得益於我們團隊的營運執行，特別是企業銷售和零件價格趨勢的強勁成長。我們近期收購的項目表現良好，為公司貢獻了 3,000 萬美元的收入。

Regarding our acquisition of ACT Logistics, I should note this was completed in September and contributed less than $2 million to revenue in the third-quarter. For modeling purposes, we expect the business will contribute revenue of approximately $7 million to our full year results. From a profitability perspective, our team drove expanded ALM margins in the quarter through improved operating performance across the business and acquisition synergies.

關於我們對 ACT Logistics 的收購，我應該指出，這項收購已於 9 月完成，但第三季的營收貢獻不到 200 萬美元。出於建模目的，我們預計該業務將為我們全年業績貢獻約 700 萬美元的收入。從獲利能力的角度來看，我們的團隊透過改善整個業務的營運績效和收購綜效，在本季推動了資產負債管理利潤率的擴大。

Turning to capital allocation. We remain focused on growing the dividend and investing in high-return opportunities that drive double-digit growth while maintaining our strong balance sheet. In light of our performance in 2025 and outlook for AFFO, our Board increased our dividend by 10% effective with the January payout.

接下來討論資本配置。我們將繼續專注於提高股息，並投資於能夠推動兩位數成長的高回報機會，同時保持我們強勁的資產負債表。鑑於我們對 2025 年業績的預期以及對 AFFO 的展望，董事會決定將股息提高 10%，自 1 月派息起生效。

This will mark the fourth consecutive year in which we increased the dividend and the third consecutive 10% increase. This aligns with our commitment to growing the dividend while maintaining a payout ratio of low 60s as a percentage of AFFO per share. In terms of capital investments, we invested $472 million of growth CapEx and $42 million of recurring CapEx in the third-quarter.

這將是我們連續第四年提高股息，也是連續第三年提高 10%。這符合我們提高股息的承諾，同時將派息率維持在每股調整後營運資金 (AFFO) 的 60% 左右。在資本投資方面，我們第三季投資了 4.72 億美元的成長性資本支出和 4,200 萬美元的經常性資本支出。

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. Reflecting our strong credit profile, our team successfully raised EUR1.2 billion in a considerably oversubscribed debt offering, achieving a 4.75% fixed coupon maturing in 2034. We appreciate the continued long-term support of our fixed income investors.

接下來看一下資產負債表。憑藉強勁的 EBITDA 表現，我們本季末的淨租賃調整槓桿率為 5.0 倍，符合我們對本季和全年的預期。鑑於我們良好的信用狀況，我們的團隊成功地透過超額認購的債務發行籌集了 12 億歐元，實現了 2034 年到期的 4.75% 固定票息。我們感謝固定收益投資者的持續長期支持。

And now turning to our outlook. With strong performance in the third-quarter, we are well on track for the year and are pleased to reiterate our full year guidance ranges. For the fourth-quarter, we expect revenue of approximately $1.8 billion, an increase of 14% to last year on a reported basis and up over 12% on a constant currency basis. Adjusted EBITDA of approximately $690 million, an increase of 14% to last year on a reported basis and up 12% on a constant currency basis.

現在讓我們展望一下未來。第三季業績強勁，我們全年目標進展順利，很高興重申我們全年的業績預期範圍。我們預計第四季度營收約 18 億美元，按報告匯率計算比去年同期成長 14%，以固定匯率計算成長超過 12%。調整後的 EBITDA 約為 6.9 億美元，以報告基準計算比去年增長 14%，以固定匯率計算成長 12%。

AFFO of approximately $415 million, an increase of 13% to last year on a reported basis and up 10% on a constant currency basis and AFFO per share of approximately $1.39, an increase of 12% to last year on a reported basis and up 9% on a constant currency basis.

調整後營運資金約 4.15 億美元，按報告基準計算比去年增長 13%，以固定匯率計算增長 10%；調整後營運資金每股約為 1.39 美元，按報告基準計算比去年增長 12%，按固定匯率計算增長 9%。

In conclusion, our team has delivered excellent year-to-date results, driving industry-leading double-digit revenue and earnings growth with record-setting performance across our business. We have strong momentum and significant long-term growth in front of us.

總而言之，我們的團隊取得了優異的年初至今業績，實現了行業領先的兩位數收入和利潤增長，並在業務各個方面都取得了創紀錄的業績。我們擁有強勁的發展勢頭，未來將有顯著的長期成長空間。

I would like to express my thanks to our entire team for their best-in-class customer stewardship and commitment to Iron Mountain. And with that, operator, would you please open the line for Q&A?

我謹代表Iron Mountain團隊，感謝他們一流的客戶服務和對Iron Mountain的忠誠奉獻。那麼，接線生，請您開啟問答環節吧？

(Operator Instructions)

（操作說明）

George Tong, Goldman Sachs.

喬治唐，高盛集團。

I wanted to dive into your new $714 million five-year contract with the US Treasury Department. You mentioned expectations of high seasonal volumes in the spring of 2026. Can you talk more about the planned phasing of revenues, including whether the contract will ramp linearly across five years or whether it will be front-end loaded into 2026?

我想深入了解你與美國財政部簽訂的價值 7.14 億美元的五年合約。您提到預計 2026 年春季銷售將出現旺季成長。您能否詳細談談收入的計畫分階段發放情況，包括合約會在五年內線性增加，還是會在 2026 年集中發放？

George, thanks for the question. Yes, I think, first, we're really excited to have the opportunity to work for the federal government on this project for the IRS. And as you can expect is that it will be linear with slight growth as you go forward as people get added to the taxpayer role over that five-year contract. So it isn't front-loaded per se.

喬治，謝謝你的提問。是的，我認為，首先，我們非常高興有機會為美國國稅局參與聯邦政府的這個計畫。正如你所預料的那樣，隨著五年合約期間納稅人人數的增加，納稅額將呈線性增長，並略有增加。所以它本身並不是前期投入過多的。

But there is a seasonality aspect to do with tax season, right, so which is generally in the spring for most people. So we do expect a ramp. And we've already started building the capacity, obviously, upfront in terms of putting the people through the necessary clearance process so that they are ready to go when the season starts.

但報稅季確實存在季節性因素，對吧？對大多數人來說，報稅季通常在春季。所以我們預計會有一個斜坡。顯然，我們已經開始著手準備，首先要讓人們通過必要的審批程序，以便他們在賽季開始時做好準備。

But I think first and foremost is the thing that we're super excited about. It's another proof point in terms of the technology that we've built with this DXP platform, which, as you remember, goes back to when we were the AI/ML partner of the year seven years ago with Google.

但我認為最重要的是我們感到非常興奮的事情。這再次證明了我們利用 DXP 平台建構的技術的有效性。您可能還記得，這項技術可以追溯到七年前，當時我們與Google合作，獲得了年度 AI/ML 合作夥伴獎。

So to me, it's another proof point that what we've built really resonates with customers. And in this particular case, the IRS, which is very sophisticated on these types of things.

所以對我來說，這再次證明我們所打造的產品確實能引起顧客的共鳴。而在這個特殊案例中，美國國稅局在這方面非常專業。

Eric Luebchow, Wells Fargo.

艾瑞克‧盧布喬，富國銀行。

Great. I wanted to touch on the ALM business. It looks like you expect about $600 million of revenue this year. I think that's a slight uptick from what you guided last quarter. And I wanted to kind of break down what you're seeing on volume versus price.

偉大的。我想談談資產生命週期管理（ALM）業務。看來你們預計今年的收入約為6億美元。我認為這比你上個季度的預期略有上升。我想分析一下成交量與價格之間的關係。

We've seen a pretty significant increase in memory pricing recently in the last couple of months. Just wondering if you're starting to see that flow through at all in your results and how that could potentially influence growth rates as we look forward into 2026.

近幾個月來，我們看到記憶體價格出現了相當顯著的上漲。我只是想知道您是否已經開始在業績中看到這種趨勢，以及這可能會如何影響我們展望 2026 年的成長率。

Eric, thanks for the question. ALM continues to be very strong, as you point out. And I would say you're correct. We're expecting now for the business to deliver approximately $600 million. That is up some from our guidance last quarter.

艾瑞克，謝謝你的提問。正如你所指出的，ALM依然非常強勁。我認為你是對的。我們現在預計該業務將帶來約 6 億美元的收入。這比我們上季度的預期有所上調。

If anything, we were probably being a little bit conservative with the numbers last quarter in light of the growth trajectory the business has been on. But look, 36% organic growth, and we're expecting something in that same vicinity again in the fourth-quarter. So very strong performance coming out of the team.

如果有什麼變化的話，那就是考慮到公司目前的成長勢頭，我們上個季度的數字可能有點保守了。但你看，有機成長率達到了 36%，我們預期第四季也能達到類似的水平。所以，這支隊伍表現非常出色。

And it is volume-led and it's also enterprise volume led, as I mentioned on the call. And I think that's the important part as we build the business that enterprise business, as you know, is the higher-margin business, and that's helping drive the improved profitability that we mentioned on the call and that you see in our results as well, Eric.

正如我在電話會議上提到的，它是以銷售為導向的，也是以企業銷售為導向的。我認為，在我們建立企業業務的過程中，這一點至關重要。如你所知，企業業務是利潤率更高的業務，這有助於推動我們在電話會議上提到的盈利能力的提高，埃里克，你也在我們的業績中看到了這一點。

You mentioned memory pricing. Certainly, pricing for some components on the data center decommissioning side has continued to rise. As you know, that can be very subject to change and really component by component. So we've seen some increases on memory. We've seen some increases on hard drives, but not everything is moving in the same, let's say, velocity.

您提到了記憶體定價。當然，資料中心退役方面某些組件的價格一直在上漲。如您所知，這種情況很容易發生變化，而且實際上是逐個組件進行的。所以我們看到記憶體使用量增加。我們看到硬碟的價格有所上漲，但並非所有東西都以相同的速度上漲。

And as we get into next year, we'll be happy to update you on what we're seeing as it relates to commodity prices at that time. But we're basically using a current view of pricing for the fourth-quarter as we traditionally do.

進入明年，我們將很樂意向您報告屆時大宗商品價格的走勢。但我們基本上還是像往常一樣，採用目前的定價觀點來制定第四季的定價。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I was wondering if you could elaborate a bit on the data center pipeline and demand across both enterprise and hyperscalers as we've turned the page into next year.

我想請您詳細介紹一下企業和超大規模資料中心的管道和需求，因為我們已經翻開了新的一頁，進入了新的一年。

Thanks, Tobey, for the question. So first, as I said in my remarks, is we have seen -- in fact, we started seeing it even on the -- in August, as I pointed out on the last call, a shift back to our largest hyperscale customers back to inference and cloud build-out.

謝謝托比的提問。首先，正如我在演講中所說，我們已經看到——事實上，早在8月份，正如我在上次電話會議上指出的那樣，我們就開始看到這種情況，我們最大的超大規模客戶重新轉向推理和雲端建設。

And you could see that in our leasing both in the quarter and then as we ended Q4 with the leasing out the 36 megawatts in the Chicago site for a customer that was originally taking 25 megawatts in London. So we're starting to see definitely an uptick on that.

這一點可以從我們本季的租賃業務中看出，尤其是在第四季末，我們將芝加哥站點的 36 兆瓦電力租賃給了原本在倫敦租用 25 兆瓦電力的客戶。所以我們已經開始看到這種情況明顯好轉。

And then more broadly, if I look at the pipeline that we're building for the 450 megawatts that get energized over the next 24 months, again, the depth of that pipeline and the number of our customers coming back to that, again, for cloud build out and inference is very marked versus the first half of 2025.

更廣泛地說，如果我看一下我們正在為未來 24 個月內投入使用的 450 兆瓦電力項目構建的管道，那麼與 2025 年上半年相比，該管道的深度以及我們的客戶數量（用於雲端建設和推斷）都非常明顯。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

I just wanted to follow up on the treasury contract. If I heard you correctly, it's up to $714 million over five years. Can you talk about what would get you to the high end versus what might be the low end of what you might be able to capture?

我只是想跟進一下財政部的合約狀況。如果我沒聽錯的話，五年內總額將達到 7.14 億美元。你能談談什麼樣的條件能讓你達到高端水平，什麼樣的條件又能讓你達到低端水平嗎？

Thanks for the question, Brendan. It's volume, right? In other words, we have agreed pricing with the treasury, and it just is dependent on the volume and which forms that they actually send to us. But I have to say is that we're obviously preparing for tax season. So the team has been working very closely with the treasury. And the feedback from the customer in terms of what we're able to do with our models has been very positive.

謝謝你的提問，布倫丹。是音量的問題，對吧？換句話說，我們已經和財政部商定了價格，價格取決於交易量以及他們實際發送給我們的表格。但我必須說，我們顯然是在為報稅季做準備。因此，該團隊一直與財政部密切合作。客戶對我們模型功能的回饋非常正面。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Bill, I just want to go back to some of the data center leasing. It's certainly heartening to see we're starting to pick up in terms of the rate of leasing from the last few quarters to what you saw a little bit of an improvement now. I was just wondering, can you talk about how much energy capacity is expected to be energized in the next 12 months that could really spur like the near-term leasing activity?

比爾，我只想再談談資料中心租賃的事情。令人欣慰的是，租賃率從過去幾季開始回升，現在確實出現了一些改善。我想問一下，您能否談談未來 12 個月內預計會有多少能源產能投入使用，這可能會真正刺激近期租賃活動？

I'm trying to figure out over here is, are we going to start to go back to those quarters where you had some really large leasing numbers in the near term based on some of the stuff that's going to be lit up pretty soon?

我正在努力弄清楚的是，基於一些即將投入使用的項目，我們是否會在近期內回到租賃數量非常龐大的時期？

Shlomo, thanks for the question. Yes. So I'm going a little bit maybe granular in the 450 megawatts that I said that gets energized over the next 24 months because I think that's really the capacity that people start focus on.

Shlomo，謝謝你的提問。是的。所以我可能會更細緻地分析我之前提到的未來 24 個月內將投入使用的 450 兆瓦電力，因為我認為這才是人們真正開始關注的容量。

If I even go a little bit deeper on that, in the next 18 months is 250 megawatts gets energized. And so there's another follow-on 200 megawatts the following six months for the total 450. And the reason why I'm parsing it out at 18 megawatts, if you can appreciate is that most of our customers are these -- the large hyperscale customers, which are almost a build-to-suit.

如果我再深入探討一下，未來 18 個月內將有 250 兆瓦的電力投入使用。因此，接下來的六個月也將新增 200 兆瓦，總計達到 450 兆瓦。我之所以將其細分為 18 兆瓦，原因在於我們的大多數客戶都是這類大型超大規模客戶，他們幾乎都是量身訂製的。

I mean there's a customization on that. So it's really kind of the 18-month window up to a 24-month window that they look at because that's the time that's required to get the design to their specification and obviously construct.

我的意思是，這方面是有自訂選項的。所以他們主要關注的是 18 個月到 24 個月的時間窗口，因為這是將設計方案調整到符合他們規格並進行施工所需的時間。

So to answer your question, yes, I mean, I think we feel really good over the -- as we enter into '26 and we look at the first 18 months, we have 250 megawatts that we can be in active conversations with our customers and deliver almost in their minds immediately.

所以回答你的問題，是的，我的意思是，我認為我們對未來感覺非常好——進入 2026 年，展望前 18 個月，我們有 250 兆瓦的電力可以與客戶積極溝通，並幾乎立即在他們心中交付。

And then if you look six months beyond that, we're almost doubling that again with adding another 200 megawatts on top of that. And then if I take a step back, as we say, the 25% revenue growth next year for data center is already in the bag.

如果再往後看六個月，我們將在此基礎上再增加 200 兆瓦，幾乎讓這個數字翻倍。然後，正如我們常說的，退一步來看，明年資料中心 25% 的營收成長已經十拿九穩了。

I mean this is stuff that we've already contracted for and leased. And then if I look at that 250 over the next 18 months with another 200 to follow the six months later, the total 450 is we feel really good about our ability to be able to maintain that kind of revenue growth as we get into '27 and beyond.

我的意思是，這些都是我們已經簽訂合約並租賃的東西。然後，如果我展望未來 18 個月的 250，再加上之後六個月的 200，總共 450，我們非常有信心能夠保持這種收入增長勢頭，直至 2027 年及以後。

And Shlomo, I'll just add a couple of more granular points to support that is the assets that we have coming on that are energizing are in some fantastic markets. If you look at what we've got in London, we have over 20 megawatts energizing soon.

Shlomo，我再補充幾點細節來佐證這一點：我們即將推出的那些令人振奮的資產都位於一些非常棒的市場中。看看我們在倫敦的情況，很快就會有超過 20 兆瓦的電力投入使用。

We've got Virginia. We have 28 megawatts. We've got quite a few megawatts energizing soon in Madrid, Miami, Amsterdam. So these are really Tier 1 markets. And then as you get to the outer time frame that Bill was speaking about, you get into some very large capacity in Richmond, which, as you know, is a significantly growing development zone as considerable capacity spills over from Northern Virginia into that market.

我們已經有了維吉尼亞州。我們有28兆瓦。馬德里、邁阿密、阿姆斯特丹等地即將有相當多的兆瓦電力投入使用。所以這些都是真正的頂級市場。然後，到了比爾所說的那個時間範圍，里士滿的產能就非常大了，正如你所知，里士滿是一個快速發展的區域，因為北維吉尼亞的大量產能都溢出到了這個市場。

The other thing I will just add is, as Bill was referring to, the backlog that we have for revenue even beyond 2027 is like $250 million of revenue that will be coming. That's just on the already pre-leased. So we feel like we've got a very good growth trajectory going forward for leasing, Shlomo.

我還要補充一點，正如比爾所提到的，我們甚至在 2027 年後還有大約 2.5 億美元的收入積壓即將到來。那隻是已經預租出去的那些。Shlomo，所以我們覺得租賃業務未來的成長前景非常好。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通。

It's Andrew. Could you comment anything on kind of really forward-looking CapEx targets kind of multiyear? Obviously, you raised your dividend here. I'm just really thinking that in the data center industry, there's a real shift towards these more mega projects. And just wanted to know the CapEx approach in '26 and beyond you might be doing to prepare for those opportunities.

是安德魯。您能否就一些具有前瞻性的多年資本支出目標發表一些看法？顯然，你們提高了股利。我只是覺得，在資料中心產業，正在發生一種轉變為大型專案的趨勢。我想知道您在 2026 年及以後可能會採取哪些資本支出策略來把握這些機會。

Andrew, thanks for the question. So let me -- I'll start and then have Barry comment more from the detail in terms of what that means for CapEx. But I mean, to ask your -- the driver, I think, behind your question is, are we going to participate in these large language model campus build-out, the 1 gigawatt.

安德魯，謝謝你的提問。那麼，讓我先開始，然後讓 Barry 從細節上更詳細地評論一下這對資本支出意味著什麼。但我的意思是，問你——我認為你這個問題背後的驅動力是，我們是否會參與這些大型語言模型校園建設，1 吉瓦。

And for sure, we look at large campuses, but our target focus is for the inference and the cloud build-out. Now that's not saying that on some of our campuses that we're looking at, say, north of 500 megawatts, could someone come in and say they want to develop large language models? Yes, that's a possibility.

當然，我們也會關注大型校園，但我們的目標重點是推理和雲端建設。當然，這並不是說在我們正在考察的一些校園裡（比如說，裝置容量超過 500 兆瓦的校園），有人會進來表示他們想要開發大型語言模型嗎？是的，這有可能。

But we're not chasing that market because the nature of our customers and our relationships is really about building out cloud infrastructure and inference.

但我們並沒有追逐那個市場，因為我們的客戶和我們之間的關係本質上是建立雲端基礎設施和推理。

And Andrew, I would just add that while we haven't given guidance for next year, a couple of thoughts on capital. Look, as we continue to build out our pre-leased backlog, naturally, we'll be spending CapEx on that. And as we have a very forward -- very positive forward look on the pipeline for additional leasing, you should probably anticipate that our data center CapEx will continue to gradually rise some with that expectation on additional leasing.

安德魯，我還要補充一點，雖然我們還沒有給出明年的業績指引，但關於資本方面有幾點想法。你看，隨著我們不斷擴大預租訂單的規模，我們自然會在這方面投入資本支出。鑑於我們對未來租賃專案的前景非常樂觀，您應該預料到，隨著租賃專案的增加，我們的資料中心資本支出將繼續逐步上升。

So we -- the key point, I think, is we really are building to pre-leased assets, right? We're not speculatively building. So it's capital that's going to very high-return contracts that we've already signed with -- that are very long term with some of the highest credit quality clients you can have. I mean, think about companies that have $500 billion or more market cap.

所以，我認為關鍵在於，我們實際上是在為預租資產進行建設，對吧？我們並非在進行投機性建設。所以，這些資金將用於我們已經簽訂的高回報合約——這些合約期限非常長，而且是與信用品質最高的客戶簽訂的。我的意思是，想想那些市值達到 5000 億美元或以上的公司。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

Great. The one example, I think it was a net 11 megawatts leased. I guess when a client shifts like that, I guess, what drives that decision? And given kind of how diversified you folks are, would you expect more of that going forward? I wanted to start there, if possible.

偉大的。我記得有一個例子，淨租賃了 11 兆瓦。我想，當客戶發生這樣的轉變時，是什麼因素促使他們做出這樣的決定呢？鑑於你們的業務如此多元化，你們預計未來會有更多的這類業務嗎？如果可以的話，我想從那裡開始。

Kevin, thanks for the question. It's not usual, but I have to say that we're always happy to do that because as you noticed that in the Wall Street Journal polling recently, we won the most customer-focused or centric company in the publicly listed companies in the US. And that's kind of a testament -- this is a proof point in terms of the way we work with our customers because this particular customer saw their loads shift and Chicago was a more important market for them in the near future than London was.

凱文，謝謝你的提問。雖然這種情況並不常見，但我必須說，我們一直很樂意這樣做，因為正如您最近在《華爾街日報》的民意調查中看到的那樣，我們贏得了美國上市公司中最以客戶為中心的公司稱號。這在某種程度上證明了我們與客戶的合作方式是正確的，因為這位客戶發現他們的貨運量發生了變化，在不久的將來，芝加哥對他們來說比倫敦更重要。

So we said, yes, we can accommodate that for them, and we were able to do that. So we had a very happy customer. I will say from our standpoint, it also was very good. I mean the Chicago market is a very interesting market, but we took a customer that was going to do 25 megawatts in London and upsold them effectively to 36 megawatts in Chicago.

所以我們就說，是的，我們可以滿足他們的需求，而且我們也做到了。所以我們有一位非常滿意的客戶。從我們的角度來看，這也非常好。我的意思是，芝加哥市場是一個非常有趣的市場，我們成功地將原本打算在倫敦安裝 25 兆瓦設備的客戶，升級到了在芝加哥安裝 36 兆瓦設備。

And then the space they're vacating in London in the slower state, actually is a very -- we have very strong interest in that 25 megawatts and always have. And the pricing has actually improved since they've shifted over to Chicago.

然後，他們在倫敦以較慢的速度騰出的 25 兆瓦空間，實際上非常——我們對這 25 兆瓦非常感興趣，而且一直如此。自從他們搬到芝加哥後，價格實際上有所改善。

So it's a win-win for everyone, but it doesn't happen often. But our -- we're very customer-centric as a company. So if we can help a customer in that way, then we do our level best to do that.

所以這對每個人來說都是雙贏，但這種情況並不常發生。但是我們公司非常注重客戶體驗。所以，如果我們能以這種方式幫助客戶，那麼我們就會盡全力去做。

And what I'd add, Kevin, just to make sure we're -- you're clear on this is the client had not commenced in London, right? So we were still -- they are still in the process of building out that site. And so you wouldn't anticipate seeing this sort of activity on deployments that have already commenced in sites.

凱文，我還要補充一點，為了確保我們──你明白這一點嗎？客戶還沒有在倫敦開始工作，對吧？所以他們還在建造那個網站。因此，你不會預料到會在已經開始部署的網站上看到這種活動。

And the other thing I'll just note is in light of the timing, it's a very good asset for us to be able to lease at higher prices going forward.

另外，我想指出的是，考慮到目前的時機，這對我們來說是一項非常好的資產，使我們能夠在未來以更高的價格進行租賃。

(Operator Instructions)

（操作說明）

Nate Crossett, BNP.

Nate Crossett，BNP。

Just on the RIM storage business, can you comment on what you're expecting for volumes and pricing into 4Q and next year?

僅就 RIM 儲存業務而言，您能否談談您對第四季度和明年銷售和價格的預期？

Nate, from a volume perspective, as you saw, our organic volume in physical storage continued to rise and very much in line with our trends of, I think it was 30, 40 basis points in the quarter. We continue to have a positive outlook for organic volume, and that includes next year and frankly, for the foreseeable future, our team continues to find ways to consolidate additional volume from our existing client base.

內特，從數量的角度來看，正如你所看到的，我們的實物存儲有機數量持續增長，與我們的趨勢非常吻合，我認為本季度增長了 30 到 40 個基點。我們對有機銷售仍然保持樂觀態度，包括明年，坦白說，在可預見的未來，我們的團隊將繼續尋找方法，從我們現有的客戶群中整合更多銷售。

Obviously, as you know, we win new clients, particularly in some of the emerging markets. And as we talked about so often, the volume that we bring in is very much an annuity stream. The average box is staying with us for nearly 15 years, and that has not changed.

顯然，正如您所知，我們贏得了新客戶，尤其是在一些新興市場。正如我們經常談到的那樣，我們所獲得的業務量就像一筆穩定的年金收入。平均而言，一個盒子能陪伴我們近 15 年，這一點至今沒有改變。

From a revenue standpoint, we continue to anticipate revenue management actions in that kind of mid-single-digit range. And that would be the case for the fourth-quarter as well. I'll just note, we are now lapped over the Clutter consumer storage headwind.

從收入角度來看，我們繼續預期收入管理措施將達到中等個位數的幅度。第四季的情況也大致如此。我只想指出，我們現在已經克服了雜物消費儲存方面的不利因素。

As I mentioned in the prepared remarks, that was the peak volume in the peak revenue in the third-quarter of last year. The other thing I'll just mention, since it hasn't come up yet, but you asked about the quarters is we have assumed that FX is a little bit more challenging on a sequential basis as you've probably seen the dollar has strengthened recently.

正如我在準備好的發言稿中提到的，那是去年第三季銷售和營收的高峰。還有一點我想提一下，雖然還沒提到，但你問到了季度情況，我們假設外匯市場在環比上更具挑戰性，你可能已經看到美元最近走強了。

So that's embedded in our guidance as well, which I think speaks to the fact that we've got a very nice outlook in light of projecting 14% revenue growth in the fourth-quarter.

所以這一點也體現在我們的業績指引中，我認為這表明，鑑於我們預期第四季營收成長14%，我們對未來前景非常樂觀。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

Barry, I just want to get into kind of the mix of revenue. Both storage and services gross margins were down sequentially. And I assume that it's mix because that's usually what's going on, but I want to ask if you can confirm that and just give us a little bit more detail on the sequential movement.

巴里，我只是想參與收入組成。倉儲和服務業務的毛利率均較上月下降。我猜想應該是混合的，因為通常都是這樣，但我想請您確認一下，並給我們更詳細地介紹順序運動。

Thanks, Shlomo. Yes. So if I break it down between the two, on storage, it's mostly about data center, particularly power. As you know, as our clients draw more power and commence, that's a pass-through. So we generate revenue, but we don't generate incremental profit.

謝謝你，什洛莫。是的。所以如果我把這兩者分開來看，在儲存方面，主要涉及資料中心，特別是電力。如您所知，隨著我們的客戶用電量增加並開始運營，這會產生一定的成本。所以我們有收入，但沒有產生增量利潤。

So if it wasn't for power, it would have been up actually. And so then the other thing that I should mention on storage is data center, as I've talked about before, is a lower gross margin for us on storage as a company. But as you know, it's a very accretive EBITDA margin, and the team is just doing phenomenally well with profitability in data centers. You saw the margins up to 52%-plus. And that's also with the headwind of power, just as a reminder, on the EBITDA margin.

所以，如果不是因為停電，它其實早就升起來了。因此，關於存儲，我還應該提一下資料中心，正如我之前提到的，對於我們公司而言，存儲方面的毛利率較低。但正如您所知，這是一個非常可觀的 EBITDA 利潤率，而且團隊在資料中心的獲利能力方面做得非常出色。你看到利潤率高達 52% 以上。需要提醒的是，電力成本的上漲也對 EBITDA 利潤率造成了不利影響。

On service, what you saw there in terms of the decline is, as you said, it's much about mix. It's all mix actually. So the ALM business continues to perform very strong as you saw the growth that we've been delivering both year-on-year and sequentially as well as digital. And as we talked about before, both of those are generally kind of lower-margin businesses for us than our average service.

就服務而言，你看到的下滑，正如你所說，很大程度上是組合問題。實際上都是混合的。因此，ALM 業務繼續表現非常強勁，正如您所看到的，我們實現了同比增長、環比增長以及數位增長。正如我們之前討論過的，這兩項業務的利潤通常都比我們一般的服務要低。

And lastly, I'll just point out with better retention rates, we have less permanent withdrawals and terminations. And that's a bit of a headwind to rate as well. But obviously, that's a very good story for the long term in light of seeing retention continue to rise over the last few quarters. Thank you, Shlomo.

最後，我想指出，更高的客戶留存率意味著更少的永久提款和終止交易。這也為評分帶來了一定的不利影響。但顯然，考慮到過去幾季客戶留存率持續上升，從長遠來看，這是一個非常好的消息。謝謝你，什洛莫。

And ladies and gentlemen, this concludes our question-and-answer session and the Iron Mountain third-quarter 2025 earnings conference call. Thank you for attending today's presentation. You may now disconnect.

女士們、先生們，我們的問答環節和 Iron Mountain 2025 年第三季財報電話會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。