Iron Mountain Reports Third Quarter Results
Iron Mountain (NYSE: IRM) reported strong Q3 2024 financial results with total revenue reaching $1.6 billion, up 12.2% year-over-year. Storage rental revenue increased 9% to $936 million, while service revenue grew 17% to $622 million. The company recorded a net loss of $33.7 million compared to a $91.4 million profit in Q3 2023, primarily due to foreign currency exchange impacts. Adjusted EBITDA rose 13.6% to $568.1 million, and AFFO per share increased to $1.13 from $1.02. The company declared a quarterly dividend of $0.715 per share and affirmed its full-year 2024 guidance, expecting to achieve the high end of the range.
Iron Mountain (NYSE: IRM) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi totali che hanno raggiunto i 1,6 miliardi di dollari, in aumento del 12,2% su base annua. I ricavi da affitto per il deposito sono aumentati del 9%, arrivando a 936 milioni di dollari, mentre i ricavi da servizi sono cresciuti del 17%, raggiungendo 622 milioni di dollari. L'azienda ha registrato una perdita netta di 33,7 milioni di dollari rispetto a un profitto di 91,4 milioni di dollari nel terzo trimestre del 2023, principalmente a causa degli impatti dei cambi valutari. EBITDA rettificato è aumentato del 13,6%, raggiungendo i 568,1 milioni di dollari, e l'AFFO per azione è aumentato a 1,13 dollari da 1,02 dollari. L'azienda ha dichiarato un dividendo trimestrale di 0,715 dollari per azione e ha confermato le previsioni per l'intero anno 2024, aspettandosi di raggiungere il limite superiore dell'intervallo.
Iron Mountain (NYSE: IRM) reportó resultados financieros sólidos en el tercer trimestre de 2024, con ingresos totales alcanzando 1.6 mil millones de dólares, un aumento del 12.2% en comparación interanual. Los ingresos por alquiler de almacenaje aumentaron un 9% hasta 936 millones de dólares, mientras que los ingresos por servicios crecieron un 17% hasta 622 millones de dólares. La compañía registró una pérdida neta de 33.7 millones de dólares en comparación con una ganancia de 91.4 millones de dólares en el tercer trimestre de 2023, principalmente debido a los impactos de los tipos de cambio. EBITDA ajustado aumentó un 13.6% hasta 568.1 millones de dólares, y el AFFO por acción aumentó a 1.13 dólares desde 1.02 dólares. La empresa declaró un dividendo trimestral de 0.715 dólares por acción y reafirmó su orientación de resultados para todo el año 2024, esperando alcanzar el extremo superior del rango.
아이언 마운틴 (NYSE: IRM)은 2024년 3분기 재무 결과를 발표했으며, 총 수익이 16억 달러에 달하며 전년 대비 12.2% 증가했습니다. 저장 임대 수익은 9% 증가하여 9억 3600만 달러에 도달했고, 서비스 수익은 17% 증가하여 6억 2200만 달러에 달했습니다. 이 회사는 2023년 3분기 9,140만 달러의 이익에 비해 3,370만 달러의 순손실을 기록했습니다. 이는 주로 외환 환율의 영향 때문입니다. 조정된 EBITDA는 13.6% 증가하여 5억 6,810만 달러에 달했으며, 주당 AFFO는 1.02달러에서 1.13달러로 증가했습니다. 이 회사는 주당 0.715달러의 분기 배당금을 선언했으며, 2024년 전체 연도 전망을 확인하고 범위의 높은 쪽을 달성할 것으로 예상하고 있습니다.
Iron Mountain (NYSE: IRM) a publié des résultats financiers solides pour le troisième trimestre 2024, avec un chiffre d'affaires total atteignant 1,6 milliard de dollars, en hausse de 12,2 % par rapport à l'année précédente. Les revenus de location de stockage ont augmenté de 9 % pour atteindre 936 millions de dollars, tandis que les revenus de services ont crû de 17 % pour atteindre 622 millions de dollars. L'entreprise a enregistré une perte nette de 33,7 millions de dollars contre un bénéfice de 91,4 millions de dollars au troisième trimestre 2023, principalement en raison des impacts des taux de change. EBITDA ajusté a augmenté de 13,6 % pour atteindre 568,1 millions de dollars, et l'AFFO par action a augmenté à 1,13 dollar contre 1,02 dollar. L'entreprise a déclaré un dividende trimestriel de 0,715 dollar par action et a confirmé ses prévisions pour l'exercice 2024, s'attendant à atteindre le haut de la fourchette.
Iron Mountain (NYSE: IRM) hat starke Finanzergebnisse für das dritte Quartal 2024 gemeldet, mit einem Gesamtumsatz von 1,6 Milliarden Dollar, was einem Anstieg von 12,2% im Vergleich zum Vorjahr entspricht. Die Einnahmen aus Lagervermietung stiegen um 9% auf 936 Millionen Dollar, während die Serviceeinnahmen um 17% auf 622 Millionen Dollar zulegten. Das Unternehmen verzeichnete einen Nettoverlust von 33,7 Millionen Dollar im Vergleich zu einem Gewinn von 91,4 Millionen Dollar im dritten Quartal 2023, hauptsächlich aufgrund von Wechselkurseinflüssen. Bereinigtes EBITDA stieg um 13,6% auf 568,1 Millionen Dollar, und das AFFO pro Aktie erhöhte sich von 1,02 Dollar auf 1,13 Dollar. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,715 Dollar pro Aktie und bestätigte seine Prognose für das gesamte Jahr 2024, wobei es erwartet, die obere Grenze der Spanne zu erreichen.
- Total revenue increased 12.2% YoY to $1.6 billion
- Storage rental revenue grew 9% to $936 million
- Service revenue increased 17% to $622 million
- Adjusted EBITDA rose 13.6% to $568.1 million
- AFFO per share improved from $1.02 to $1.13
- Company expects to hit high end of 2024 guidance range
- Net loss of $33.7 million compared to $91.4 million profit in Q3 2023
- Adjusted EPS declined 2% from $0.45 to $0.44
- $76 million negative impact from foreign currency exchange rates
Insights
Iron Mountain delivered a strong Q3 2024 with significant growth metrics:
Despite posting a net loss of
The data center and digital transformation segments are driving Iron Mountain's evolution beyond traditional storage. The
The Project Matterhorn operating model is successfully enabling business transformation while maintaining core storage profitability. With over 240,000 global customers and expanding digital capabilities, Iron Mountain is well-positioned to capture growing demand for hybrid physical-digital information management solutions.
Financial Performance Highlights for the Third Quarter of 2024
($ in millions, except per share data) |
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Three Months Ended |
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Y/Y % Change |
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Year to Date |
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Y/Y % Change |
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9/30/24 |
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9/30/23 |
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Reported $ |
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Constant Fx |
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9/30/24 |
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9/30/23 |
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Reported $ |
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Constant Fx |
Storage Rental Revenue |
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Service Revenue |
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Total Revenue |
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Net Income |
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(137)% |
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(51)% |
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Reported EPS |
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(136)% |
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(51)% |
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Adjusted EPS |
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(2)% |
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— |
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Adjusted EBITDA |
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Adjusted EBITDA Margin |
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50 bps |
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30 bps |
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AFFO |
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AFFO per share |
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"We are pleased to report a very strong third quarter and continued strong momentum in the second half of 2024, resulting in all-time record Revenue, Adjusted EBITDA, and AFFO," said William L. Meaney, President and CEO of Iron Mountain. "Our team is making outstanding progress toward our accelerated growth objectives and our Project Matterhorn operating model continues to drive our business to greater heights by providing new and enhanced solutions for our customers."
-
Total reported revenues for the third quarter were
, compared with$1.6 billion in the third quarter of 2023, an increase of$1.4 billion 12.2% . Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased12.5% compared to the prior year, driven by a9.3% increase in storage rental revenue and a17.6% increase in service revenue. Year to date, total reported revenues increased12.5% , or12.8% excluding the impact of Fx. -
Net Income for the third quarter was
, compared with$(33.7) million in the third quarter of 2023. Unfavorable changes in foreign currency exchange rates resulted in an approximate$91.4 million impact to Other Expense (Income), Net, year over year. Year to date, net income was$76.0 million dollar , compared with$78.0 million in 2023.$158.1 million -
Adjusted EBITDA for the third quarter was
, compared with$568.1 million in the third quarter of 2023, an increase of$500.0 million 13.6% . On a constant currency basis, Adjusted EBITDA increased by13.9% in the third quarter, compared to the third quarter of 2023, driven by increased revenue in Global RIM, ALM, and data center. On a constant currency basis, year to date Adjusted EBITDA increased13.9% . -
FFO (Normalized) per share was
for the third quarter, compared with$0.79 in the third quarter of 2023. Year to date, FFO (Normalized) per share was$0.76 , compared with$2.31 in 2023, or an increase of$2.19 5.5% . -
AFFO was
for the third quarter, compared with$332.0 million in the third quarter of 2023, an increase of$301.2 million 10.2% driven by improved Adjusted EBITDA. Year to date, AFFO was compared with$976.6 million , or an increase of$883.5 million 10.5% . -
AFFO per share was
for the third quarter, compared with$1.13 in the third quarter of 2023. Year to date, AFFO per share was$1.02 , compared to$3.30 in 2023, or an increase of$3.01 9.6% .
Dividend
On November 6, 2024, Iron Mountain's Board of Directors declared a quarterly cash dividend of
Guidance
Iron Mountain affirmed full year 2024 guidance, and now expects to be on track to achieve the high end of full year 2024 guidance range; details are summarized in the table below.
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2024 Guidance(1) |
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($ in millions, except per share data) |
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2024 Guidance |
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Total Revenue |
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Adjusted EBITDA |
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AFFO |
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AFFO Per Share |
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(1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. |
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers’ work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.
To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on X (formerly Twitter) and LinkedIn.
Forward Looking Statements
We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements.
These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for
Reconciliation of Non-GAAP Measures
Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) AFFO. These measures do not conform to accounting principles generally accepted in
Condensed Consolidated Balance Sheets (Unaudited; dollars in thousands) |
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9/30/2024 |
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12/31/2023 |
ASSETS |
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Current Assets: |
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Cash and Cash Equivalents |
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Accounts Receivable, Net |
1,243,464 |
|
1,259,826 |
Prepaid Expenses and Other |
306,867 |
|
252,930 |
Total Current Assets |
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Property, Plant and Equipment: |
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Property, Plant and Equipment |
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Less: Accumulated Depreciation |
(4,354,477) |
|
(4,059,120) |
Property, Plant and Equipment, Net |
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Other Assets, Net: |
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Goodwill |
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Customer and Supplier Relationships and Other Intangible Assets |
1,276,963 |
|
1,279,800 |
Operating Lease Right-of-Use Assets |
2,591,238 |
|
2,696,024 |
Other |
489,518 |
|
429,652 |
Total Other Assets, Net |
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Total Assets |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Current Portion of Long-term Debt |
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Accounts Payable |
586,793 |
|
539,594 |
Accrued Expenses and Other Current Liabilities |
1,288,176 |
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1,250,259 |
Deferred Revenue |
294,545 |
|
325,665 |
Total Current Liabilities |
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Long-term Debt, Net of Current Portion |
13,245,462 |
|
11,812,500 |
Long-term Operating Lease Liabilities, Net of Current Portion |
2,438,905 |
|
2,562,394 |
Other Long-term Liabilities |
277,588 |
|
237,590 |
Deferred Income Taxes |
233,484 |
|
235,410 |
Redeemable Noncontrolling Interests |
70,537 |
|
177,947 |
Total Long-term Liabilities |
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Total Liabilities |
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(Deficit) Equity |
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Total (Deficit) Equity |
( |
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Total Liabilities and Equity (Deficit) |
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Quarterly Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) |
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Q3 2024 |
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Q2 2024 |
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Q/Q % Change |
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Q3 2023 |
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Y/Y % Change |
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Revenues: |
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Storage Rental |
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1.7 |
% |
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9.0 |
% |
Service |
621,657 |
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|
614,663 |
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1.1 |
% |
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|
529,519 |
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17.4 |
% |
Total Revenues |
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1.5 |
% |
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12.2 |
% |
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Operating Expenses: |
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Cost of Sales (excluding Depreciation and Amortization) |
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0.4 |
% |
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14.6 |
% |
Selling, General and Administrative |
341,929 |
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|
344,838 |
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(0.8 |
)% |
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|
315,030 |
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8.5 |
% |
Depreciation and Amortization |
232,240 |
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|
224,501 |
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3.4 |
% |
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|
198,757 |
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|
16.8 |
% |
Acquisition and Integration Costs |
11,262 |
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|
9,502 |
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18.5 |
% |
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|
9,909 |
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|
13.7 |
% |
Restructuring and Other Transformation |
37,282 |
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|
46,513 |
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(19.8 |
)% |
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38,861 |
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(4.1 |
)% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net |
5,091 |
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2,790 |
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82.5 |
% |
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(4,416 |
) |
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n/a |
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Total Operating Expenses |
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0.2 |
% |
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13.5 |
% |
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Operating Income (Loss) |
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9.1 |
% |
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|
5.6 |
% |
Interest Expense, Net |
186,067 |
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|
176,521 |
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|
5.4 |
% |
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|
152,801 |
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|
21.8 |
% |
Other Expense (Income), Net |
86,362 |
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|
5,833 |
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|
n/a |
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(16,271 |
) |
|
n/a |
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Net (Loss) Income Before Provision (Benefit) for Income Taxes |
|
) |
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|
(144.4 |
)% |
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|
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|
(121.0 |
)% |
Provision (Benefit) for Income Taxes |
12,400 |
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|
13,319 |
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|
(6.9 |
)% |
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|
9,912 |
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|
25.1 |
% |
Net (Loss) Income |
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) |
|
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|
(197.2 |
)% |
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|
(136.8 |
)% |
Less: Net (Loss) Income Attributable to Noncontrolling Interests |
(45 |
) |
|
(1,162 |
) |
|
(96.1 |
)% |
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|
348 |
|
|
(112.9 |
)% |
Net (Loss) Income Attributable to Iron Mountain Incorporated |
|
) |
|
|
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|
(194.0 |
)% |
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|
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|
(136.9 |
)% |
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|||||
Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated: |
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|
|||||
Basic |
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) |
|
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|
(191.7 |
)% |
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|
|
|
(135.5 |
)% |
Diluted |
|
) |
|
|
|
|
(191.7 |
)% |
|
|
|
|
|
(135.5 |
)% |
|
|
|
|
|
|
|
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|
|||||
Weighted Average Common Shares Outstanding - Basic |
293,603 |
|
|
293,340 |
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|
0.1 |
% |
|
|
292,148 |
|
|
0.5 |
% |
Weighted Average Common Shares Outstanding - Diluted |
293,603 |
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|
295,838 |
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|
(0.8 |
)% |
|
|
294,269 |
|
|
(0.2 |
)% |
Year to Date Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) |
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|
YTD 2024 |
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YTD 2023 |
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% Change |
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Revenues: |
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||
Storage Rental |
|
|
|
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|
9.6 |
% |
Service |
1,828,341 |
|
1,560,959 |
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|
17.1 |
% |
Total Revenues |
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|
12.5 |
% |
|
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||
Operating Expenses: |
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Cost of Sales (excluding Depreciation and Amortization) |
|
|
|
|
|
14.3 |
% |
Selling, General and Administrative |
1,006,232 |
|
921,355 |
|
|
9.2 |
% |
Depreciation and Amortization |
666,296 |
|
576,218 |
|
|
15.6 |
% |
Acquisition and Integration Costs |
28,573 |
|
13,015 |
|
|
119.5 |
% |
Restructuring and Other Transformation |
124,562 |
|
121,362 |
|
|
2.6 |
% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net |
8,270 |
|
(18,982 |
) |
|
(143.6 |
)% |
Total Operating Expenses |
|
|
|
|
|
14.0 |
% |
|
|
|
|
|
|
||
Operating Income (Loss) |
|
|
|
|
|
5.2 |
% |
Interest Expense, Net |
527,107 |
|
434,148 |
|
|
21.4 |
% |
Other Expense (Income), Net |
79,665 |
|
67,879 |
|
|
17.4 |
% |
Net Income (Loss) Before Provision (Benefit) for Income Taxes |
|
|
|
|
|
(36.3 |
)% |
Provision (Benefit) for Income Taxes |
42,328 |
|
30,925 |
|
|
36.9 |
% |
Net Income (Loss) |
|
|
|
|
|
(50.7 |
)% |
Less: Net Income (Loss) Attributable to Noncontrolling Interests |
1,757 |
|
2,317 |
|
|
(24.2 |
)% |
Net Income (Loss) Attributable to Iron Mountain Incorporated |
|
|
|
|
|
(51.1 |
)% |
|
|
|
|
|
|
||
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: |
|
|
|
|
|
||
Basic |
|
|
|
|
|
(50.9 |
)% |
Diluted |
|
|
|
|
|
(50.9 |
)% |
|
|
|
|
|
|
||
Weighted Average Common Shares Outstanding - Basic |
293,229 |
|
291,805 |
|
|
0.5 |
% |
Weighted Average Common Shares Outstanding - Diluted |
295,912 |
|
293,615 |
|
|
0.8 |
% |
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) |
||||||||||||||
|
Q3 2024 |
|
Q2 2024 |
|
Q/Q % Change |
|
|
Q3 2023 |
|
Y/Y % Change |
||||
|
|
|
|
|
|
|
|
|
|
|
||||
Net (Loss) Income |
|
) |
|
|
|
(197.2 |
)% |
|
|
|
|
|
(136.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||
Add / (Deduct): |
|
|
|
|
|
|
|
|
|
|
||||
Interest Expense, Net |
186,067 |
|
|
176,521 |
|
5.4 |
% |
|
|
152,801 |
|
|
21.8 |
% |
Provision (Benefit) for Income Taxes |
12,400 |
|
|
13,319 |
|
(6.9 |
)% |
|
|
9,912 |
|
|
25.1 |
% |
Depreciation and Amortization |
232,240 |
|
|
224,501 |
|
3.4 |
% |
|
|
198,757 |
|
|
16.8 |
% |
Acquisition and Integration Costs |
11,262 |
|
|
9,502 |
|
18.5 |
% |
|
|
9,909 |
|
|
13.7 |
% |
Restructuring and Other Transformation |
37,282 |
|
|
46,513 |
|
(19.8 |
)% |
|
|
38,861 |
|
|
(4.1 |
)% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) |
5,091 |
|
|
2,790 |
|
82.5 |
% |
|
|
(4,416 |
) |
|
n/a |
|
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures |
85,532 |
|
|
4,532 |
|
n/a |
|
|
|
(17,626 |
) |
|
n/a |
|
Stock-Based Compensation Expense |
29,563 |
|
|
29,889 |
|
(1.1 |
)% |
|
|
18,313 |
|
|
61.4 |
% |
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures |
2,341 |
|
|
2,173 |
|
7.7 |
% |
|
|
2,060 |
|
|
13.6 |
% |
Adjusted EBITDA |
|
|
|
|
|
4.4 |
% |
|
|
|
|
|
13.6 |
% |
|
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.
Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) |
|||||||
|
YTD 2024 |
|
YTD 2023 |
|
% Change |
||
|
|
|
|
|
|
||
Net Income (Loss) |
|
|
|
|
|
(50.7 |
)% |
Add / (Deduct): |
|
|
|
|
|
||
Interest Expense, Net |
527,107 |
|
434,148 |
|
|
21.4 |
% |
Provision (Benefit) for Income Taxes |
42,328 |
|
30,925 |
|
|
36.9 |
% |
Depreciation and Amortization |
666,296 |
|
576,218 |
|
|
15.6 |
% |
Acquisition and Integration Costs |
28,573 |
|
13,015 |
|
|
119.5 |
% |
Restructuring and Other Transformation |
124,562 |
|
121,362 |
|
|
2.6 |
% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) |
8,270 |
|
(18,982 |
) |
|
(143.6 |
)% |
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures |
76,954 |
|
58,559 |
|
|
31.4 |
% |
Stock-Based Compensation Expense |
73,491 |
|
53,195 |
|
|
38.2 |
% |
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures |
5,767 |
|
9,919 |
|
|
(41.9 |
)% |
Adjusted EBITDA |
|
|
|
|
|
13.6 |
% |
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share |
|||||||||||||||
|
Q3 2024 |
|
Q2 2024 |
|
Q/Q % Change |
|
|
Q3 2023 |
|
Y/Y % Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Reported EPS - Fully Diluted from Net (Loss) Income Attributable to Iron Mountain Incorporated |
|
) |
|
|
|
|
(191.7 |
)% |
|
|
|
|
|
(135.5 |
)% |
Add / (Deduct): |
|
|
|
|
|
|
|
|
|
|
|||||
Acquisition and Integration Costs |
0.04 |
|
|
0.03 |
|
|
33.3 |
% |
|
|
0.03 |
|
|
33.3 |
% |
Restructuring and Other Transformation |
0.13 |
|
|
0.16 |
|
|
(18.8 |
)% |
|
|
0.13 |
|
|
— |
|
Loss (Gain) on Disposal/Write-Down of PP&E, Net |
0.02 |
|
|
0.01 |
|
|
100.0 |
% |
|
|
(0.02 |
) |
|
n/a |
|
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures |
0.29 |
|
|
0.02 |
|
|
n/a |
|
|
|
(0.06 |
) |
|
n/a |
|
Stock-Based Compensation Expense |
0.10 |
|
|
0.10 |
|
|
— |
|
|
|
0.06 |
|
|
66.7 |
% |
Non-Cash Amortization Related to Derivative Instruments |
0.01 |
|
|
0.01 |
|
|
— |
|
|
|
0.02 |
|
|
(50.0 |
)% |
Tax Impact of Reconciling Items and Discrete Tax Items (1) |
(0.04 |
) |
|
(0.03 |
) |
|
33.3 |
% |
|
|
(0.03 |
) |
|
33.3 |
% |
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated |
|
|
|
|
|
|
4.8 |
% |
|
|
|
|
|
(2.2 |
)% |
(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the nine months ended September 30, 2024 and 2023 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended September 30, 2024 and 2023 was |
|
Adjusted Earnings Per Share, or Adjusted EPS
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding.
Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share |
||||||||
|
YTD 2024 |
|
YTD 2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated |
|
|
|
|
|
|
(50.9 |
)% |
Add / (Deduct): |
|
|
|
|
|
|||
Acquisition and Integration Costs |
0.10 |
|
|
0.04 |
|
|
150.0 |
% |
Restructuring and Other Transformation |
0.42 |
|
|
0.41 |
|
|
2.4 |
% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net |
0.03 |
|
|
(0.06 |
) |
|
(150.0 |
)% |
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures |
0.26 |
|
|
0.20 |
|
|
30.0 |
% |
Stock-Based Compensation Expense |
0.25 |
|
|
0.18 |
|
|
38.9 |
% |
Non-Cash Amortization Related to Derivative Instruments |
0.04 |
|
|
0.06 |
|
|
(33.3 |
)% |
Tax Impact of Reconciling Items and Discrete Tax Items (1) |
(0.08 |
) |
|
(0.09 |
) |
|
(11.1 |
)% |
Income (Loss) Attributable to Noncontrolling Interests |
0.01 |
|
|
0.01 |
|
|
— |
|
Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated |
|
|
|
|
|
|
— |
|
(1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the nine months ended September 30, 2024 and 2023 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the year to date periods ending September 30, 2024 and 2023 was |
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) |
|||||||||||||||
|
Q3 2024 |
|
Q2 2024 |
|
Q/Q % Change |
|
|
Q3 2023 |
|
Y/Y % Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Net (Loss) Income |
|
) |
|
|
|
|
(197.2 |
)% |
|
|
|
|
|
(136.8 |
)% |
Add / (Deduct): |
|
|
|
|
|
|
|
|
|
|
|||||
Real Estate Depreciation (1) |
93,864 |
|
|
97,771 |
|
|
(4.0 |
)% |
|
|
80,430 |
|
|
16.7 |
% |
Loss (Gain) on Sale of Real Estate, Net of Tax |
531 |
|
|
579 |
|
|
(8.3 |
)% |
|
|
750 |
|
|
(29.2 |
)% |
Data Center Lease-Based Intangible Assets Amortization (2) |
5,604 |
|
|
5,571 |
|
|
0.6 |
% |
|
|
7,482 |
|
|
(25.1 |
)% |
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures |
1,422 |
|
|
1,112 |
|
|
27.9 |
% |
|
|
679 |
|
|
109.4 |
% |
FFO (Nareit) |
|
|
|
|
|
|
(51.5 |
)% |
|
|
|
|
|
(62.5 |
)% |
Add / (Deduct): |
|
|
|
|
|
|
|
|
|
|
|||||
Acquisition and Integration Costs |
11,262 |
|
|
9,502 |
|
|
18.5 |
% |
|
|
9,909 |
|
|
13.7 |
% |
Restructuring and Other Transformation |
37,282 |
|
|
46,513 |
|
|
(19.8 |
)% |
|
|
38,861 |
|
|
(4.1 |
)% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) |
4,554 |
|
|
2,211 |
|
|
106.0 |
% |
|
|
(5,116 |
) |
|
(189.0 |
)% |
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures |
85,532 |
|
|
4,532 |
|
|
n/a |
|
|
|
(17,626 |
) |
|
n/a |
|
Stock-Based Compensation Expense |
29,563 |
|
|
29,889 |
|
|
(1.1 |
)% |
|
|
18,313 |
|
|
61.4 |
% |
Non-Cash Amortization Related to Derivative Instruments |
4,176 |
|
|
4,177 |
|
|
— |
|
|
|
5,270 |
|
|
(20.8 |
)% |
Real Estate Financing Lease Depreciation |
3,692 |
|
|
3,236 |
|
|
14.1 |
% |
|
|
3,001 |
|
|
23.0 |
% |
Tax Impact of Reconciling Items and Discrete Tax Items (3) |
(10,465 |
) |
|
(8,643 |
) |
|
21.1 |
% |
|
|
(10,220 |
) |
|
2.4 |
% |
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures |
(83 |
) |
|
(50 |
) |
|
(66.0 |
)% |
|
|
(44 |
) |
|
88.6 |
% |
FFO (Normalized) |
|
|
|
|
|
|
1.0 |
% |
|
|
|
|
|
4.6 |
% |
Per Share Amounts (Fully Diluted Shares): |
|
|
|
|
|
|
|
|
|
|
|||||
FFO (Nareit) |
|
|
|
|
|
|
(51.1 |
)% |
|
|
|
|
|
(62.3 |
)% |
FFO (Normalized) |
|
|
|
|
|
|
1.3 |
% |
|
|
|
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Common Shares Outstanding - Basic |
293,603 |
|
|
293,340 |
|
|
0.1 |
% |
|
|
292,148 |
|
|
0.5 |
% |
Weighted Average Common Shares Outstanding - Diluted |
293,603 |
|
|
295,838 |
|
|
(0.8 |
)% |
|
|
294,269 |
|
|
(0.2 |
)% |
(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases. |
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. |
(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. |
|
Funds From Operations, or FFO (Nareit), and FFO (Normalized)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).
We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax.
FFO (Normalized) per share
FFO (Normalized) divided by weighted average fully-diluted shares outstanding.
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) |
|||||||||||||||
|
Q3 2024 |
|
Q2 2024 |
|
Q/Q % Change |
|
|
Q3 2023 |
|
Y/Y % Change |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
FFO (Normalized) |
|
|
|
|
|
|
1.0 |
% |
|
|
|
|
|
4.6 |
% |
Add / (Deduct): |
|
|
|
|
|
|
|
|
|
|
|||||
Non-Real Estate Depreciation |
66,787 |
|
|
57,923 |
|
|
15.3 |
% |
|
|
49,500 |
|
|
34.9 |
% |
Amortization Expense (1) |
62,293 |
|
|
60,001 |
|
|
3.8 |
% |
|
|
58,344 |
|
|
6.8 |
% |
Amortization of Deferred Financing Costs |
6,666 |
|
|
6,143 |
|
|
8.5 |
% |
|
|
5,485 |
|
|
21.5 |
% |
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases |
1,321 |
|
|
1,475 |
|
|
(10.4 |
)% |
|
|
1,715 |
|
|
(23.0 |
)% |
Non-Cash Rent Expense (Income) |
4,984 |
|
|
3,658 |
|
|
36.2 |
% |
|
|
6,119 |
|
|
(18.5 |
)% |
Reconciliation to Normalized Cash Taxes |
(2,166 |
) |
|
(2,524 |
) |
|
(14.2 |
)% |
|
|
(8,364 |
) |
|
(74.1 |
)% |
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures |
183 |
|
|
180 |
|
|
1.7 |
% |
|
|
182 |
|
|
0.5 |
% |
Less: |
|
|
|
|
|
|
|
|
|
|
|||||
Recurring Capital Expenditures |
41,337 |
|
|
36,976 |
|
|
11.8 |
% |
|
|
34,861 |
|
|
18.6 |
% |
AFFO |
|
|
|
|
|
|
3.5 |
% |
|
|
|
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
Per Share Amounts (Fully Diluted Shares): |
|
|
|
|
|
|
|
|
|
|
|||||
AFFO Per Share |
|
|
|
|
|
|
4.6 |
% |
|
|
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted Average Common Shares Outstanding - Basic |
293,603 |
|
|
293,340 |
|
|
0.1 |
% |
|
|
292,148 |
|
|
0.5 |
% |
Weighted Average Common Shares Outstanding - Diluted |
293,603 |
|
|
295,838 |
|
|
(0.8 |
)% |
|
|
294,269 |
|
|
(0.2 |
)% |
(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. |
Adjusted Funds From Operations, or AFFO
We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).
AFFO per share
AFFO divided by weighted average fully-diluted shares outstanding.
Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) |
||||||||
|
YTD 2024 |
|
YTD 2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
Net Income (Loss) |
|
|
|
|
|
|
(50.7 |
)% |
Add / (Deduct): |
|
|
|
|
|
|||
Real Estate Depreciation (1) |
275,208 |
|
|
238,117 |
|
|
15.6 |
% |
(Gain) Loss on Sale of Real Estate, Net of Tax |
(84 |
) |
|
(16,849 |
) |
|
(99.5 |
)% |
Data Center Lease-Based Intangible Assets Amortization (2) |
16,751 |
|
|
18,518 |
|
|
(9.5 |
)% |
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures |
2,975 |
|
|
1,373 |
|
|
116.7 |
% |
FFO (Nareit) |
|
|
|
|
|
|
(6.6 |
)% |
Add / (Deduct): |
|
|
|
|
|
|||
Acquisition and Integration Costs |
28,573 |
|
|
13,015 |
|
|
119.5 |
% |
Restructuring and Other Transformation |
124,562 |
|
|
121,362 |
|
|
2.6 |
% |
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) |
8,583 |
|
|
(1,983 |
) |
|
n/a |
|
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures |
76,954 |
|
|
58,559 |
|
|
31.4 |
% |
Stock-Based Compensation Expense |
73,491 |
|
|
53,195 |
|
|
38.2 |
% |
Non-Cash Amortization Related to Derivative Instruments |
12,529 |
|
|
16,921 |
|
|
(26.0 |
)% |
Real Estate Financing Lease Depreciation |
9,914 |
|
|
8,997 |
|
|
10.2 |
% |
Tax Impact of Reconciling Items and Discrete Tax Items (3) |
(24,992 |
) |
|
(26,825 |
) |
|
(6.8 |
)% |
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures |
(92 |
) |
|
(319 |
) |
|
(71.5 |
)% |
FFO (Normalized) |
|
|
|
|
|
|
6.3 |
% |
Per Share Amounts (Fully Diluted Shares): |
|
|
|
|
|
|||
FFO (Nareit) |
|
|
|
|
|
|
(7.4 |
)% |
FFO (Normalized) |
|
|
|
|
|
|
5.5 |
% |
|
|
|
|
|
|
|||
Weighted Average Common Shares Outstanding - Basic |
293,229 |
|
|
291,805 |
|
|
0.5 |
% |
Weighted Average Common Shares Outstanding - Diluted |
295,912 |
|
|
293,615 |
|
|
0.8 |
% |
(1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases. |
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. |
(3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. |
Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) |
||||||||
|
YTD 2024 |
|
YTD 2023 |
|
% Change |
|||
|
|
|
|
|
|
|||
FFO (Normalized) |
|
|
|
|
|
|
6.3 |
% |
Add / (Deduct): |
|
|
|
|
|
|||
Non-Real Estate Depreciation |
181,783 |
|
|
140,213 |
|
|
29.6 |
% |
Amortization Expense (1) |
182,640 |
|
|
170,374 |
|
|
7.2 |
% |
Amortization of Deferred Financing Costs |
18,909 |
|
|
13,580 |
|
|
39.2 |
% |
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases |
4,118 |
|
|
5,207 |
|
|
(20.9 |
)% |
Non-Cash Rent Expense (Income) |
14,301 |
|
|
20,158 |
|
|
(29.1 |
)% |
Reconciliation to Normalized Cash Taxes |
(1,045 |
) |
|
(17,348 |
) |
|
(94.0 |
)% |
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures |
545 |
|
|
4,688 |
|
|
(88.4 |
)% |
Less: |
|
|
|
|
|
|||
Recurring Capital Expenditures |
107,050 |
|
|
95,490 |
|
|
12.1 |
% |
AFFO |
|
|
|
|
|
|
10.5 |
% |
|
|
|
|
|
|
|||
Per Share Amounts (Fully Diluted Shares): |
|
|
|
|
|
|||
AFFO Per Share |
|
|
|
|
|
|
9.6 |
% |
|
|
|
|
|
|
|||
Weighted Average Common Shares Outstanding - Basic |
293,229 |
|
|
291,805 |
|
|
0.5 |
% |
Weighted Average Common Shares Outstanding - Diluted |
295,912 |
|
|
293,615 |
|
|
0.8 |
% |
(1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106639909/en/
Investor Relations:
Gillian Tiltman
SVP, Head of Investor Relations
Gillian.Tiltman@ironmountain.com
(617) 286-4881
Erika Crabtree
Manager, Investor Relations
Erika.Crabtree@ironmountain.com
(617) 535-2845
Source: Iron Mountain Incorporated
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