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Iron Mountain Management Discusses Q2 2012 Results - Earnings Call Transcript

As I said, we'll update you on the REIT process, where the only significant news, which we did announce on our press release, is that we have submitted formally our request to the IRS for a private letter ruling. And as you know, that we are going to be relatively silent and absolutely not to speak to any details on that while we let them do their work and so forth.

So let me talk a little bit about the operating results. Storage, which is the key driver and everything we focused on in our business had good 6% constant dollar revenue growth, which was about 4% of that, 4 points out of 6 was internal growth on the balance from acquisitions. Service trends remain consistent within the past year or 2. There were some puts and takes, but constant dollars service growth was about flat excluding the impacts of the lower paper -- recycled paper prices. Recycled paper prices in the quarter were the major issue to us, with the 37% decline from last year, and it reduced reported service revenue growth by a negative 4% but also total revenue growth by 1.5 points.

North America, as we had planned and as we communicated, sustained good strong margins of 42% and adjusted OIBDA levels while posting 2% internal growth of storage. But total revenue growth in North America felt the brunt of recycled paper trends, it's hard to say, as North America accounts for about 85% of that total recycled paper volume. International had strong storage growth at 13% in constant dollars, which was 8% internal and the balance from acquisitions. They had some slight softness we experienced in International and service trends, which we suspect is part of the slowdown globally, particularly in the U.K. and in Europe and in their economies. But those trends were only slight. And as I said, overall as a company, our service revenues were about flat.

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