IRM - Earnings call transcript Q3 2024 | Iron Mountain Incorporated

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Operator

Good morning, and welcome to the Iron Mountain Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Ms. Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead, ma'am.

Gillian Tiltman

Chuck. you, Thank welcome call. and third XXXX quarter Good to conference earnings morning, our

On materials prepared Bill refer Investor will Chief Q&A. Barry today's we call, President Vice to open Chief Officer; We're and the here Hytinen, for Executive and Officer. Relations joined available we'll today President by After Meaney, Financial Executive and remarks, website. our on lines

Please be expectations. Slide to materials can for our on forward-looking to uncertainties. All risks statements earnings results statements in language our X and in to factors our major statements, actual quarterly materials, Today's those reports from regarding earnings forward-looking subject on statements. a forward-looking are Form of and that XX-Q differ harbor the our discussion could refer today's cause including risk the safe

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

have our the in We supplemental financial to measures reconciliations included these information.

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

William Meaney

all discuss join and to for thank time you, third Thank our you Gillian, taking to quarter today us results.

another have record will double-digit and financial of a excellent with do to portfolio-based which we sustained We continue all have direct EBITDA deliver This is momentum built, revenue, AFFO. of growth. results metrics the adjusted across result quarter,

quarterly revenue from the we our $X.X achieved During prior billion, up quarter, XX% year. of highest-ever the

We also $XXX set of a XX%. new adjusted up million, EBITDA record

prior per on the AFFO year. $X.XX, to a share compared addition, up In normalized basis XX% was

high end full strong we track our year-to-date, achieve are of performance our the XXXX on Given guidance now year range. to

differentiated providing cycle center trust. terms offerings to our supplying and cost which records in truly update scale capabilities, are strategic storage and management global driving which grounded following are I'll through and physical of priorities: digital environmentally delivering asset key our differentiated customers quarter, the which growth of revenue in now customer our solutions, business; revenue, transformative economic both and results turn data to achievements life give sustainable; management in an cybersecurity; during continued the our

important some how power highlight that Now wins the let from our we showcase me demonstrate quarter of the platform.

Management Information a In life a government of management storage, partner was Let's a department begin could and provide asset services. looking services. We a solutions trust large digital business. contract delivering Australia, and number X-year Records cycle with and for earned their signed our that

our Turning to business. solutions digital

we This as launched customers XX and enhanced We Experience, DXP, physical recurring well quarter, to platform our launched booked we revenue of information. or generation Xst, SaaS-based and govern InSight metadata access, the a already having DXP this automate and Digital on have as platform. the deals. to allows manage, ability monetize digital August

existing I'll customer cross-sold our speak to X DXP wins where we offering.

Let's turned customer customer all gain in Due start the to be for pension requirements country to to to digitized, with information compliance. Iron the new a Mountain Mexico. in swiftly long-standing

financial and this comprising XX more services contract large secured their next records have the over a manage than to million DXP digitize sort, We pension with company XX months, images.

migrating this health to a our platform customer Secondly, power needs. match our value physical and the By able of how our their ineligible company digital platform of be digitizing will support example an complex the our data ability elimination management of a effectively, drives claims. This management unique U.S., platform, records into DXP more to and set multi-format for of and an and is their DXP records will existing has leverage our our in including customers information the customer to that large ALM manage records. DXP care

Turning asset life management to cycle business. our

IT disposal of making e-waste capabilities are destruction expand to with the our a secured for geographic the In progress we footprint. assets. and provider needed pleased Australia, and telecommunications are We services and

are customer a hardware high handling volume of determined this the nationwide our efficiently. right IT by Given that scale, we partner

a recurring awarded result, was a Iron As for services. Mountain contract these

provide. services capabilities managing capabilities and technology our services a will winning footprint a be U.S., Technologies following disposition Under of for we a significant company. already management with asset of the our global agreement, resulted strength to our U.S. Regency our all IT in ALM this The acquisition expanded in contract has was customers' the major operations, factor in logistics this we that addition contract. records In

with to footprint our the asset States. strategy cycle Europe our acquisition are with end-to-end and across IT Consistent Wisetek, provide the and presence space, significantly to asset disposition large which in the will enterprise of announce we management an life an grow us expanded United fragmented company, pleased

to across acquisitions the completed These to also number APCD, asset reach enable expand categories. of us continue our acquisition of leading will a a disposition specialist. We Australian IT

in our Turning like Virginia, would building to provider center our to internal a with deal second Pennsylvania an In a examples migrate megawatt continued X center for from share demonstrate our we a at data campuses year. X.X similar demand deal our at across global capacity data Arizona, a further world. I X-megawatt company, data in customer won to with team on supporting are center this the a deal with scope earlier that for In fintech expansion. global technology the business. this

increased was Our of leasing megawatts. factor customer. for for deciding highly this achieved regulated in us the quarters XXX the year compared to X The megawatts a compliance to guidance brings XXX the first program

leave I'll X with takeaways. conclude, you To key

cycle to CAGR single-digit digital strength solutions, for records businesses, including will the management asset center growth of in of percent. our our to growing each growth business, XX-plus high on with built of to coupled is life deliver This, continue of consolidated come. and XX% at the growth years strategy mid- of management, Our data portfolio a excess

resilient and customers' serve heart current cornerstone is our DNA we sustained at needs of how XXXX. And thanks our dedicated XX% the This customer and this our XXX,XXX is including the needs of well-being team future is Mountaineers. base of company's the nearly of to of of them. placing Fortune meet the growth customers, and all strategy that portfolio services of given products a and our upon of based it is This

Barry it to With outlook. our financial that, I'll details on and results more to provide turn over

Barry Hytinen

thank and results. all joining our us Bill, to Thanks, for discuss you

metrics, In those the across Results projections third revenue, quarter, key of call. last were and our strong provided ahead our of including financial EBITDA of delivered each AFFO. our we the team performance for on all

Our which will solid all our across drove to of discuss more for performance each I quarter. before detail turning in fourth team segments, of business outlook the our

strong last $XXX revenue growth, up During growth $XX organic record of X/X we revenue quarterly storage RIM on We driven growth business. revenue Organic our growth for XX% service and by service was achieved million trends Total global reported growth. the our and growth management was the $XX Total which by XX% X/X driven the in year-on-year. up We revenue years. X% to $X.XX was revenue third accelerated quarter, quarter, from X basis, year-on-year. million, revenue billion, up our million up organic will delivered of storage XX%. rate last in quarter storage X% a organic XX% drove from service business million, service best note, in I represents data year. $XXX the this center in

reflects by Adjusted and XX% record, data and EBITDA businesses. XX.X% growth driven our strong at driven ALM improved in revenue was in across up up year-on-year, Regency inclusion XX.X%, Global strong businesses. by RIM acquisition. Reported of XX margin margins our the businesses. a RIM, $XXX was EBITDA service Adjusted year-on-year, center Global was Revenue new reflects million, growth basis all our our Technologies of which ALM points performance

$X.XX Reported XX% $XXX on AFFO of year. the from $X.XX, was from a our adjusted quarter our the outperformance $XX AFFO by which quarter was which of that, we is third GAAP a was comparable to represents $X.XX call AFFO up driven in last AFFO EBITDA. projection in our of share last The provided growth share million, last benefit XX% $X.XX. year. share to last to third million, guidance of up excess share the for for due count the was per included basis per on Normalizing year higher -- to up quarter. $X.XX, per

U.S. constant XX% up so the end the was was and be increasingly toward to basis, On headwind, revenue up dollar a of the expected, XX%. As AFFO currency a the continued of quarter. strength

turning I'll driven consistent up in Organic revenue $XX and by X%, was core with Organic volume. up billion, storage year-on-year. increase revenue RIM to revenue million of services. our which $X.XX and start service Now excess X%, from with of Global also was achieved segment digital management performance. an business, of contributions

the is mentioned, highlight the the launched digital performance result key of also while of bookings were plan, the of majority digital business. quarter A the Bill best vast The team with that Matterhorn cross-selling. our experience our their platform yet. Consistent wins delivering digital

operating by adjusted year. and points was $XX margin Global an and points Margin year-on-year. sequentially was million up basis basis XXX of RIM EBITDA last increase management. revenue from Global was EBITDA expansion million, driven XXX RIM adjusted $XXX leverage

million, we achieved delivered Turning quarter $XXX center $XX organic perspective, increase an business. XX% growth of From third of from to year-on-year. revenue The our million data of revenue year. storage global last a delivered the team total of rental We revenue growth. XX%

As this customer-specific quarter work the due installation we down expected, to year. last service was revenue slightly had

be tends As a margins. to at low reminder, installation breakeven revenue to

leverage. points an EBITDA Data expansion of was basis of XX commencements driven points and year from growth Margin XXX was XX%. the quarter Adjusted center pricing, margin was EBITDA by up operating third adjusted last million, of basis recent increase XX.X%, and $XX representing sequentially. strong

XXX in megawatts, We the center with of fully and are quarter, development XXX pleased signed Richmond, the signed we outlook XXXX. Virginia. expect operate data hyperscale that and the in to expanding customer out, of greater with campus to nature megawatts together to the built acquired our bringing Turning with long-term total in year of relationships, we have the new secular in XXX and year-to-date When leasing. to than with finish industry, will bookings site megawatts growth the announce Consistent for new leases a expansion capacity. we megawatts strength X

capacity supplemental. fourth transaction our is XX%. not closed With market, rises in As X.X gigawatts, of this this increase total included of in center new in our over an quarter, data excess the to it

million ALM was On team Turning basis, data business. driven our of an cycle in by revenue decommissioning ALM management. million, organic to XXX% the quarter which strong our year-on-year. enterprise life was $XXX increase double-digit delivered an expansion asset Total growth, in $XX and or center

data quarter efficiencies decommissioning improvement well in $XX Technologies Leveraging of our very center in to and resulted with related considerable deal the synergies improved ALM in capabilities, revenue Regency capturing performed million. this profitability. Regency's

cross-selling results. Our is great delivering focus on

quarter For example, ALM our wins. XX% cross-sell bookings of over this were

contributed acquisitions no APCD it in We quarter that we late in Bill had September, acquisition. that revenue. closed August, ALM statement the we income the Regarding contribution in and $X million from so to referenced, Wisetek closed

third the strategy, committed strong million, Turning balanced and that to delivering expenditures meaningful while initiatives, to $XX quarter growth of our $XXX balance recurring. $XXX is We our maintaining were remain capital sheet. million million growth to Capital funding allocation. in a returns and our between of shareholders with

Turning X.Xx, to performance, adjusted company's we strong level lease with XXXX. of With REIT the to again the the we is which balance ended lowest EBITDA the in achieved sheet. have prior conversion since quarter net leverage

our the in quarter in For in the the improvement was me, decade. metric cash a significant a in cycle, that with quarter performance highlight the best third over having

quarter down Our sales Also, outstanding over days third days. days year. of last improved team we days X by by X drove from payable the

Turning dividend. to our

now Our per share Board January. paid Directors projections. And $X.XXX to dividend our in our turning declared to of quarterly of early be

on track year, the our end full high achieve are of we the guidance. For to

and AFFO revenue $X.XX. quarter, of adjusted million, For expect per of billion, share AFFO $X.X the approximately of million approximately $XXX we of EBITDA approximately $XXX fourth approximately

decades only our of clients, our in operate $XXX with market measured offering. relationships billion annually vast we the In product categories, in majority plan. penetrated with XXX,XXX results with conclusion, small in very nearly And a total quarter relationships, and fraction on has another growth third growing. large of addressable excess milestone are long-standing a many in duration. represent total our Mountain of Iron those We of

cross-selling We are focused driving are and our for businesses. market we and value expanding across customers, highly our on share

you would line efforts my our to thank their And clients open that, for and company. all of serve grow I would Mountaineers fellow for please like with our Q&A. the operator, to

Operator

come [Operator Instructions] from first George with Tong question And will Sachs. the Goldman

Keen Fai Tong

and In volumes pricing? enterprise bit more ALM can you're a that including of seeing your about you're much you seeing the contribution trends from business, business, in data center and talk side how little the

William Meaney

question. the George, thanks for

Let overall me little to the trends. Barry, trends. ask a comment talk on pricing bit And I'll the about

latest or the growth So coming alluded that is their as center very especially good think, you, GPU. I renewing see to, equipment out decommissioning, the the data growth hyperscalers a take are of strong we to lot where advantage of of

that's refresh But But that volumetric the segment So assume equipment in in take to in that that advantage we we side. trend. all the growth, good to of strength the AI. growth to some we of see enterprise of you're right not see see the in ignore continue hyperscale to to the strength due their the trends

Barry Hytinen

say George, pricing trending. to it Barry. discussing And expect -- up standpoint, and It I've a a it's we from been see on throughout the I would year. basis trend to continue was year-year as some

the a have bit on hand been the However, of year based spreads new between component. second variable the and specific little

So with a of others being some memory, than little and example, for wider tighter. little being normal those a

in business the not give predicating in really you million perspective a a on $XXX really component almost total we're this, guidance before, just said was to meaningful our revenue, I've And quarter. increase of our on million ALM As $XXX pricing.

our had about about $XX million compares at million. revenue to the in that year million, last from means quarter and I was on we which $XX $X As Regency APCD, ALM then and was organic million, $XX mentioned,

the to driving we together to a deal, seeing that be are So our -- from with we're Bill's lot increase. is And a up ALM Regency volume, profitability synergies of volume point, the lot. the with

way very George. business trending, our we're is with pleased So the ALM

Operator

question will Jonathan from RBC. come next Atkin with Your

Jonathan Atkin

to to that frame lot helpful. any to next CapEx wanted I would kind sense a data centers, fuel be maybe on I that a of year? the Give requirements assume be but ask us color for growth to as the going how that would forward. about of

Barry Hytinen

Jon, it's Barry.

to the million the in be the see capital. growth correct growth than the of a earlier probably in fact, leasing, we that year And continue strong we center of we'll dollars light light are of hundred in invest were be in significantly will in previously in growth to continuing more data signings. You in capital couple expecting we vicinity of somewhere

in pretty construction probably our heavily advancing supplemental, as the saw of in some And all you we the of are assets. pre-leased

is under already terms. important As favorable note nearly everything very, have pre-leased I've that we very said before, on construction is

approaching So our that probably data approaching vast, $XXX majority million total $X.X guidance of is for is growth about center. and the year for capital this of recurring. The billion vast being

you forward that bringing or in and And pre-leased signings that going of of should something probably I agreements. of order we'll had online be so light the expect we've those capacity think amount the under

Operator

Stifel. question come Shlomo from will with next The Rosenbaum

Shlomo Rosenbaum

of signing of little of data wasn't about sequential you It Could you ton come the of on talk the when And last relative saw to in bit construction there kind of quarters. a a couple board? a revenue pacing the in to what huge obviously, expect we quarter some the growth center business. was

lumpy quarter? that to So just us know using want if something And bit know give you on I side. obviously, to the And you that into the into of you think -- year so, how of us actually -- the actually could are or bring is to of commission looking a fourth revenue. or capacity should have lot into then give Can -- I a pacing new looking you over it's the you're about next -- order little data idea in service? how put signings new are centers in it how customers that an generate to we general,

William Meaney

for the Shlomo, question. Thanks,

few a in there's So pieces there.

there that and signing megawatts. last in first mentioned. we X some at lumpiness because QX. you have of about we So very hyperscale little or I We the was last with of in And of these a as that the you maybe for the feel still large to, kind time better land pipeline start, good let of me XXX that this said we contracts alluded in expected some quarter, the all, of landed that year think QX the bit call, megawatts to

X these But that which we're the we these margins. the more really that -- call, pleased signed X on instance, high for I contracts attract obviously with the because very -- mentioned or are colo,

overall guidance good really feel the we year. the So about for

in mentioned that actually terms commencements pickup driving of you the growth is the are I revenue and think this. the

fourth head double-digit we business an go well into in to as going the momentum which year-over-year we continue us get as So growth, to set CAGR sequentially is into as this and of XX% north in center this the both see acceleration we growth carry we strong quarter, case, actually the XXXX. up of revenue of to really that

Virginia to And fact the that's the Richmond, QX, build campus quarter, in since close mentioned that already but reinforced by Barry that more announced a we land of in it purchased his remarks. the in we've out

I The And if to we go add So the Barry, we you know, quarter strong. setup about very fourth feel as anything. XXXX. don't good be will into want really

Barry Hytinen

Well, see on commence that that at we But suppose quarter. I quite would in I color you few if the a will, revenue-generating did the the into vast and would the other you construction, only provide of right Sure. of megawatts. end is finished supplemental the majority was

So it very really results. de almost minimis amount headline revenue the to of contributed

fourth a That reasons doing neighborhood with so we revenue the data visibility or our prior keeping quarter versus high up time. construction great our incremental the fact in reflecting that's of the third. that so on probably of is from more degree the something the million job one on team And and have in budget of guidance, center why to a $XX-plus of is incidentally

And would next commencements few got the the as over you in supplemental, see coming X, quarters. X couple, a we've quite

time as been the I'll center been in now. point obviously, us be And of has data have just out we've you should going from some better center writing So been data that, Pricing, before, we for revenue improving. returns anticipating ramping forward. levels quite getting said

reasons up continue. and seeing that's trend sequentially, margins expect one we that so to step And you're why the of the

are. quite good about we So where feel we

Operator

will Crossett with question Nate BNP. come Next question from next

Nathan Daniel Crossett

us on XQ? that expectation RIM you give land, when already? your into for is site? expect we provisioned on And year, Richmond next start pricing? if wondering can power could developments volumes for And was one see I RIM should maybe what that the in then maybe And we

William Meaney

Thanks, Nate.

said, as that load, RIM that expansion. we're with with Richmond and pleased land. talk And IT Yes, about start And north let XXX me we Barry volume that the so of power really I'll Let critical of the provided. be is pricing. megawatts will

Barry Hytinen

to we Sure. in year. next volume fourth the quarter, supplemental, and Nate, physical our into in and continue we trend see quarter as would to certainly the expand going that in you expect total the continue

clients, great doing really clearly growing is we share were revenue a driving capturing volume. job our team and The mentioned, physical as value. we're new for on Smartstore, And provider make that value numerous in Pricing, market And for on on think I that offerings value our management, offering ways with I much that DXP value and offerings do. our Image clients especially drive serve can focused, the larger the we're things clients clients. we higher, platform Demand, that like among our that other that

revenue So in you quarter, as that team very X% would value. see a on up a the organic very side was we the what that much fact, was and do that line, continues the over little little in in driving global well ahead the in room expecting storage to of total were bit

you next And mentioned about I would year. say for

to different that single similarly, revenue next long be which should be that be continuing any that management to to be reason no speaking opportunities of been volume to why, digit. continues be is for as at I I to see flattish about year. same as are, we're our mid- order drive time, this think anticipating the as And value outlook we some that slightly upper for long-term we've would point, up. our Our will physical clients you

Operator

Kevin from next Your UBS. come McVeigh with question will

Kevin McVeigh

to left the that that? the a Any reaffirmed it thoughts the of Barry, with I it bit the talked It not kind year? last Was I takes in at -- puts on in and EBITDA quarter. Any range little Great. you by take FX? was upper revenue of X as end to just to you up quarter, opposed too. quarter like looks why as think and guess beat

Barry Hytinen

all the frankly, year was, Appreciate high we guidance taken question. I the words. kind appreciate say year it our just would probably guide, long you'd been what saying through And really that based the we've and Kev, to had our on be end. that we're revenue bit end to little EBITDA projection. if going you a fourth for quarter above high find and the the work

per high to works and out kind the end of the -- So AFFO share right AFFO and then guidance. of at

sound year, headwind probably course, you third a dollar in a And that look FX much may quarter but into headwind I strength. know the little quarter you at, and what at euro. was may weeds, when as the with are it all and Of the expect the least a as a little the has been right, getting to that counter -- fourth bit just say, to sound in of the pound you it us

we But is Latin And America are have Argentine don't a that, in amount We've to incidentally, our Latin really real. the of taking growing the LatAm. currencies in there. doing dramatically bookings business, off the Chilean our with a phenomenally we Brazilian got America. fair digital well, But in peso, forget, exposure business of exposed great business

of a And so had [indiscernible] the dollar. versus those would all see have you

impacting disproportionately and that's EBITDA. our our revenue So

favorable. we a before, at to our years of driving or we we and and are is and long-term those expect that our running really profitability. that CAGR XXX issued points Investor But said first that running levels above good We're for Day. are continue And or of very we more XXX, at to target, feel about basis outlook probably target we XX% few look, ahead as for of be we where the considerable well above

RIM growth that strength to it digital of to global center, -- our And spoke we long the a data with period in grow is time. that and together continue ALM, for XX% of that excess on portfolio That's growth coupled about, Bill portfolio of expect based business. our

Operator

Next JPMorgan. question will with come from Steinerman Andrew

Andrew Steinerman

Question on InSight.

I Mountain for of InSight initially wasn't strategy, InSight? that the I is kind a the on to know getting DXP wins XX more cross-sell. know if the with Iron deal platform. of You revenues wanted

of if if are storage InSight of the a revenues, kind getting number we to like be getting that revenues what's important? much large with you're you're why typical a understand should So from wins, contracts XX bundled not InSight new capability? this And

William Meaney

question. appreciate I the Andrew. Thanks,

all, free. who's do anything but we just So for first XX, but first of it's but all, -- counting, -- of

are these So say service -- of I watching typical highly profitable, the contracts are used when these kind double-digit us. you're to that

things, of how these length in the productivity on of the we and length on but during think Think depending the XX% contract, XX% the of depending gross build contract, much of contracts. them somewhere between margin

thing our the much watching were not The digitization links start been area off that with DXP you've their feeding these little more the contracts, digital in time, for we platform, I those a workflow, physical business tracking documents. nice of relatively company of doing is when only are the we about we data mean, by the long

XX% we not during we're how that margin, to This and that that. it's our [indiscernible] more can completely putting about metadata it's there data But length DXP build the automatically only that's And importantly, platform, digitally. course the contract, on part and putting into I'm of workflow lots around foreign of of digital, is in XX% when much is depending SaaS times, platform, digitization taking it talking prohibit the is part. a

we owners. XX% DXP, the person And were precursor Recently, billion of to historical identify them was of the where we to of with find the savings the bond which the precursor and that the called DXP, loop InSight images micro they So owner. X fish process example. I in savings couldn't and a without where able highlighted bonds

kind of power So this it's in that platform.

platform. Of it's taken course, and it a we've SaaS-based step the fully next further,

And like But growth We think know free. we business. anything do enough. the well I of like for the me business. this profitability don't you really the of I generally,

Operator

Your next Fargo. Luebchow from question will Eric come Wells with

Eric Luebchow

pretty aspirations obviously just you That's getting know at. of ramp ago, XXXX. you by revenues years touch $XXX at on Investor Day talked you're of about a your I Maybe massive longer-term of currently to where kind your or of couple so a million with ALM. from some could

north So revenue wanted that at can I annualized volume pricing, you're kind maybe bridge it, you M&A do? your may incremental to in confirm where stated just And just that's comes goal? from you from or if call to or today, that million it $XXX of open still whether number, how not may of

William Meaney

Let thanks, I appreciate the Eric. me -- question.

that still So sight very I set we out think, the much we Day. line Investor have of on targets yes, to

that's we a combination had growth. very And strong out, as of pointed quarter. organic Now organic obviously, Barry very, this growth

because people the as a data is the amount standpoint. see on business, volume they We centers -- maintain because have on we fluctuation security over some whether time, environmentally continue that this even that enterprise different need trends in their see saw we a we But X continue growth volumetric was had components that XX pricing it and and than it of XX% the at years be if We enterprise, whether X.X ago. or although be of there's in equipment from up over they both you XX% it quarter, hyperscale to obviously over maybe data trends. refresh years or centers ago, decommissioned, can volumetric guide we that the look years

business. really that's So double-digit a strong growth

addition, in in QX, did highlighted see -- we the a like we'll that we to that we we And number build. that acquisitions continue acquisitions of there's these

really the outlined we about on Investor Day. targets So feel we that good

anything. to Barry, I add don't if want you know,

Barry Hytinen

time ahead I our -- the at target to. -- continues global that projections in scenario I for mentioned hundred points of and think, basis a XXX was think our our business, portfolio I the We that XX%, whole were earlier, running, the company RIM top that growth Eric, to so of where line that. outperform couple you're referring as is ahead and obviously we're considerably of XXX, provided we

both not, inorganic can player. TAM a I'd immense. organic ALM largest We're And leader the well really And deal. couple with both the become recent that organic market standpoint, of space. doing just the complementary And as already from of a we one an think on the, in side big category. as if us that underscore, you I there is saw and the is

strategy for good on So our track It we value with cross-selling more quite feel ALM. and very much is for clients. driving about our

Operator

with Next Lynch will from come question Brendan Barclays.

Brendan Lynch

maybe some ALM. offering, customer around to and have of And their appetite the also want just focus larger acquisitions, enterprise us you stick hyperscale? give APCD Can for details in I bolt-ons? maybe more and their these you with the terms geography the instead between Wisetek of and product some

William Meaney

for Brendan, question. Thanks, the

me and bit about a I'll categories the bring. -- they let So talk little geographies

in helps Europe really Wisetek and America. primarily portfolio, our us So expand North

So they have good markets. presence in both

relationships, we a picked bring on strong which was enterprise, Wisetek, a on up having the really the picking the new customer in great. up addition, This hyperscale also already. but great. of Wisetek relationship our a in that customer the through side, customer is of have ALM both the -- is addition also In relationship they businesses some acquisition But we acquisition hyperscale

I Australia think in strong allows did for for out capabilities and in Australia, a to services our it we been actually does which customers Mountain, of there. us portfolio also, obviously, our but the our build market always has broaden acquisition important Iron

to... don't know, you I want Barry, if

Barry Hytinen

was that Asia. as Europe revenue. million in Probably well the mentioning XX Wisetek USD U.S. of vicinity run little Ireland represent operations in in and in million, is bit sized a decent XX as as has Bill rate based USD both

well. because you the APCD, as in thing data I data large mentioned, so industry that's Australia about Australia. center center market, as based know, follow the is a I you And know is

as an enterprise is terms for opportunity of both underpenetrated decommissioning. that us, well as in So

opportunities. we good very these feel about so And

on with able acquisition. we've to seen even Regency You've do, our what still been early

client to I all and much more us create effectively. capability more scale, more reach serve global of more think these base our for

is thing you open -- the we're about already this The largest to really player. larger there's we I mean as And are deals? mentioned,

our that get and all small, others space actually, So couple that are, are relatively us of they the a past -- you say, half are players size, right? in

So you're $XXX thinking or revenue less. like million

side, company. to I but organic anticipate and anything we're quite so our on And that Wisetek happy think APCD space. well doing in frankly, don't we're and should to the welcome you -- from And the large team very

for So questions. thank the you

Operator

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

disconnect. now may You

Iron Mountain (IRM) 6 Nov 242024 Q3 Earnings call transcript