IRM - Earnings call transcript Q3 2021 | Iron Mountain Incorporated

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Operator

Good morning and welcome to the Iron Mountain, Third Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. To ask a question you may press [Operator Instructions]. To withdraw your question, please press star and 2.

to and analysts the can limit queue. will one you question rejoin We event being note is Please this recorded. now conference Berry over would to I like Sarah of to Investor turn the Relations. ahead. go Please

Sarah Berry

Third today's call, will Good welcome morning Investor Thank on materials we Earnings Relations you, On to website. refer Chris. our Call. Conference Quarter available and our to XXXX

the up Q&A. We here uncertainties. today prepared CEO, to earnings our risk Hytinen, cause Barry CFO. could actual forward-looking and and are Safe statements by annual factors Harbor results After and today's statements, on our from those for to are joined regarding Please All EVP statements. risks we of earnings forward-looking remarks, the materials contain open our our will and Today's materials, XX-K the in major forward-looking Bill refer to Meaney, lines Form our report that subject and X, including President statements Slide on differ language discussion for expectations.

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

included to With over these information. our financial the supplemental turn I'll that, Bill. reconciliations have to the measures in We call

Bill Meaney

Thank to join and taking for time you, thank Sarah, us. you all

what broad and digital strength including IT by services, I-Tech. our in well delivered performance resilient revenue business, of our We continued organic new double-digit in growth. delivered pleased have by including the our X.X% pandemic, reflecting customer highlighted This our or inside disposition digital can time. the dedicated exceeding with data accomplish our this stepped team. through This challenges such in overall serving business growth recent variant, both of total our and challenging revenue to offerings, focus revenue deep growth strong been Mountaineers has is by Throughout to have customers of incredibly existing quarter we've third our model, organic businesses are growth X%, our and direct strength proud and and strong in offerings, every growth. a need as world relationships, to their including put asset storage in result results, the the be truly Each most our team organic easily and center humbled they dedication transformation and day as ways the customers talented a Today's our a up. on able first to the keep been around growing. strong I'm Delta their

today, our key so We overview have with of and I'll a cover results a drivers. lot brief to start business

revenue million, of over During EBITDA over which of EBITDA record are of highs. quarter, of the $X.X reported billion we -- $XXX third both of new

across Our increased demand markets fueled services our the positive by results momentum key continued for in are and business.

iPad growth quarter. services and we're that XXX,XXX among continue to the of the our business say of XX% prior in proud Our almost in to customer on digital its performance XX% base. Fortune deliver build the Today, are loyal XXXX

XX,XXX Mountaineers We East, by globe. growing have expansion in And facilities across with footprint Middle recent of the now in the XX and we are countries. present than X,XXX we more our are a supported

customers of our is no world changed the As as to we of we're the improvements physical the storage there relationships, expanded world our innovation, has and of Secure billion. this are look a needs Together we and partner unique the only business relationships focus information management. opportunities, leading from we the to more also But, have trusted Asset today and serve with our expanded ahead data strength. security, on built, not is tomorrow. assets, making to but platform business we to future doubt That have evolved, changed. focus, why With our $XX position market heritage, Disposition operating process co-location, customer strong business to our total IT the center data with services support addressable XX-year insights, than

of to quarter. let's during some the Now events exciting the turn

value centricity and Mountain. customer That's talk also ultimately, We with our institution. this line one validation, completeness. us. Financial machine first us protect customers. for intelligence as about at Iron deliver unlock learning automation extract well here to proud But of we hear and and Google's processing validate from authenticity, mindset, years couple algorithms award, to follow-on ago a automate winners cost document be partner This opportunities, In for identify, featured only utilize a for large models Iron Cloud advanced for we award lot unlock for with customers, and information, Services as And understanding artificial when Mountain's learning platform support expertise machine as new the our great data when classify, mortgage Google's Customer of financial document our a a and for loan revenue of management to exception first-ever data big Google their of is our our were extraction efficiencies. You'll our but won leveraged to work - year. the win accuracy, document customers in we in train not we insight Award their AI and to classification help a

has demand, increased to customer As time, and reduction, market enhancements. our other result post-closing a among a efficiency of cycle XX% scalability, services, improvements seen cost a shortened responsiveness increased the including

Gold with collectively have higher the Diverse businesses own spending our agreed diversity owned very supplier Suppliers, commitment three the of over Morgan businesses of Chase contributions to Together also our not with we the to report increase protect their Gold Mountain are I'm our Award set to Strategic are preserve to a pleased assets and ambitious work in high-value received diverse next have -- end-customer enrich to diversity Supplier and fellow for supplier in to program. proud and Iron JP goals dedicated our our years. with that only turn, market satisfaction. this in gaining financial services customer's but system ability with and also their continuing We through customer, share

we to This communities in than about just operate. our of in Dynamics. win company about track one Gold for like end our achieve recent I diversity to in our which diversity, but achieve diversity our is which $XX with like alone. million we're drive Chase together goals, this, supplier also not now As of are improvements fellow spend any Suppliers is impact helping of we on working all General a we it customers recognize JPMorgan greater the important highlight together, By is to working supplier by goal our part and having far can XXXX. would

to the having their the with soldiers. Iron Federal team residents growth own to them digital Government. Whilst serve of order in has speaking services the partnership transformation government inside work seen to done million $XX also of U.S. have Affairs we has General not our our with Mountain recall time the our potential of a will that business the U.S. better the the our on products Dynamics. of and in partnership but You transformation help transformation time, This been likes government Department for contract for Veteran's our only federal their paths, across with is in governmental assisting a past X-year some government worth resulting to the already major This in due the number have the agencies. growth over year we are about some is taken

well the of Affairs official access streamline this digital process this XX the estimated as of U.S. military project, initial part is we're as helping personnel the Veterans digitally transformation, benefits an personnel to Department files, veterans agency in a proactive order to greater get files. deserve. claims As process approach million Through to overall they taking provide

addition they with financial committed new an in in our a years, for global global recently two-year this signing a our I and consolidate major relationship a with renew won work, for our management global to we would with all migration In institution in data global contract XX-year with General over data records scale, another contract RIM Through highlight XX additional and relationship restoration success our We've we them, global us. to by segment. to services. long-standing business along had Dynamics, and with have like expanded win which

We deletion, decisions which make XX reduce will and provide Ultimately, will management we with spanning customer them years, tapes data remediation. help data informed detailed compliance. the and information enhance backup from retention, and around clear, will

center, Finally, year. we megawatts track on data are well exceeding turning to of this XX to our target bookings

center the the over are in of agreement X.X megawatts is solutions stand the the we October, center significant looking we to entire closed this that and interconnection entering more new the to across capacity locations on data track a announced access Already step I'm megawatts we than customers this now in energy our have a have September, megawatts Frankfurt, data and the a from should to to a for markets. for a data megawatts important enhanced of moving Frankfurt. a XXX we up capacity. New through megawatts, expansion addition for in London in flexible new that in pipeline the our to and center, our growth signed which X of is add took new and purpose-built for leases Ohio, offer and over also in as the megawatts which rapid the Even next proud into datacenters our on XX quarter, When we reliable, XX our fact, how we secure potential provides load. year have report markets capacity Pennsylvania, leases in running were announce the agreement. site megawatts we of with center used development half continued years. total Jersey we X in than have for core absorb in our and for purchased Frankfurt XX to quarter, of that first for this more X we quarter. transaction tenant that strong Amsterdam, of inherited centers and this energy. Frankfurt, I of purchasing center remains continues existing should energy by this this an renewable renewable over With which of Iron Frankfurt Moreover, in able its hourly on X growth, capacity total and forward Europe from remaining data we source site. clients, at data sustainability of this new benefiting data In of to in first in a for the we at XXX% Mountain bookings acquisition performance April, existing

reselling operate. a which Over just very but the definitive in have grids and taken energy truly carbon our months, we supply. Not by purchasing towards by the renewables, carbon-free we in energy footprint several offsetting steps renewable past matching by

COPXX at first we a new can Xst and released goal, to this large UN successes I today to of important footprint the the will few take energy energy XX/X to impact capability. at this the that XX/X behalf. carbon-free just this Mountain energy of Energy co-location every already We became quarter. our performance awards component are the to our environmental week. an data clients the we carbon-free and with becoming adopt publish provider signatory our company various Compact continue recognize center are We The X Clean join achieved Google has founding their opportunity and to being wins a on among We we outlined are minimize Iron campuses,

will culture, will continue our our sales first areas, continued impact COVID we resilient some spite turn Barry. at and to the I expanded over that, growth strategic IRM, that to As business of I confident call With am on model growth. of deliver portfolio, transformation to deliver in accelerated strong service the product customer continue traditional of

Barry Hytinen

Thanks, Bill. And us. thank you for joining

offerings over revenue metrics. quarters, last the each financial exceeded key quarter a the reflecting our we our strong expectations continued in third of seen trend, discussed. have growth new service by Continuing service the to revenue, accelerating with rates strengthen few driven The across of recovery Bill

performed business strength our are well, areas. continued seeing storage we growth physical and core Our in

On to Turning organic year-over-year. $X.XX for billion quarter. our increased basis, of results grew reported revenue a X.X% the Total revenue X%.

service Organic million the a X-year of growth momentum organic increased example we or on our accelerate revenue building in to the an continued revenue basis, quarter. $XX XX%. are As

last $X.XX team positive Global Our third team rental $XX volume. projections the the on Digital growth trends performance, an $XXX Solutions AFFO last per-share year. and drove the business basis, we dollar. dollars exceeded $X.XX or the of from last We in grew increase million XX revenue in margin was despite U.S. million Asset and as drove with both improved quarter shared stronger call of a our respectively $XXX Total million on from million up and organic continued EBITDA X.X% IT Disposition. pricing Adjusted benefit strong storage year. Secure from

Turning revenue to of X.X% year. segment organic and achieved constant million volume. increased revenue performed million acceleration increase from our an as million, growth basis, basis. delivered On an rental in The an storage X.X% a X% performance performance. team the of With $XXX of revenue In XX growth the pricing global RIM volume XXX organic last driven reflects business quarter, with an third last currency compared East by on total trends well or quarters. new the Bill Mid Growth deal volume in that cubic few This record physical to feet. was all-time mentioned, positive of

and We volume full to are on up for basis underlying pleased modestly total continue to to the an trends, be expect with the year. organic flat

increase adjusted continued from the the year-over-year result RIM pandemic COVID as XX% margin traditional leverage XXX with achieved revenue basis Adjusted all year-on-year. service from at growing $XX operating XXXX EBITDA was X% still of impact. in be Our services recover an of reflecting down levels Global continue year-over-year, a and business the margins. million million, points $XXX expanded improved strong EBITDA to

to booked and quarter, third to the building X XX already we in pipeline in at have confident global business, we ability end megawatts. guidance our quarter. exceed quarter, team our of our And XX our additional the Turning and With through the we've the of megawatts. full-year this strong signed megawatts contracts our booked are datacenter

least as prior-year shared exceeding growth services at to was Buildout In mid-teens our margin consistent our accelerated of now terms In at with our year-over-year. Adjusted XX% XX% full-year our we we percent, Frankfurt revenue facility. and we of growth prior EBITDA revenue projected, performance last sharply year-to-date call the of expect projections. expectations strong and of bookings, light driven by on

Turning year-on-year the of incremental adjusted million to Project EBITDA this Summit, team benefit. quarter, the delivered $XX

summit in million were another expect We continue benefit was million of of and $XX million XXXX. with $XX million capital growth, recurring. benefits Total from year-on-year of $XXX million $XXX year-on-year expenditures $XXX to which was

our the Turning times net quarter we X.X the of sheet, with projection. to than adjusted better ended balance leverage lease slightly

before, we X/X X As X/X to long-term of times. have leverage to we said range and X our and are committed

to years. quarter. I two-day below XXXX, From call specifically to year at Outstanding January. several perspective, third out been a financial levels Sales are exit declared best Board cash For at dividend that $X.XX the our and the of or level paid strong drove our to like our Days per year improvement a the a they've highlight we of quarterly Directors would last in team at position, at be With our expect share that cycle early from in

Turning to our outlook.

With pandemic it quarter. I provide helpful feel year, to explicitly this where ongoing for we in view our be and the are the will

quarter. be We high in the expect total range in revenue single-digit fourth the to percentage year-over-year growth

be For year-over-year in EBITDA, we teens growth quarter. to expect to low the of percentage range the double-digit fourth low in

growth AFFO over in quarter. year excess year in expect XX% We the fourth of

year, maintenance capex spend normalized elevated year caught pandemic-driven from As in of pipeline of more last well, delays. fourth level In quarter this growth up of AFFO you On our in level quarter build is an continues as we to implies and is we summary, the capex XXXX. a momentum least our XX% last in the across had remember, executing growing, team business. may our fourth at

well-positioned feel updating the our growth. Operator, following expand that, and Our And continues Q&A. to quarter. we feel to our progress and We for please line in drive ability on you open to forward with addressable confident the market look fourth

Operator

[Operator Thank the sir. Ladies now Instructions]. question-and-answer and begin will gentlemen, session. you, we

the one We rejoin question you queue. can to will and limit analysts then

please McGrath is go of first question Our Sheila ahead. Evercore, from

Sheila McGrath

bottom a storage will morning. effectively Project you how insight. at out that the able and has going revenue appears line, improvement you're question I when outline Mountain to growth, what Iron and context versus you to next be also customers at Can versus questions from And outline for of it present the Bill Summit. I've different data less about that broad opportunities -- gotten looking investors. from And years? benefit your margin be customers a there benefited guess positive the few are a offering that centers Barry. such god of you for forward. to growth is, factor can products related

Bill Meaney

Good morning, Sheila.

start nuts then going I'll a is So strategically the portfolio Barry the terms more and product bolts little margin. and where of comment in with on let bit in

So thanks for the question.

for we that. And depending I think, comes product the of Project you have so first up we'll portfolio mix move it product thank the that to show EBITDA out the -- may that's I That part call down I think benefit you've an question. EBITDA and margin that think quarter, and Summit, that margin on in that seen high on record up have. your this ongoing

portfolio, of business. isn't is part product of that Summit taken the we've other a words benefit directly, the it and Summit Project you in in haven't the also seen margin, in reinvested On lot a of

So driven that few in actually highlighted billion driving going margin $XX we've addressable that and reinvested of think our the services, besides almost from that's new $XX we also platform, the new we've the is some And what's total Those together to quarters. growth you're of we've business seen are is billion in printed really IT today, XX% the business. Asset that improvement $XX last of part insight highlighting market that with digital driven areas your market Disposal total primarily which behind that digital I question. that the addressable billion

can business see strong is we that -- that double-digits growing see continue. actually we and So

megawatts few like this continue of in continued businesses our growth revenue in exceed topline, luckily, levels in top Then seen of our with traditional of terms growth the -- whilst center business. quarters. of bookings we last last upgraded take that seen year. track XX to for of the -- this that on recovery I the we data on Because well expect we've seen You have our see we're do the we've and so growth do growth quarter acceleration some in -- to service guidance

our to by that I fair of call if don't I low want would bit and activity I a think due historically that's rebound the to from margin? what from terms you a know, growth really little it's driven Barry acceleration product an we've in seen say comment the revenue areas to new COVID. around less

Barry Hytinen

say and to would to going it's outlook morning question. Sheila. We thanks look margin look we have and recently, continue Good has our at trends Hi, been where very I the for pricing. when go, in where favorable you

that you on the think the I going so. activity a of forward last seen year benefit. There's us here I will positive to there level that think at least or continue some macro trends see both for over are pricing as pricing we've

at we you here quarter. of move that about That on business as forward, as third little with to facility, we we has a data we And expanding. look fit-out our margin and the the been obviously center which where some If expect lower our business transitory a over time. go bit margin, the than it basis dealing talked is see Frankfurt in fourth is transitory on

that's ongoing we a then that. business. would I very look secular productivity, at nice continue to So you when tailwind see And to the obviously say

to a other last the is, transactions that's leaseback thing a since the benefit to XX company headwind The only more relative months. I a we'll So incredibly year-over-year year-on-year while been of while Summit has you And the beneficial amount as to of large year, the big continue well, recycling, I'll follow over expect opportunity you we've certainly relatively capital know, say basis. on business had do additional see have productivity. couple for sale Summit we next been and

to down forward, more comes level a more a normalized that's going that little if benefit. -- a also So

Operator

Tong next you, Thank is of Please Goldman George The ahead. Sachs. go sir. from question

George Tong

Good Hi, thanks. morning.

discuss Data it provide of success As recent Centers to you a your overall also can outside of and quickly relates your business? sense growth how grew traction portfolio, of and it examples

Bill Meaney

Thanks, Yes. George.

growth, XX% called the we that growth at Center. look under that's you or XX% quarter, non out If this Data all just

that. we've trying and is Mainly Asset that global we be destruction on that what some to that Disposal corporates make the information business manage or -- secured they are sure ITAD recent happens IT won that to the large So of their for both it as be And way. information. hardware, contracts as call any part rapid well is InSight growth in an that digitization or the devices friendly and they we've That's adoption just it. managed in of sure one platform of people's environmentally that the can of part seen making our other of overall for

model, the platform. that insight term. what digitally their help we're the with share the can information. that's them National long way not from ago, when To fashion. returned electronically cloud, other people platform access So we call comes complex government only very in deals, month that's the to digitize Archives be not for in a from everything classification even mail the But I I from from mail-room taking is but right documents with be and level retrieve that can words, okay, about to and government I metadata people is through Mailroom, able there to home of retrieving to to which using through and hybrid the advantage but to to And room, way the the in the information typical the working In larger, say, those work the the they documents information they arbitrage office want just people to have employee it's InSight that actually again but actually insight works. auto always operate work platform, again right a can a so simple where East everything security on secure a a mean, them the their the Digital where more their platform basis, about allowing can just to have managed they're beyond Middle a to would the access to people some, access where create

have, top the are today. really our we mean, I of I see increasing drive mostly business, that the by as to multifaceted not how driven center it's traditional of growth continue side And the growth to should the is, the business growth. the nicely. continues are will should as So that -- obviously underlying chug areas I lot pricing, line those business. we driving more data but a the of levels it data but types with of center along well that miss bookings the of thing,

Operator

you next Shlomo from Stifel. Mr. question line go is sir. Rosenbaum, Thank The Rosenbaum is Please of open. ahead. your

not that check Just you're muted.

Shlomo Rosenbaum

you. a is I some I muted. cubic Sorry. with an bit through was feet. -- something little wanted to puts Thank and million other it. ask It there the about seems the that storage takes added went XX of some business acquisition and about like

I getting You when There's including pricing. sequentially. total the flattish go it's the But organic really revenue withdrawal permanent from storage fees, guys when some and to adjusted terminations are growth.

will you some And ask commented to of quarter I that a the last basis build from in how think to was you what translating wondering up COVID-XX. sequential year. into so because expecting have you just want are seen on was is you, puts just that as volumes some this I pent revenue the takes might And and through come

Barry Hytinen

it's Shlomo, for question. will unpack Hi I for that thanks Barry, to try the you.

in close continue us which did with great the We think right. to for our region on are grow to we business. the Mid you together is existing in transaction So a East, that platform

the the you in is half second note it of had September really Now benefit in of that will note. financials, albeit to no terms our quarter almost late in I in so cube that quarter very as the closed the

that sequential. help really So didn't the

of you was and April. that recall the On pricing the the again on then I as might beginning planned all already of the we of mentioned had the year quarter or pricing, for that set March call,

on benefit sequential is And divest out, we escrow then did of it. much -- the pricing last was not June we business quarter. part other June, as you in for sequentially thing second about planning the first think storage I'll weren't so software And and call the

storage that sequential storage, was the business. the so from to third second completely on move And the

$X due or quarter, $X being about decline sequential million in quarter. it's third that in the So of but to the not second

feel good. So quite all we in,

-- In And planning did fact, than I'll in as that last economies, recall pent-up basis. demand, markets, storage some quarter it and to you Asia revenue have of and occurred were to say Bill, that -- of I'll continue to good-sized the particularly we some about relates and a we want add? other performed pretty COVID that variant the -- elements anything Delta better point be you'll in a of was that those the in various we sequential the you some I'd the with tell note and on backlog.

Bill Meaney

No.

that. think I that's -- covers

Operator

next sir. Eric go Wells you, ahead. Thank the Then from question is Luebchow of Fargo. Please

Eric Luebchow

in supply think cost, of perspective, supportive broader impact And Maybe challenges also could that's and give any this seeing through what particularly a Thanks inflation, in just question. environment the timing. then of of I challenges? footprint. your touch the years upon development talk delays taking pricing cost, getting us area wanted you any along on centers new about Great. couple upwards for that your you equipment. perspective A be next chain of today. terms may from to do of the And the cost power with fairly in industry Thanks. moving -- terms as industry lot in topical data development pricing inflation in in you're Whether we higher work costs Europe. all of development in these

Bill Meaney

Eric. appreciate Thanks, the I question.

points question. So your I'll X in or X cover that

in that XXXX chain, related But XX the pretty covered supply chain and or lead of well would in would lead is, first the MEP increase I to we equipment, I just think supply weeks have some terms in say say time. markets. some that, to bit time we're the of of in steel I is Including because seen for XX and on your point even

that I a that already of now are been but build-out. some factoring -- for and And do chain, I think covered contracts well seeing would looking we're time that's lead in that at committed the point planning. because for our extended equipment of to say XXXX to actually XXXX, we're we in is, we're lengthening your supply already in training we're

is the the we're So increased. is we've news for news got have planning in so the the -- lead that to news XXXX. XXXX, that good covered for good our well times time bad we sure incorporate that The make

one the -- well the we're I we we've already prices And that the increase in are because so in that lead. for aspect. hedged say XXXX those that's pretty of have terms So -- contracts commitments would

the is of of construction said expect in are we seeing we raw to and see continue. well to that That is because known trends some being base, those transparent an So materials. quite increase this we cost and business in customer a where inflation our is

Our pricing of line build. will the with in go cost

So think we're businesses. of kind the these naturally transparency given I of hedged

cost say pricing the exposure of for is, the the terms year, still markets I on of we power the would we seen covered long-term this as -- is any much of everyone's -- remainder, don't that power say portfolio long-term. terms again, that for I an straight well as The so you we've that power part but the be about uptick contracted have have -- pretty most XX% much in XXXX in -- in In pretty we're in will would of pass-through, costs. is our power noticed. And pretty all first

the of is is. it up think of or and big XXXX, north has for a is hedged, part the course XX% So of renewal our during isn't business naturally of that part

affecting see question. terms into we continued power in in XXXX. progression margins as our upward really And get of material in So us we for EBITDA the But thanks way. see we any don't fact,

Operator

you, Thank sir.

please is go question Steinerman ahead. from Next JPMorgan, Andrew of

Andrew Steinerman

Andrew Hi, this Steinerman. is for on Alex

is question Our your regarding guidance.

growth low that high-single-digit to XX.X%. for imply of that? appears teens to percentage percentage EBIDTA Thank revenue doing an Can EBITDA the you adjusted of and right? the math guidance speak margin in fourth about double-digit quarter you. there Your some behind low to drivers in for growth we're confirm Maybe

Barry Hytinen

it. you question. It's both we the Alex. way Thanks and Why with don't EBITDA are Barry. Hi, for I about the the revenue the help thinking

in quarter, single-digit. So right, you high fourth about we said the

and revenue a just let's to say or of the X% on X% So give the puts that's couple side takes. you

because in have reminder, less Shlomo, than divested similar from we of less the software than a dollar I just -- Escrow M&A FX amount a point as year-on-year, that have to business quarter. point a as stronger benefit second We the mentioned as and we is a a

And benefit. so much as it's a M&A result, not

growth about X% currency you strength your plus well very And think contribute be model should like of growth of the the points would and Data Bill storage rental that'll so performing Center out the coming alone is with business. call constant in So Digital revenue. Center and good with and The the seeing our contribution. the it Data business, from fourth percent low-single-digit of SITAD business that'll Course working that our is nice 's the pricing quarter balance call, we're that business. organic XX X.X with And very remainder on with Solutions from be growth in be highlighted you because leaves growth. probably as our

stand the EBITDA side, to mid-teens low growth. sorry, low -- On at we're looking double-digit

there. midpoint to just percent so or the XX that's say keep let's So

million negative basis is would this of FX high-margin. purpose on of and was about, net $XX contribution, call nothing, the business discussion, year-over-year in small For it, M&A almost actually of a very a be escrow the light a year-on-year very increase. a that's

And margin so increase in the having affected data center modest as about fit-out by sequentially Frankfurt. a in think still

center. a from few benefit million of to So EBITDA data

Our the well. Summit well and team very phenomenally Summit is Project is doing executing our -- is

I to continue improve margin, million expect $XX+ strong course, to the been see contributor. benefit quarter year. probably in from the very of that. to throughout year-on-year a seeing then You'll which be services And pricing will you've And of continue the

offsets with higher mentioned top team is the line. So driving naturally, leaseback, some trajectory the earlier, of of and commission very as in I levels on sale good light are there

look quarter a very about we we're fourth great the feeling as sit and today, you to here it good to in you. Have forward XX days. Thank So talking day. about

Operator

Mountain you Conference may This you, attending session concludes you and third the Earnings presentation Thank Thank and now question quarter our answer and XXXX sir. disconnect. for Iron Call. today's

Iron Mountain (IRM) 4 Nov 212021 Q3 Earnings call transcript