Iron Mountain Inc. Goldman Sachs Communacopia + Technology Conference 2026

Thank you, George. It's great to be here.

Yeah. Thanks for that, George. We are an interesting company for several reasons, and one of them is our client base. We have 245,000 business-to-business clients, and we operate with 95% or more of the Fortune 1000 as clients. Most of those have standardized with us in records management decades ago. Over the years, Bill, our CEO, and the team, they started looking around for where they could put investment dollars behind things that would be natural cross-sell opportunities of that large client base to continue to expand our share of wallet with those clients. If you look at our asset lifecycle management business, which is really two distinct businesses in there, we kind of even run them separately.

There's the hyperscale data center decommissioning business, then there's the enterprise business, which is corporate clients where they would be having a continuous flow of laptops that need to be refreshed or go obsolete, or printers, screens, what have you. That client base cross-sells very well off the core records client base because the vast majority of our largest clients on the record side are big corporates, Fortune 1000. Similarly, those clients have a very distinct need that they're currently having to fulfill through many different small vendor relationships on the IT asset disposition side. We're building out a global offering that they can't get from anybody else.

When we talk to clients, we know that the reasons that they choose a vendor in that area are related to chain of custody, consistency of process, being able to be. Trust is a huge point, privacy, ability to securely wipe data off of gear. When you think about some of the reasons why they standardize with us on records, it's about chain of custody. It's about trust. It's about consistency of process and ability to serve on a continuous basis. So we think there's huge cross-sell opportunity there, and it tends to be a land and expand model. So we might get a given flow on the ALM side with a corporate client, then expand over time into more and more regions or business lines, what have you, in the various customer. So that's a huge reinforcing one.

In our digital solutions business, which is another fast-growing part of the company, it cross-sells off of our core very effectively as well because many times those projects start with a digitization concept. That digitization is something that traditionally we might be digitizing something for them that we're actually storing. Then we can work that into our DXP platform, which is a huge grower for us right now, George Tong. The digital business is becoming more recurring revenue and more Software as a Service with each passing year. In the most recent quarter, the team grew 20% there. We have some very distinct, interesting government wins that have happened in that business as well, again, reinforcing for existing clients.

In our data center business, where we've been growing most significantly over the last few years is on hyperscale data center clients, where we are a core partner to call it a handful of the largest hyperscalers out there. That reinforces and cross-sells very well with the hyperscale ALM decommissioning business. It's really the same client base, a lot of overlap there. We think over time as being the. We can become the only partner to hyperscale data centers operators that we develop, build, operate, and can decommission for a hyperscale client, whatever they need, wherever they need it around the world. So they may not all look like they go together, but they do all very effectively go together.

Yeah. For the growth portfolio, we've said for quite a few years that we expect that growth portfolio to grow north of 20% combined, and we continue to see that happening. If I break that down into the parts, when you look at our data center business, our team has built a really nice data center business that's still got a ton of runway for growth. This year, we'll do a little over $1 billion of revenue in data center, and the team has already signed contracts for data centers that we need to build and energize, which would grow the business another, call it 40%. Just with what we've already sold.

Then we've got a very significant amount of additional land that we'll energize over the next few years, George, to continue to grow the data center business. So there's a lot of growth in our data center. In the ALM business, which is a business that in 2021, I think we did $30 million of revenue. This year we projected we do approximately $1 billion.

That business has been growing rapidly, and the TAM, the total addressable market for ALM is very large. It's $35 billion estimated. Now, of that, 75% is the corporate clients that I mentioned earlier. That's an area where we're roughly $600 million of revenue today, this year. There's a huge runway there for additional cross-selling and growth, and we think that business will ultimately measure in billions of dollars of revenue.

Mm-hmm. Mm-hmm. On the hyperscale side, specifically hyperscale data center decommissioning, the TAM last year was estimated to be $3.5 billion.

Of that, 35% is for hyperscale data center decommissioning. If you look at the embedded platform of data centers that are out there that need to be continuously retrofit with their gear changed out over the next few years, the estimate is for that TAM to double. That $3.5 billion will go to $7 billion.