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: George Tong - Goldman Sachs & Company, Inc - Analyst
: Hi, thanks. Good morning. Can you elaborate on how organic growth in the ALM business in 4Q was split between volumes and
component prices and what broader trends you're seeing with both?
Question: Nate Crossett - BNP Paribas Exane - Analyst
: Good morning. What's your expectation for RIM volumes in Q1 and maybe the balance of 2025? And what should we be kind of
expecting for RIM pricing growth this year?
Question: Eric Luebchow - Wells Fargo Securities, LLC - Analyst
: Great, thanks for taking the questions. I wanted to touch on the data center business. Maybe you could just -- Bill, at a high level,
talk about any longer-term implications from the DeepSeek announcement a few weeks ago, it kind of did create a lot of noise in
the market. And people questioning the pacing of AI training CapEx and what impact that could have on the data centers.
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FEBRUARY 13, 2025 / 1:30PM, IRM.N - Q4 2024 Iron Mountain Inc Earnings Call
And I think you also made a comment about how you passed on a large opportunity that didn't meet your underwriting returns.
Just curious to get any more color there and what you're seeing in terms of market pricing going forward and forward returns. Thank
you.
Question: Brendan Lynch - Barclays Capital Inc - Analyst
: Great, thanks for taking my question. Maybe a follow-up on DeepSeek. It did raise some questions about the flow of US hardware
and chips into China. If the US were to implement tighter restrictions on exporting IT hardware to China, how do you think that
would affect the ALM business?
Question: Kevin McVeigh - UBS Equities - Analyst
: Great. Thanks so much. Just following up on the data center. Barry, the churn in Q4 was 4.4%. I don't think that was related to the
client you passed on, but just any thoughts on what drove that and probably onetime, but just maybe help us understand that a
little bit.
Hey.
Just I'm following up on the data center, Barry, the churn in Q4 was 4.4%. I don't think that was related to the client you passed on,
but just any thoughts on what drove that and probably one time, but. Just maybe help us understand that a little bit.
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FEBRUARY 13, 2025 / 1:30PM, IRM.N - Q4 2024 Iron Mountain Inc Earnings Call
Question: Andrew Steinerman - JPMorgan - Analyst
: Hi Barry. I wanted to dive a little bit further into your prepared remarks about organic storage revenues being down sequentially in
the fourth quarter. Was it down sequentially on an organic constant currency basis, kind of ex FX?
And you said something about normal seasonality of fourth quarter, maybe dive into that. And then you also said something about
Question: Shlomo Rosenbaum - Stifel Nicolaus - Analyst
: Hi. Good morning and thank you for taking my question. Barry, can you just -- maybe just a follow-up to what you were explaining
to Andrew. But could you talk a little bit about the factors that led to the revenue coming in a little bit lower than you expected in
the quarter, right?
The guidance was for about $1.6 billion. It was like $15.81. If you just rounded, it's like 19% lower. Is it that $10 million on FX and $10
million on exiting some stuff in storage? Or what are the factors, anything in ALM in there? Maybe you could just unpack that for us?
Question: Jonathan Atkin - RBC Capital Markets - Analyst
: Thanks. So the question I had about the guidance for -- or expectations for 2025, anything around capital recycling in your data
center portfolio or other as well as any expectations around cash renewal spreads.
And then if I could ask also about the land held for development, there's quite a number of markets there across India, in Amsterdam,
and Madrid, and Richmond, Northern Virginia, Chicago, and so forth. And just anything to highlight in terms of permitting milestones
or construction delivery or for long lead time items where you might actually start to develop in some of those markets sooner than
others. Thanks
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