IRM - Earnings call transcript Q1 2024 | Iron Mountain Incorporated

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Operator

Good morning, and welcome to the Iron Mountain First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note today's event is being recorded. I would now like to turn the conference over to Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead.

Gillian Tiltman

Thanks, Rocco. Good morning, and welcome to our first quarter 2024 earnings conference call. will materials we Investor on call, website. Relations today's refer available to our On

Slide here Bill risk safe contain X uncertainties. and forward-looking Vice refer today today's Chief harbor joined Please for expectations. remarks, are those on We language forward-looking by All the the XX-Q up including and actual Financial After of on lines Hytinen, statements could we'll in our Chief our open subject a Executive earnings to Meaney, Barry our statements, and statements Executive risks statements. materials from are our Form and earnings to to report factors President Q&A. Today's quarterly discussion materials, Officer. differ prepared cause our results for forward-looking Officer; the that and President regarding major

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

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

William Meaney

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

We set to first achieving results XXXX, outstanding quarter for of team for another our are has report all-time and profitability. the highs revenue pleased of delivered that

our truly portfolio growth meet business the $XXX through organization solutions, into and to a of a first offers first needs our range team's solutions-based ever Our evidence Matterhorn basis, with all our success delivering best-in-class new growth. EBITDA differentiated of of of $X.XX a products storage year-over-year commitment has million, Project revenue business with of quarterly Iron Matterhorn quarter, XX% that year-over-year across customers. This the a reported drives solutions. On and commercial transformed to quarter XX% combining of continued a areas and in growth we achieved delivering highest successfully Project the product is services. progress Mountain our services integrated record representing strong integrated billion, evolving adjusted broad

quarter. wins to through some like you take pivotal I'd this Now

customer Iron to longevity XX solutions disposition presence offer and excellent a securely customers' are have containing in in management. The the XXX,XXX manage and records to leading to data our with portfolio Mountain range begin example and understanding with our our a providing with is information of customers this to more geological IT built our we initially customers' asset from selected a we U.S.-headquartered of its the energy oil countries secure a An of where the needs, sector opportunities Let's is cross-selling of solutions strength now also and needs. meet relationships deep expanded further to solution. information. Thanks

and Another provide the customers Arab example ability in Emirates. more our solutions of our strength United and to is cross-sell for

comply records X to have to this extend we our documents. volume services. customer's past ALM cycle solutions. partnering services These need or bank from for we prominent an the UAE growing with regulations management include the Central Bank, and life years, asset to management With document a capture For been of provide secured a with now agreement

retained demonstrate million manage value documents opportunities helping government a are sector where recent and to trust ongoing. must citizens. contract whilst customer a the to to their money this to have the proceedings government for a relationship records. with organizations Mountain agency approximately store We public to their with continue increase legal Iron that in provide we us transformations, U.K., see to awarded of XX for them they is that long-term be This support sources efficiency example and A

to and projects to the a effectively Our other like sensitive successfully capabilities this organizations the customer to manage number records in this. government skills, of have experience U.K. demonstrates ability proven we and manage

solutions that customer physical its records digitize global a has business, digital asked in Morocco. to our to provides Turning automation us

testament enable customer's integrates simplify The confidence value from this both platform, multiple greater enable you InSight in their as derive use information to improving driving learning customers' land systems Victoria. needs their our current our Mountain to digitize for with as recall, record fully government-owned proven partner. Staying team's whilst operational will in content asked will customer the and them digital dating our which intelligence digital formats. InSight agency an as estate efficiencies. our clear to files solution machine back information approximately will understanding Our their a artificial greater well of XXXXs and and compliance the real success a government state of solutions, is Australian transformation of track as to to of XXX,XXX Iron registry

physically government these departments. ensure and both historical digitally, vital are managers, access solution potential preserved efficient land Our enabling that for records will and developers

infrastructure, and the within to deal. secure requirement enabled key our were project manage the us to ability including state entire expertise, to reputation this that Our meet Victoria differentiators of a

Moving data next to business. center our

facilities We highlight around to want continue we how the of support leases I the and to Today, strength rapid we quarter. of be and our at can world. capacity X pleased signed creating customers by growth business this we are the this examples more with

center global existing a we for service The quarter, signed high-performance records Manassas, First, that a needs their our technology decision required megawatts was space in to to that support customer determinant space us. North a contract Virginia with their customer. X American we relate have key computing Virginia footprint. This leased with to XX-megawatt campus. us storage in our data at global customer their existing XX-year and expand footprint company expand is cloud their Also an to with customer excellent this an

our center requirements. us clients customer. proximity well to their business, as to consulting close their to to order demanding connectivity Additionally, IT are in a be global as chose new meet we in as in data welcome pleased a They firm

life management. asset cycle to Turning

U.S. quarter, our we network. to have Moreover, the pleased commercially into leadership made and ALM closed operationally Regency our that efforts, Regency of have are well Regency to and complementary this to The contributions We strong share Technologies. our acquisition X integrated already team both adds locations company.

ALM Moving more to broadly.

increased price recovery in component pleased the We strong leading by combination organic of strong a and to a are with growth quarter. volume driven business,

As for their more food and to a their existing to single manage offer of nationwide. The solutions sites enables We to Mountain including to locations in-country recycle an with Iron worked asset in streamline XXX I life the wanted corporate vendor of requirements, partner wish with service paramount with and IT both integrated in overall institution in customers. A our Netherlands to recycling cycle brand was and a their their any an new assets. created we process Mountain well-known several them build ITAD, decision XX well how off-site customer their examples customer their Iron unique deal agreement of locations Also lowered to signed has ALM cost a us solution approach on signed hours. ALM remarketing initiatives. decommissioned to the existing at global all their asset workflow and remarketing systems secure continue Data to and services. workplace as to with as Mountain supports management our program capabilities, that share Iron their inventory this remote management. with The ALM through quarter, security enhancements, ability on be their financial existing within over program

signed ALM deliver. significant I growth amount and through device were decommissioning customers' meet backed accumulated provide equipment center data be a has very end needs be multinational devices. they legacy a order to a needs. To as of their with Due end-user that our to pleased well center able acquisition, had manage as significant proud holistic am deal of securely their for solution to a secure our user conglomerate Finally, us the data company to needed to its results decommissioned. chain We conclude, global strong to of to continue in by Mountaineers custody the

strong revenue date heights performance, is we part our evidence highest to climb. At achieving is customers. performance the our quarterly of core including our Our to are increasing of consistently ability this strong of Matterhorn as achieve our the continued

solutions as Mountain create humbled us XXX,XXX forward look of our increased I'll the us to Barry. journey our the XX% XXXX value the have the to We portfolio best-in-class over that, organizations which around of call by in our and Iron Fortune in including continuing clients trust for more of than our turn and growth we shareholders. With All services. world our integrated deliver are to at

Barry Hytinen

$XXX was and last X% nearly million provided performance in of RIM million, of revenue $XX by stronger on Global $XX we've of acquisition team our on results. Total track service our joining center. our In for performance data solid from both $X.XX strong our closed organic digital of and last Revenue driven ahead RIM call. We our you basis, the billion, year, in all revenue management XX% last $XX up discuss cycle XX% an $XXX reflecting exceeding our on the continued storage basis, first growth and was life million thank of a we record by Global quarter, expectations revenue businesses. Total year-on-year growth. asset by X%. grew On strength us performance, million our from storage Regency call, our Global revenue shared driven well million contribution Thanks, quarterly to expectations both up record Bill, and achieved of the as as recently from RIM Technologies. service strong up reported driven was and

revenue XX% and $XXX organic in second share for million storage highlights productivity, year-on-year, by accelerated as on of year-on-year. key service incorporated driven our asset $X.XX, life management call X XX% me, adjusted of center improved our shared EBITDA or the exceeded we performance year. EBITDA first, data of second, This contributions as $XXX was of the last cash growth million revenue our respectively, cost the are: quarter last quarter. well basis first on quarter growth This was by offset on phasing $X.XX was was the recurring For both to increase units. Adjusted EBITDA by a $XX investments in $XX primarily And constitutes ahead up by of constant guidance margin year-on-year, in which revenue is expectations from mix. cycle year. driven year-on-year per reported upside XX.X%, into as an currency result consistent growth driven the XX%, Adjusted all both capital and business our taxes, strong business. last million, a across and and AFFO basis, of million management from a

RIM trends. of of $XX EBITDA X% and year-on-year. $X.XX revenue million solutions. Global from rental management billion, an We delivered of $XX traditional growth revenue increase our by turning revenue segment first focus grew year. an on basis, revenue of growth Storage RIM In and and digital volume reported was of adjusted delivered increase service million organic services our Now to last driven On X%. business performance. a consistent million, reflects quarter, $XXX XX%, the revenue Global

XX% and global Data of $XXX XX% year-on-year. million our million to an Turning We the $XX of data EBITDA of revenue achieved from increase or business. growth first center center adjusted quarter million, XXXX. $XX was

Turning with had signing and with team megawatts expansion activity. successful We leasing. cross-selling strong a to new quarter the XX

first across Our we data of our are considerable markets it. In in site data energy-efficient be $XXX third pipeline construction and we serve. data our used commenced fully consistent Virginia. where opportunities robust center commitments, sustainability our in the have oversubscribed. In to our of is support This we have construction Proceeds received million and with April. on we the now first Northern fill loan X sites, green leased was support pipeline of Phoenix, and a pleased will center considerably were our strategy well financing to centers in to execute

of delivered management. In expectations in ALM XXX% improved EBITDA. an ahead of cycle our the the first $XX performed asset Technologies life performance the quarter million, we was for $XX in and quarter Total year-on-year. both quarter, of increase Regency to revenue million. revenue revenue with Turning

improved cross-selling On X only of component both seeing quarter revenue and the capabilities are activity. are an basis, year-on-year, improved and pleased and increased already strong increased more into benefit planned efficiencies. integration, very cross-selling, in ALM organic we our While are pricing increased with XX% than from the by we acquisition driven terms operational volume

we invested $XX $XXX of million Turning and quarter, was $XXX to growth million the was In which first recurring. million, capital.

growth of recurring. billion $X.XX remains $XXX million target of expenditure and capital year full Our

to net with adjusted quarter balance Turning we of leverage the With EBITDA ended the sheet. performance, strong X.Xx. lease

As lowest the a reminder, level this remains the past in decade. at

is X.X We expect to which X.Xx. operate leverage within our range, to target

trailing Directors On our impact to to to long-term pleased range U.S. now early now of quarterly at our reiterate outlook, our XX% we of end in low payout target strengthening of a full positive dollar. the $X.XX of mid-XXs is our lower Board share basis, to our turning paid dividend percent. And Our declared July. ratio forecast. of guidance be year the our X-quarter per despite are With the

FX $XX to initial the million $XX compared as adjusted current EBITDA million year and includes guidance. today of remainder to rates, which revenue of approximately forecast results Our headwind the through incremental in approximately an to our

as would please continued of to again For focus open $XXX AFFO we like share to strong the AFFO a expect operator, approximately second summary, and approximately approximately billion, take opportunity that, XXXX million Project for are dedication And growth result entire our our Q&A. of $XXX million, our once Matterhorn line for results, revenue $X.X have per and and Mountain and delivered $X.XX. Iron EBITDA first to quarter, the we adjusted clients. you continued we of would in expect their to thank of commitment objectives. I In on team approximately of this pleased quarter with

Operator

Goldman Sachs. [Operator today's question Instructions] comes And with George Tong first from

Keen Fai Tong

storage. Can for what little you traction quarter strategy about your remainder XQ. seeing price realization a of in by with generally growth stable business, the year? realization organic since with are the revenue that talk compared you're the in about volumes and Within most in the management Presumably, expectations step was of quarter to in driven latest to in X.X% XX.X% changes bit the and storage price revenue your

William Meaney

and me macro Bill, call. appreciate the It's the joining with of The let so kind George. you I Thanks, -- view. start

the with stored because in terms very you records we've than never or we're never management side to pleased more of today. side, stored center really grow. continuing documents traditional see as the We've we're we our as in well both the the records can do storage, on So data side management

So and data with the the on volume growth the pleased of we're the the strength volume really side. continued and center

the appreciate that In through we pricing, year, of terms you that can as -- ramp. go we

that it? bit about to think point. little a to know, should color being might low want kind Barry, you don't of But So you as the add more I

Barry Hytinen

such frame, there it a thanks of revenue the cadence Mark's at the had we was the this into a year-on-year place for beginning shift George, management our kind them market of bit first right within management Bill's back management the and that realized. Global year, of all revenue got the quarter. time actions on year, The is more of actions generally of of that Rim. question. more revenue year. the of we're speaking, to terms in timing getting the right normal And in there Last in

performed, revenue for asking be RIM. revenue it rental total, growth to total growth clear, on how though is in to relates our RIM ahead it expectations actually, we lines As delivered in in of Global storage Global the you're X.X% about. And

last You'll recall at that about whole RIM guide our we assuming year, Global quarter, X%. mentioned the for

So of ahead, of in a principally as storage but we're mentioned, off starting upside I off driven centers was bit data services, and There well. rental RIM Global a course, little start. strong on very really to

results. the year, well started on very feel full as the storage as we revenue enterprise well George, we to revenue So positioned where both management, total respect with

Operator

Crossett question And our today with next comes from BMP. Nate

Nathan Daniel Crossett

volumes the talk center XQ a What balance and is just data then guidance, And follow-up about XXX-megawatt? for year? just And you data is still RIM to could the center. of it for for that. the expectation your Maybe maybe pipeline leasing

William Meaney

Thanks, you it's rock-solid the in flat, continue RIM that we in to Okay. of to continue slightly give Nate. terms volume, and I'll terms volume, -- up. business see -- of we a

that extremely in we the to and see in on trend, of really see it's can you change don't in strong. feel that. And any that and change, any pipeline data see about continue don't terms we So our center, good supplemental, we

alluded megawatts in very a and first pipeline for start. we XX of good Phoenix. But instance, have we full a very, building We're the of very globe, out terms to site quarter, the guided in strong to off we're in terms third Arizona, as the XXX megawatts have for pipeline. We strong see Barry the year. across You in a

applications. So macro expecting year, AI around another we're from growth with very benefiting especially strong around the the centers, strong environment data

Barry Hytinen

Barry. -- is The only to on beginning the add thing -- the would point on there I at Bill's Nate, And this building only is volume.

to volume just year forecasting reminder, we the we're as quarter have never we for second up that quarter. for to track than some And with forecast. time physical well volume more be a versus are stored the first consistent storing on been slightly We for we've are And today. saying as full up

Operator

from Barclays. And our with next question today Lynch Brendan comes

Brendan Lynch

could just increased Maybe we components start the by between pricing? disaggregating improvement ALM volume and

Barry Hytinen

Brendan, ALM, Thanks Barry. we it's had that If for revenue. total question. $XX million look of at we

$XX acquired just as remarks. of which, recently just you over revenue, Regency, I Now as was know, mentioned we the on million prepared

good way, -- that that the performance. by was very So and

quarter, in XXX, that's guidance, it, a So you'll I of call nearly, run for recall about embedded Regency it our last be mentioned was of to let's on midpoint XXX. that the rate

track we respect so to line. well are And with that on

performing In terms well. of and of rest business is hyperscale our ALM enterprise quite

stronger an should I I basis, million $XX our was into we total was of organic up As mentioned, about first on the was And ALM than quarter ALM guidance. have expected. XX%, expectations note baked which ahead in that we

the for hyperscale, question So pricing portion was component late rising quarter we your and price saw getting it in the of a upside volume total. In enterprise to quarter. more were the both meaningful through increase of up with and directly now, the the and

driven quarter. And compared in rise, is the they that expectations continued in think, as outlook, the be, have to prudent as we in it up to were April, cases, being relates over our to component of we hyperscale by here industry and sit you've which see with that that, clients to time. rise penetration of our to kind although very we year. Volume the continue In some decommissioning. So of baked increased as both we to prices we trend increases haven't the activity through likely continuing to today with as some levels I the cross-selling where first our from seen continue of move increase in are is of robust that the analysts, remainder strong

good really feeling track ALM about to is way the starting we're So it. with

Operator

from And our today Atkin question Jon with comes RBC. next

Jonathan Atkin

So question guess, a question a and ALM. on on, I data centers

minimum do be ALM, kind regions your centers So which kind on then end What think you you doing of a would bear? outsized you unlevered newer the are growth build-to-suits some up now market underwriting see might to of the you for And yields what for data that I single wondered just expansions of in? that tenant. or could think will you where level are

William Meaney

Okay.

Barry give some on you start, color maybe John, then and can So more I'll ALM.

center we data what think the we see continuing. last On pretty side, quarter, we much trends I covered in said those the

So think the above of cash-on-cash it basis as a of historical couple hundred return. points

at around X So looking hyperscale. I more and your XX the you're hyperscale question on of to was your -- kind then guess

in So if of terms of it's with the slightly in you interest of run-up think basically, in then cost seen capital, the rates. we've -- of what cost ahead about we've capital

in we're of in very So are finance, the well, we've due the macro spreads know -- we in mean doing. I returns data what it's terms as that results. terms terms gotten our that market very, and the still that's positive strong of in new on cash-on-cash environment, to cost very center, you for leasing see of of the for a

Barry Hytinen

it's Jon, Barry.

continued our thanks relates might with there. And we're great that come want pricing basis, seeing outsized we're cross-selling the to Fortune some seeing at to ALM some the of are across continued on around growth where together time. Regency think ALM seeing strong as rise the volume U.S., to I Technologies, as our will I a in regions team the clients component question growth XXXX partnering but global type we basically for our as world, because see performance, largest well continue all don't continued and to it's On promotional, it we particularly

integration. very you highly combination in the this the that large, think we're fragmented, way And we even already the I As market know, that ALM of a pleased in is really it's just Regency and to stage we early have unfolding with underscore is opportunity really, the space. huge want

Operator

Our next comes with from JPMorgan. [Operator Instructions] Steinerman Andrew question

Alexander EM Hess

allow. you Steinerman. quick Alex X questions on if Hess is This for Andrew Maybe

XX% about is side, On that right, sort 'XX million appears the flat. Is quarter-on-quarter, XX of my of growth ALM the XQ a you you times answer -- to about a a year Maybe question. longer-term-oriented sort rate, maybe math maybe growth was if -- for that mind if don't -- and XQ then And more so it ALM? that growth revenue organic if that 'XX right? I think let ask year hopefully, ago I I'll and ago number then

Barry Hytinen

we'll so Go ahead both. with the longer have term, and them

Alexander EM Hess

right. All

Sounds good.

I budget your you business ability wanted within more on on the that's on your So and peer deliver of your sort center longer-term-oriented just like time, to data to think do against how group? about know maybe how benchmarked question.

William Meaney

the side. Barry with deal the then quarter-over-quarter I'll talk ALM about let Well, longer and quarter-to-quarter I'll the you term, Okay. sequential to -- on

center So -- can I deployments campuses. you our continuing we're the across drive on the mean, see strong all to that I business, think data of

don't change especially see any of and plan with XX leasing our both the that's imagine, can most we been vast hyperscale. -- last -- can hyperscale has has in the ability that, see activity months execute you to So over the because our and majority you and as that been clients leasing with terms of our in

actually budget, to, can which execute is the that's supply You decide them our on who on to to go chain. for going a ability managing time, component to is they're imagine key also

is is anything, the strong more we chain the simpler normalized, see very, -- now as right little though center, demand. very really, gotten demand that strong if has though bit planning see really in data supply we this albeit So even a

a what And blessed a with trust talking our you're team. exactly about? we're customers' So very part, construction big is in good

Barry Hytinen

Alex, Barry. Thanks that And question. it's for

on just doing they note last wanted the up sitting some a been basis Q-to-Q. as had that we move volume some quarter, You're right. last math to their that that side, decommissioning clients I'll on was the quarter said of slightly we some on had dollar It for And time.

both of of was first timing in we of fourth the wanted the through remarketing they moving the some of think the the our were deferring that seeing. some quarter capture quarter there. And of also clients actually saw way frankly, hyperscale well of there little that the that from in in was until we've later been a as the light pricing bit I light end fact So pricing did the better quarter to we like

As continues. earlier, the and in quarter later I mentioned did ramp the really pricing

the in the legacy nicely good. been quite mix the business It's and in sequential quarter-to-quarter that oriented. I about remarketing. bit enterprise straight well. of in to that activity a I basis. and are note, a of cross-selling a the as light up business business the hyperscale it's however, business. grow that we that And that enterprise expecting what trends of So to had results business the IT that renew in was on talking frankly, is will little and, the And of course, continue in bookings we've knowing kind service am not just very

thanks So for that, Alex.

Operator

And today Wells Luebchow our next comes Fargo. question with from Eric

Eric Luebchow

your high-class a data follow with have most you to Obviously, of business. leased pretty center back on the problem footprint Just up.

or CapEx data need the And grow future how beyond that strong leasing about additional you have where a year? how thinking land should about you So further markets the runway think you capacity we either quarter? center add the might to business are to areas so this given in

William Meaney

for Eric, the Thanks, question. Yes.

Day. From a question think plan multiyear laid in So out standpoint, of your X very let our much the out break I within parts. Investor capital that at we're me kind we

after getting in strength the that we growth and center see traditional of funded I actually data don't plan is we're to know, gives debt have fully into of that fund fund EBITDA a we to our the tons generates then, management to we we that of cash capacity have said, we of growth ability as course, areas. And it, any as issues dividend, business records growth. -- that earlier and our in paying you plenty flow terms that in strong between us So that continue then the

plans downside putting of high-class you budgets So you we terms even the upside say, look we of as do at terms But when in imagine can of our funding were problem. together it's the and is demand. and side it, we in a

that pretty continue fund we're to we comfortable So seeing. we're that the can growth

our going the already of to be In we're Manassas full in instance, our terms footprint, talked construction soon. And fairly that the the campus adding with data out out on to center started Phoenix. Madrid about off you're X. that our We're Amsterdam X and point third we're campus campus for starting We we've data right in London And third or campus. center. we're building to

in we're Now X.

X have We in centers data Frankfurt.

you're But to land I have think we this that point now, confident right right we we, acquire in guided of pipeline to imagine our very can in that that's So instance, feel excess we that the for more megawatts that out. you XXX year.

that -- our terms good in So of that we in we bank of ahead the will leasing really what year land feel pipeline the rest have strategy about next we the of for be the have the acquisition activity. for over land

Barry Hytinen

that to, that looking phenomenal The land out. parcels we land year add for at capital and spending multiple in we how job. is We with. were to kind multiple continuously the that we've would embedded been on would I bank on just by the to is Eric, are you to of the active on continuing Yes, as the planning, sites. And importantly, and team add data compliment, have year negotiations thank our center in business continue Bill progress. just add a that in is I But way, doing to alluded

So that's capital. the in embedded

Operator

Atkin with from And Jon our comes question RBC. next

Jonathan Atkin

for X your on, follow-up a guess, follow-ups I time. Just

region similar and And my opportunities? in there things, is again, more lot sovereign you a of to other then requirements, find terms And of just where presenting the... beyond mentioned how would the question question the particular you RFP sorts interested So of competitive be activity. I'm that you perhaps with see earlier, of those space in

Barry Hytinen

the question, signal. the you Can or into before of first had question part the repeat just we next give again? with first us interference little you question Jon, go just a the the maybe

Jonathan Atkin

you environment ahead second are public the in where it Regency. ITAD formal those can in talk bit was are And if but about don't more competitive I kind sector? And of the types you competitive How the you see think tuck-ins these ALM? growth you for if particular and opportunities, sovereign of mentioned the more about integration are RFPs then too future of each doing to of requirements? the around know there regions is soon and Yes. little finding question then are a complex those more integrations? case, How

William Meaney

government know, question Jon. I'll Thanks, And as runs of you contracting. take Okay. Barry, the our terms shopping. in M&A

Regency both well of with the him in terms So the integration about further I'll as pipeline as let talk roll-ups.

think of we a that the with or side -- work terms work we business, is contracting I government for in sovereign number. the of

yes, they start budgets got into right tender these year the a at we've you're through that. get process. But following words, to the pretty queue. relationship As are times, that couple right, a in and get this France Kingdom, mean, months. a -- you do the and other other sure United things in quite XX bit parts also parts to you first feel States, highlighted budgets the about of France it's the lapse other that we you I you experienced out I Germany, relationships good -- including for a we you're talking and of quite the a in in Germany. And building noticed anything United go before do many with else, all, teams point -- time bit we make And into they that it's of like In and that to very

a you can decide business. actually of after we have it's opportunity for have to play when an horizon you're pick do think imagine that that us kind our places I because XX-month we you because going to

go to of think a the states the to parts enough -- we where governments both typically government that we and of So the there's or volume do.

not side, And our It's it all business, part think includes on and to and and the for is or center. put it's part course, I but a data management right? -- of our you a strong there's we're So add businesses. So around more us -- our of strong of do in area. digital it And to strong just teams continuing the of records grow. continues it, have to that to compliance it to very

Barry Hytinen

integration it's Thanks on that for the Barry. Jon, and tuck-ins. question

combinations the I'd ever because, integration, is are companies I is -- say, thing integration No First is very going complex. course, well. is easy say of of it would

I in a a to largest team good it now is as to customer say at. It was is are lot are a driving Regency them. our continuing better in to something out facility dedicated We see and tuck-ins recycling. to platform I doing in last on, script, because of built both with seeing alluded up well capacity are decommissioning processing our the best-in-class of And team as your great relates were to and that's considering ahead recently they definitely a a we the incremental and in operational build with benefits credit as I at job, Technologies. plan, to combining not facility that our of the Ohio saw base. it Technologies team. I efficiencies, very, think are really saw improved the phrase, capabilities. And Atlanta look use Regency capability going be we that I we and very as have to hyperscale, to Regency, as However, would Regency week, is the early underway Bill integration of we relates tuck-ins, terms to too ALM and of And utilize additional team continue our and it we processing we lot of margins, in more picked we've

in list. we're a it will circumstances and appropriate sure We and that with of our capability to I that a think And franchise. But business have to at We opportunities to but very fact our there to our are see a global base. booked that the driven. aligned U.S. getting incremental actually -- can we everything multiple partner throughout as clear our large ALM client the make growth and is we build out like be things and be course, world

Operator

Quarter Iron Earnings the attending and Mountain Call. Thank presentation. First today's concludes today's Conference for you XXXX session This question-and-answer

may wonderful disconnect You lines, have now a your day. and

Iron Mountain (IRM) 2 May 242024 Q1 Earnings call transcript