鐵山公司 (IRM) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Iron Mountain third quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Iron Mountain 2026 年第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給投資人關係資深副總裁 Mark Rupe。請開始。

Thanks, Rocco. Good morning, everyone, and welcome to our third quarter 2026 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. 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.

謝謝你，Rocco。各位早安，歡迎參加我們 2026 年第三季財報電話會議。今天與會者包括我們的總裁兼執行長 Bill Meaney，以及執行副總裁兼財務長 Barry Hytinen。在我們的準備稿說明之後，我們將開放問答。今天的電話會議將包含前瞻性陳述，這些陳述受風險與不確定性影響。

For a discussion of the major risk factors that could cause 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 be found on our Investor Relations website.

關於可能導致實際結果與這些陳述不同的主要風險因素之討論，請參閱今日的財報資料，包括財報簡報第 2 頁的安全港聲明，以及我們的 Form 10-K 與 10-Q 年度與季度報告。上述各項資料，以及本次電話會議中提及之非 GAAP 財務衡量指標的調節表，皆可於我們的投資人關係網站查閱。

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

接下來，我把電話交給 Bill。

Thank you, Mark, and thank you all for joining us today to discuss our third quarter results. We are pleased to report that our team delivered another exceptional performance in the third quarter with record-breaking results, surpassing our expectations across all key metrics. Revenue increased 13% on both a reported and an organic basis, and adjusted EBITDA and AFFO grew 13% and 17%, respectively.

謝謝你，Mark，也謝謝各位今天加入我們，一同討論第三季業績。我們很高興報告，我們的團隊在第三季再度交出卓越表現，創下破紀錄的成果，在所有關鍵指標上都超越我們的預期。營收在申報口徑與有機口徑下皆成長 13%，調整後 EBITDA 與 AFFO 分別成長 13% 與 17%。

These outstanding results continue to underscore the enduring strength and synergies of our traditional records business and portfolio of growth businesses driven by our team's commitment to creating customer value, coupled with disciplined operational execution. Let me share some of the highlights from the quarter, starting with data center-related performance.

這些亮眼成果持續凸顯我們傳統檔案業務與成長型業務組合之間持久的實力與協同效應，這得益於團隊致力於為客戶創造價值，並搭配嚴謹的營運執行。我先分享本季的一些重點，從資料中心相關表現開始。

In our data center business, we drove 34% revenue growth with impressive profitability expansion, and we achieved record quarterly leasing of 102 megawatts and increased our revenue backlog to $575 million. And in our data center decommissioning business within Asset Lifecycle Management, our team drove double-digit revenue growth. We also saw strength in our performance related to our enterprise customers.

在資料中心業務方面，我們推動營收成長 34%，獲利能力也顯著擴張；我們創下單季租賃 102 兆瓦的紀錄，並將營收待履約訂單（backlog）提升至 5.75 億美元。此外，在資產生命週期管理（ALM）中的資料中心退役（decommissioning）業務，我們的團隊帶動營收達到兩位數成長。我們也看到與企業客戶相關的表現持續強勁。

Enterprise ALM grew more than 60% in the quarter, continuing its strong trend and benefiting from cross-selling, increased penetration and expanded footprint. Our digital solutions business achieved another record quarter of revenue, whilst continuing to earn analyst recognition for our AI-powered InSight DXP platform and its intelligent document processing capabilities, whether on physical or digital-born information.

本季企業 ALM 成長超過 60%，延續強勁趨勢，並受惠於交叉銷售、滲透率提升與服務版圖擴大。我們的數位解決方案業務再度創下單季營收新高，同時我們的 AI 驅動 InSight DXP 平台及其智慧文件處理能力（無論是實體或原生數位資訊）持續獲得分析師肯定。

Our physical storage business grew mid-single digits and is tracking towards its 38th consecutive year of organic storage rental growth. And operationally, our margin expansion efforts across each of our businesses, together with our team's focus on expense discipline, resulted in a strong adjusted EBITDA margin of 37.6%.

我們的實體儲存業務呈現中個位數成長，並正朝向連續第 38 年有機儲存租金成長的目標前進。在營運方面，我們在各業務推動的利潤率擴張措施，加上團隊對費用紀律的專注，使調整後 EBITDA 利潤率達到強勁的 37.6%。

Based on these strong results, we are pleased to increase our full year financial outlook. We continue to build operational scale, and our commercial efforts are focused on strategic cross-selling to further expand the top line contribution from our growth businesses of data center, enterprise ALM, data center decommissioning and digital. These high-growth businesses have continued to exceed our targets and represent an increasingly large portion of our total revenue as well as our total addressable market of $170 billion.

基於這些強勁成果，我們很高興上調全年財務展望。我們持續建立營運規模，而我們的商務重點聚焦於策略性跨售，以進一步提升資料中心、企業 ALM、資料中心退役與數位等成長型業務對營收的貢獻。這些高成長業務持續超越我們的目標，並在總營收中占比日益提高，同時也擴大我們總可服務市場（TAM）1,700 億美元中的覆蓋範圍。

This underwrites our ability to sustain double-digit top and bottom line growth well into the future. In 2026, we expect our growth businesses to represent more than one-third of total revenue and contribute 11 of the 16 percentage points of consolidated growth with the remaining 5 points coming from our highly recurring and high-margin traditional record storage business.

這為我們在未來很長一段時間內維持營收與獲利雙位數成長的能力提供支撐。在 2026 年，我們預期成長型業務將占總營收的三分之一以上，並在合併成長的 16 個百分點中貢獻 11 個百分點；其餘 5 個百分點則來自我們高度經常性且高毛利的傳統檔案儲存業務。

Based on our strong performance in 2026 and continued positive outlook, our Board of Directors has authorized an increase of our quarterly dividend by 15%. Now let me share some of the wins from the quarter that illustrate the commercial success across industry verticals, including the public sector, where we delivered our second best bookings quarter in our history and have grown bookings 40% year to date compared to last year. Contributing to the bookings success in the third quarter was a key win in records management.

基於我們在 2026 年的強勁表現與持續正向的展望，我們董事會已核准將季度股利提高 15%。接著我分享本季一些勝出案例，展現我們在各產業垂直領域的商務成功，包括公共部門；在公共部門，我們創下史上第二佳的訂單（bookings）季度，且年初至今的訂單較去年成長 40%。推動第三季訂單成功的一項關鍵勝利來自檔案管理業務。

In the US, a new customer within the Federal Government selected Iron Mountain for a three-year, $25 million contract to support a complex multisite relocation of federal records as part of its real estate optimization and efficiency efforts.

在美國，一家聯邦政府的新客戶選擇 Iron Mountain，簽訂為期三年、金額 2,500 萬美元的合約，以支援其作為不動產最佳化與效率提升計畫一部分的複雜多據點聯邦檔案搬遷。

Iron Mountain was chosen based on its long history of operational execution for the federal government. We also saw success in the private sector, winning a multimillion dollar 10-year contract with a Fortune 100 customer to provide highly secure climate-controlled storage and premium archival services.

Iron Mountain 之所以獲選，是基於其長期以來為聯邦政府提供營運執行的良好紀錄。我們在民間部門也取得成功，與一家《財富》100 大客戶簽下為期 10 年、數百萬美元的合約，提供高度安全、恆溫恆濕的儲存服務與高階典藏服務。

In digital solutions, we continue to see strong momentum for our InSight DXP platform with significant growth in the number and average size of deals. Our recent wins demonstrate how customers are using DXP to turn unstructured information, whether in physical or digital form into insights for improving operations, strengthening governance and enabling AI.

在數位解決方案方面，我們的 InSight DXP 平台持續展現強勁動能，交易數量與平均交易規模皆顯著成長。我們近期的勝出案例顯示，客戶正運用 DXP 將非結構化資訊（無論是實體或數位形式）轉化為洞察，以改善營運、強化治理並啟用 AI。

Some examples are in the Middle East, we signed a multiyear contract with a government for our largest DXP deployment to date, supporting the nation's flagship government digital transformation initiative. DXP will serve as the standardized digital platform underpinning this initiative with a planned rollout across 30 government agencies. The win underscores how DXP, paired with a compliance sovereign cloud architecture and strong local ecosystem partners, enables us to unlock significant value from unstructured government data.

例如在中東地區，我們與某政府簽訂多年期合約，這是迄今為止我們最大規模的 DXP 部署，用以支援該國旗艦級政府數位轉型計畫。DXP 將作為支撐該計畫的標準化數位平台，並計畫推廣至 30 個政府機關。此項勝利凸顯 DXP 搭配合規的主權雲架構與強大的在地生態系夥伴，能協助我們從政府非結構化資料中釋放顯著價值。

I would also like to highlight that Standard Chartered Bank, a long-standing customer, recently deployed our DXP platform in Singapore, the first phase of a broader rollout across its Asia Pacific operations. As one of the largest enterprise scale implementations in the region, DXP will replace a legacy enterprise content management, or ECM, platform and enable Standard Chartered to serve customer accounts with greater speed and agility while strengthening its information governance and reducing regulatory risks.

我也想特別提到，長期客戶渣打銀行（Standard Chartered Bank）近期已在新加坡部署我們的 DXP 平台，這是其亞太營運更大範圍推廣的第一階段。作為該區域最大規模的企業級導入之一，DXP 將取代既有的企業內容管理（ECM）平台，並使渣打能以更快速度與更高敏捷性服務客戶帳戶，同時強化資訊治理並降低法規風險。

Now let me highlight some of our data center wins. We had an outstanding data center performance in the third quarter, bringing our year-to-date leasing to 137 megawatts. We also expanded our customer base in the quarter, adding our second new hyperscale relationship this year.

接下來我說明一些資料中心的勝出案例。我們第三季資料中心表現非常出色，使年初至今的租賃量達到 137 兆瓦。我們也在本季擴大客戶基礎，新增了今年第二個新的超大規模（hyperscale）客戶關係。

In India, we signed 74 megawatts, including 51 megawatts in Mumbai and 23 megawatts in Chennai. India is quickly becoming a major hyperscale data center market, and we are well positioned as one of the top developers.

在印度，我們簽下 74 兆瓦，其中孟買 51 兆瓦、清奈 23 兆瓦。印度正迅速成為主要的超大規模資料中心市場，而我們作為頂尖開發商之一，具備良好布局。

We also fully leased our 25-megawatt London-3 asset and leased approximately 3 megawatts to enterprise customers in the quarter. Building on this success, we are well positioned to sustain our momentum with approximately 325 megawatts of leasable capacity expected to energize within the next 24 months. Industry demand remains incredibly strong, and our pipeline of activity on each of our key sites continues to be very high.

我們也已將 25 兆瓦的 London-3 資產全數出租，並在本季向企業客戶出租約 3 兆瓦。在此成功基礎上，我們具備良好條件延續動能；預計未來 24 個月內將有約 325 兆瓦可出租容量完成送電（energize）。產業需求依然極為強勁，而我們在各個關鍵據點的活動管線也持續維持在非常高的水準。

Turning to our Asset Lifecycle Management business. We continue to successfully execute our strategy of scaling our global capabilities, broadening our customer base through cross-selling initiatives into our 240,000 customers and growing our business within existing customers.

接著談到我們的資產生命週期管理（ALM）業務。我們持續成功執行擴大全球能力的策略，透過對我們24萬名客戶進行交叉銷售來拓展客戶基礎，並在既有客戶中擴大業務規模。

In the third quarter, we won several deals across our ALM businesses. In North America, we secured an agreement with a leading global consulting firm, whereby Iron Mountain will become its sole partner for its secure IT asset disposition. This important cross-sell win follows a highly successful six-month pilot and delivers measurable value across risk mitigation, sustainability, operational efficiency and financial recovery.

在第三季，我們在ALM各項業務中贏得了數筆交易。在北美，我們與一家全球領先的顧問公司達成協議，Iron Mountain將成為其安全IT資產處置（ITAD）的唯一合作夥伴。這項重要的交叉銷售勝利是在一項非常成功的六個月試點之後取得，並在風險緩解、永續性、營運效率與財務回收方面帶來可衡量的價值。

We also won a deal with a global financial institution to assist in its data center decommissioning program to capitalize on high-value financial recovery by harvesting and reselling components. Our market-leading position around data security and best-in-class remarketing platform were key determinants of securing the deal.

我們也與一家全球金融機構簽下合約，協助其資料中心退役計畫，透過拆取並轉售零組件來實現高價值的財務回收。我們在資料安全方面的市場領先地位，以及同級最佳的再行銷平台，是促成拿下此案的關鍵因素。

And we won a deal with a leading technology manufacturer to perform secure IT asset destruction services of high-value server components, replacing regional ITAD competitors and in-house processing. Iron Mountain was chosen based on its existing relationship, industry reputation and secure chain of custody.

此外，我們也與一家領先的科技製造商簽下合約，為其高價值伺服器零組件提供安全IT資產銷毀服務，取代區域性的ITAD競爭對手以及其內部處理。Iron Mountain之所以獲選，是基於既有合作關係、產業聲譽以及安全的保管鏈（chain of custody）。

In conclusion, our performance in 2026 has been outstanding, and we have a clear view for sustained long-term growth as we are still in the early phases of our growth journey. We look forward to sharing more about our longer-term plans at an investor meeting and site tour in early March. I want to extend my sincere thanks to Mountaineers across the world for their steadfast dedication to serving our more than 240,000 customers.

總結而言，我們在2026年的表現非常出色；由於我們仍處於成長旅程的早期階段，我們對可持續的長期成長有清晰的展望。我們期待在三月初的投資人會議與場地參訪中，分享更多關於我們較長期的規劃。我也要向全球各地的Mountaineers致上誠摯謝意，感謝大家堅定投入，服務我們超過24萬名客戶。

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

接下來，我把電話交給Barry。

Thanks, Bill, and thank you all for joining us to discuss our results. As you've heard today, our team delivered strong growth across each of our businesses in the third quarter. Revenue of $1.99 billion was up $237 million year on year and ahead of the projection we provided on our last call.

謝謝你，Bill，也感謝各位加入我們，一起討論我們的業績表現。如各位今天所聽到的，我們的團隊在第三季於各項業務都交出強勁成長。營收為19.9億美元，年增2.37億美元，且高於我們在上次電話會議中提供的預測。

As compared to last year, revenue increased 13% on both a reported and organic basis. We saw continued strong growth in our ALM and data center businesses and delivered record results in our digital solutions and traditional records businesses.

相較去年，營收在報表口徑與有機口徑下皆成長13%。我們的ALM與資料中心業務持續強勁成長，並在數位解決方案與傳統檔案（records）業務創下歷史新高的業績。

Adjusted EBITDA was ahead of our projections at $748 million, up 13% or $88 million year on year and $21 million versus the second quarter. I am especially pleased with our team's operational execution, which resulted in our adjusted EBITDA margin expanding nearly 200 basis points sequentially.

調整後EBITDA為7.48億美元，高於我們的預測，年增13%（或增加8,800萬美元），且較第二季增加2,100萬美元。我特別滿意團隊的營運執行力，使我們的調整後EBITDA利潤率較前一季擴張近200個基點。

EBITDA margin was also consistent with the prior year, which is noteworthy given the strong growth in our services revenue that naturally drives a mix headwind. AFFO of $458 million was up $65 million or 17% as compared to last year. And AFFO on a per share basis was $1.53, up 16% to last year and was $0.06 ahead of the projection we provided on our last call.

EBITDA利潤率也與去年同期一致；考量到我們服務營收強勁成長、自然會帶來組合面的逆風，這點尤其值得注意。AFFO為4.58億美元，較去年增加6,500萬美元或17%。以每股計，AFFO為1.53美元，較去年成長16%，並較我們在上次電話會議提供的預測高出0.06美元。

Both of these are new record highs for us. Now turning to segment performance. In our Global RIM business, third quarter revenue of $1.4 billion grew $94 million as compared to last year. Segment growth was 7% on both a reported and organic basis. This was driven by strong growth across both our storage and service businesses.

這兩項指標都創下我們新的歷史新高。接著談各事業部表現。在我們的全球RIM業務中，第三季營收為14億美元，較去年增加9,400萬美元。事業部成長在報表口徑與有機口徑下皆為7%。這主要由我們的儲存與服務兩大業務的強勁成長所帶動。

On a reported and organic basis, storage revenue was up 5%. Adjusting for the Data Management onetime benefit that we called out last year, storage revenue growth was particularly impressive, exceeding 7%. Now this is the highest growth rate the team has delivered on that line in over two years.

在報表口徑與有機口徑下，儲存營收成長5%。若排除我們去年提到的資料管理一次性收益影響，儲存營收成長尤其亮眼，超過7%。這是團隊在該項目上兩年多來交出的最高成長率。

Global RIM service revenue grew 10% and was up 9% on an organic basis. Our digital solutions business delivered another record quarter of revenue, and we drove continued strength in our core services. From a profitability perspective, Global RIM adjusted EBITDA increased $32 million to a record $630 million, representing a 44% margin.

全球RIM服務營收成長10%，有機口徑成長9%。我們的數位解決方案業務再度創下單季營收新高，核心服務也持續展現強勁動能。從獲利角度來看，全球RIM調整後EBITDA增加3,200萬美元至創紀錄的6.30億美元，利潤率為44%。

Turning to our Global Data Center business. We achieved revenue of $274 million in the third quarter, an increase of $69 million or 34% year on year, driven by lease commencements and strong pricing. Year to date, we have leased 137 megawatts, including 102 megawatts in the third quarter. With our strong new leasing in India, I want to provide our investors some context on this market.

接著談我們的全球資料中心業務。第三季營收為2.74億美元，年增6,900萬美元或34%，主要由租約起租（lease commencements）與強勁定價所帶動。年初至今，我們已出租137兆瓦，其中第三季出租102兆瓦。鑑於我們在印度的新租賃表現強勁，我想為投資人提供一些關於該市場的背景。

First, as you might expect, leasing rates are below our portfolio average. Correspondingly, our development costs are also meaningfully below our portfolio average. Most importantly, the returns we are underwriting in India are among our highest development yields globally. We commenced 58 leases totaling 29 megawatts in the quarter. Additionally, we renewed 168 leases totaling 9 megawatts with continued strong pricing spreads of 10% and 15% on a cash and GAAP basis, respectively.

首先，如各位所預期，租賃費率低於我們投資組合的平均水準。相對地，我們的開發成本也顯著低於投資組合平均。最重要的是，我們在印度承作（underwriting）的報酬率屬於我們全球最高的開發收益率之一。本季我們啟動了58份租約，合計29兆瓦。此外，我們續約了168份租約，合計9兆瓦；在現金口徑與GAAP口徑下，續約定價價差（pricing spreads）分別維持強勁的10%與15%。

I'll just also note that pricing is trending up across our portfolio as hyperscale demand for cloud and inference capacity continues to grow faster than supply. Third quarter data center adjusted EBITDA was $154 million, up $47 million year on year, resulting in an adjusted EBITDA margin of 56.3%, up 370 basis points to last year.

我也補充說明，隨著超大規模（hyperscale）對雲端與推論（inference）容量的需求持續以快於供給的速度成長，我們整體投資組合的定價正呈上升趨勢。第三季資料中心調整後EBITDA為1.54億美元，年增4,700萬美元，使調整後EBITDA利潤率達56.3%，較去年提升370個基點。

The margin expansion was driven by a greater number of commencements this year and overall expense efficiency. Turning to Asset Lifecycle Management. Total ALM revenue was $241 million, an increase of $72 million or 43% year over year.

利潤率擴張主要由今年起租數量增加以及整體費用效率所帶動。接著談資產生命週期管理（ALM）。ALM總營收為2.41億美元，年增7,200萬美元或43%。

On an organic basis, our team grew revenue by $64 million or 38%. This exceeded our expectations, driven by both our enterprise and decommissioning channels. Our enterprise ALM business continued its strong trajectory, growing greater than 50% organically.

以有機口徑計算，我們的團隊營收增加6,400萬美元或38%。這超出我們的預期，主要由企業端與退役（decommissioning）兩個通路共同帶動。我們的企業ALM業務延續強勁走勢，有機成長超過50%。

This growth was achieved through increased penetration of existing customers and the addition of new wins. As we've discussed on prior calls, we see the enterprise business as a multibillion-dollar opportunity as we cross-sell into our very large customer base and expand our global reach.

這項成長來自於提高既有客戶滲透率以及新增的得標案。如同我們在先前電話會議所討論的，隨著我們對龐大的客戶基礎進行交叉銷售並擴大全球觸及範圍，我們認為企業業務是一個數十億美元規模的機會。

In our data center decommissioning business, the team drove low double-digit growth, which was ahead of our expectations and impressive in light of the $30 million revenue shift we discussed on our August call. Adjusting for the shift, our third quarter decommissioning growth would have been in excess of 50%.

在我們的資料中心退役業務方面，團隊帶動了低雙位數成長，這高於我們的預期；考量到我們在8月電話會議中提到的3,000萬美元營收時點移轉，這樣的表現令人印象深刻。若調整該移轉影響，我們第三季退役業務的成長將超過50%。

From a profitability perspective, our ALM business continued to show solid improvement in contribution year over year, driven by our enterprise ALM business and acquisition synergies. Let me provide additional color on the price environment for memory and our updated outlook for ALM. In the third quarter, memory prices remained elevated as compared to last year and are now relatively consistent with the levels we have seen since the fourth quarter of last year.

從獲利角度來看，我們的ALM業務在年對年貢獻度（contribution）方面持續展現穩健改善，主要由企業ALM業務與併購綜效所帶動。我再補充一些關於記憶體價格環境以及我們對ALM的最新展望。第三季記憶體價格相較去年仍維持在高檔，且目前大致與自去年第四季以來所見的水準相當。

And compared to the second quarter, mix and average pricing were both relatively consistent. In terms of our outlook, based on our continued strong growth, we now project ALM revenue to be modestly ahead of $1 billion for the full year. Now turning to cash flow on a consolidated basis. Year-to-date operating cash flow was $1.2 billion, up $364 million from last year. This marks the best year-to-date operating cash flow the company has ever achieved.

與第二季相比，產品組合與平均定價皆相對一致。就我們的展望而言，基於我們持續強勁的成長，我們現在預期全年 ALM 營收將略高於 10 億美元。接著談合併口徑的現金流。年初至今的營運現金流為 12 億美元，較去年增加 3.64 億美元。這是公司有史以來最佳的年初至今營運現金流表現。

Free cash flow improved nearly $400 million year to date as compared to prior year. This significant increase was driven primarily by growth in our business, improved cash conversion cycle and the conclusion of our Matterhorn restructuring, which was $152 million during the first nine months of 2025 and zero this year. Turning to capital allocation.

年初至今自由現金流較去年同期改善近 4 億美元。這項顯著增長主要由業務成長、現金轉換週期改善，以及 Matterhorn 重整計畫的結束所帶動；該重整在 2025 年前九個月為 1.52 億美元，而今年為零。接著談資本配置。

As our investors know, our focus is on investing in high-return opportunities that drive double-digit growth and growing our dividend while maintaining our strong balance sheet. In light of our performance in 2026 and outlook for AFFO, our Board increased our quarterly dividend by 15% to $0.993 per share effective with the January payout.

如投資人所知，我們的重點是投資於能帶動兩位數成長的高報酬機會，並在維持強健資產負債表的同時提高股利。鑑於我們 2026 年的表現以及對 AFFO 的展望，董事會將季度股利提高 15% 至每股 0.993 美元，自 1 月發放起生效。

This represents the fifth increase of the dividend in the past four years and aligns with our commitment of growing the dividend in line with AFFO per share and maintaining a payout ratio of low 60%s. I would just like to note that over the five years ending 2026, the company has returned more than $4 billion to shareholders through dividends. In terms of capital investments, in the third quarter, we invested $545 million of growth CapEx and $45 million of recurring CapEx.

這是過去四年來第五次調升股利，並符合我們承諾：使股利成長與每股 AFFO 同步，並將配息率維持在 60% 出頭的水準。我也想指出，在截至 2026 年的五年間，公司已透過股利向股東返還超過 40 億美元。就資本投資而言，第三季我們投入 5.45 億美元的成長型資本支出（CapEx）以及 4,500 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 4.8 times, remaining at the lowest level we've had on this metric since prior to the company's REIT conversion in 2014.

接著談資產負債表。在 EBITDA 表現強勁的帶動下，本季末我們的淨租賃調整後槓桿倍數為 4.8 倍，仍為自公司 2014 年轉型為 REIT 之前以來，此指標的最低水準。

And now, as it relates to our outlook for the full year 2026, based on our strong third quarter performance and positive outlook, we are raising our financial guidance for the year. For the full year 2026, we expect total revenue to be within the range of $7.95 billion to $8.02 billion, which represents year-on-year growth of 16% at the midpoint. This is nearly $300 million ahead of our initial guidance with upside across our business, roughly half of which is from ALM and the other half coming from data center and Global RIM.

接著談 2026 全年的展望：基於第三季的強勁表現與正向前景，我們上調今年的財務指引。2026 全年，我們預期總營收將落在 79.5 億至 80.2 億美元區間，以中位數計算年增 16%。這較我們最初指引高出近 3 億美元，且各業務皆有上行空間；其中約一半來自 ALM，另一半來自資料中心與 Global RIM。

We expect adjusted EBITDA to be within the range of $2.948 billion to $2.978 billion, which represents year-on-year growth of 15% at the midpoint. We expect AFFO to be within the range of $1.78 billion to $1.80 billion or $5.94 to $6 on a per share basis, which are up 16% and 15%, respectively, at the midpoint.

我們預期調整後 EBITDA 將落在 29.48 億至 29.78 億美元區間，以中位數計算年增 15%。我們預期 AFFO 將落在 17.8 億至 18.0 億美元區間，或每股 5.94 至 6.00 美元；以中位數計算，分別年增 16% 與 15%。

Now turning to the fourth quarter. We expect revenue of approximately $2.03 billion, an increase of 10% compared to the fourth quarter of last year and adjusted EBITDA of approximately $780 million, an increase of 11% year over year. We expect AFFO of approximately $473 million, an increase of 10% to last year or $1.57 per share. I will note that our updated guidance absorbs the negative impact resulting from the stronger US dollar since our last earnings call.

接著談第四季。我們預期營收約 20.3 億美元，較去年第四季成長 10%；調整後 EBITDA 約 7.8 億美元，年增 11%。我們預期 AFFO 約 4.73 億美元，較去年增加 10%，或每股 1.57 美元。我也要說明，我們更新後的指引已吸收自上次法說會以來美元走強所帶來的負面影響。

Lastly, given the growth in our ALM business and continued focus on cross-selling, together with the evolution of how we operate the business, we are evaluating how we align our segment reporting. We will provide an update on segments on our next earnings call, which will be held during last week of February. And we look forward to having more time to discuss that and our long-term growth outlook at our investor meeting the following week, which will be accessible both virtually and in person.

最後，鑑於我們 ALM 業務的成長與持續聚焦交叉銷售，再加上我們營運方式的演進，我們正在評估如何調整分部報導的對齊方式。我們將在下一次法說會更新分部資訊，該會議將於二月最後一週舉行。我們也期待在隔週的投資人會議上有更多時間討論此事以及我們的長期成長展望；該會議將同時提供線上與實體參與。

In conclusion, our team has achieved outstanding year-to-date results, delivering strong double-digit revenue and earnings growth with record-setting performance across our business. With that, I want to express my sincere gratitude to all of our Mountaineers for their continued dedication to serving our customers and executing on our growth plans.

總結而言，我們的團隊在年初至今取得了卓越成果，在全公司各業務創下紀錄的表現下，實現強勁的兩位數營收與獲利成長。在此，我要向所有 Mountaineers 致上誠摯謝意，感謝大家持續投入、服務客戶並落實我們的成長計畫。

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

那麼，接線員，請您開放問答環節好嗎？

(Operator Instructions) George Tong, Goldman Sachs.

(接線員指示) George Tong，高盛。

You noted that India data center development yields are among the highest globally. Can you quantify the yield premium relative to the portfolio and compare the capital intensity of these projects with the broader portfolio?

你提到印度資料中心開發收益率在全球名列前茅。你能否量化相對於整體投資組合的收益率溢價，並比較這些專案的資本強度與更廣泛投資組合之間的差異？

Thanks, George. Thanks for the question. I'll ask Barry to comment on the specific returns. But first, we're really excited about the traction that our Indian portfolio is getting, as you noted, to lease both in Mumbai and Chennai. This quarter has been a huge win for the team.

謝謝你，George。謝謝你的提問。我會請 Barry 針對具體報酬率做說明。但首先，正如你所提到的，我們對印度投資組合在孟買與清奈的出租進展感到非常振奮。本季對團隊而言是一場重大勝利。

So I want to thank them for all that. I think that just to give you the underlying foundation is the leasing rates in India are lower than they are in some other geographies, but the construction cost and delivery cost of the data center is a lot lower. So the result is, this is amongst our highest yielding assets across our portfolio. But Barry, you probably want to comment a little bit further.

所以我想在此感謝他們的付出。我想先提供一些背景：印度的租賃價格比某些其他地區低，但資料中心的建造成本與交付成本也低得多。因此，結果是這些資產成為我們整體投資組合中收益率最高的資產之一。不過 Barry，你可能想再補充說明。

George, I would tell you that on the build cost, of course, it naturally depends on the relative project, whether it be in India or across our portfolio that you're comparing to. But it is a meaningful savings commensurate with the pricing.

George，關於建置成本，我會說這當然取決於你拿來比較的相對專案，無論是在印度或是我們投資組合中的其他地區。但在與定價相匹配的前提下，確實能帶來相當可觀的成本節省。

And from a development yield standpoint, it is anywhere between 200, 300 basis points at the low end to meaningfully beyond that at the high end in terms of the incremental return that we see in the market. So we are very pleased to be both in an advantaged position from a standpoint of what we're building together with having a very significant amount of additional capacity energizing over the next few periods that is open to be leased. And so we feel really good about India.

從開發收益率的角度來看，就我們在市場上看到的增量報酬而言，低端約高出 200 到 300 個基點，而高端則顯著高於此水準。因此，我們非常滿意：一方面在建置內容上具備優勢地位，另一方面在未來幾個期間還有非常可觀的新增容量將陸續通電上線，可供出租。所以我們對印度的前景感到非常樂觀。

Eric Luebchow, Wells Fargo.

Eric Luebchow，富國銀行。

Two, if I may. So first, on the data center side. Obviously, given the midterms and the broad pushback we're seeing on a lot of data center development, maybe you could talk a little bit about whether that's having any impact on your development pipeline? And does that change at all how you underwrite perhaps powered land additions that you may be looking at in the future? And then secondly, I just wanted to touch on enterprise ALM.

如果可以的話，我有兩個問題。首先，關於資料中心業務。顯然，考量期中選舉以及我們看到對許多資料中心開發的廣泛反對聲浪，你們能否談談這是否對你們的開發管線造成任何影響？另外，這是否會改變你們未來在承作（underwrite）可能考慮新增的供電土地（powered land）時的評估方式？第二點，我想簡單談一下企業端 ALM。

I believe start of the year, you were targeting about 25% organic growth. It's been more than double that, I believe, year to date. So maybe you could talk about whether that's coming from better volume, better customer penetration and cross-selling? Or there's a pricing element in there as well?

我記得年初時，你們的目標大約是 25% 的有機成長。我相信截至目前為止，年初至今的表現已經是那個數字的兩倍以上。所以也許你可以談談，這主要是來自更好的出貨量、更高的客戶滲透率與交叉銷售？還是其中也有定價因素？

Eric, let me start with the -- your data center question. So we feel like we're really well positioned. I mean, first of all, the 325 megawatts that we refer to, that's energizing over the next 24 months. That's all fully permitted and energized. And it's in some of the best markets, not just across the United States, like our Richmond site, for example, but it's also across the globe, and we were just talking about India how well we -- how good we feel about that.

Eric，讓我先從——你關於資料中心的問題開始。我們覺得我們的布局非常到位。首先，我們提到的 325 兆瓦，將在未來 24 個月內逐步通電啟用。這些都已經取得完整許可並將完成通電。而且位於一些最好的市場，不僅是在美國各地——例如我們在 Richmond 的場址——也遍及全球；我們剛才也在談印度，我們對那裡的情況感覺非常好。

And India is a very fertile place to actually build data centers. I mean it's -- you can't speak to a Chief Minister of the state without them bringing up and asking what they can do to help us develop faster and more in their various states across the country.

而印度其實是建置資料中心非常肥沃的地方。我的意思是——你幾乎不可能跟某個邦的首席部長談話而不被提到、被問到他們能做些什麼來協助我們在全國各邦更快、更多地開發。

So we feel really good in terms of the positioning we're in. And the -- and as a company, I'm not saying that we are specific, but because of our records management business, we have very good contacts at the local level in most of the parts that we operate, and we operate almost in every state across the United States. And we've always been seen as a good local partner.

所以就我們目前的布局而言，我們感覺非常好。而且——作為一家公司，我不是說我們有什麼特別之處，但因為我們的檔案管理業務，我們在大多數營運地區的地方層級都有非常好的關係；我們幾乎在美國每一州都有營運。而且我們一直被視為很好的在地合作夥伴。

And that's where it all starts. But we feel -- look at the assets that we already have fully permitted and energized over the next period and the land bank that we have coming in after that, we feel that we're really well positioned. Barry, I don't know if you want to talk a little bit about the specific returns?

一切都是從這裡開始的。但我們覺得——看看我們在接下來一段期間內已完全取得許可並將通電啟用的資產，以及之後可接續開發的土地儲備，我們認為我們的布局非常到位。Barry，你要不要談一下更具體的報酬率？

One thing I would say just before handing it over to Barry on the ALM side is that we feel really good about the positioning that we're building or the position we're building in the whole ALM space, both on the data center decommissioning segment as well as on the enterprise, and we expect that to carry into next year in terms of having similar levels of growth, say, north of 25% on a volumetric basis, right?

在把話題交給 Barry 談 ALM 之前，我想先說一點：我們對於我們正在打造的、或說在整個 ALM 領域建立的定位感覺非常好，無論是在資料中心退役（decommissioning）這個分項，還是在企業端；我們也預期這股動能會延續到明年，在成長水準上會相近——例如以量的角度來看，仍可望維持在 25% 以上，對吧？

I mean because, obviously, in Q4 this -- if you remember, Q4 last year in 2025 is we saw the elevated pricing, especially around memory that we are still holding today, and that's been pretty constant for the last four quarters starting in Q4 last year.

我的意思是，因為很明顯地，在第四季——如果你還記得，去年 2025 年的第四季——我們看到定價上升得比較明顯，尤其是記憶體相關，而我們今天仍維持在那個水準；而且從去年第四季開始，過去四個季度一直都相當穩定。

We're forecasting that, that's going to maintain as we go into 2027. So when we think about 25% growth, organic growth next year in the ALM segment, obviously, we're saying that, that's all volumetrically assuming that price levels stay flat, which is our expectation. But Barry, you may want to talk about this year a little bit more.

我們預測這種情況會一路維持到我們進入 2027 年。所以當我們談到明年 ALM 分部 25% 的有機成長時，很明顯地，我們的意思是：在我們預期價格水準持平的前提下，這些成長全部是以量來假設的。不過 Barry，你也許可以多談談今年的情況。

Yes. I mean, Eric, the drivers on the enterprise growth are all of the above that you mentioned. And so as we look at the opportunity there, it is immense. We see the enterprise ALM business as being a multibillion-dollar revenue business for us.

好的。Eric，就企業端成長的驅動因素而言，確實如你提到的「以上皆是」。因此當我們看那裡的機會時，規模非常龐大。我們認為企業 ALM 業務對我們而言會是一個數十億美元營收規模的業務。

And it is going to be driven off of the fact that we've got a really large client base that cross-sells extraordinarily well, and we are building a solution, which we think clients cannot get from anybody else in the marketplace where we will have a global reach, consistent process, chain of custody, ability to securely handle the material wipe as needed and really give them a very strong value proposition and that is winning.

而這將由以下因素驅動：我們擁有非常龐大的客戶基礎，交叉銷售效果極佳；同時我們正在打造一套解決方案，我們認為客戶在市場上無法從其他任何人那裡取得——我們將具備全球覆蓋、一致的流程、保管鏈（chain of custody）、按需安全處理資料抹除（wipe）的能力，並真正為他們提供非常強的價值主張，而這正在奏效。

And that is a business whereby we initially take a position at a client and land there and then expand through the ability to show them that the service that we're offering is incredibly valuable. And so as that secularly continues to grow, I think that business for us is going to underpin very significant growth in our total ALM business.

而這是一門業務：我們一開始先在客戶端取得立足點、先「落地」，然後再透過向他們證明我們提供的服務極具價值來擴張。因此，隨著這個長期結構性趨勢持續成長，我認為這項業務將支撐我們整體 ALM 業務非常顯著的成長。

To Bill's point, we're certainly planning for 25%-plus growth next year, again, on consistent pricing. And we're comping over, obviously, the very significant increases in the -- on the memory side, which is more, obviously, prevalent in the data center decomm part of the business. So I think the ALM business is doing great.

呼應 Bill 的觀點，我們確實在規劃明年 25% 以上的成長，同樣是在定價一致的前提下。而我們的比較基期，顯然包含了記憶體端非常顯著的漲幅——而那部分更明顯地出現在資料中心退役這塊業務。所以我認為 ALM 業務表現非常好。

As it relates to returns on the data center side, more broadly, we continue to see very good returns that we're underwriting to. I think as we've traditionally said, low double digits, so 10%, 11%, 12% cash-on-cash unlevered returns in the principal markets that we operate in, as I just mentioned in response to George's question, a little bit higher, obviously, in India. I will tell you this, pricing continues to rise, both on renewals as well as in the broader marketplace and that's more than offsetting labor and other cost inflation.

至於資料中心端的報酬率，更廣泛來看，我們持續看到我們所承作（underwrite）的報酬率非常不錯。我想如同我們一貫所說，是低雙位數，也就是在我們營運的核心市場，無槓桿的現金對現金（cash-on-cash）報酬率約 10%、11%、12%；正如我剛才回應 George 的問題所提到的，在印度會更高一些。我可以告訴你，無論是續約還是更廣泛的市場，價格都持續上升，而這已經足以抵消勞動力與其他成本的通膨。

So we feel very good about where we're positioned. And I'll just tell you that, as I've said before, the commencements that we have coming in light of where we've been writing returns to and the markets that we're going to opening on the data center side going forward, those commencements will continue to drive significant improvement in profit going forward.

所以我們對目前的布局感覺非常好。我也想再說一次：如我之前提過，考量我們一直以來承作的報酬率水準，以及我們未來在資料中心端將進入的市場，我們即將開始的那些專案（commencements）將持續推動未來利潤的顯著改善。

And so I think the opportunity for us is to, as we said before, continue over time to expand our data center margins quite nicely, both from underwriting standpoint as well as from operating expense leverage.

因此我認為我們的機會在於——如我們之前所說——隨著時間推進，持續把資料中心的利潤率相當漂亮地擴張，這既來自承作（underwriting）層面，也來自營運費用的槓桿效益。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I wanted to hear your perspective on ALM and the competitive nature of the market. How are you approaching it? And how do you feel like you're positioned both organically and inorganically to take market share over the near and medium term?

我想聽聽你們對 ALM 以及市場競爭態勢的看法。你們是如何切入的？而在短期與中期，你們覺得自己在有機與無機成長方面，取得市占的布局如何？

Tobey, thanks for the question. So let me start with the organic, and then I'll ask Barry to comment on the inorganic or anything else that he wants to add in terms of flavor. So I think that as you start seeing in our results is that we're not only growing with the market as we're gaining share.

Tobey，謝謝你的問題。我先從有機成長談起，然後我會請 Barry 補充無機成長，或任何他想補充的觀點。我認為你開始從我們的結果中看到的是：我們不只是跟著市場一起成長，我們也在取得市占。

So we feel really good about the positioning. I mean we are the largest global player in ALM business, but still in a very fragmented space, which Barry will probably comment a little bit more in terms of the acquisition aspect of it.

所以我們對這個定位感覺非常好。我的意思是，我們是 ALM 業務全球最大的業者，但這仍是一個非常分散的領域；Barry 可能會就併購面向再多評論一些。

But in terms of being able to grow, as I said, 25% next year, volumetrically organically in our ALM business, that -- a big part of that is actually driven by gaining share because if you think about our platform, and we called it out in a couple of our wins is, we have a unique both brand and the capabilities that back that brand about data security and safety in terms of when people come to us, they know that the Iron Mountain brand stands behind making sure that there's no inadvertent data disclosure as we're actually repurposing that equipment, cleansing it or even recycling the component.

但就成長能力而言，如我所說，我們明年在 ALM 業務上，以量計的有機成長可達 25%，其中很大一部分其實是由市占提升所驅動；因為如果你想想我們的平台——我們在幾個得標案中也特別點出——我們同時擁有獨特的品牌，以及支撐該品牌的能力，特別是在資料安全與防護方面：當客戶找上我們時，他們知道 Iron Mountain 的品牌會背書，確保在我們重新利用設備、清理（cleansing）它，甚至回收零組件的過程中，不會發生任何非預期的資料外洩。

So I think our brand reputation, especially in the enterprise segment, really stands out, and we're gaining capacity on that. The other part is we're building an ecosystem as we build that edge -- as we already have a market-leading position and we're continuing to build that, albeit in a fragmented space because if you think the other part is, is we help people actually gain additional financial value from their old equipment.

所以我認為我們的品牌聲譽，特別是在企業客戶區隔，確實非常突出，而我們也正在因此獲得更多產能。另一部分是，當我們建立這個優勢時，我們也在打造一個生態系統——因為我們已經擁有市場領先地位，並且仍在持續強化，儘管這是一個相對分散的市場；因為如果你想想另一個面向是，我們協助客戶從他們的舊設備中實際獲得額外的財務價值。

In other words, we're able to actually resell parts of that equipment, memories, CPUs, hard drives, GPUs to other people that need that equipment for the new systems that they're building. And because we're building the scaled platform and ecosystem, we're able to give them better financial value on that recycling motion.

換句話說，我們能夠把那套設備的部分零組件——記憶體、CPU、硬碟、GPU——轉售給其他需要這些設備、用於他們正在建置的新系統的人。而且因為我們正在建立具規模的平台與生態系統，我們能夠在這個回收循環上為他們提供更好的財務價值。

So I think you put all that together is why we feel like even with flat pricing next year, we expect that business to grow 25% organically, really based on the strength of the ecosystem we're building around that business. But Barry, you probably want to talk about the acquisition side of it.

所以我認為把這些因素綜合起來，就是為什麼我們覺得即使明年價格持平，我們仍預期該業務可在有機成長的基礎上成長25%，主要是基於我們圍繞該業務所建立的生態系統實力。不過，Barry，你可能想談談併購面的部分。

Yes. Tobey, I would reiterate some of the points we've made in the past is that our -- we have a concerted effort to be in touch with and conducting diligence on opportunities. We will continue to -- expect to continue to supplement growth through very accretive tuck-in acquisitions that further expand our global scale and drive operating leverage and really result in synergies, both revenue synergies and cost synergies.

是的。Tobey，我會重申我們過去提過的一些重點：我們——我們有一個有計畫的努力，持續與各種機會保持接觸並進行盡職調查。我們將持續——預期會繼續透過非常具增益性的補強型（tuck-in）併購來補充成長，進一步擴大全球規模、帶動營運槓桿，並真正產生協同效益，包括營收協同與成本協同。

When I look across the recent enterprise ALM acquisitions we've done, in that case, it started with the team at Regency, which is just a phenomenal acquisition for us and gave us a capability that is unmatched in the US. And then I think about what we've acquired and brought in the team in Australia as well as in Ireland, and we also acquired a couple of other small tuck-ins in the US.

當我回顧我們近期完成的企業ALM併購案時，那一系列是從Regency團隊開始的，這對我們而言是一筆非常出色的併購，並賦予我們在美國無可匹敵的能力。接著我再想到我們在澳洲與愛爾蘭所併購並納入的團隊，我們也在美國收購了幾個其他小型補強案。

And as you know, recently, we acquired in Europe a couple of times. All of these are relatively small deals where we're paying multiples of trailing EBITDA like, call it, 5, 6 to 7, 8 times max, and they all synergize down very rapidly to below 5 times.

而且如你所知，最近我們在歐洲也進行了幾次收購。這些都是相對小型的交易，我們支付的估值倍數以過去12個月（trailing）EBITDA來看，大概是5、6倍到最多7、8倍，而它們都能很快透過協同效益把倍數降到5倍以下。

And we have driven considerable growth of revenue and earnings in every case. And we continue to see that opportunity to be quite significant. I think our corporate development team is -- over the last year or two has been in touch with over 300, if you will, targets.

而且在每一個案例中，我們都推動了相當可觀的營收與獲利成長。我們也持續看到這個機會相當巨大。我認為我們的企業發展團隊——在過去一兩年已經接觸了超過300個（如果你要這麼說的話）標的。

And that doesn't mean that we're apt to acquire all of those, but you've got to -- we want to be the acquirer of choice in this market, and we think we are in a very advantaged position. And as we stitch together a global reach of our own organic capacity and acquiring great operators, which are every single one of the acquisitions I just alluded to were founder-led, and we successfully brought their teams on to our business.

這並不代表我們會去收購所有這些標的，但你必須——我們希望成為這個市場的首選收購方，而我們認為自己處於非常有利的位置。當我們把自身的有機產能全球觸角與收購優秀的營運者結合起來——我剛提到的每一筆收購都是由創辦人主導（founder-led），而我們也成功把他們的團隊納入我們的業務。

We think we've got a huge opportunity for additional growth, Tobey, both organic and supplemented inorganically.

我們認為我們在額外成長方面有巨大的機會，Tobey，無論是有機成長或透過外生成長來補充。

Kevin McVeigh, UBS.

Kevin McVeigh，瑞銀（UBS）。

I don't know, you, Bill or Barry, alluded to maybe adding hyperscaler on the data center side. I thought you serve the hyperscalers. Was that more the India opportunity? Or maybe help us understand that comment? And then is it the same hyperscalers you're serving in North America and India as well or just maybe the go-to-market motion there?

我不確定是你、Bill或Barry提到，可能在資料中心這邊新增一個超大規模雲端客戶（hyperscaler）。我原本以為你們本來就服務這些hyperscaler。那是更多指印度的機會嗎？或者能否幫我們理解一下那個評論？另外，你們在北美與印度服務的是同一批hyperscaler嗎？還是那邊的市場進入（go-to-market）方式有所不同？

Kev, the phone was a little crackly at the beginning. So maybe you could repeat the first part.

Kev，電話一開始有點雜音。所以你可以重複一下第一部分嗎？

Sure, Barry. Sorry about that. It's just basically -- did you add a hyperscaler this quarter? Or was it the same? I thought maybe Bill had mentioned a new one. I just wanted to clarify that point.

當然，Barry。抱歉。基本上就是——你們這一季有新增一個hyperscaler嗎？還是同一批？我以為Bill提到了一個新的。我只是想釐清這點。

Yes. Thanks, Kevin. I think I got your question now. So yes, you're asking about the -- we mentioned that this year or this quarter, we've added two new hyperscale logos. So first of all, there's roughly 10 to 15, what I would say, large cloud players that are -- depends on who you ask, but let's say this, in the order of around 10 hyperscale customers that all of us in the data center space serve in various capacities.

是的。謝謝你，Kevin。我想我現在理解你的問題了。所以是的，你問的是——我們提到今年或這一季，我們新增了兩個新的超大規模客戶標誌（hyperscale logos）。首先，大約有10到15家我所稱的主要雲端業者——視你問誰而定，但我們這樣說：大概有約10個hyperscale客戶，我們資料中心領域的業者都以不同方式服務他們。

And so we serve more than half of those, right, in terms of if you look at our portfolio. So it is right to say that over 90% of our leasing activity is to hyperscalers. If you look at our trailing basis in terms of what's actually leased and operating, it's less than that because, obviously, when we started off, we had a much larger portfolio of enterprise.

因此就我們的產品組合來看，我們服務其中超過一半，對吧。所以說我們超過90%的租賃活動是面向hyperscaler，這樣講是正確的。如果你看以過去期間（trailing basis）實際已出租並在營運中的資產占比，會低於這個數字，因為很顯然在我們起步時，我們的企業客戶組合占比更大。

But going forward, over 90% of our leasing is in the hyperscale place, which is the reason why you see these larger deployments. What we were calling out is, in this particular quarter, we've added two new hyperscale logos, if you will, or customers, but we were already serving more than half of the, say, the global 10 hyperscalers before we added those two.

但往前看，我們超過90%的租賃都在hyperscale領域，這也是你看到這些更大規模部署的原因。我們想強調的是，在這一季，我們新增了兩個新的hyperscale「logo」或客戶；但在新增這兩個之前，我們就已經服務了全球約10家hyperscaler中的一半以上。

And I'll just add, Kevin, that the pipeline that we have lined up against our assets across the globe, as you know, we have power energizing over the next few periods and some incredibly high priced, very strong data center markets like Northern Virginia and across the globe, and including, as we mentioned, a good amount of additional capacity coming in India.

我再補充一下，Kevin，我們針對全球各地資產所建立的案源（pipeline），如你所知，未來幾個期間我們將有電力逐步送電（energizing），而且是在一些價格非常高、非常強勁的資料中心市場，例如北維吉尼亞，以及全球各地；也包括如我們提到的，在印度會有相當多的額外產能進來。

So we feel very good about the pipeline, and it's consistent with -- it includes a lot of additional large hyperscale investment-grade clients, and we look forward to talking to you about those as we lease them over the next year plus.

所以我們對這個pipeline感到非常有信心，而且它與——其中包含許多額外的大型、投資等級的hyperscale客戶；我們也期待在未來一年多，隨著我們把這些資產租出去時，再與你分享相關進展。

Our next question today comes from Brendan Lynch at Barclays.

我們今天的下一個問題來自Barclays的Brendan Lynch。

This is Annabelle on for Brendan. Can you share some details on your cost savings efforts that were able to offset the mix headwind to your EBITDA margins and any future opportunities for additional cost savings going forward?

我是Annabelle，代Brendan提問。你們能否分享一些成本節省措施的細節，這些措施如何抵消了產品組合（mix）不利因素對EBITDA利潤率的影響？以及未來是否還有進一步節省成本的機會？

Sure, Annabelle. Thanks for that. So one, I think our team has always been focused. It's in our DNA on driving productivity and being very cost driven. And so when I look at the most recent quarter, the team did a very good job driving operational efficiency across the board and particularly across our global operations where the team has been driving strength to strength from a standpoint of productivity and lower cost to serve.

當然，Annabelle。謝謝你的提問。第一，我認為我們的團隊一直都很專注。推動生產力、非常重視成本，這已經寫在我們的DNA裡。所以當我看最近一季，團隊在全面提升營運效率方面做得非常好，特別是在我們的全球營運上，團隊在生產力提升與降低服務成本方面持續強化、再接再厲。

We have significant continued opportunities just picking up where we left off on the last call, the data center. We're going to continue to see considerable operating leverage, and we can continue to work on and improve our relative cost position in terms of even the builds. In ALM, as we continue to scale the business, we've been driving considerable cost efficiencies.

我們仍有顯著且持續的機會，延續上次電話會議我們提到的資料中心部分。我們將持續看到可觀的營運槓桿，而且即使在建置（builds）方面，我們也能持續努力並改善相對成本位置。在ALM方面，隨著我們持續擴大業務規模，我們一直在推動相當可觀的成本效率。

And as we -- as I noted in Tobey's question, as we continue to acquire, we drive incremental cost synergies across our platform. And in our more classic Global RIM operations, we continue to have meaningful opportunity, whether that be in the form of transportation savings, continued real estate moves, which enable us to get to a lower cost to serve and a lower cost and operating scale within our digital solutions, which continues to be strength to strength.

而且正如我在回應 Tobey 的問題時所提到的，隨著我們持續進行併購，我們在整個平台上推動新增的成本協同效益。在我們較為傳統的全球 RIM 營運中，我們仍然有相當可觀的機會，不論是以運輸節省的形式、持續的房地產搬遷，這些都使我們能夠降低服務成本，並在我們的數位解決方案中達到更低的成本與更具規模的營運，而這也持續呈現強者恆強的態勢。

And so from a cost of goods sold standpoint, if you will, I see the opportunity for additional productivity across all lines of business. And then from an SG&A perspective, we're very cost disciplined, as I was mentioning. And I would say various technologies and tools, inclusive of AI, will continue to allow us to drive considerable expense productivity.

因此，從銷貨成本的角度來看（如果你這麼說的話），我看到在所有業務線上都有進一步提升生產力的機會。然後從 SG&A 的角度來看，我們在成本上非常自律，正如我剛才提到的。我會說，各種技術與工具（包括 AI）將持續讓我們能夠推動相當可觀的費用生產力。

We have literally dozens of projects underway inside the business to significantly reduce our SG&A expense and thereby drive considerable leverage as we continue to grow the top line. That's across all elements of the business, whether it be in our our customer care organization, which is doing a great job and also driving cost.

我們在公司內部確實有數十個專案正在進行，旨在大幅降低我們的 SG&A 費用，並在我們持續推動營收成長的同時帶來相當可觀的營運槓桿。這涵蓋業務的所有面向，不論是在我們的客戶關懷組織（他們做得非常出色，同時也在推動成本下降）。

And our procurement team is reaching to areas -- of spend that we've historically not been able to get after and driving considerable efficiency. And yes, I could go across the entire business, Annabelle. So it's a huge focus. My view on the enterprise margin is that it's an outcome of the strength of the rest of the business.

而我們的採購團隊也正在觸及一些我們過去歷來難以著手管理的支出領域，並推動相當可觀的效率提升。是的，Annabelle，我可以把整個業務都講一遍。所以這是一個非常重要的重點。我對企業整體利潤率的看法是：它是公司其他業務強勁表現所帶來的結果。

And each business has the opportunity to continue to increase its margin, and we will continue to get cost efficiency on the corporate side as well. So I see a lot of opportunity for productivity.

每一個業務都有機會持續提升其利潤率，而我們也會在公司層面持續取得成本效率。所以我看到很多提升生產力的機會。

Shlomo Rosenbaum, Stifel.

Shlomo Rosenbaum，Stifel。

I have one main and then a couple just for Barry, just tying up some financial stuff. Just, Bill, on the government side, can you talk a little bit more about that government contract?

我有一個主要問題，然後還有幾個是給 Barry 的，主要是把一些財務事項收尾。Bill，先就政府端來說，你能否再多談一點那個政府合約？

I wasn't sure if it was a storage contract or if it's a services contract to move things? And I remember maybe 12 years, 13 years ago, Richard Reese talking about a huge opportunity in the government side. And I'm wondering, are you starting to see that open up?

我不確定那是儲存合約，還是協助搬運的服務合約？我記得大概 12 年、13 年前，Richard Reese 曾談到政府端有一個巨大的機會。我想知道，你們是否開始看到那個機會正在打開？

And should we start to see a little bit more over there? And I know there's just a huge records sitting there that have potential to be moved. And just for Barry, the things I want to ask are the impact of FX on 4Q revenue and EBITDA versus the last call because I think we have some incremental headwinds that would be helpful to call out.

而我們是否應該開始在那邊看到更多進展？我也知道那裡有大量的檔案紀錄，具有被移轉的潛力。另外給 Barry 的部分，我想問的是：相較於上一次電話會議，匯率（FX）對第四季營收與 EBITDA 的影響為何？因為我認為我們有一些額外的逆風，若能點出來會很有幫助。

And then just what's driving the services gross margin going up 70 basis points sequentially and you've got labor costs going down? Maybe just give a little bit more on the operational side, what's happening?

另外，服務毛利率為何季增 70 個基點，同時你們的勞動成本還在下降？能否從營運面再多說一點，究竟發生了什麼？

Shlomo, thanks for the question. I'm sure Richard usually listens to these earnings calls because he's still a major shareholder. So I'll be sure to thank him for your memory. Anyway, and Richard was right then and he'd be right now. I think to your point, specifically on that project that I called out, it is a service contract for the federal government.

Shlomo，謝謝你的問題。我確定 Richard 通常會收聽這些法說會，因為他仍然是主要股東。所以我一定會因為你還記得這件事而向他致謝。總之，Richard 當時是對的，現在也會是對的。我想就你提到的、我特別點名的那個專案而言，它是一份提供給聯邦政府的服務合約。

But it's based on the reputation we've built on not just serving the federal government, but actually storing a lot of their records. In this particular case, we're helping them consolidate their own facilities. And it was really based on the brand and the reliability that we've done on being a service -- a storage provider for them.

但它是建立在我們所累積的聲譽之上：不只是服務聯邦政府，實際上也為他們儲存了大量紀錄。在這個特定案例中，我們正在協助他們整併自有設施。這確實是基於我們的品牌與可靠性——我們一直以來作為他們的服務——儲存供應商所建立的信任。

So we're really proud of the reputation that we build in the federal government. But if you take a step back, the thing I was probably most excited about to report on this call is the 40% increase in government bookings or public sector bookings across the globe.

因此，我們對於在聯邦政府端建立的聲譽感到非常自豪。但如果你退一步看，我在這通電話會議上最興奮要報告的，可能是全球政府訂單（或公共部門訂單）增加了 40%。

So we really are starting to build a brand reputation, not just with the federal government, but also local governments and also governments across the globe, which I highlighted the DXP win that we had in the Middle East, which is effectively, this country is digitizing their whole government and actually changing the way that they serve their citizens.

所以我們確實正在開始建立品牌聲譽，不僅在聯邦政府，也在地方政府，以及全球各地的政府。

So this is a digital to digital transformation. In other words, it doesn't involve paper records per se. They're actually using our digital platform, together with our services, on how they can actually change the outcome of their government in terms of the way they serve their citizens, both from a cost and a quality standpoint. So overall, we're really starting to build a reputation.

所以這是一個數位到數位的轉型。換句話說，它本身並不涉及紙本檔案。他們實際上是在使用我們的數位平台，結合我們的服務，來改變政府在服務公民方面的成果，無論是從成本或品質的角度。因此整體而言，我們確實正在開始建立聲譽。

That particular call out is a service contract -- large service contract over the next three years, helping them do what we do routinely in our business is consolidate facilities to get more efficiency.

我特別點名的那一項是一份服務合約——未來三年內的大型服務合約——協助他們做我們在日常業務中例行在做的事：整併設施以提升效率。

Shlomo, a couple of your follow-ups. On the FX impact in the fourth quarter versus the last guide, obviously, the dollar has been stronger, and we trued up to the relative little bit of incremental weakness that's occurred here recently.

Shlomo，回覆你幾個追問。關於第四季匯率影響相較於上一次指引，顯然美元走強，而我們也依據近期出現的些許額外走弱情況做了調整。

So the headwind is like $5 million, could be as much as $10 million to revenue, and I would use your typical margins for us in that regard. That does compare to the last time we gave guidance. And then you asked about the service gross margin being up sequentially.

因此，對營收的逆風大約是 500 萬美元，可能高達 1,000 萬美元；在這方面你可以套用我們一貫的典型利潤率。這確實是相較於我們上一次提供指引時的變化。然後你問到服務毛利率為何季比上升。

This is largely driven by the fact that we had that large data center decommissioning, which is revenue share oriented in the -- that shifted out of the third quarter into the second quarter. You recall, we discussed last quarter that we had a couple of decommissioning projects for major hyperscalers that they accelerated.

這主要是因為我們有一個大型資料中心退役（decommissioning）專案，其收入分成（revenue share）性質的——那個專案從第三季移到了第二季。你還記得，我們在上季討論過，我們有幾個針對主要超大規模雲端業者（hyperscalers）的退役專案，他們把時程提前了。

They were planning -- we and they were planning to do it in the third quarter, and they moved them forward into the second. That was about $30 million. And so you will see in the storage and service reconciliation that all other service costs are down sequentially related to that.

原本他們——我們和他們——計畫在第三季執行，但他們把它們提前到第二季。那大約是 3,000 萬美元。因此你會在儲存與服務的調節表中看到，其他所有服務成本因為這件事而呈現季比下降。

And if you shifted that, that was the point I made in the prepared remarks that our hyperscale data center decommissioning business would have been up in excess of 50% in the third quarter. So we're really pleased with the level of activity. And then you asked about labor being down on a sequential basis.

如果你把那個移轉因素調回來，這也是我在事先準備的講稿中提到的重點：我們的超大規模資料中心退役業務在第三季本來會成長超過 50%。所以我們對活動量的水準感到非常滿意。然後你也問到勞動成本為何季比下降。

And this too is where you would see some of that shift happening because, as you know, we have costs related to the revenue share of actually selling the gear on behalf of clients, but then we also have the labor to do the actual physical decommissioning as well as we drove some additional productivity across the business in labor. As I mentioned, our operations team is just doing a phenomenal job.

而這同樣是你會看到部分移轉效應發生的地方，因為如你所知，我們有一些成本是與收入分成相關——也就是代表客戶出售設備（gear）的成本——但我們也有實際執行實體退役作業的勞動成本；同時我們也在勞動面向推動了更多的業務生產力提升。如我所提到的，我們的營運團隊表現非常出色。

So yes, that's -- those are those thoughts.

所以是的，這些——就是那些想法。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

A couple of data center-related questions. So obviously, the elections were, I think, a big surprise, at least in terms of the magnitude of it, and it seems like there was a pushback on data centers. Maybe can you talk through some of your land bank portfolio and projects that you have going on in the US right now? And any areas where maybe we should think about things getting pushed a little further out because of the permitting process?

有幾個與資料中心相關的問題。很明顯，這次選舉我認為是個很大的意外，至少就幅度而言，而且看起來對資料中心出現了一些反彈。能否談談你們目前在美國的土地儲備（land bank）組合，以及正在進行的專案？以及是否有任何區域，我們應該預期因為許可（permitting）流程而把時程往後推一些？

And then I was also curious on Richmond. It looks like you started those projects on a speculative basis. Just curious your thoughts around that and if you expect to get better returns by building first and leasing closer to completion.

另外我也想問一下里士滿（Richmond）。看起來你們是以投機性（speculative）的方式啟動那些專案。想請教你們對此的看法，以及你們是否預期透過先建後租、在接近完工時再出租，能取得更好的報酬率。

Thanks, Jon, for the question. So first of all, the 325 megawatts, as you called out, a big chunk of that is actually Richmond. About two-thirds of that is the Richmond campus. We also have some coming in later in Northern Virginia, but mainly Richmond, India as well as across Europe is that's all fully permitted and we have energy committed to those sites. So that 325 megawatts is pretty -- I mean, it's solid.

謝謝你，Jon，這個問題。首先，你提到的325兆瓦，其中很大一部分其實是里士滿。大約三分之二來自里士滿園區。我們在北維吉尼亞稍晚也會有一些，但主要是里士滿；另外在印度以及歐洲各地，這些都已完全取得許可，而且我們已在那些場址承諾能源供應。所以這325兆瓦相當——我是說，很扎實。

It's locked in. And in terms of actually starting some of the construction, I wouldn't call it really speculative per se. There is site preparation, right? Because the -- that will almost -- if we look at the pipeline, we have one of the deepest pipelines against that asset that we've ever had since I've joined the company. And these are hyperscale-type companies, right, so deployments.

是鎖定的。至於實際開始部分施工，我不會說那真的是投機性（speculative）。那是場址整備（site preparation），對吧？因為——如果我們看管線（pipeline），就這項資產而言，我們擁有自我加入公司以來最深的管線之一。而且這些是超大規模（hyperscale）類型的公司，對吧，也就是部署（deployments）。

They're very much a custom build. So it is in line with the way we normally do that is when you start seeing beyond the site preparation, the construction cost, that's usually very much a pre-lease situation where it's actually tied to a specific contract.

它們非常偏向客製化建置（custom build）。所以這符合我們一貫的做法：當你看到超出場址整備、進入建造成本（construction cost）階段時，通常就會是明確的預租（pre-lease）情境，也就是實際上會綁定到特定合約。

And we feel really good about where we stand on that. Obviously, they want -- when they lease it, they want to be in that 18- to 24-month window. So we have to do the site preparation ahead of time and that's what you see in the SRP.

我們對目前的進展非常有信心。很明顯，他們在承租時希望落在18到24個月的窗口期。因此我們必須提前做場址整備，而你在SRP中看到的就是這些。

And I think more broadly, beyond that in terms of the land bank, we have additional assets behind that, which are -- we have energized commitments already in permitting. It's just outside the 24-month line. So I think if you look at the land bank we have right now, we don't see any issues in terms of getting those things approved.

而且更廣泛來看，除了這些之外，就土地儲備（land bank）而言，我們後面還有額外資產——我們已經有通電（energized）承諾，且正在申請許可中。只是它們落在24個月線之外。所以我認為，如果你看我們目前的土地儲備，我們不認為在取得核准方面會有任何問題。

I mean it is probably interesting to note that the states that are probably the most restrictive right now are looking at instituting some more restrictions is Texas, Ohio and Georgia. We're not developing any sites in those three markets.

我的意思是，可能值得注意的是，目前最具限制、並且可能正在考慮施加更多限制的州是德州、俄亥俄州和喬治亞州。我們沒有在這三個市場開發任何場址。

And then the other thing I would point out is being a global company in 61 countries. And then if you look, we're obviously not in 61 countries for data center. But if you look at footprint, both in Europe, India and other places that we're looking around the globe, we feel really well positioned that that these types of growth rates next year will be another 20%-plus year for data center.

另外我想指出的是，我們是一家在61個國家營運的全球性公司。當然，如果你看資料中心，我們顯然不在61個國家都有資料中心。但如果你看我們在歐洲、印度以及全球其他我們正在評估的地區的布局，我們認為我們的定位非常好，明年資料中心仍會是另一個20%以上成長的年度。

We don't see any slowdown in our ability to continue to grow data center based on the land bank that we have, the coming land bank that we have, including the United States and then the global footprint we have.

基於我們現有的土地儲備、即將取得的土地儲備（coming land bank），包括美國以及我們的全球布局，我們不認為我們持續成長資料中心的能力會有任何放緩。

And Jon, I guess the only thing I'd hitchhike on to that is if you look in our investor presentation for the quarter, we did update our 2027 estimate for data center revenue to be $1.3-plus billion, which reflects the new signings we've had. Oftentimes, the stuff we're signing is pre-leased and energized a little bit later.

Jon，我想我唯一要補充的是，如果你看我們本季的投資人簡報，我們把2027年資料中心營收的估計更新為13億美元以上，這反映了我們新增的簽約。我們簽下的案子很多是預租（pre-leased），而通電（energized）會在稍晚一些時間發生。

But as some of our investors are well aware, we have the London asset where we fully lease that asset in the quarter. And some may remember that, that was an asset that we originally had leased and was a unique situation where we let a client shift to Chicago. And so the average pricing on that re-leasing of London is meaningfully up versus the initial time it was leased to the tune of like 25%, 30%-plus.

不過一些投資人很清楚，我們有倫敦的資產，我們在本季把那個資產完全出租。有些人可能記得，那是一個我們原本已出租的資產，當時有個特殊情況，我們讓一位客戶改到芝加哥。因此，這次倫敦重新出租的平均價格，相較於最初出租時有顯著上升，大概提高了25%、30%以上。

So that is a helpful adder to 2027. And then I would just further note that if we just roll out the entire backlog of what we've already signed, it would -- once it fully energizes and developed, we'll deliver $1.7 billion, nearly $1.8 billion of revenue in a future period on an annual basis. And that's before any additional leasing, that's before any additional pricing. So we feel very, very good about where we are in terms of the operating portfolio and the development portfolio.

所以這對2027年是一個有幫助的加分項。另外我也要進一步指出，如果我們把已簽約的全部積壓訂單（backlog）攤開來看，一旦完全通電並完成開發，未來某個期間按年化基礎將可帶來17億美元、接近18億美元的營收。而這還不包含任何額外出租，也不包含任何額外的價格提升。所以就營運中的投資組合與開發中的投資組合而言，我們對目前的位置感到非常、非常有信心。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，JPMorgan。

This is Alex Hess on for Andrew Steinerman. Barry, maybe I want to start with a couple of model-oriented questions and then maybe a high-level question for you and Bill. On the model side, obviously, a nice beat versus your guide on AFFO by about, I think, $18 million, let's call it. And then that's versus a $3 million beat on the EBITDA line. It seems like maybe interest expense came in a little bit favorably and then maybe one or two other items.

我是Alex Hess，代替Andrew Steinerman提問。Barry，我想先問幾個偏模型（model-oriented）的問題，然後再問一個給你和Bill的高層次問題。在模型方面，很明顯，AFFO相較你們的指引有不錯的超預期，大概是1,800萬美元左右，我們就這麼說。而相較之下，EBITDA那一行只超預期了300萬美元。看起來可能是利息費用（interest expense）稍微有利一些，然後也許還有一兩個其他項目。

Can you just walk us through if there were any onetime items there? And then with that in mind, also maybe talking through why margins were so strong in data center this quarter?

你能否帶我們走一遍，看看是否有任何一次性（onetime）項目？另外，在此背景下，也能否談談為什麼本季資料中心的利潤率（margins）這麼強？

Andy (sic - Alex), did you want to give us the high-level question as well?

Andy（口誤——Alex），你也想把那個高層次問題一起問嗎？

Sure, sure. I know it's very early to be previewing the preview for the investor event. But any high-level thoughts that -- on what we should be expecting you guys to discuss and where you're going to want to orient the conversation? Presumably, there's not some project Himalaya in the works, but just anything that we should know about your -- strategically where you want to position messaging for the investor event?

當然，當然。我知道現在就為投資人活動預告中的預告還太早。但有沒有任何高層次的想法——關於我們應該預期你們會討論什麼，以及你們希望把對話導向哪裡？推測應該不會有什麼「喜馬拉雅計畫」在進行中，但就策略上而言，你們希望在投資人活動上如何定位訊息，有沒有什麼我們應該知道的？

Thanks, Alex. I'll start with the high level and then hand it over to Barry, and he may want to also put a little bit more detail in terms of our investor meeting that we're holding at the beginning of March. I think the high-level message is the continued growth in the company and really a focus on not just the growth portfolio.

謝謝你，Alex。我先從高層次的部分開始，然後交給Barry；他也可能想就我們3月初舉行的投資人會議補充更詳細的內容。我認為高層次訊息是公司持續成長，並且真正聚焦的不只是成長型投資組合（growth portfolio）。

Although that's the part that is the thing that's making the growth easier rather than more difficult, if you will, because if you think about right now, we're over one-third of our business is in the growth portfolio, growing north of 20%. So as we highlighted, that's providing the bulk of our consolidated growth as a company. The records business is still growing very strong, mid-single digits, with very high levels of profitability, which gives us a lot of cash to continue to fund our growth as a company.

雖然如果你這麼看，這反而是讓成長更容易、而不是更困難的那一部分，因為你若想想目前，我們超過三分之一的業務在成長型投資組合中，成長率超過20%。因此如我們所強調的，這為公司整體合併成長提供了主要貢獻。檔案管理（records）業務仍然維持非常強勁的成長，中個位數成長，且具備非常高的獲利水準，這也讓我們有大量現金可以持續投入、資助公司的成長。

But as we build forward, what you can expect to hear at the Investor Day is to talk about the robustness and the strength of our records business, but then also to talk about how the engine around continued acceleration and growth of the company is driven by that growth portfolio as it becomes a bigger part of the whole.

但隨著我們持續向前推進，你在投資人日可以預期聽到的是：我們會談到檔案管理業務的韌性與實力，同時也會談到，隨著成長型投資組合在整體中占比愈來愈大，推動公司持續加速與成長的引擎是如何由該成長型投資組合所驅動。

It wasn't that many years ago that, that group of growth businesses, which is around ALM, both on the decommissioning data center side as well as enterprise, digital services and data center were less than 15% of the company. It's now more closer to 35% of the company, and it won't be that many years before it's 50% of the company.

其實也沒過多少年，那一組成長型業務（主要圍繞ALM，包含資料中心退役端以及企業端、數位服務與資料中心）在公司中的占比還不到15%。現在已更接近公司約35%的占比，而且再過不了多少年就會達到公司50%的占比。

And we don't see any slowdown in the growth rate of that. So if you think about just the ability to continue to drive the growth and shareholder returns that we've done over the last five years, that's really the theme where we're going to showcase that.

而我們並未看到其成長率有任何放緩。所以如果你回想我們在過去五年持續推動的成長與股東報酬能力，這正是我們將要展示的主題。

And then in terms of there will be a show and tell associated with it in the sense that some people are less familiar with some of our record centers, and I think usually when we take investors or people less familiar, they're blown away by when they actually see the pride of our people in terms of the way they do the job, the way they service the customers.

接著就「展示與說明（show and tell）」而言，因為有些人對我們部分檔案中心（record centers）較不熟悉；我想通常當我們帶投資人或不太熟悉的人去參觀時，他們在親眼看到我們同仁對工作的自豪感、以及他們服務客戶的方式後，往往會感到非常震撼。

Also the innovation we're doing in that business to provide even more value to our customers in terms of the way we store and allow them to access information from even their hard copy records, but we also intend to actually showcase an ALM facility so that you can see a little bit more on when we say ALM, what the actual operations are behind that. So we're really looking forward to be -- to spend some time with investors.

此外，我們也在該業務中進行創新，透過我們儲存的方式，以及讓客戶即使針對紙本檔案也能存取資訊的方式，為客戶提供更多價值；同時我們也打算實際展示一座ALM設施，讓你能更清楚看到當我們說ALM時，其背後實際的營運作業是什麼。因此我們非常期待——能與投資人共度一些時間。

The company has changed a lot over the last 10 years, and we want to give people a chance to both understand that at a high level through commentary that Barry, myself and some other executives will give, but also to see at least a couple of the businesses up close, which would be the records and ALM business.

公司在過去10年改變很大，我們希望讓大家有機會，一方面透過Barry、我本人以及其他幾位高階主管的評論與說明，在高層次上理解這些變化；另一方面也能近距離看看至少幾項業務，也就是檔案管理與ALM業務。

Okay. So Alex, a few questions you had there. As it relates to AFFO, there's a few things. There's -- as you pointed out, cash interest was a little bit lower and that's related to a variety of operational improvements and just getting better efficiencies. So for example, there's always like timing of when the CapEx disbursements are within a quarter.

好的。Alex，你剛才有幾個問題。就AFFO而言，有幾件事。如你所指出的，現金利息略低，這與多項營運改善以及效率提升有關。例如，資本支出（CapEx）在單一季度內的撥付時點本來就會有時間差。

We've had significantly improved working capital, as I've mentioned on the last few calls. We've optimized our cash pool. We had some currency swaps, which are -- we designate as net investment hedges, as you know, which resulted in a little bit of savings as well. Together with, we had -- cash taxes were a little bit lower than planned as our team continues to work very effectively on that area. And yes, and then the EBITDA, as you mentioned.

如我在最近幾次電話會議中提到的，我們的營運資金已顯著改善。我們也優化了現金資金池（cash pool）。我們做了一些貨幣交換（currency swaps），如你所知，我們將其指定為淨投資避險（net investment hedges），也因此帶來了一些節省。此外，我們的現金稅負也比原先規劃略低，因為我們的團隊在該領域持續非常有效率地運作。對，然後還有你提到的EBITDA。

So we -- you should expect naturally with the fact that we've commenced additional construction across our data center portfolio that we'll both, of course, have more borrowings as we move forward and, therefore, correspondingly more interest. But with the timing of data center capital kickoffs, you get a little bit more of a capitalized interest as well.

因此——你應該可以預期，隨著我們已在資料中心投資組合啟動更多建設，往後我們當然會有更多借款，因而相應地也會有更多利息費用。但就資料中心資本支出啟動的時點而言，也會出現較多的利息資本化（capitalized interest）。

And then from a standpoint of the margin within data center, look, it's driven by the commencements, the improving returns that we've been generating on pre-leased assets and, of course, the very strong pricing that we've been seeing in the colo book and the renewals. And just to kick it in, we haven't talked about it on the call, the churn was very low in the most recent quarter. So yes, all of that is driving operating efficiencies at the site level together with a very good expense management in the business.

再就資料中心的利潤率來看，這主要是由啟用（commencements）、我們在已預租資產（pre-leased assets）上所產生的報酬改善，以及我們在機房託管（colo）客戶組合與續約中看到的非常強勁定價所驅動。另外補充一下，我們在本次電話會議沒有談到：最近一季的流失率（churn）非常低。所以，是的，以上所有因素都在推動據點層級的營運效率提升，同時也搭配了該業務非常良好的費用管理。

So that's -- and then I think Bill hit the investor event quite well. We're looking forward to telling you about another meaningful growth story as we did several years ago. And as we finish up this period, we're looking forward to telling you about the next chapter.

所以這就是——然後我認為Bill已把投資人活動說得很到位。我們很期待像幾年前一樣，再向各位分享另一個重要的成長故事。而當我們結束這個階段時，我們也期待向各位說明下一個篇章。

Thank you. And that does conclude our question-and-answer session and the Iron Mountain third quarter 2026 earnings conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。至此，我們的問答環節以及Iron Mountain 2026年第三季財報電話會議即告結束。感謝各位出席今天的簡報。各位現在可以掛斷電話，祝各位有美好的一天。