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  "documentTitle": "Iron Mountain Incorporated (IRM)",
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      "text": "See page 44 (Appendix) for more detailed analysis of Sales and Marketing costs",
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      "text": "Sales & Marketing costs have increased to 9% of sales recently from 6% earlier in the decade. A 150-250bps reduction by scaling back sales and marketing effort is in line with declining growth outlook",
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      "text": "Source: Iron Mountain Incorporated disclosures and Elliott estimates",
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      "text": "Sales, Marketing & Account Management Savings ($MMs) Mid High; Savings as a % of sales 1.5% 2.5%; Pre-tax savings 48 80; Tax rate 35%; After-tax savings 31 52; Valuation appreciation 447 745; Valuation appreciation per share 2.23 3.72",
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