Good morning, everyone. In keeping with Iron Mountain's tradition of security, we have Mohammed here from the hotel to give us a short safety briefing. Good morning, everyone. Thank you very much for being here. My name is Mohammed. I'm Director of Security. Just wanted to give you a little bit about our safety procedure here at the Ritz-Carlton. We are not anticipating any fire drill, so if the alarm goes off, it's gonna be a real alarm. We don't want you to leave immediately unless you see actual smoke or fire, then definitely you wanted to escape. You can see our exit signs are marked. We will have our staff come out and direct you to the emergency stairwells and also where the assembly area is. Our assembly area is in front of the hotel where the plaza area is. When you arrived, you came to the valet area, that's where our assembly area is. Our staff will be there for you to walk you towards the stairwells and also towards the emergency assembly area. If there's any other question, you can always ask one of our staff member. We will always be there to assist you with that. That's it. Thank you. Okay, great. Thanks, everyone. Hello. My name is Gillian Tiltman. I'm the Head of Investor Relations here at Iron Mountain. Welcome to our 2022 investor event and data center site tour. We are so excited for you to be joining us today, both in person and virtually via webcast. Thank you for taking the time to get to know more about the company. For those of you in person, thank you so much for taking the trip here to Northern Virginia. We are very much looking forward to taking you on that facility tour of our Virginia data center campus in Manassas later today. We hope that you will walk away today with a greater understanding of the company, and we're thrilled to provide access to senior leadership for you today. Just for housekeeping purposes, the full presentation will be available on the website along with the recording, after the event. I'd just like to take you through the agenda briefly so you have an idea of what's in store for you today. We'll start with Bill Meaney, our President and CEO, who will give you an overview of the company and strategic direction, followed by introduction to Project Matterhorn, and an overview of our operating model from our CFO, Barry Hytinen. We'll then move on to Greg McIntosh, who is our Chief Commercial Officer and EVP, and then round out the first part of the session with Mark Kidd, who is our EVP and GM of Data Centers. We will have a break of about 15-20 minutes. Barry Hytinen will come back to talk a bit about asset lifecycle management, followed by JT Tomovcsik, who is our EVP and COO, who will give you a flavor of operational excellence at Iron Mountain. Barry will finish out with our financial overview and outlook, which I'm sure you're anxious to hear, and we'll have some closing remarks from Bill. Following that, we will have a Q&A session, where you'll be able to ask questions both in person and via webcast. We will show you a safety video before we head off to the data center for those of you going. With that, before I hand over to Bill, I note that today's presentation will contain forward-looking statements regarding our expectations, which are subject to risks and uncertainties. Please refer to this slide for our safe harbor language regarding forward-looking statements and non-GAAP financial measures. With that, it is my absolute pleasure to welcome Bill Meaney, President and CEO, up here to talk to you today. Thank you. Thanks, Jill. Thank you. Well, thanks, everyone. Just adding my thanks to Jill for those who made the trip to D.C. and for those tuning in on the webcast. We do appreciate you taking the time to listen to us today. What I wanna start with, I think what you're gonna hear today in terms of the key messages is that we really have knitted together a synergistic group of businesses, which I think for those of you who've been watching the story over the last quarters have started to see flow through in terms of our financial results. We'll walk you through that today through the number of speakers, which includes Barry, who's not just our CFO, but is leading Project Matterhorn. I'll come to that in a minute, as well as the business unit leaders that are really actually driving the results. You know, we talked about Jill said Mark Kidd will take you through on the data center side, along with Greg McIntosh in terms of the commercial engine, in terms of how we sell the entire Mountain. Then JT will speak about what the operating foundations that help us to deliver all that in a high quality, in an efficient manner. Additionally, Barry will talk about our asset lifecycle management, which is one of our newest growth vectors. Sadly, Deirdre Evens, who leads that business for us, has just relocated to Singapore as part of actually driving continued growth in that business. You'll actually see a video of Deirdre, but you know, we hope to get her at our next Investor Day so that she can be here in person. Before I actually get into Project Matterhorn and how that's actually gonna deliver a consistent 10% CAGR over the next four years, I want to actually talk a little bit about Iron Mountain for those of you that are less familiar with the business. Let me touch upon two points about who Iron Mountain is, and then we'll go back into in terms of how Project Matterhorn is gonna continue the momentum of the recent kind of mid-teens growth that you've seen over the last couple quarters to sustain growth rates of 10% plus over the next four years. First, a little bit about Iron Mountain. For those of you, again, that are less familiar with Iron Mountain, as a company, we're in 59 countries around the globe. We have 25,000 Mountaineers that support our operations around the globe and support our customers, and we have about a $16 billion market cap. In the facilities is, you know, over 1,300 facilities. That's kind of who we are in terms of a global business, end-to-end services supported by 25,000 Mountaineers. The other part that's really critical for us is to say we're gonna spend most of today about what we're gonna do in the new mountain that we're gonna climb called Matterhorn, but it's also important that we focus on how we do it and who we are as Mountaineers in terms of the values that we bring to work. Overall, our purpose is really we want to protect and elevate the power of our customers, right? That's kind of the underlying thing that drives us as a company. I mean, a few years ago, if you had been following Iron Mountain, it would've been more about just the protect. If you see a lot of the growth that's been coming through over the last quarters, it is about those new services that actually elevate the work or in terms of the data center, in terms of the digital protection of their assets as well. Again, it's how we do that that's the thing that really truly differentiates us and speaks to us who we are as Mountaineers and as fellow colleagues. If you look at the values, right? It starts in the middle with the customer. You know, first of all is building value for our customers and doing things that actually help them execute their business and do it in a way that actually meets their requirements. That's first and foremost the thing that drives all of us as colleagues and individuals at Iron Mountain. The other part though is you're gonna hear from JT about how passionate he is when he thinks about the operations, about safety and security. It's hard to be true to a customer if you're not actually true to colleagues internally. In other words, you know, if you aren't actually good to your family, how are you gonna be good to a stranger that comes down the street, right? That's really fundamental to who we are, we have an expression internally, "Mates take care of mates." As leaders, it's so important for us to make sure that our colleagues actually go home in the same physical and mental condition that they came to work. It's not just physical safety and security, but it's mental health and mental wellbeing is something that as leaders, we challenge ourselves every day to make sure that we're actually, you know, living our values and taking care of our colleagues. It goes without saying that we need to act with integrity, but also part of it is we need to be accountable as individuals, right? Because if we aren't accountable to individuals, then how are we actually gonna deliver the customer value? Last but not least, being a true Mountaineer is that you not only are focused and want to climb new mountains, but it's a team sport, and that means that you need to assemble a team, operate as a team, and you need to actually rely on each other's strengths and differences that actually give you a better result. Let's talk a little bit about the mountain that we want to climb next. Again, if you've watched the Iron Mountain over the last few years, you've saw that basically at 70 years of service in our industries, we were at $4.2 billion of sales. As we finished up 2021 and we put the Summit program in place, we grew to about $4.5 billion. If you've been following it this year, we've been growing kind of mid-teens in terms of top line and bottom line growth, and well on track to deliver that in 2022. What's changed? Well, a couple things have changed. First, Project Summit, which was led by JT, our Chief Operating Officer, has actually cleaned out a lot of what I call, the complexity in terms of the way we organized ourselves and built solid foundations in which we can actually build future growth for the company. I'll talk about also in terms of the expansion of products and services in a few minutes. That's the actual targets that we're shooting at, give us an opportunity that's much bigger than before. The Summit program, I don't want people to miss the point that it wasn't just about taking cost out of the system. It was simplifying our organization, investing in new IT platforms that give us the actual foundations in which we can launch the growth that you've actually been seeing in the last couple of quarters. Now what Project Matterhorn is about, under the leadership of Barry Hytinen, our CFO, is really about how do we actually maintain the momentum that you've all seen in the last two quarters. As I said, the last couple quarters you've seen us show kind of mid-teen revenue growth with commensurate profit growth. Matterhorn itself has been underway during that period of time, and today we're actually making the commitment publicly to show you how we're actually maintaining that momentum over the next four years in terms of a 10% compounded annual growth rate in terms of our top line. Why can we do this, and what's our sustainable competitive advantage versus some of our competitors that would like to compete away our advantage in some of these areas? Well, I think that first of all, the thing that really differentiates Iron Mountain, and I think you've probably heard me say this before, is 950 of the Fortune 1000, the global largest companies, thousand largest companies in the world, are our customers and have been our customers for decades. We have less than 2% churn or loss of customers on an annualized basis. These are deep, long-standing, loyal commitments with some of the largest, most demanding customers in the world. That's kind of the thread that runs through all the new products and services that I'm gonna speak about in a few minutes. That's one of our strongest strengths. The other aspect about it is that, you know, for those of you that know the traditional box business or the traditional side of our business, we internally like to say, "Don't disrespect the box," or, "Don't diss the box." That box business, while it's not fast-growing, and, you know, Greg will show you how that is continuing to deliver growth in terms of our top-line results, it's a very cash-generative business. This is a 70%+ gross margin business that gushes cash, that allows us to take money from there, and not only fuel a very strong dividend, but allows us to invest in some of these new growth areas. Some of our competitors in some of these new growth areas you see, they actually have to issue equity in order to fuel the growth in some of these adjacent businesses. That puts you in a vulnerable position in terms of depending on what the equity markets look like on any different day. I think, you know, the last few days haven't I mean, Iron Mountain has been pretty good, thank you, but it hasn't looked good for everybody. We're kind of devoid of that. We don't have that requirement to actually issue equity to actually fund our growth, because we have this strong, stable business which gushes cash, and by the way, is linked to those strong customer relationships. That's just a couple of the things that really differentiate us. The other things I wanna just kind of mention before I go get a little bit more detail in terms of what these new products and services are about, is I talked about our Mountaineers that are resilient and highly focused. Now, I know everyone says that about their employees, but I couldn't be more proud the way our Mountaineers showed up during COVID, especially in the uncertain periods of COVID, where I was getting letters from chairmen and CEOs of major financial institutions across the globe, reminding us of our obligation to support their business no matter what the environment is. Now, you could say at one level, that's actually a great company where people during a major meltdown like COVID in the early days were being reminded that they had to continue to service their customers. You think for Mountaineers who didn't know what they were being exposed to, that were continuing to go into our clients' operations, whether financial institutions or hospitals that were caring for some of the sick, that were able to do that, and they stayed focused, they stayed resilient, and they continued to actually execute on behalf of our customers. The other thing which speaks to the people that we have is the importance of sustainability. Now, I know in the last couple of years, sustainability has become kind of in vogue. One thing you're gonna hear from Mark Kidd, and I give him a lot of credit, is when Mark Kidd launched the data center business a number of years ago, he made it very clear to me and others that he was gonna do it in a way that actually spoke to the sustainability of the planet. Because data centers, as we all know, use a lot of power and energy, and it was important for us to do the right thing. That's actually proven to be a real differentiation, and is part the reason why we're able to drive 20%+ growth rates in our data center business, is because a decision that Mark Kidd took some nine years ago to say that he was going to do it in a way that actually consumed power, but more than offset that power consumption with the purchase of renewables, in some cases in the same grid, and in other cases, in other grids to offset. Let's talk a little bit about some of these products that we've built this differentiation for. As I said that if you tuned in, you know, seven, eight, nine years ago, you would have thought that Iron Mountain was a business that had a $10 billion opportunity in front of it. In other words, a total addressable market where our products and services were aimed at about a $10 billion market. What's happened over the last five years, that $10 billion has gone to $130 billion, so 13 times the opportunity that we had just a few short years ago. We've been very purposeful in terms of how we diversified the business in interconnected, synergistic businesses. Some of the key businesses that you're gonna hear about today are the data center business with Mark Kidd. You're gonna hear about the asset lifecycle management, which Barry will be pitching in for Deidre. As I said, you'll have a short clip from Deidre in terms of her excitement and focus on that business. Then some of our digital solutions. Again, if you think about you have the physical warehouse on one end where we're storing boxes of documents, we have the digital warehouse with the data center on the other end. More and more of our services, which are growing at some 20%+ year-over-year, are actually helping our customers to manage that hybrid situation in between, which is really about elevating the value of what we store for them, whether it's in a digital form or in a physical form. Let's talk a little bit more detail and get double-click on what I mean about some of these services. If we stay on the digital services first for a second, as you know, you see on the slide we talk about digital mailroom. You could say, "Okay, digital mailroom is using digital technology that's linked to labor arbitrage." That's what digital mailroom is for a lot of folks, for a lot of our customers, for a lot of our competitors in that space. Iron Mountain has a different approach to what we mean by digital mailroom. You know, sometimes it takes a crisis for you to really understand both Iron Mountain as well as our customers of what we had built. Pre-2020 COVID crisis, we were the artificial intelligence machine learning partner of the year with Google, and we had built a platform with Google's assistance called InSight. If you think about InSight, it really is what they call content services platform. Another way of thinking about it, ECM or electronic content management platform on steroids. This is cloud-based, state-of-the-art, has artificial intelligence and machine learning built into it that allows you to actually both mine more data and accelerate your digital transformation. It's architected in the cloud. This is 21st century architecture rather than some of the old ECM platforms that were supposed to help you manage your data lake, but your data lakes look like data swamps, right? We built this platform. To a certain degree, you know, if we're being honest, we had built a hammer looking for a nail, at least so we thought. COVID happened. Let me give you one example of what happened early on in COVID that really showed both us and our customers the power of what we built. We had a large government customer that had a problem in April 2020. They had record claims for unemployment. These claims were coming in, some cases digitally mailed to them, other cases, physical documents that had to be processed. They had 850 clerks who couldn't get access to the office because of COVID shutdowns. They came to Iron Mountain, they said, "Can you help? We trust you to have access to our facilities. We trust you to have access to our information. Is there a solution that you can provide?" We finally found that nail for that hammer. In 10 days, from handshake to execution, we processed record unemployment claims during that period of time, and checks went out. You know, from our standpoint, the people couldn't have been happier because it was cloud-based, so people were working from home, but they felt like they were in their cubicles next to each other. From a security standpoint, they couldn't download the information onto their devices. They could operate in the cloud. If they didn't have credentials anymore to work, you know, for the state, they would be denied access to that. In the meantime, they were able to process and do workflow as if they were in the office, and people who were really in need, who needed their checks in record time, were able to get them so they could pay for their food or their rent. That's just one example of what we did. Another aspect, if you think about data governance and security, again, you know, data center speaks for itself, right? You'll see today, you know, this is state-of-the-art data center. It's one of our high security facilities because of the nature of the customers, some of the customers that we have there. For those of you to go on the tour today, I think you'll see what we're talking about. Data governance is also about the soft stuff. In other words, virtually all our customers are worried about, are they actually throwing away the right things? Is there still more value to be had in that document? Or if they're a regulated entity, or if they have certain requirements that their customers put on them, are they actually applying the right custodial aspects to the information that they're holding? I mean, are they actually managing that document in the right governance standpoint? Again, with this digitization technology, when we digitize that information, we're automating the metadata extraction from that document. We're not reliant on someone looking at a document on a screen and guessing what's in the document and tagging that with metadata. We're actually able to automate that process, which in some cases has led to more value for the customers. Some cases, it allowed faster outcome in terms of they're trying to process, say, car loans and being able to take that from 10 days to a day and a half. In other cases, it allows them to stand up to a regulator and show them that they have a robust, actually regulatory environment in terms of the way they're managing documents that fall under those auspices of the regulator. Just another aspect. The last thing from competitive advantage, I spent a little bit on the previous slides talking about our approach to sustainability. Again, I'm not gonna steal all of Mark Kidd's thunder, but he will talk about the Green Power Pass, which he helped found for the data center industry. This is important because it not only says that we're being responsible, it allows companies that we're allowed to use their name because we've been able to help them meet their sustainability goals like Goldman Sachs, The Boeing Company, Credit Suisse, Akamai, and others. This is important because it's not just about Iron Mountain, it's about how we can help our customers meet their sustainability goals. In addition, you'll hear from Barry and from Deirdre on the Asset Lifecycle Management. Another one of the things, reasons why we're so excited about going into that business, it helps make sure that our customers are not only securely handling IT assets at their end of life, in other words, to make sure all the sensitive information is removed from those devices. But it's to make sure that we're handling e-waste in a responsible way, whether it's to reuse the components in new IT devices being built or to make sure the things that need to be destroyed or scrapped are done in a responsible way. We've talked a little bit about helping our customers deal with governance. What are we doing internally, which has been really part and parcel, I like to think about some of the success that you're seeing that we're making on our growth story. It starts with the board of directors. You know, first, we're pleased to have Al Verrecchia here, who's the Independent Chair of the Iron Mountain board. Al and I have been in partnership now for, I guess, about nine years. He's been stuck with me for about nine years. He helped select me, so it's his. He only has himself to blame. In all seriousness, Al, when I came in and Al came in, we came in about the same time. Al had joined the board previously, but he took over the chair as I came in, the board made a decision to actually split the role of the Chairman and the CEO. We have a very strong commitment to that. You say, "Well, how strong is the commitment?" The one thing I would say is that today we can announce that gives you another kind of plank in that, in that construct, in that we're announcing that Pam Arway, who's been on the board, who I think Al brought on board, I think within the first year of his chairmanship, is gonna be taking over in November as the non-executive chair of the board. Why is that important? It's important. It shows the commitment to governance that we have as a company that under Al's leadership is that we're succeeding him with another split role in terms of independent chair of the board. Pam, like Al, has quite a bit of executive experience before she actually retired to do board work. She ran American Express's operations in Asia. In addition to serving on Iron Mountain, she serves on the board of DaVita and Hershey. Deep experience. The other thing that is worth noting in terms of our board of directors under Al's leadership is we've diversified the board. What I mean diversified is that we have a number of people who show up to the board that have different, what I would call routes to the boardroom. That diversity in terms of background, both, you know, in business but also socially, is important to make sure that we're having robust and complete discussions in terms of how we're actually developing and growing the business and ultimately the people of Iron Mountain. You know, again, you know, I can't thank Al enough for his leadership in terms of building a board that actually not only supports the business but challenges it in the right way so that we can continue and maintain our growth path. Speaking on the growth path, it wouldn't happen without execution. The one thing I will be the first to say, I am blessed to have a strong, committed, and collegial leadership team that I work with every day. As I said, today, you'll hear from Barry wearing two hats as leading both Project Matterhorn, as well as our Chief Financial Officer. You'll hear from Greg McIntosh. The one thing I will embarrass Greg is that the really great thing about Greg McIntosh, for those of you that follow Olympic swimming, is that he has a 15-year-old daughter who got fourth in the Tokyo Olympics, is one of the fastest swimmers ever in her age group. She continued to get a gold medal this year in the 200-meter butterfly, beating the Chinese woman who got the gold at the Tokyo Olympics by a full second, I believe, right? Not to be outdone, he has another daughter who is actually a leading international figure skater that's a couple years older. You know, he's very dedicated to Iron Mountain, so he does focus on that. I have to embarrass Greg because Canadians are very modest, so I know he won't tell anybody that. In addition to that, I'm afraid he's the only Olympic parent that we have on the management team. In my view, we have a really all-star leadership team. In addition to hearing Greg, you'll also hear from Mark Kidd about our data center business. Then JT will talk about really not just the foundations that he's built for all of us around Summit in terms of the, as I say, that platform that's allowing us to really accelerate growth. You know, with growth, you really have to make sure that you're maintaining the robustness of your operations, so your quality and that customer resonance that I talked about, 950 of the Fortune 1000 being our, you know, strongest advocates is maintained, and that we're doing that in an efficient way, which is no small task. I say, Deirdre will actually you'll see a video clip of her before her move to Singapore. Before I hand it over to Barry, I want to just introduce this thing called Matterhorn. As I say, Matterhorn is the program that you've seen showing up in our financial results over the last couple of quarters. You know, some people are scratching their head and they go, "Hmm, you know, we didn't know that Iron Mountain was a, you know, double-digit growth story," but, you know, they keep doing it. Well, today's is really coming out what we've done to actually do that and why we're very confident that we're gonna continue to show this 10% CAGR over the next, you know, four years. It's really built on the success in maintaining the momentum that you've seen over the last couple of quarters. If you look at Project Matterhorn, and, you know, and it isn't lost on you for those of you that kind of know mountains. It's, you know, Matterhorn isn't one and done. It's not the tallest mountain in the world, so it's still only 4,000 meters, so there's other mountains beyond Matterhorn. Starting with Matterhorn, that's what you're gonna see is the programs that we've put in place over the last few quarters that allow us to have the confidence that we're gonna maintain a 10% CAGR through 2026 and beyond. When I say 10% CAGR, that's both on the revenue and the adjusted EBITDA side. That translates into about an 8% AFFO growth. As you know, AFFO growth is important because that's what drives ultimately our dividend growth. Before I hand it over to Barry, we have a short video clip to kind of introduce Matterhorn, and then Barry's going to take you through a little bit more detail of what it all means. Managing a company is like climbing a mountain. It's not impossible, but it isn't easy. A short video clip to kind of introduce Matterhorn, and then Barry's going to take you through a little bit more detail of what it all means. Managing a company is like climbing a mountain. It's not impossible, but it isn't easy. A short video clip to kind of introduce Matterhorn, and then Barry's going to take you through a little bit more detail of what it all means. Managing a company is like climbing a mountain. It's not impossible, but it isn't easy. Mountain. Thank you, Bill, and good morning, everyone. Let me join Bill in his welcome to everyone, both in person and virtually. It is wonderful to see so many faces here in person in our nation's capital. My name's Barry Hytinen, for those of you who I haven't met yet. I'm the CFO of the company. I joined the business in January of 2020, just before the start of the pandemic. Interesting time to join a company. Prior, I was the CFO of Hanesbrands. Before that, I spent twelve and a half years at Tempur Sealy International in a variety of capacities, ultimately, the CFO of that company as well. Even before I joined the company, I was struck by the durability, and highly cash generative nature of this business, particularly in the core, as well as the strength, and duration of the long-term client relationships that Bill talked about. Perhaps most important for me was the humongous growth opportunity that was already present here in terms of where the team had been investing to have the strategic growth focus areas, several of which that Bill talked about. I'm thrilled to be here today to talk to you about our strong execution, our financial model, and to start off with Project Matterhorn, which is all about our ambitions to deliver higher levels of growth over a sustained amount of time. As Bill mentioned, we're introducing Project Matterhorn, which is a transformational effort to establish a platform upon which to grow at an accelerated pace. We internally kicked off Matterhorn at the beginning of this year, and I think, as Bill mentioned, the first half results that we've generated show a level of measure of benefit from the project already, and we're in the early stages. We aim to deliver profitable growth resulting in very robust shareholder returns continuously. Our plan is to do this through transforming the business, including our operating model, which will include a global commercial organization very much focused on selling the entire mountain to our large established client base, and a distinct global operations function to serve our customers. Greg and JT will speak more about that in some detail shortly. With Project Matterhorn, we're focused on investing to capture greater levels of market share in that very large total addressable market that Bill touched on. We expect to deploy about $4 billion of growth capital between 2023 and 2026. That's about 16% of revenue over that period and represents a ramping up of growth capital as we go after those very large addressable markets and execute on our strategy. We're putting in place a structure, goals, incentives to reach our Matterhorn goals. In terms of incentives in particular, we're aligning our metrics with Matterhorn, including our long-term incentive compensation plan, which now includes what we call the advanced revenue plan. That plan includes metrics to align performance incentives with the high levels of sustained growth over a multi-year period that we're committing to as part of our Matterhorn journey. For me, fundamentally, Project Matterhorn is about building a strong platform that transforms our company to drive growth and shareholder return. Let me dive a little bit deeper into our operating model that Bill mentioned briefly. An important part of our strategy is in fact that transforming the operating model and putting that in place as part of Matterhorn. The structure is a significant evolution in terms of how we operate, how we show up for our customers, how we serve them, and I'll highlight a few points around that. First, we're starting with a global commercial operation in terms of Greg and his teams being singularly focused on selling everything we have, and there's a distinct cross-sell opportunity in our business, and Greg will speak more about that. It will be establishing global account teams that are both organized within specific industries as well as distinct commercial regions and as I said before, they're gonna be very singularly focused. Next, the operating model is around getting into specific business unit focus. So Global RIM, which includes our core as well as digital solutions, been growing very quickly for multiple years. Our data center business, which Mark has been leading for some time, and our new asset lifecycle management business. This will enable those teams to be laser-focused on distinct value-creating solutions for our customers, as well as cross-selling across through Greg's organization. We're establishing a truly global operations function, which is critical to our overall success of the company. It will be dedicated to delivering world-class service to our clients, supporting all aspects of our company through a shared service model that delivers operational excellence. With that, I wanna turn it over to Greg, our Chief Commercial Officer, who leads both the commercial as well as he'll touch on an overview of our global RIM business. With that, Greg. Thank you, Barry. Good morning, everybody. Nice to see you all in the room and also on the webcast. My name is Greg McIntosh. I'm the Chief Commercial Officer here at Iron Mountain. I am based in Toronto, and I joined the organization in 2014 as the leader of the Canadian business, and since then I've held a bunch of positions in product management and innovation and in various different sales capacities. I'm a CPA by background, but I've held technology growth roles in various organizations over the last 20 years. I'm really pleased to be here today to share a couple of things. I wanna share some thoughts around how we're gonna continue to grow our global RIM business, but also talk about the progress we made and the continued plans we have to build out the global commercial platform that Barry mentioned. The bottom line, in terms of our global RIM business, we feel very confident in our ability to continue to grow this business at 5%+ throughout from now through 2026 off of its $4 billion base. Let me tell you why. This business has some important structural advantages that we will leverage in order to engage that growth. First of all, we're quite unique in our ability, and Bill touched on this. We're quite unique in our ability to handle both the digital and the physical aspects of our customers' needs. This is becoming more and more important as they try and drive paper out of their processes and increase the level of automation that they have. This will become more important. Of course, we're gonna leverage the global footprint that we have with our existing customers. We have relationships with 95% of the Fortune 1000. We have 225,000 customer relationships worldwide across 59 countries. That enterprise experience is gonna really serve us well and opens up doors and access to decision-makers within the customer base that most organizations would kill for. It's also important to remember that we know that every year, 98% of our customers are gonna renew their business with us. We have an incredibly stable base upon which to build. Bill talked about our core storage business, and in terms of vectors for growth, our core storage business will continue to grow. It is an amazing, durable, very recurring business. It will continue to grow through a combination of flat to slightly up volume and a proven revenue management strategy that aligns the revenue that we receive from our customer, that's commensurate, making sure that that is commensurate with the value that we provide. We're gonna continue to see growth in our core services as customers continue to ask for and need help managing their information that we have in our custody. When you combine that with our digital solutions, we're really starting to change the conversation with our customers. in one way that we do that, or one metric that I use to assess whether or not we're actually really having transformational conversations with our customer, is around our $1 million and up pipeline. So the number of deals that we have in our pipeline, the value of the deals in our pipeline that are over $1 million. I'm happy to share that today, we have over $1.2 billion of pipeline for deals that are over $1 million. That number represents a 5x increase of where it was at the beginning of 2021 and double from where it was at the beginning of this year. There's still plenty of opportunity left because, you know, I was recently in a customer meeting in Singapore, and, as keen as this customer was to hear about how we could help them drive paper out of their business processes and automate their workflows, at the end of the presentation, they kinda said something that we hear a little bit too often here at Iron Mountain, and it was, "Wow, we didn't know Iron Mountain did that." This commercial transformation is designed to change that. The focus will be on the three key themes that our customers are dealing with, that Bill talked about, around digital transformation, and workplace transformation, around data and IT security, and around helping our customers achieve their sustainability goals. To do that, we're gonna bring to bear the entire capability set that we have to help our customers achieve those objectives around whether it's part of our core businesses and our core services, part of our digital services, part of our asset lifecycle management solutions, and data center as well. What we're seeing is that customers really appreciate having a single account team that knows how they wanna buy and having very simple contracting mechanisms for them to be able to quickly acquire services from someone that they know and that they trust. At the highest level, you can segment our businesses really into two big segments. We have our global industries and our regional accounts. Our global industries is where we cover our largest and most global accounts, and we're really focused on three key verticals there, banking, insurance, and healthcare life sciences. We also have our regions, and they're focused on the thousands of enterprise customers that exist within the regions, the local small business segment, as well as the domestic public sector market. In each case, those segments are supported by a very mature and robust revenue management function that is ensuring that we continue to deliver value across the entire portfolio base and maintain a very high retention rates in our core business. Let's talk a little bit about global industries. Here we have 328 of our most global accounts. I mentioned the emphasis on the three verticals, but it is not exclusive to them. We also have customers from large B2B service providers, from large technology firms, as well as large energy firms as well. We're building this on top of a model that we've already proven works. We started our global account program in 2020, and the first 150 accounts that went through our first cohort saw the bookings production double over the first two years. The combination of verticalization and global and a global approach really does two important things for us. One, it allows us to quickly scale innovative solutions that address a vertical problem across the entire accounts within that vertical. Secondly, it allows us to quickly scale solutions that a customer wants to buy in country A across all of their global footprint very quickly by working with their local customer teams. This approach has really started to pay off. We've started to see since the beginning of this year, our global industries accounts across the 328 have seen an increase in the new sales pipeline that's been created has grown by over 130% year-over-year. A great example of this is a multinational financial institution that we recently helped with their digital transformation. This is a global player unlike a lot of the their folks in their industry. They're dealing with a real desire to digitize and provide a digital experience for their customer, but are challenged by the amount of paper and manual processes that still exist within the branches. We were able to accelerate their digital transformation by creating a single content repository, and we were able to repatriate 50 TB of data from their internal systems, and 10 billion images from microfilm and microfiche onto one content repository for access for their users. We were able to eliminate paper by using our secure logistics to sweep paper out of 1,300 of their branches. While we were there, we were also able to pick up their IT assets that were at end of life and secure and destroy those assets for that customer. The icing on the cake on this one was that we were able to pick up one million cubic feet of records that were stored with another vendor to help them manage their information more robustly. While our integrated physical and digital services certainly helped here, and the trust that we built with this customer over the years was a contributing factor, the game changer was our global accounts program. We were just able to infuse a new way of thinking about digital transformation and engage the customer at another level, and that's what really paid off for us. This contract includes $2 million of annual recurring revenue across both the physical and the digital side of the house. We have another $4 million of annual revenue in the pipeline with the same customer for other countries that want the exact same solution. We're now starting to take this solution to the other 95 banks that are within our global accounts program to see if it resonates with them as well. We think this is a really poignant example of how global industries is gonna really accelerate our commercial transformation. Now let's turn our minds to the regions. I talked about the segments that they are focused on in terms of the enterprise, small business, and public sector. The key here is being able to really understand how a customer wants to buy and meeting them where they are. A lot of times, that is, a customer wants a partner and a supplier that understands their local operating environment. Our teams are able to tailor our solutions, and sometimes innovate new ones in order to meet the customer need. Now, in terms of an operating model, we have dedicated people that get up every day, 100% focused on growth, from reps to country managers to the region leaders that are focused 100% of the time on growing their commercial footprint. This is a relatively new phenomenon for Iron Mountain, and it's paying dividends. The same metric that I mentioned for GI, pipeline generation year-over-year in this business or in the regions is up 66% year-over-year. We could have chosen a lot of examples within the regions to share in terms of a case study. I chose one around the public sector in the United States because it represents a real exemplar for us. It's what we wanna do in other jurisdictions around the world. In this case, just to be clear, this is a different example than Bill mentioned. This is at the federal level instead of the state level. This large federal agency was an existing customer of ours on the records management side, and they had a backlog of tens of thousands of applicants for their services. They were hampered by a very highly manual process that was laden with paper, and they were increasingly challenged by their adjudicators being unable to access these documents because they were working from home. This is not just about a backlog of applications, it was also about helping our customer find new ways of working. They knew about our ability to scale, to image at scale through our work with other departments and agencies. They had confidence in our ability to handle both the digital and physical side because it was a little bit more complicated in this case because we had to consolidate all of these paper records from the field into two locations, one of ours and one of theirs. What really convinced them to move forward with us, in this case, was our technology. We were able to convince this customer that we could save them one-third of the cost of their program by using our AI ML-enabled technology to auto-extract metadata from the applications and route those applications to the right person, the right adjudicator at the right time. We are working with them now to digitize 100 million images over the next year, and we're already in conversations with them to deal with 1 billion images that they need to deal with over the next decade. We're not stopping there. We also took that same solution to another agency within the federal government and just recently picked up a $5 million mandate for something very similar. I think we've really made tremendous progress very quickly in building a commercial platform that is going to continue to fuel the 5% growth in our Global RIM business as well as our and contribute to the growth of our Asset Lifecycle Management and Data Center businesses. With that, speaking of data center, I'm gonna turn it over now to Mark Kidd, our EVP and GM of Data Centers, to share with you a little bit about data center excellence. Mark. Thank you. Thank you, Greg. Good morning. It's nice to see everybody today, and it's great to have folks joining us on the webcast as well. For those that don't know me, my name is Mark Kidd. I run the global data center business here at Iron Mountain, and I've been with the company for a little over 19 years now. My roles have stretched from initially in the finance area to corporate development, to strategy. Then about 9 years ago, I was given the good fortune of being challenged and asked or potentially even challenged internally, the opportunity to create something new and to see where that could take us and where we could build it. As we think about the business today and we go through the presentation, there's really a few points that I think it's important that we get and take away. First, we've been very deliberate and careful in our capital allocation in the last several years to build out a multinational, not quite global, data center platform with significant capacity to expand. Second, the data center market overall, I think, as most of us know, have enormous tailwinds behind it, and in the segments that we're competing in, we're very well positioned to continue to win as we have been for the last few years. Finally, when we put that together, as Barry alluded to and we'll hear more about later, we're very confident in our ability to continue to drive 20%+ growth in this business over time and continue to be able to deliver on the margin. With that, let me talk a bit more about the business today and get into it. The data center business today here at Iron Mountain is a platform. We have 26 locations in 18 markets across three continents. We have over 1,300 customers. We have over 16,000 cross connects keeping the connectivity high for our customers overall. When we think about the platform today, in terms of operational megawatts, we can quadruple that number with the land and power that we already have under control, and we'll talk a bit more about that shortly. In addition to those things, as Bill alluded to earlier, the data center platform has been 100% green powered since 2017. It's something that we take very seriously, and it's part of a broader portfolio of sustainability initiatives that we've had in the business. As we think about the portfolio and where it's headed, we really can think about growth along two primary vectors. One is the market segments within the market that we choose to play in, and then two is the geographies that we wanna participate in and that we wanna compete in. They both matter a lot as we think about building the business and capital allocation. For us, the market segments that we choose to really focus on are the colocation market, really focused on carrier neutral enterprise and other connectivity service provider type business, and then also the hyperscale segment in the market. We'll talk about how those have been built up. What's important when we think about those market segments is that they really have a very important role in driving the physical footprint. The demand in the hyperscale segment is so big that it drives scale in operations and construction, whereas you often get a higher return from a price perspective on the retail colocation business. If you're able to bring these together in the same, campus format, it gives you the ability to have slightly higher enhanced returns, which for us, as we think about capital allocation, is a really important part of the overall strategy and approach. The data center footprint itself, we historically have been focused on, predominantly tier one markets. When we think about tier one markets, there's a few different ways to define it in the industry, but generally the way that we approach it is to sort of say that's the top 20, 25 markets in the world in terms of demand. The thing about the tier one markets is they do have very, very predictable demand. You know, when we go see the data center today, we all know that Northern Virginia is the most demanded market in the world, and it has a very good line of sight to that. That's true in a lot of the big markets. However, as we all know over the last few years, though, kind of in the last year it's changed a bit, it's brought in a lot of competition, and it's done some yield compression. So these markets are great. There's a great demand pipeline. You can go after them, and this is where we've really built out the growth of the business. Evolving more so the tier two and tier three markets, which we can call maybe the next 30 or 40 markets in the world after that first tier one list, they have a number of different attributes. In total aggregate, their demand is much smaller than the tier one markets and will be at least for the next 5 years. What's interesting though is in some cases, we might start to call these, depending on which definition we're using, edge markets. What's great about them is that there's generally less competition in these markets. There are higher barriers to entry in terms of power access, permitting, ability to get there. The question becomes is sort of how can you get into those markets and what's the opportunity related to them? Lastly, the phenomenon that we've seen develop really in the last 2-3 years at scale is we've seen hyperscalers looking for enormous power and land capability to bank for their five and 10-year future growth. This could be in tier one or kind of what we'd call tier two markets today, but generally, they're actually looking for places that don't exist yet. When you think about the next 10 years of data center growth and the market, then you really actually have to create some new markets that don't exist today to be able to fill this demand. It's not clear that it'll be good for retail, business, but there's definitely an opportunity. When we look across these three, our near-term growth as we think about the market will continue to come from those tier one markets. That's where we have our footprint today. That's where we're driving against. We will continue to be very judicious and thoughtful about looking at opportunities in these other areas from a capital allocation perspective in terms of how we think about growing out the platform. Regarding capital allocation, as Barry mentioned, the data center plan is fully funded within the capital through the 2026 plan in terms of the growth, deliver that 20%+ number that we're driving for. That's fully funded in the plan. As we have in the past with the JVs that we did both in Virginia and in Frankfurt, there are times that we will think about using third-party capital, whether that be to enhance returns or extend reach. Again, that's additive in terms of how we think about what we're doing here. That's not required to go deliver on the 20% that we have deep confidence in. Thinking about the business and the acceleration. The megawatts under contract have scaled up dramatically over the last few years. Before we get into sort of the aggregate number of megawatts and what that means for where we are today, I think it's important to look at the two periods on the chart. As Bill alluded to, we started on this journey almost nine years ago. Pre-2018, what were we doing and why were we going slowly and kind of why was it small, right? We knew that this was a very capital-intensive business, and where we started and why we chose to enter the way that we did was that we believed that our best point of entry was to sell to enterprise. Iron Mountain, in its data management business, had over 30,000 tape backup customers just in the United States, in North America, back in 2013, 2014. These are all IT infrastructure buyers. At that point in time, we wanted to prove to ourselves that the cross-sell was effective. If we go back and look at that, it took time to do that. We wanted to make sure that it worked. When we got conviction, 2017 going into 2018, that's when we took a fundamentally different approach to capital allocation and attacking the market that we saw. We significantly increased our spending, both in terms of some selective M&A to get us into some growing and important markets. We also, at that time, did some very important site acquisition and land acquisition. For those coming on the tour later today, that's when Northern Virginia started to come out of the ground and other markets as we thought about it. That really created the foundation that's propelled us forward. Equally, before 2019, really end of 2018, beginning of 2019, we had never called on a hyperscale client with a focused effort. It wasn't part of our strategy. We were very focused on the enterprise and that part of the business. Understanding that the economics of construction were changing, we intentionally decided to start calling on these customers and accelerating the growth. That's where you see the significant leasing momentum that started over the last few years being driven, yes, with the continued focus on enterprise, but even more so with that acceleration that's coming out of the hyperscale addition to the business. Today, when we have sort of the 323 MW under control under lease already, they aren't all operational. 147 of those are in pre-lease status. Let's look a bit more at the overall platform. Today I mentioned in my opening that we could almost quadruple the operational megawatts that we have under management. The platform today has about 665 MW of land and power that are fully secured and under control. That's inclusive of about 50 MW that we've added since the end of Q2 in locations, particularly in Phoenix and Mumbai. We're continuing to add to this number to make sure that we have capacity on a go-forward basis. When we look at what's not sold yet, the 340 MW of capacity to sell, what gives us a high degree of conviction around the growth is that we have a very strong capacity pipeline sitting in what are very desirable markets as we look forward. Northern Virginia, largest demand market in the world. Phoenix, a strong market where we've been a very strong player in that market for a number of years. Places like Amsterdam, Mumbai, Chicago, and a number of other locations. That's really what. It's that pipeline of land and power inventory combined with what's already been sold that's sitting in the backlog that gives us that clear visibility to be able to grow the business and take it from where it is today. Talking about the business, we've been very focused sort of internally on what we have and where the data center business is today. If we just take a step back and look at the market for a second, sometimes it's easy to forget just how fast the overall data center industry is growing. It's expected to grow by over $40 billion between now and 2026, becoming over a $100 billion market at that point in time. There isn't a region of the globe that's not growing. No region left behind. It's very strong. The question isn't, are there good places to go? The question is, how do you think about this big, big, big set of capital choices and where to go in that? We've chosen our efforts, like I mentioned earlier, to really focus on the hyperscale segment and on the carrier-neutral colocation segment. In aggregate, those segments of the market are growing roughly 15% a year. The market overall is probably about 10%, as you know, there's parts of the market that we choose not to participate in. There's really good growth behind them. If we break those down and we think about the data center market over the next 5 years, the hyperscale segment is growing over 20%. Continued growth there is evident as we think about infrastructure as a service, software as a service, platform as a service, AWS, Azure, Google Cloud, all these businesses are growing over 30% year-over-year. You see that growth directly translating into their data center footprint in terms of what they're outsourcing. Obviously, they're insourcing some as well. That just flows right through. When you think about the colocation segment and the opportunity there, it's nearly 10% growth. The enterprise side of the colocation segment continues to be driven by hybrid IT, where there's some element that has to be kept sort of quote, "in corporate control," which still sits in an outsourced facility most of the time these days, and then a lot that continues to go to public cloud. Also, you see segments with sort of in that colocation business segments within the colocation, things like, content, gaming, connectivity, where they either need, proximity benefits or scale benefits they might not achieve in public cloud. That also drives that near 10% growth. If the markets are growing well and we know where we're playing, the question becomes: how do we make sure we win in the segments that we choose to operate in? I want to take you through two case studies to talk about that in a bit more detail. First up, hyperscale client. We probably could have chosen any of the hyperscale clients because the pattern is somewhat the same. In this particular case, this hyperscale client's been with Iron Mountain and its other service areas for over a decade. We provide them global, services around tape vaulting and have for a very, very long period of time. They're also quite a large ALM customer, especially with the recent acquisition of ITRenew. The relationship and the foundation makes it easier to get in and get the conversation started with a hyperscaler. Is it required? No. Does it accelerate it? Yes. The good news is Iron Mountain already has these relationships because as a hyperscaler is looking to expand, they need somebody that they can trust that will deliver on time, especially in times like this. They need people that have the ability to be with them in multiple markets and the ability to be flexible and work with them. Not everything is the same. In this case, as we think about how you build that trust, how you deliver that solution value over time, there's always a bit of a land and expand concept with the hyperscaler, where you want to sort of get in, build that trust, build velocity, and you can continue to take advantage of it. Here, this follows that template. Our first contract was in the Eastern U.S. They were launching a new product service type. It was a particularly high density requirement, and we were able to offer them a modular solution to accommodate that. That's not particularly standard, but there are those moments where they have a need and you're able to step into it and offer them something that maybe someone else couldn't. We do have a huge amount of modularity capability, though it's not what we focus on day to day. The second contract in this particular case was an entire building, build to suit in Europe. It became a framework agreement for them, where they actually had not done an entire build-to-suit building before anywhere in the world, and actually used the template and terms that were developed as part of this to contract with others and with us in the future as well, kind of extending that reach. Again, a second product type. Then most recently, as we announced in Q2, we had another deal with this particular customer where they actually launched and initiated a new availability zone in two of our facilities in the Western United States. Here in this case, you can see a series of transactions where we have, you know, a relatively small 35 MW with them today, growing quickly, strong pipeline to be able to do more. They've gotten a good solution and product variety in terms of three different product offerings, four different locations across multiple continents. For them, it's been a great win. We see that flexibility delivering. Again, this is a model we are and can repeat with the hyperscalers as well in terms of a repeatable way to build trust. Flipping then to out of the hyperscale and into the enterprise. This is a different sell. It's a different process. How this gets sold and bought, though it's, you know, sort of at the end of the day, the same product on the ground, it's actually very different in terms of how we execute and get it done, which is important for how we win it. This particular case example is a global multinational financial services company. Again, a very long time Iron Mountain customer, over a decade, very large, both records management and data management customer. The relationship is very strong. Most importantly, in this case, this is one of the accounts that Greg alluded to being in the global account management, global sales coverage program that we recently launched. This, though, opportunity did not come from the data center sales team. It actually came directly from the global account team because they had the relationship and they heard about the need. In this particular case, the need was that there were geopolitical considerations in Asia that were causing them to think about how they were changing their footprint and where they were gonna put it in Asia. We were able to get into the conversation directly through that global account manager. We had the relationship strength to do it, and we were able to execute and turn around very quickly to deliver a contract to them. Now, being in Asia, in a particular market, they were heavily regulated by the local monetary authority. We had already gone through the compliance process to have full certification, which is unique in that market, but on behalf of the monetary authority, so we were already positioned well there. Our security posture was particularly strong. This client, as with many global banks, had very strong internal ESG goals, and we were able to offer them what Bill alluded to earlier, the Green Power Pass, which is a fully auditable zero carbon approach to being able to offer them power, which they can take and go publicly talk about. In this case, we were able to stitch together a solution that no one else could in the market, both on the security and compliance side, but also in terms of being able to offer them that auditable solution. It's a great example of how we kind of win in these accounts. More importantly, when we think about scaling that winning, we know what attributes it is, but we have another 300-plus accounts, as Greg mentioned, in the global account program, and then we have the remaining 225,000 accounts that we can continue to sell into. A lot of the growth may be coming from hyperscale, but on the flip side, we still see a lot of opportunity to continue to drive this retail colocation business through the rest of the business. It really is a great example of how we do this. Taking a step back, one, I would just, I'm super excited for everybody that's coming on the tour today. This is an awesome facility. It's one of the most fun for people to tour. Definitely super excited about that. Equally, I'm super excited about the abilities to talk about this business and the growth that we have in it. We have an amazing team that's been pushing really hard, similar to the rest of Iron Mountain. As we kind of step away from this, is really kind of going back to those three points at the beginning. We've been very, very deliberate in our capital allocation to build the platform that we have today. It's taken time, but we've built a global platform that's highly scalable, and we have reach with today. The large macro market dynamics are very much in the industry favor. We see those continuing, and in our particular segments, we see the ability to compete and win in a repeatable fashion. When we bring that all together, it's what gives us very, very high confidence in the ability to continue to grow and execute the business as we have it today. With that, thank you all very much. Now we're gonna go to a 15-20 minute break. Thank you all. Okay, we're going to get started in just a moment. For those of you in the room, if you can please take your seats again, that would be great. Well, welcome back. I hope you found our event so far informative, and we're trying to make sure you have a better understanding of our strategy and our business. I hope that you'll leave today with a much better understanding of how all of our business units work together. Up next, we'll highlight our Asset Lifecycle Management business led by Deirdre Evens, who, as Bill mentioned, she just relocated to Singapore and couldn't be here in person, so I'll pinch hit for her. I'm excited to tell the story and highlight its strategic fit within our portfolio and really the highly complementary nature of the services and offerings we have for customers and how it fits into our broader portfolio, and the large opportunity we have to drive considerable market share in what's a really large and growing market. After these remarks, I'll roll a video from Deirdre so you can hear directly from her perspective on the market, her passion and vision for this, for this part of our business. With that, asset lifecycle management, our business at a glance. We're at the forefront of the asset lifecycle industry. Iron Mountain has a significant amount of structural advantages and growth vectors in what is this really big category. We have a global footprint. We've got deep relationships with over 225,000 clients, which both provide an excellent foundation for this business. We're able to offer our customers a best-in-class data security chain of custody, which in today's world is exceptionally important to them. From a client perspective, in the corporate end user market, we have been growing quickly and consistently over several years. Bill and the team started working on asset lifecycle management five, six years ago, and we've seen strength to strength in that area for some time. With our recent acquisition of ITRenew earlier this year, we've cemented our position as a leading player in the hyperscale segment. Consistent with client needs, we offer complete solutions, including remote wiping, storage and logistics, decommissioning in what is frankly a truly circular model. Then I think a very compelling element of the story for our customers is that circular nature of our asset lifecycle management business. Taking a look at the Asset Lifecycle Management market, it is a very large, fragmented and secular growing sector of the economy. In total today, we estimate the market to be $30 billion made up of corporate end user, hyperscale, and corporate data center segments. We principally, while we address all segments of that, we are particularly focused on hyperscale and corporate end user devices, where not only do we have very significant synergies with the rest of our business, but we're also exposed to the fastest-growing segments of broader Asset Lifecycle Management. We estimate those two segments alone will grow double digits over the next several years continuously. We see very significant growth coming out of data center Asset Lifecycle Management, as well as corporate end user. As a global leader in the market, we have broad reach covering dozens of countries already with our Asset Lifecycle Management solutions, and that's a unique selling point in what is a fragmented market. Also noteworthy are our key strengths with respect to trust, chain of custody, consistent standards and processes which differentiate us, I think, quite significantly from a lot of the smaller point players that are active in this sector. We're continuing to broaden our offerings and reach, and we think will drive significant growth for years to come in light of the market as well as our presence in it. Now I'd like to take a look at a couple of case studies. In this case, this is a large ALM relationship in the hyperscale portion of the market. In this specific example, we work with one of the largest cloud hyperscalers in the world. In light of their very large and growing data center fleet, they have considerable ALM needs, including an almost continuous flow of decommissioning and gear refreshment in their data center fleet. As is so often the case, privacy and data erasure, asset visibility, value recovery, and circular solutions are critical to them. Iron Mountain was able to partner with this customer to provide an ongoing solution to meet all of their needs. As a result, we provide services to their fleet of data centers ongoing, including remarketing of the gear that's coming out of it, which creates a very significant recurring revenue stream for us. It is a good representation of the sort of relationships we have in the hyperscale data center side within asset lifecycle management already, and that are continuing to grow and develop with other hyperscalers. When we look at the hyperscale industry, we see that their fleets, almost without exception, have been growing quite substantially year after year. When you think about the refresh cycles of the gear that's in those data centers, averaging between 3.5 and five or six years in terms of refresh cycle, depending upon the hyperscaler, there's really an embedded latent demand that kinda continues to build year by year that we're addressing quite significantly. Turning to an example within our corporate end user, this is an example of a corporate client, one which we've been doing business with for years throughout our business, and they use us for numerous products and services. It's a large US bank in this specific customer as example, and they needed a strategic partner to address overhangs from a recent acquisition. They had acquired a competitor, and they had, as a result, several redundant and costly data centers. Iron Mountain delivered a decommissioning workflow process tailored to the bank's risk mitigation policies, as well as brought together on-site technicians to efficiently carry out several supplementary activities that were a requirement of their needs. As a result, we removed 13,000 hard drives. We processed over 1,300 servers across 15 data centers, all in compliance with their exacting standards and within their timeframe that they needed. Our ability to create solutions for clients within their own compliance requirements, I think differentiates us quite significantly in the market, and it's one that will likely continue to benefit us for years to come as things like this build in the economy. We're seeing clients consistently needing activities of this sort. With that brief overview of ALM, why don't we turn so that you can hear directly from Deirdre in terms of how she sees asset lifecycle management, and if the team would please roll the video, I'd appreciate it. With asset lifecycle management, everything is exciting about the growth opportunity there. It is a huge market. It's a $15 billion market. It's gonna be a $30 billion market in the next few years. Our customers, 950 of the Fortune 1000 customers, are increasingly seeking these services. Our brand and our value proposition is second to none when it comes to secure chain of custody, data protection, and there's every reason to believe that Iron Mountain will become the global leader in IT asset lifecycle management in the next five years. This is gonna create so much opportunity in the company, not just for people who sell our solutions, because it's a huge cross-sell opportunity for, you know, our customers, but also for our own employees. This work requires facilities, it requires transportation, it requires processing capabilities, it requires reselling and remarketing capabilities. There's huge opportunity, not just for our customers, but for our company, but for the growth and development of our employees as well. Who wouldn't wanna be part of a movement that can have a material impact on what we can do to help our environment in a significant way? I think for the company as a whole, I think the word that comes to mind for me is potential. This is reaching the companies, the brands, you know, reaching our full potential as a business, but also from a talent perspective, being able to reach our potential in terms of our growth. If I think about asset lifecycle management, the word that comes to mind is billions. Phenomenal leader, a great peer, and she and her team are working very hard to build our Asset Lifecycle Management business, and I think you get a sense from her passion there for what we have and what we're building. With that, it's my pleasure to welcome JT up to talk about our global operational function and all the great work and operational excellence that he and the team have been driving. JT? Chief Operating Officer at Iron Mountain. By way of my background, I started with Iron Mountain in 1986 as a driver in our Baltimore data management business. For the past 36 years at our company, I have primarily led operations, commercial, and P&Ls, working up to becoming our North American COO in 2007 and our Global Chief Operating Officer in 2018. I have really enjoyed a dynamic and rewarding career with a company that I have seen grow 10x over the last two decades. I am even more excited about what I know we can accomplish in growth over the next fiveyears and beyond through Matterhorn. I really appreciate all of you being here today, and I would like to use my time with you to convey three things. First, how we set the foundation with Project Summit to build and scale enterprise capabilities for higher growth. Second, our continued strategic investments in key areas to further enable highly effective cross-management. Third, our leadership mindset driving continuous improvement and excellence to our customers. In 2019, Bill Meaney asked me to lead our Project Summit transformation journey, which I did from Q4 that year through the end of 2021. The success of Project Summit led to three outcomes. First, optimizing our overhead and cost of sales. Second, integrating and improving key enterprise technology platforms. Third, investing to fortify our commercial ecosystem in preparation for higher growth. I am greatly appreciative of all of our teams and their performance during Summit. Our company essentially executed the majority of our Summit initiatives during the start of and through the most difficult periods of the COVID pandemic, while still managing the business to successful outcomes. Most notably, I must recognize our frontline workforce. Their commitment during COVID in servicing our customer base, including hospitals, government accounts, and other essential industries, was profound. I am extremely proud of our frontline teams across the entire world. Now our Summit success led us to enabling Matterhorn operationally for the next phase of growth, focused on three elements. First, broadening our commercial offerings. Second, further increasing productivity and optimizing the business. Third, driving our commitments to both quality and safety. Through our disciplined work during Summit, I am very confident in our operational ability to drive continuous improvement throughout Matterhorn that will lead to enabling higher growth and further productivity. As an example of our continuous improvement during Matterhorn, we will continue to be laser-focused on driving operational improvements. Since 2019, we have achieved a 650 basis point improvement in service margin by implementing four things. First, investing in global data capture and activity tracking to enable standardization of global activity reporting and worked hours reporting. Second, engineering specific work targets based on key attributes such as activity types and facility types. Third, implementing a standard transport routing system, enabling teams to create transportation plans and targets. Fourth, by implementing an active labor management system designed to teach leaders how to use these tools and effectively manage our workforce. Finally, I do not wanna overlook a very, very important fact. We achieved this success while continuing the trend of making Iron Mountain a safe place to work, both physically and mentally. In fact, year-over-year through Q2, we have decreased our global incident rate by 7%. I am extremely proud of our teams for taking care of each other and for their dedication to safety. As we transition further into Matterhorn, we will continue to invest in our information technology and back office functions. Another example, allowing us to enable significant optimization and improvements in our back office functions, was the creation of our first global business services or GBS. We formally created our GBS in October of 2020. This team is transformation-oriented, and today includes multiple consolidated enterprise-level functions such as agreement to cash, HR operations, customer care, and commercial shared services, just to name a few. In addition, we have enhanced and in some cases built global centers of excellence for continuous improvement, reporting and analytics, and enterprise program management. Together, these teams are building enterprise capabilities critical for the next phase of our growth ambitions. We are also targeting improvements in service levels for our customers and, of course, reducing G&A costs across our business, in which we have achieved 170 basis points reduction between 2019 and year to date 2022. In summary, I strongly feel our global operations teams are set up effectively to drive quality and optimization-based continuous improvement for both cost of sales and SG&A, and to continue building our enterprise level capabilities that will help us improve service to our valued customers and ultimately drive higher growth. Back over to Barry now. Thanks, JT. Great job. I'd like to wrap up the day before our Q&A and wrap up the presentation by summarizing how all the strategic initiatives you've been hearing about, what they mean to our financial perspective and how they pull together in terms of our targets and our goals. Certainly, my goal for this portion of the presentation is to help you better understand the business model, how the next growth will accelerate over time and drive significant long-term shareholder value as we meet customer needs. A few call-outs, just to start. One is, I think it's fairly clear that we're leading from a position of strength. We've got very large long-term client relationships. We've got businesses that go together quite well. There's a lot of synergy in terms of how Greg and the team are cross-selling now going forward. Whether it be in our Global Records and Information Management business unit, our Asset Lifecycle Management team, or in data centers, we're very focused on growing and growing quite profitably going forward. Second, I think it's reasonable to say that we have a very unique, very durable business model, which is, at its core, based on those client relationships and being customer-centric with respect to our solutions. Over the last few years, I think we've clearly developed a financial track record that shows significant operational improvement, significant operating excellence, and spanning multiple geographies, as JT just touched on, with a significant drive on continuous improvement and with a mindset to climb on, as Bill talked about. We are going to use our capital allocation strategy to further drive even more shareholder value going forward. Lastly, as Bill talked about at the beginning, as we've weaved through the presentations today, we are very focused on strategic initiatives that will drive considerable growth, sustained over time. With that, let's dive in a little bit. Here's a slide that takes you through our operating performance over the last several years. It's a track record, I think, of consistent execution across key metrics. As you can see from the chart, while we saw a modest dip in revenues in 2020 in light of COVID, we managed to grow profits and margin during that period of time, which I think is a strong testament to the durability of our business model. In fact, if you go back to, say, the second quarter of 2020 at the depths of the pandemic, our team has been increasingly driving significant improvement in performance with better results really quarter by quarter ever since. 2022 is the first year of our Project Matterhorn. Only halfway through the first year of that effort, our efforts are already bearing fruit. As you can see, the growth that we've been driving is certainly aided by our Project Matterhorn efforts. In fact, let me zoom in on the current year. This is our financial guidance, and we're very pleased to be here today to reaffirm our full year 2022 guidance ranges. We're on track for a very strong year with mid-teens revenue growth, double-digit growth in EBITDA. As we've mentioned on our last earnings call, that performance is despite several significant headwinds, such as the strengthening U.S. dollar, COVID shutdowns in China, both of which I'll note have continued to persist. Even still, we feel very good about our performance through the first half. We feel very well positioned for the full year and are confident in our guidance. With that, I wanna take a moment to a couple of moments to go through our capital allocation priorities, specifically around investing to accelerate growth and capital return, and then the use of prudent leverage. On investing to accelerate growth, as I touched on earlier in the presentation, we are going to be ramping our growth capital. Most of our businesses are capital light. For example, in our core business, from time to time, we'll add racks as we need that for to deal with incremental storage that's coming in, but that has a very high return in light of the incremental margins we have in that business. In our Digital Solutions, in our Asset Lifecycle Management businesses, those are relatively limited growth capital requirements to build out those businesses, so they have very strong returns. From a growth capital expenditure perspective, over the next four years, we are planning to deploy about $4 billion with the vast majority of that earmarked for Mark's business in Data Centers. Importantly, as he noted, that fully funds our growth plan, including nearly quadrupling our Data Centers operating portfolio during that time. In light of the pre-lease that he's talked about, as well as the strong pipeline that we have, we are well on track and will be building continuously going forward. Turning to Project Matterhorn, to support our transformation, we'll incur approximately $150 million annually of one-time kinda cash costs from 2023 to 2025. In the fourth quarter, we'll be approaching something on that order of that run rate as we ramp the project's priorities and drive the transformation. This will help support the transformation of our operating model, establishing the global operations platform that JT talked about, and furthering the transformation of the total company. In terms of capital return, dividends, as you know, has been an important part of our total return commitment for a long time. As you probably know, we have a long-standing dividend policy whereby we target AFFO payout ratio of low- to mid-60s. As you can see from the chart, this ratio has been improving over the past few years as strengthened EBITDA has fueled growth in AFFO. I'll note that during this timeframe, we've held the dividend constant as we've been operating outside of the target range. As we get into the target payout ratio range, dividend growth will kind of naturally have to follow with the growth in AFFO. That's how we're thinking about our business model going forward. In terms of leverage, just to round out our capital allocation priorities, we have a long-term target here as well of 4.5-5.5 times on a net lease-adjusted leverage ratio. As you can see, with our strong operating performance, as well as increased investment, because we've been investing more year by year in our business, we are operating now within our target range, and that's where we aim to be going forward. In fact, as we move through the remainder of this year, we expect to end the year at levels consistent with the first half, even though we're gonna continue to invest at a higher level here in the back half, in the business. I'll note that that's a modest improvement from the last time we spoke in light of both the cash generative nature of our business and what we're seeing in our pipeline. It's worth calling out a few other points. First of all, in light of the macro environment, I'll just point out that we have no near-term maturities. In fact, we don't really have anything of size until 2027. In addition, the vast majority of our debt is fixed, as most of you probably already know. We have considerable capacity on our revolver, as our team recently reworked our credit facility and gave us both better terms as well as more capacity there. In summary, we have strong confidence in our capital allocation priorities will continue to drive meaningful shareholder returns going forward. With that, let's turn to our financial targets. Bill spoke about this slide earlier, where we're introducing both our expectation for growth rates over the next several years as well as our 2026 targets. In terms of revenue, we expect sustainable growth across all of our businesses, driven by a combination of commercial and operational excellence to achieve a CAGR of 10% revenue growth over that period of time. With that, we've conservatively positioned to grow EBITDA in line with revenue, and we expect AFFO to CAGR at about an 8% rate. Overall, we're executing a clear strategy and strong financial performance we think together with continuing to invest will optimize us for very significant profitable growth. With that, let's dive a little bit deeper, starting with revenue. What this slide is endeavoring to demonstrate is how we're thinking about our 10% CAGR over the next several years by business. We expect our Global RIM business to post revenue growth of approximately 5%. I'll say that is fairly conservative when you consider what the team has been driving in that area for the last several quarters. It's underpinned by a low- to mid-single-digit expectation on revenue management and modest improvement in total volume together with continued strong growth from digital solutions. I know that many of you are aware, the team has been driving considerable growth in our digital solutions business for quite a few years now, strength to strength, teens, 20% type growth rates. We see the opportunity in digital solutions to continue to grow and augment that 5%. We feel very comfortable with our Global RIM CAGR. In terms of data center, Mark did a great job earlier today highlighting the very significant growth we have. The teams have been putting up big numbers in that area, and we have both the capacity and the capability to conservatively grow in the low 20s% range for a sustained period of time. I think Mark touched on some of our recent signings, the pre-lease activity we've had, the pipeline that he mentioned, as well as the trajectory which will really supports the favorable outlook we have for our data center business unit to grow meaningfully over this period. In the fragmented Asset Lifecycle Management area, we are projecting for the business to grow considerably in terms of dollars, call it $800 million over the period, driven by both hyperscale relationships. As I mentioned earlier, we're indexed to some of the largest hyperscalers in the world, and we'll grow with them together with our ability to cross-sell into our large client base. I'll note that we're from 2021 to 2026, it's also benefited by the recent acquisition of ITRenew, which wasn't in the 2021 numbers, naturally. With that, turning to EBITDA. We have a target of a CAGR of 10% growth, which results in about $2.5 billion of EBITDA in 2026. To help put some context around that, let's discuss how we're thinking about the individual targets by business unit. For Global RIM, here again, we're, I think, being pretty conservative with respect to our margins, consistent with recent history. We're modeling them to be at this level or just slightly up, which in light of revenue management and volume being partially offset by growth in services, including digital solutions, we feel very, very good and very well positioned in our Global RIM, CAGR as well as profit goals here. For our data center business, we're modeling the business to modestly improve on margin over the timeframe as we generate some continued scale efficiencies as we further develop capacity. We feel very good about the ability for that business to further enhance margin even beyond this planning period as we build out even more capacity in that business model. For Asset Lifecycle Management, we're modeling a level of margin expansion over the next few years as we drive scale through the business, somewhat counterbalanced by remarketing. We feel we have penciled a reasonable amount of margin expansion in light of the volume that we'll be driving through our ALM. As JT highlighted, our focus on scale and shared services will help continue to drive G&A efficiencies across our business and enhance our profitability going forward. From a standpoint of AFFO, as I mentioned earlier, we have an 8% CAGR target that's about $1.5 billion of AFFO in 2026. Naturally, of course, EBITDA is the primary driver of AFFO growth in our plan. We've conservatively planned for cash interest and cash taxes just in light of the macro environment that we're all operating in. We assume that our recurring capital expenditures will grow modestly over the next several years, consistent with the relatively capital light areas of our business. Before handing back to Bill, let me just touch on a few last points. I hope you can see what we do, which is that we are in a very advantaged position. We've got a strong business that has the wherewithal to grow. Our team is well aligned. We've got a very durable business that has multiple levers for growth. I think the team's track record demonstrates that. I'm very confident that as we execute the plan, put that together with our capital allocation priorities, it'll generate very considerable shareholder returns going forward. With that, I'd like to hand it back to Bill for a few closing comments just before we take questions from both the live audience here as well as the webcast. Thank you all. Thanks, Barry, and thanks everyone for your attention. As I said, before we go to Q&A, just a couple things to kind of summarize, and then Barry and I will handle your questions, and then we'll get ready for the data center tour for those of you that are here physically and are gonna go to the tour. Hopefully what you heard today is that, you know, over the last five years, we really have been stitching together a number of businesses that are synergistic. I think you heard in a number of the business unit cases where the cross-selling opportunities have been very strong. Again, one of the core strengths of Iron Mountain is that 950 of the Fortune 1000 that have trusted us in our traditional side of the business for decades. I think that, you know, the team, I think, has done a very good job both identifying what those markets were and making sure that we now have a business system or an operating model by having, you know, a sell the whole Mountain under Greg, as well as business unit leaders that are laser-focused, whether it be Mark Kidd in data centers or Deirdre out in Singapore in terms of the new ALM business that are saying, building both the product and expertise and the sales enablement muscles that we need that allow Greg to actually hit the success that he's been hitting over the last months. You know, across the bottom line, so to speak, in terms of extending the lessons we learned from Summit that gave us the robustness to actually weather that storm. You know, Barry pointed out that, you know, while sales dropped during COVID, his profitability was flat, slightly up during that period of time. That really is a testament to really JT and his team in terms of, you know, reengineering our operating model. It's that same reengineering and continuous improvement that's going to give us, you know, the continued foundation strength to do the growth. If we kinda take a step back, you know, our view is that, you know, the reason why we wanted to discuss this today, obviously Matterhorn has been launched internally since the beginning of the year, and you could see that in Q1 and Q2, driving that well, in this case, mid-teens% revenue growth. What we're committing is based on those foundations that we've built, the momentum that we have in the sales pipeline, together with the expanded total addressable market that's 13 times bigger than it was when we started this journey five years ago, is that we're very comfortable in terms of being able to continue that growth rate out in the future under Project Matterhorn, and that's what we're discussing with you today, is really, you know, how does that train keep going. From an investor standpoint, if we take a step back, what does that mean? If you think that we're a beta of, you know, 0.91, something like that, and you're trying to solve for a, say, 7%-10% TSR, that we can basically get that, deliver that TSR just on the earnings growth that we have today. As Barry said, we have a healthy dividend that goes on top of that, you know, as we approach that AFFO payout ratio of kind of low 60s to mid-60s, which we're approaching quite, you know, quickly, that becomes a forcing function for the dividend growth in the future as it grows in line with AFFO. That's kind of the, you know, the financial backdrop or the investor backdrop that this leaves us with. With that, Barry, you wanna join me. I don't know how much time we have for questions before we have to head out to. Jill is gonna- Jill's gonna be the- She's gonna tell us when we gotta stop. Okay. Jill is gonna be the disciplinarian. Okay. Great. If you have a question, put your hand up, and I'll come around to you. We're just gonna start with a question from the webcast to make it nice and fair. This question is specifically for Bill. Can you give us some color on revenue management and your ability to drive price? Okay. No, thank you for that. Look, we're, you know, we're blessed with both a set of businesses and a customer relationships that people really value what we do for them. You know, we're more of a price giver than a price taker, if you know what I mean. If you see what's happened over the past, you know, and not just the past couple quarters where we've had inflation running at fairly rapid rates, we're able to price ahead of inflation, and people understand that. 'Cause if you think about on the traditional side of our business, it's a logistics business, right? People are seeing what FedEx, UPS, and others are having to do to actually, you know, manage their business and pass on that inflation. We virtually don't have any customer pushback. In fact, you see that in terms of the retention rates that we've had in the business, is that we haven't seen an uptick at all in the retention rates as we've been asking customers to pay more of their fair share in terms of the value that we present. We feel very comfortable that we've been on this revenue management journey for quite some time. Our customers actually understand the value that we deliver to them. It's not just the quality and reliability of the service, it's that level of trust. They're very conscious of the fact that, especially in the logistics side of the business, that our costs are going up. Now, the other aspect about it just so happens because we have a very high gross margin business, that becomes actually margin expansion rather than contraction because, you know, generally that, you know, we're increasing rates of inflation associated with the what we're charging a customer. A lot of that does, you know, obviously covers our increased cost, but with high gross margin business, a lot of that flows down to the bottom line. It's a long way of saying we, you know, you know, we don't take advantage of our customers. We have a trusting relationship for a reason because they feel that we're fair dealers. In the current environment, they understand why we have to increase our pricing, and we're able to do that in a way that actually is slightly margin expansion. Okay, great. We can take our next one in the room. Thank you. This one I'm gonna ask to Barry. Hey, Barry. A lot of investors, you know, get concerned about leverage levels and capital intensity. As you move up the capital intensity, you know, for the growth in the data centers from 12% to 16%, at the same time you're gonna be increasing the dividends. How are you gonna fund all this? How is that gonna happen? Is the leverage gonna start spiking up? You know, what should the investors think of in terms of pacing? I mean, you're talking about also you've got fixed debt going till 2026, but if you lever it up a lot, I mean, are you gonna hit a wall if all of a sudden the rates keep going up and, you know, all of a sudden you've got a lot to start refinancing? Okay. Shlomo, thank you. That's. There's a lot in there, so let me work through that some. Thank you for the question. It's an important one. First up, this is a fully funded kind of internal plan in our thinking. You shouldn't be anticipating that, A, we'd be using equity for this, and similarly, we will be operating inside our leverage target range. After you've had a chance to digest the model and go through it, I think what you'll find is, you'll be able to work through our leverage calculation such that we're within that 4.5-5.5 times target range. While I'd, you know, never say never to being outside of it, this plan is predicated on being inside it the whole time, number one. Number two, in terms of how you should be expecting the pace of capital, as you know, we've been ramping up capital investment in data center. This year, we'll do, in total CapEx, you know, over $900 million. We'll ramp that up some more next year and going forward. But you should really, and the reason I showed it as a% of revenue is, assume that it's gonna continue to grow with revenue generation and EBITDA, which is part and parcel of how we'll stay inside the leverage range. You shouldn't expect some big, you know, dramatic ramp in CapEx like next year from us. It's fairly paced through the periods. And then as it relates to leverage and debt, we don't have any near term maturities until 2027. Actually, you've mentioned 2026, but until 2027. The way that we've modeled our use of cash interest in the model, Shlomo, is I've. I think this is conservative. We've assumed borrowing in the future on, let's say, bonds at meaningfully higher than where we would issue at today. I think that's probably a reasonable position. Now, as you get out in terms of the planning period, because five years is a fairly long time, and if you look at what the broader markets are expecting, we similarly have assumed a very modest gradual decline in cost of debt in 2024 and beyond 2025 timeframe, but we've moved it up appreciably in our model to be compensating for what's gone on in the market. I think that's just prudent. Again, like I say, I've modeled it beyond what we would be issuing at if we wanted to issue today. As I said earlier in the prepared remarks, we've got a lot of capacity on our revolver. We're in a very good position, and we appreciate all the support from our commercial banking relationships as well as the bond market in light of their support for the company over many years. I expect that we'll continue to have very good access going forward in basically any economic activity in light of the durability of our business. Bill, anything you'd add? No, I think that covers it. Shlomo, did I get everything there? I think you basically said bunch of modeling. Yeah. That's another way of saying it. Hi, Alex Hess for Andrew Steinerman from J.P. Morgan. Just wanna talk a bit through some of the volume dynamics in the core records business as well as some of the pricing dynamics there. Sort of glacial pace in the core records business on the volume side. Can you maybe explain to us a bit more what's gone on with the gross incoming volume, gross outgoing volume, whether it's perms, terms, destructions? Then on the pricing side, how much of revenue management benefits that you're getting really come from this inflationary environment, and what gives you confidence that will continue maybe as we lap high CPI growth? Thank you. Maybe you wanna start with. Maybe I'll start with the inflation because that ties to the. That question. Revenue management and now that you talked about the volume. On the inflation side, yeah, and thanks for the question on that. It's on the inflation side, we're not, you know, we're not concerned with it because we've actually have been. Well, I wanna say it was 2014, 2015 that we started in North America really ramping up our revenue management, and that was in low inflationary environments. Then we took that global in kind of the 2016, 2017 period. Even if you go back in terms of what we've been doing in terms of pricing and revenue management, we've been getting north of 200 basis points of price increase during, you know, the zero inflationary period. Of course, now we've been able to take that up, you know, quite significantly. I think if I recall correctly, even when we were introducing the revenue management program, you know, back about, you know, 6 years ago, 7. You know, I guess, yeah, more than 6 years ago, more like 7, 8 years ago. I used to. I wish I didn't do it, but I said, you know, I was doing my inflation dance, you know, praying for inflation because, you know, because actually pricing for us is a, you know, actually slightly accretive on the margin just because of the nature of our underlying businesses. Personally, I wish I didn't do such a good dance. Anyway, but that's more on a personal basis than on a business model. If you go back in time, you'll see that we've been able to get, you know, significant price increases even in a zero inflationary period. Alex, on the point around volume, a couple of thoughts, and I'll make this a little broader in light of the audience may have various degrees of understanding of the company. In total, if you look at our volume, it's been growing. Our expectation is for our total volume, physical volume that is, to grow something like consistent to slightly up. Let's say that's, you know, 0%-1% going forward. That's a fairly conservative, I think, perspective in light of the fact that the team has been developing considerable incremental avenues for volume growth in our business, whether that be in the form of other forms of business service volume, consumer, fine arts, what have you. You specifically, Alex, were asking, I think, about the core records volume. In that case, what you've been seeing from our business over the last several periods is that our core has, on an organic basis, been flat to slightly down. So something on the order of like, you know, slightly down, maybe not even quite 1%. That's, of course, a balance of both the incoming and the outgoing. An important part that maybe didn't come out as strongly as Greg's team is doing a great job bringing in new record volume in the form of winning business from existing clients that maybe occasionally they're still out there using a competitor in nature in one of the markets that's out there, or we may frankly bring in source more volume from clients that have been storing things on their own. That results in our ability to kind of continue to offset what is, you know, a relatively large book of business. I'll just point out that we've never been storing more volume than we are today. Our total volumes are at all-time records and growing. We feel very good when you put that together with the kind of construct that Bill talked about from a revenue management standpoint, that our Global RIM business can CAGR at the 5% level. In fact, you know, really, I would say that I'll just underscore what I mentioned. I think that's a fairly conservative view as it relates to the CAGR on that business when you couple that those two points together with the fact that our digital solutions business continues to be strength to strength. Thank you for the question, Alex. Great. Thanks for taking the question. This is Brendan Lynch from Barclays. First, do you plan on separating the ALM business out into a separate segment so that we can monitor your progress versus your targets? Secondly, you have a corporate and hyperscale focus. Is there also an opportunity to expand the scope of the ALM business to adjacent related services? You want me to take the first one, you take the second? Okay. Hey, Brendan. Thanks for coming, and thanks for the questions. On the first point, we do envision that in the future, our ALM segment, our ALM business will be broken out more specifically. As the business continues to scale, I think it will have certainly in the sort of scenario that we just showed, it will have the heft and the wherewithal. Frankly, I think in light of the capital that we put in place in that business together with our plans for the future, it would be absolutely appropriate to be doing that. We haven't done that at this point, just in light of the facts and circumstances around the elements of the accounting rules there. You can see, I think, from our presentation that we are putting together the structure under Deirdre's leadership, and you should be anticipating it in the near future that we will likely be breaking it out so that there can be good visibility to the investment community. Bill and I tend to spend a fair amount of time on the investor calls each quarter already, giving you pretty considerable visibility to the business. I agree with the fundamental point that more in that area is a good thing because frankly, I think it will be demonstrating for investors what is a big growth opportunity for us going forward. Following on your other question about further adjacencies in the ALM business, you know, first, you know, we're pretty pleased with the $30 billion opportunity if we look at data centers, whether it's hyperscale or corporate data centers, and then of course, the end user devices. To your point, I mean, it is interesting. I would say we're in early days exploring the adjacencies, I think it was back in May, I was in India meeting with an industrial group that actually manufactures automobiles. You know, it was clear that, you know, over time, there's gonna be, and already is, you know, an opportunity now, especially with EVs, but even, you know, prior to EVs, the amount of electronics that are going into cars, that they're already very conscious of the ability to both recycle and make sure that they're disposing of e-waste correctly. I think you're spot on. I think there are a number of areas. Right now, I don't want. I haven't, I'm a great one for distracting the team on, you know, I get excited when I find new opportunities. On this one, obviously, I'm trying to keep them focused on, you know, the $30 billion prize initially. I think you're right. I mean, I think, you know, electronics are touching more and more aspects of our lives, which is, you know, which is an opportunity for us. Okay. The next question from the webcast. With CapEx of $4 billion over four years, how much of that is Iron Mountain share, and what's the funding outlook for that CapEx, given that long-term AFFO guidance excludes per share calculations? Okay, I'll take that one. It's a little bit where Shlomo, I think, was going in part of his question. Again, we're not anticipating the use. Bill and I can, you know, both do this one. We're not anticipating the use of equity in this plan, okay? This is. You should be anticipating that we'll be operating within our leverage target range. While I guess I'd never say never, as it relates to equity, we're not anticipating that in the plan. We'll be operating and funding this through both the growth of EBITDA, which as you've seen in the presentation, is quite substantial and CAGR-ing continuously over time together with that. That's the way we're thinking about it. Frankly, I should probably put a big call out here that our business is very cash generative. That core that we've been talking about, that Greg and JT are helping us drive significant growth through, it just gushes a lot of cash. With that, together with growth in EBITDA, we feel very confident about being able to support what Mark and the team are building out in data center, and I'm looking forward to showing you that in a little bit. Hi, thanks for taking the question. Eric Luebchow from Wells Fargo. Maybe you could talk about any capital recycling initiative you still have underway in the plan. You've recycled a lot of your industrial real estate at very attractive valuations, but is that something you can continue to do in your outlook? Also just in general, I'd be curious about the inorganic opportunities in your business. I know you've mentioned in ALM, it's a little, a highly fragmented market. It seems like there could be a roll-up opportunity there longer term. How do you think about balancing potential inorganic initiatives with obviously a pretty full CapEx plan as well? Okay. Thank you, Eric, for the questions. I'll start, and if Bill wants to add on with anything there. I think you were specifically asking in the first question about industrial sale-leasebacks that we've been doing over the last several years. Our model assumes that we'll continue to do something on the order of about $100 million a year, so not a meaningful amount of capacity coming from that in this model. I'll say that we could do more if we wanted to. The market continues to be quite good, notwithstanding what's going on in the macro environment. Whenever we've put out an asset or a portfolio for a bid, we've received many bids, including recently. The appetite there, it seems like from investors is high. I'll note that we like that as a means for supplementing our capital allocation strategy, because, one, we're able to do sale-leasebacks at cap rates that are, we think fairly attractive. In many cases, we've been hitting like 4%, 4.5%, even sub-4% in some cases, depending, of course, on the nature of the asset that's out there. In these cases, I'll just note that these are, generally speaking, facilities, record centers that we'll be in for a long period of time, so 20, 30, 40 years. We are typically using sale-leaseback transactions in this form of recycling. The nice thing about where the market's been and where it is generally, we're putting out a form lease that indicates what terms and conditions we'll do business under, including escalators and renewal options at our option, et cetera, duration. It's been a bit of a very positive response. Then we've generally used multiple rounds of bidding to drive the cap rate. We feel good about that. I will say, we've put in just a relatively modest amount of capital there in terms of, yeah, as a source. In terms of ALM, it is a really fragmented market. I made that point a couple times in the presentation. There's a lot of small players in that, I mean, the kinda point players. Generally speaking, what we see is, a business that might have a meaningful client relationship in one specific geography or with one specific client. Maybe they have a couple, and then they've got some smaller relationships built around them. It's a very long tail. I mean, when I look at the ALM market broadly, well, there's us and a couple other players that are in the kinda low hundreds of millions of dollars of revenue from our estimates. After that, it's, you know, $100 million or less, and you're talking like $30 million, $40 million, $50 million revenue businesses. It does, in some ways look like the early days of the records business, in that this business had done a fair amount of both organic growth as well as supplementing that through smaller tuck-ins. I'll say this, Eric. Our business plan, what you've just seen here today, is predicated on the ability to grow organically. To the extent we do, you know, some smaller, one-offs, that would be helpful to the plan, but that's not a requirement of our ability to achieve the CAGRs that we're looking at. No, I think we're really happy with the platforms that we built across our businesses now. You know, we think we have platform plays in each of the businesses. So that kind of takes large acquisitions off the table. Doesn't mean that we wouldn't do small tuck-ins if it makes sense, but I think the large ones we feel pretty comfortable with the flow. Yeah. I would say that the multiples that we kinda see. I will add to this point. As one of the big, you know, one of the leaders in the space, we do see a lot of activity, and there's a lot of opportunities out there of smaller businesses that are, you know, would entertain options or are entertaining options. The general, you know, view, I would say, for multiples of EBITDA are, you know, kinda like single digit type of situations, and they will probably synergize down relatively quickly in some cases. Again, it's not predicated in our plan, but I think that there is, to Bill's point, opportunities for tuck-ins. Thanks, Eric. Okay. The next question comes from the webcast for Bill. How do you feel about the ability to execute in a choppy macro environment? No, thanks. It's a good question in the current environment 'cause it sure is choppy. Look, I think the thing we're blessed on two different fronts. I think one is that we have a set of businesses, by historical standards, are pretty recession-proof. Now, you know, I know every recession is different, so I don't want to say that what we're headed for is gonna be the same as in the past. Generally being a B2B company that does essential services, where during the depths of COVID, we get letters from chairmen, chief executives, and governments reminding us of our obligations to serve them contractually is a pretty good thing, right? I think that we're kind of embedded in the base layer of most people's operations, which is not discretionary. I think that really blesses it, and that's pretty much across the board of our businesses. I think the other thing which you do worry about is, you know, I worry about our Mountaineers, right? I mean, we were talking about our ability to price, you know, but you know, which we do with our customers. But people are experiencing high levels of uncertainty, high levels of inflation in their day-to-day lives. That being said, you know, I go back to, you know, the Mountaineer resiliency. I mean, I didn't coin the phrase, it was my predecessor, Richard Reese, that came up with, you know, calling ourselves internally Mountaineers. It's when you go through a crisis like COVID, you realize how apt that is. You know, we talked about how folks showed up during COVID. Just to give you an anecdote of how resilient and strong our folks are, and I really do think, you know, I know every CEO says that about their people, but I do think it's especially true in Iron Mountain. At the beginning of July 2020, I went to New York City to see our folks. I was a little bit concerned because I wasn't sure what I was gonna find when I spent some time with our frontline couriers, because I knew they'd really been up against it. The funny thing is I left that series of meetings. I visit three or four of our facilities, and they actually gave me energy rather than me feeling like I had to, you know, boost them up. I remember. it wasn't because it was easy. You know, be careful what you wish for. In early February of 2020, we won a large contract for a major healthcare provider in New York City. You can probably guess which one this was, this is one where their morgue was overrunning. They were actually sadly having to put deceased, patients into refrigerated trucks. You can imagine the hospital was in chaos. Our people started servicing that client in February, and when I spoke to them about it was rough. A number of them would come home because they weren't sure how scary the virus was. They'd come home and use a garden hose in their garage to kind of wash themselves down and leave their clothes in the garage, 'cause they just didn't wanna take the chance of bringing the virus in. I mean, that's kind of what our folks are made of. You know, I do think that our ability to be resilient through it. I'm not complacent about it. You know, We're laser focused on people's not just physical safety, but their mental well-being. I couldn't be more proud in terms of the way the folks have actually gone through that crisis. I think, you know, from a business model standpoint, I think we're well positioned. You know, every, I agree, every recession is different. From the esprit de corps of our Mountaineers and the people that come to work every day, I couldn't be more proud to be associated with them. Okay, great. I'm afraid we're gonna have to wrap up Q&A there because we have to show you a safety video for the data center tour, which we now will do, and after that, we'll depart. Okay. Well, thanks everyone, and for those tuning in, thank you for tuning in. For those of you that are gonna join us at the data center, I'll see you at the data center. Thank you.