Good morning. My name is Andrea and I will be your conference operator today. At this time, I would like to welcome everyone to the Iron Mountain Q2 Quarter's Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. I would like to now turn the call over to you host Ms. Melissa Marsden, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Andrea, and welcome everyone to our second quarter 2016 earnings conference call. This morning, we'll hear from Bill Meaney, our CEO, who will discuss highlights and progress toward our strategic initiatives; followed by Rod Day, CFO, who will cover financial results. We also have Stuart Brown our incoming CFO with us on the call today. After our prepared remarks, we'll open up the phones for Q&A. And as we've done in the past several quarters, we have posted our earnings commentary and supplemental disclosure package on the Investor Relations page of our website at www.ironmountain.com, under Investor Relations/Financial Information. Referring now to page two of the supplemental, today's earnings call and slide presentation will contain a number of forward-looking statements, most notably our outlook for 2016 financial and operating performance. All forward-looking statements are subject to risks and uncertainties. Please refer to today's supplemental, the earnings commentary, the Safe Harbor language on this slide and our most recently-filed annual report on Form 10-K for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results and the reconciliations to these measures, as required by Reg G, are included in this supplemental reporting package. With that, Bill, would you please begin? William Leo Meaney - President, Chief Executive Officer & Director: Thank you, Melissa, and good morning, everyone. We are off to a very good start after our May 2 closing of the Recall acquisition. The base Iron Mountain results continue to show financial and operating performance, which is consistent with quarter one. Synergies from Recall are coming in faster than anticipated in 2016, and based on all this, we reconfirmed the full-year guidance we gave back…

Your first question comes from the line of Shlomo Rosenbaum with Stifel, Nicolaus. Shlomo Rosenbaum - Stifel, Nicolaus & Co., Inc.: Hey, It's Shlomo Rosenbaum over here prior to the name change I guess. William Leo Meaney - President, Chief Executive Officer & Director: Hey, Shlomo, I was wondering who is at Stifel's these days. Shlomo Rosenbaum - Stifel, Nicolaus & Co., Inc.: A couple things I want to ask. One of them is around the – what looks like the destructions and the out-perms. If you look particularly at the out-perms in Western Europe International, it looks like in the last couple of quarters you are seeing some acceleration over there in terms of volumes. Can you give us some color on what exactly is going on there? William Leo Meaney - President, Chief Executive Officer & Director: Yes, sure. Sure, Shlomo. So first of all, let's look at the absolute net volume, right? So if you look at Q2 2016 this quarter, you'll see that out-perms and destructions, if you subtract that from new sales and organic growth, you have a net before acquisitions of 3.8% (sic) [3.7%] growth versus a Q1 of 3% growth, so the net growth has actually increased. But coming to specifically your question about what's going on with out-perms is, the 2.3% in Q1 of 2016 is not out of norm. So if you kind of go back and you look at the supplemental on page 11, you'll see that over the last 12 month – or less, say, even more than 1.5 years or so, you'll see going back into Q3 of 2014, it goes somewhere between 2.1% and 2.3%. Where you really see the spike is in the Q2 2016 number, where you see that go up to 2.6%, so it's…

Your next question comes from line of George Tong with Piper Jaffray. George K. F. Tong - Piper Jaffray & Co. (Broker): Hi, thanks, good morning. You're substantially pulling forward Recall synergies, about 80% of total synergies previously expected by the end of 2017. That said, OIBDA guidance for the full year is not meaningfully increasing. Can you discuss what incremental headwinds you expect in the back half that are reflected in guidance? William Leo Meaney - President, Chief Executive Officer & Director: It's a good question, George, but it's more the math. So the part – it's not as big a delta as you think because you have to look at what the translation of the $15 million, because of the way the synergies flow in during the course of the year, what we get for impact in 2016 leads you to a very high – which is small, leads you to a very high exit. So, I'm trying to remember the number, but I'll ask Rod to comment. I think we were before the $15 million translated into around $60 million, $65 million. And the $18.5 million translates into around $80 million. But it's not a – it's 80% – we were always going to achieve a very high percentage; just we weren't going to achieve 80% before in terms of going into 2017. Roderick Day - Chief Financial Officer & Executive Vice President, Iron Mountain, Inc.: Yes, George, our exit rate is 80% of next year as opposed to the in-year being 80% of 2017. So in-year, we're sort of net $3 million higher, but actually that translates into quite a significant improvement in the exit rate that we have for next year and sets us up really nicely for 2017. So it's not that the number's…

Your next question comes from the line of Andrew Steinerman with JPMorgan.

Hi. If it's okay I'm going to dive back into tapes – North American tapes decline. I just don't quite get how the minus 13.5% organic services decline in North American tapes has to do with a large project from a year ago. The decline in that business is 7 points worse than the first quarter decline, but the comp year-over-year is only 4 points, let's call it, less easy. And so, when I kind of see this 13.5% decline versus a year ago, minus 1.7%, it just doesn't seem like the year-over-year comparison explains it all. William Leo Meaney - President, Chief Executive Officer & Director: Yes, it's a good question, Andrew. So first of all, our – so that business also includes film and sound, right, which is very project-dependent. So a year ago, we had a very large project with one of our film and sound customers, and that project fell off. So if you normalize for that, what you see is roughly the 9% to 10% reduction in transportation that we've been calling out quarter-by-quarter. And the new services have been offsetting that between 40% and 50% of that decline. So the net decline and you'll see that going forward as well is that the net decline as the new services replace some of the transportation as the tapes are becoming more for disaster recovery rather than for rotation, then you'll see that the typical 9% to 10% decline in transportation and being offset by 40% or 50% by the growth in new products. But specifically, our Data Management business includes both the data protection and the tape business, as well as our film and sound business, which we had a very large project for a studio.

I got it. I think what you just said was the transportation business was down about the same as first quarter, we had some more new services in the first quarter, expect more of it for the rest of the year, but not as much in the second quarter, with a large project a year ago? William Leo Meaney - President, Chief Executive Officer & Director: No, no, the only thing – the first part was right, but we had the same amount of growth in the new service products in Q2 as we did in Q1. So roughly, what I'm saying is that what you can expect is that, the underlying business in Q2 was like Q1 if you took out the large project. So you had transportation going down to 9% to 10%, and then you had new services offsetting about 40% to 50% of that decline. So in other words, you end up net in the mid-single-digit decline in terms of the service revenue of that business. And we expect that trend to be similar in Q3 and Q4. Roderick Day - Chief Financial Officer & Executive Vice President, Iron Mountain, Inc.: Yeah, it was at this time in Q2 last year, this film and sound project, so it screws up the comparisons, but Q3 should be about normal.

And that was just one quarter, right? We don't have any tough comps on the film project going into the second half, right? Roderick Day - Chief Financial Officer & Executive Vice President, Iron Mountain, Inc.: No, it was a Q2 issue.

Okay. Thanks for the time. William Leo Meaney - President, Chief Executive Officer & Director: It was a nice issue to have last year, I should say. I'm not saying that having large project is an issue. It's just explaining it a year later how they roll in and roll out?

Yeah. No, I'm sure it was a fun project. I appreciate it, thank you. William Leo Meaney - President, Chief Executive Officer & Director: Okay, Andrew.

And your next question comes from the line of Justin Hauke with Robert W. Baird. Justin P. Hauke - Robert W. Baird & Co., Inc. (Broker): Thanks, good morning guys. So I wanted to ask a little bit just for an update on pricing trends, particularly in Europe, given that the organic volume gains were up pretty nicely, but total organic was flattish. I think you mentioned some contract renegotiations. So, maybe just an update on what's going on in the pricing environment would be helpful? Roderick Day - Chief Financial Officer & Executive Vice President, Iron Mountain, Inc.: Yes. In Western Europe, we had a couple of things, one affected last year, and then also impacting this year. So in Q2 of last year, we actually had a gain as a result of some renegotiations that went on at that point to do with a specific project and specific customer. This year, we had a couple of customers that went the other way in terms of the renegotiations that we had, which obviously, you have a sort of strong quarter last year and a relatively weak quarter this year. So you got a double impact in terms of the growth rate. I think in terms of overall, if you strip that out and then talk about overall pricing, in Western Europe, we do see a modest price erosion over time because we have quite high price legacy base. So that's a phenomenon you'll see if you look in some of our historic numbers, that's not the case, say, for example, in North America, which is obviously a much larger business where the legacy base price is more consistent with the price that we get today. William Leo Meaney - President, Chief Executive Officer & Director: Yes. And just to…

And there are no further questions at this time. William Leo Meaney - President, Chief Executive Officer & Director: Okay, well, thank you very much, and I hope you all enjoy the rest of your summer. Have a great Labor Day and we'll speak to you on the Q3 call.

Thank you, ladies and gentlemen, this does conclude today's conference. You may now disconnect.