Iron Mountain CEO Bill Meaney Presents at Stifel 2020 Virtual Cross Sector Insight Conference

6/8/20

Okay. Thanks, Shlomo. Okay, So, again, those of you are new to the story. So we are approaching 70 years old. We are in the S&P 500 and the [indiscernible] or the REIT Index. I mean, we are in about 50 countries and have 225,000 customers around the world. The other thing I would say in terms of the customers, we have about 2% churn, so that means that our customers have been customers of ours for decades. So, if you take a step back, how do we think about the assets that we have are the major assets we have in the company. I would say that we really have three major assets. One, first and foremost is our people what we call mountaineers and you will leave and see that during the current thing I would say is when the crisis or our customers are in crisis is you see the resiliency of the folks and I just want to say I couldn’t be more product of my colleagues at Iron Mountain in terms of the way that they have actually managed themselves and kept each other safe during it, whilst we have been impacted by the virus much lower levels than the 25,000 people spread around the globe that you would expect.

The other asset that we have is really the traditional part of the business, which is the records management business. So we start the month of January with 97% of our storage revenue already in-house when we start at the beginning of the year. So, this is on average a box comes with us and stays with us for 15 years and as I say that is it any year where we are topping that off up by about 3%. So that’s a – and it’s a 75% gross margin business. So, it’s just what we call internally the financial beast. It just drives so much profitability and cash that we both used to pay our dividend and invest in the growth of the business. So, every morning I would say I get up in the morning to take some pilot orders next to my bed and I didn’t do anything for it except snore, right. So it’s really a great business and a great annuity.

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