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      "text": "See page 42 (Appendix) for more detailed analysis of Capital Expenditures",
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      "text": "Management has said maintenance Capex is 2% of revenues. Elliott scenarios reduce total Capex from 7.6% to 6.0%. Primary reductions: Int'l Physical, NOAM Physical, Digital. Disciplined allocation delivers upside.",
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      "text": "Source: Iron Mountain Incorporated disclosures and Elliott estimates",
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