The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Shlomo Rosenbaum - Stifel Nicolaus and Company, Incorporated - Analyst
: Bill or Barry, if you can just talk a little bit about the market for leasing. The leasing activity has been uncharacteristically low for the last three
quarters. Last quarter, you talked about a large deal that you walked away from due to some market conditions you didn't want to accept.
Can you just talk about what's going on? Your confidence in being able to achieve that 125 million megawatts because it does seem pretty good
step up and that the rest of the year. And then if you don't mind just tagging on Barry, at the end of your last comments, you talked about the data
center expansion, less than 5% exposure.
If you don't mind just elaborating on that a little bit more because it's very timely and your ability to potentially change terms of customers in terms
of there's a tariff impacted cost changes with imports.
Question: George Tong - Goldman Sachs - Analyst
: I want to stick on the topic of data centers. You mentioned you're very pleased with leasing activity. You feel good about hyperscalers. But I wanted
to take a step back. And so if you look at broader data center demand at the industry level, certainly has been evolving.
Has there been any place within your business where you've seen any changes in demand, in data centers from any part of your customer set?
Question: Tobey Sommer - Truist Securities - Analyst
: With respect to your sales strategy and initiatives across the businesses, I was wondering if you could talk to us about what your most important
initiatives are and how you think you're tracking against them for this year and in the next.
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MAY 01, 2025 / 12:30PM, IRM.N - Q1 2025 Iron Mountain Inc Earnings Call
Question: Kevin McVeigh - UBS Equities - Analyst
: Barry, can you maybe disaggregate the $90 million of increase on the revenue and the EBITDA? How much of that was currency versus revenue
management? It sounds like Premier was about $10 million but how much of the additional $80 million or so was FX as opposed to other things?
Question: Jonathan Atkin - RBC Capital Markets - Analyst
: One on data centers and one on ALM. So for data centers, just interested in kind of where you see the opportunity set by region. Where might be
the deal volumes or the deal sizes be the most meaningful relative to your portfolio?
Question: Jonathan Atkin - RBC Capital Markets - Analyst
: Impressed if you were going to answer it before I asked it.
Question: Jonathan Atkin - RBC Capital Markets - Analyst
: I was interested in just the mix and how you see it evolving across cloud hyperscale and enterprise, international versus US. And then the lens with
which you kind of evaluate potential further M&A in that segment.
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MAY 01, 2025 / 12:30PM, IRM.N - Q1 2025 Iron Mountain Inc Earnings Call
Question: Brendan Lynch - Barclays Capital Inc - Analyst
: Sticking with the ALM theme. The volume was up quite a bit in the quarter. Can you talk about what triggered that? Did downstream pricing or
something else change in the market that allowed you or your customers to accelerate the pace of selling inventory?
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