Iron Mountain Incorporated (NYSE:IRM) is the global leader for information protection and storage services. We deliver the expertise our customers seek for reducing the costs and mitigating the risks associated with the protection and storage of their information assets. Our financial model is based on the recurring nature of our revenues. The predictability of this revenue stream and the resulting operating income before depreciation and amortization (OIBDA) allow us to operate with a high degree of financial leverage. Our business has the following financial characteristics:

• Recurring revenues;
• Historically non-cyclical storage business;
• Inherent growth from existing physical records customers;
• Diversified and stable customer base; and
• Capital expenditures related primarily to growth.

Our goal has always been, and continues to be, to increase OIBDA in relation to capital invested. The long-term nature of our assets, allows us to maintain an extended strategic planning horizon. Therefore we are reinvesting in the business currently to drive growth over the long-term.