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  "documentTitle": "Iron Mountain Incorporated (IRM)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-03-09 00:00:00",
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  "notes": "The chart shows a downward trend in Capex as a % of revenue across three segments (International, Digital, NA) from 2006 to 2014.",
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      "text": "Elliott scenarios reduce total Capex from 7.6% (Company guidance) to 6.0% of revenues (in Elliott Mid-case)",
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      "kind": "chart",
      "text": "Capex (ex. RE) as a % of Revenues",
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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 improvement from low ROIC Int'l Physical Capex and Growth Capex in NOAM Physical; Cut new investments in Digital",
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      "text": "Source: Iron Mountain Incorporated disclosures",
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      "text": "Capital Expenditure Savings",
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