Iron Mountain Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brendan Lynch - Barclays - Analyst : When you look at the opportunity to purchase land and to secure power or the challenges, I should say, of doing so, how are you navigating that process? Where do you see the challenges? Where do you see the opportunities?

Question: Brendan Lynch - Barclays - Analyst : And in terms of the two parcels that you've acquired recently, do you have substations on those? Are you building those out yourselves? How should we think about that?

Question: Brendan Lynch - Barclays - Analyst : You mentioned that the business has grown substantially over the past couple of years. I don't think that comes as a surprise to anyone who's been looking at the data center space. How do you assess the risk of a potential slowdown at some point? Do you see that as a possibility?

Question: Brendan Lynch - Barclays - Analyst : I would certainly agree based on all the channel checks we have ever done. Consistent execution is one of the key differentiators between the winners and losers.

Question: Brendan Lynch - Barclays - Analyst : There's been a lot of talk about the AI training and the building out of those models over the past couple of years. We may soon be entering the phase of inferencing or ramping in the phase of inferencing. How do you see that playing out within your business?

Question: Brendan Lynch - Barclays - Analyst : You mentioned some of the international markets that you have exposure to. The AI training, most of that build out has been here domestically in the US. Do you see that shifting and those becoming more markets of AI-oriented growth? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 4:05PM, IRM.N - Iron Mountain Inc at Barclays Global Technology Conference

Question: Brendan Lynch - Barclays - Analyst : And you mentioned earlier that the returns on data center buildouts are improving. Can you just kind of walk us through the past couple of years and what yields are you're generating now?

Question: Brendan Lynch - Barclays - Analyst : I think it's also -- you mentioned this, but it's worth repeating that you're doing nearly all of the development on a build-to-suit basis. So not taking any development risks?

Question: Brendan Lynch - Barclays - Analyst : Let's chat a little bit about the Global RIM business, which for those of you who aren't familiar, it's mostly paper storage, but there's a lot of digital components that you've brought to that business as well. Maybe you can walk us through some of the innovation there. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 4:05PM, IRM.N - Iron Mountain Inc at Barclays Global Technology Conference

Question: Brendan Lynch - Barclays - Analyst : And you mentioned some of the work orders that you have, but the size of some of these is absolutely staggering, hundreds of millions of documents, if I recall. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. DECEMBER 11, 2024 / 4:05PM, IRM.N - Iron Mountain Inc at Barclays Global Technology Conference

Question: Brendan Lynch - Barclays - Analyst : And just while we're on Global RIM, obviously, pricing is an element that gets a lot of attention. You've been pushing price fairly assertively. I'd say in the past couple of years after, maybe probably underpricing for some period of time. How should we think about that opportunity going forward?

Question: Brendan Lynch - Barclays - Analyst : Makes sense. Let's chat a little bit about the ALM business. You just entered this a few years ago. Maybe talk about some of your successes with this new platform, some of the challenges you see.

Question: Brendan Lynch - Barclays - Analyst : Great. It looks like we're just about out of time. Thank you very much, Barry.