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Iron Mountain Reports Third Quarter Results

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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.

Positive
  • 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
Negative
  • 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: $1.6 billion in revenue (12.2% YoY increase) and Adjusted EBITDA of $568.1 million (13.6% YoY growth). The storage rental business showed robust performance with 9% growth, while service revenue jumped 17%.

Despite posting a net loss of $33.7 million (primarily due to Fx impact), the underlying business fundamentals remain strong. AFFO per share increased to $1.13 (10.8% YoY) and the company maintained its quarterly dividend at $0.715 per share. The guidance affirmation targeting the higher end of the range ($6.0-6.15 billion revenue) indicates management's confidence in sustained growth momentum.

The data center and digital transformation segments are driving Iron Mountain's evolution beyond traditional storage. The 36.5% Adjusted EBITDA margin demonstrates strong operational efficiency and pricing power. The company's strategic shift toward higher-margin digital services and data center operations is paying off, as evidenced by the sustained revenue growth across segments.

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.

PORTSMOUTH, N.H.--(BUSINESS WIRE)-- Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the third quarter of 2024. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.

Financial Performance Highlights for the Third Quarter of 2024

($ in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Y/Y % Change

 

Year to Date

 

Y/Y % Change

 

9/30/24

 

9/30/23

 

Reported $

 

Constant Fx

 

9/30/24

 

9/30/23

 

Reported $

 

Constant Fx

Storage Rental Revenue

$936

 

$859

 

9%

 

9%

 

$2,740

 

$2,500

 

10%

 

10%

Service Revenue

$622

 

$530

 

17%

 

18%

 

$1,828

 

$1,561

 

17%

 

17%

Total Revenue

$1,557

 

$1,389

 

12%

 

13%

 

$4,569

 

$4,061

 

13%

 

13%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

$(34)

 

$91

 

(137)%

 

 

 

$78

 

$158

 

(51)%

 

 

Reported EPS

$(0.11)

 

$0.31

 

(136)%

 

 

 

$0.26

 

$0.53

 

(51)%

 

 

Adjusted EPS

$0.44

 

$0.45

 

(2)%

 

 

 

$1.28

 

$1.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$568

 

$500

 

14%

 

14%

 

$1,631

 

$1,436

 

14%

 

14%

Adjusted EBITDA Margin

36.5%

 

36.0%

 

50 bps

 

 

 

35.7%

 

35.4%

 

30 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AFFO

$332

 

$301

 

10%

 

 

 

$977

 

$884

 

11%

 

 

AFFO per share

$1.13

 

$1.02

 

11%

 

 

 

$3.30

 

$3.01

 

10%

 

 

"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 $1.6 billion, compared with $1.4 billion in the third quarter of 2023, an increase of 12.2%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 12.5% compared to the prior year, driven by a 9.3% increase in storage rental revenue and a 17.6% increase in service revenue. Year to date, total reported revenues increased 12.5%, or 12.8% excluding the impact of Fx.
  • Net Income for the third quarter was $(33.7) million, compared with $91.4 million in the third quarter of 2023. Unfavorable changes in foreign currency exchange rates resulted in an approximate $76.0 million dollar impact to Other Expense (Income), Net, year over year. Year to date, net income was $78.0 million, compared with $158.1 million in 2023.
  • Adjusted EBITDA for the third quarter was $568.1 million, compared with $500.0 million in the third quarter of 2023, an increase of 13.6%. On a constant currency basis, Adjusted EBITDA increased by 13.9% 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 increased 13.9%.
  • FFO (Normalized) per share was $0.79 for the third quarter, compared with $0.76 in the third quarter of 2023. Year to date, FFO (Normalized) per share was $2.31, compared with $2.19 in 2023, or an increase of 5.5%.
  • AFFO was $332.0 million for the third quarter, compared with $301.2 million in the third quarter of 2023, an increase of 10.2% driven by improved Adjusted EBITDA. Year to date, AFFO was $976.6 million compared with $883.5 million, or an increase of 10.5%.
  • AFFO per share was $1.13 for the third quarter, compared with $1.02 in the third quarter of 2023. Year to date, AFFO per share was $3.30, compared to $3.01 in 2023, or an increase of 9.6%.

Dividend

On November 6, 2024, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.715 per share for the fourth quarter. The fourth quarter 2024 dividend is payable on January 7, 2025, for shareholders of record on December 16, 2024.

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.

 

2024 Guidance(1)

 

($ in millions, except per share data)

 

 

 

2024 Guidance

 

Total Revenue

$6,000 - $6,150

 

Adjusted EBITDA

$2,175 - $2,225

 

AFFO

$1,300 - $1,335

 

AFFO Per Share

$4.39 - $4.51

(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 United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release.

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 the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider 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) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.

Condensed Consolidated Balance Sheets

(Unaudited; dollars in thousands)

 

9/30/2024

 

12/31/2023

ASSETS

 

 

 

Current Assets:

 

 

 

Cash and Cash Equivalents

$168,515

 

$222,789

Accounts Receivable, Net

1,243,464

 

1,259,826

Prepaid Expenses and Other

306,867

 

252,930

Total Current Assets

$1,718,846

 

$1,735,545

Property, Plant and Equipment:

 

 

 

Property, Plant and Equipment

$11,549,081

 

$10,373,989

Less: Accumulated Depreciation

(4,354,477)

 

(4,059,120)

Property, Plant and Equipment, Net

$7,194,604

 

$6,314,869

Other Assets, Net:

 

 

 

Goodwill

$5,198,460

 

$5,017,912

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

$9,556,179

 

$9,423,388

Total Assets

$18,469,629

 

$17,473,802

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current Liabilities:

 

 

 

Current Portion of Long-term Debt

$136,547

 

$120,670

Accounts Payable

586,793

 

539,594

Accrued Expenses and Other Current Liabilities

1,288,176

 

1,250,259

Deferred Revenue

294,545

 

325,665

Total Current Liabilities

$2,306,061

 

$2,236,188

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

$16,265,976

 

$15,025,841

Total Liabilities

$18,572,037

 

$17,262,029

(Deficit) Equity

 

 

 

Total (Deficit) Equity

($102,408)

 

$211,773

Total Liabilities and Equity (Deficit)

$18,469,629

 

$17,473,802

Quarterly Condensed Consolidated Statements of Operations

(Unaudited; dollars in thousands, except per-share data)

 

Q3 2024

 

Q2 2024

 

Q/Q % Change

 

 

Q3 2023

 

Y/Y % Change

Revenues:

 

 

 

 

 

 

 

 

 

 

Storage Rental

$935,701

 

 

$919,746

 

 

1.7

%

 

 

$858,656

 

 

9.0

%

Service

621,657

 

 

614,663

 

 

1.1

%

 

 

529,519

 

 

17.4

%

Total Revenues

$1,557,358

 

 

$1,534,409

 

 

1.5

%

 

 

$1,388,175

 

 

12.2

%

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization)

$678,390

 

 

$675,971

 

 

0.4

%

 

 

$592,201

 

 

14.6

%

Selling, General and Administrative

341,929

 

 

344,838

 

 

(0.8

)%

 

 

315,030

 

 

8.5

%

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

5,091

 

 

2,790

 

 

82.5

%

 

 

(4,416

)

 

n/a

 

Total Operating Expenses

$1,306,194

 

 

$1,304,115

 

 

0.2

%

 

 

$1,150,342

 

 

13.5

%

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

$251,164

 

 

$230,294

 

 

9.1

%

 

 

$237,833

 

 

5.6

%

Interest Expense, Net

186,067

 

 

176,521

 

 

5.4

%

 

 

152,801

 

 

21.8

%

Other Expense (Income), Net

86,362

 

 

5,833

 

 

n/a

 

 

 

(16,271

)

 

n/a

 

Net (Loss) Income Before Provision (Benefit) for Income Taxes

$(21,265

)

 

$47,940

 

 

(144.4

)%

 

 

$101,303

 

 

(121.0

)%

Provision (Benefit) for Income Taxes

12,400

 

 

13,319

 

 

(6.9

)%

 

 

9,912

 

 

25.1

%

Net (Loss) Income

$(33,665

)

 

$34,621

 

 

(197.2

)%

 

 

$91,391

 

 

(136.8

)%

Less: Net (Loss) Income Attributable to Noncontrolling Interests

(45

)

 

(1,162

)

 

(96.1

)%

 

 

348

 

 

(112.9

)%

Net (Loss) Income Attributable to Iron Mountain Incorporated

$(33,620

)

 

$35,783

 

 

(194.0

)%

 

 

$91,043

 

 

(136.9

)%

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

 

 

 

 

 

Basic

$(0.11

)

 

$0.12

 

 

(191.7

)%

 

 

$0.31

 

 

(135.5

)%

Diluted

$(0.11

)

 

$0.12

 

 

(191.7

)%

 

 

$0.31

 

 

(135.5

)%

 

 

 

 

 

 

 

 

 

 

 

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

)%

Year to Date Condensed Consolidated Statements of Operations

(Unaudited; dollars in thousands, except per-share data)

 

YTD 2024

 

YTD 2023

 

% Change

Revenues:

 

 

 

 

 

Storage Rental

$2,740,289

 

$2,499,501

 

 

9.6

%

Service

1,828,341

 

1,560,959

 

 

17.1

%

Total Revenues

$4,568,630

 

$4,060,460

 

 

12.5

%

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

Cost of Sales (excluding Depreciation and Amortization)

$2,007,616

 

$1,756,471

 

 

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

$3,841,549

 

$3,369,439

 

 

14.0

%

 

 

 

 

 

 

Operating Income (Loss)

$727,081

 

$691,021

 

 

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

$120,309

 

$188,994

 

 

(36.3

)%

Provision (Benefit) for Income Taxes

42,328

 

30,925

 

 

36.9

%

Net Income (Loss)

$77,981

 

$158,069

 

 

(50.7

)%

Less: Net Income (Loss) Attributable to Noncontrolling Interests

1,757

 

2,317

 

 

(24.2

)%

Net Income (Loss) Attributable to Iron Mountain Incorporated

$76,224

 

$155,752

 

 

(51.1

)%

 

 

 

 

 

 

Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:

 

 

 

 

 

Basic

$0.26

 

$0.53

 

 

(50.9

)%

Diluted

$0.26

 

$0.53

 

 

(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

$(33,665

)

 

$34,621

 

(197.2

)%

 

 

$91,391

 

 

(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

$568,113

 

 

$544,361

 

4.4

%

 

 

$499,962

 

 

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)

$77,981

 

$158,069

 

 

(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

$1,631,329

 

$1,436,428

 

 

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

$(0.11

)

 

$0.12

 

 

(191.7

)%

 

 

$0.31

 

 

(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

$0.44

 

 

$0.42

 

 

4.8

%

 

 

$0.45

 

 

(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 15.1% and 13.3%, respectively, and the quarter ended June 30, 2024 was 14.5%. The Tax Impact of reconciling Items and discrete tax Items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the year to date adjustment.

 

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

$0.26

 

 

$0.53

 

 

(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

$1.28

 

 

$1.28

 

 

 

(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 15.1% and 13.3%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current year to date's estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the year to date adjustment.

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

$(33,665

)

 

$34,621

 

 

(197.2

)%

 

 

$91,391

 

 

(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)

$67,756

 

 

$139,654

 

 

(51.5

)%

 

 

$180,732

 

 

(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)

$233,269

 

 

$231,021

 

 

1.0

%

 

 

$223,080

 

 

4.6

%

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

 

 

 

 

 

FFO (Nareit)

$0.23

 

 

$0.47

 

 

(51.1

)%

 

 

$0.61

 

 

(62.3

)%

FFO (Normalized)

$0.79

 

 

$0.78

 

 

1.3

%

 

 

$0.76

 

 

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)

$233,269

 

 

$231,021

 

 

1.0

%

 

 

$223,080

 

 

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

$332,000

 

 

$320,901

 

 

3.5

%

 

 

$301,201

 

 

10.2

%

 

 

 

 

 

 

 

 

 

 

 

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

 

 

 

 

 

AFFO Per Share

$1.13

 

 

$1.08

 

 

4.6

%

 

 

$1.02

 

 

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)

$77,981

 

 

$158,069

 

 

(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)

$372,831

 

 

$399,228

 

 

(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)

$682,353

 

 

$642,150

 

 

6.3

%

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

FFO (Nareit)

$1.26

 

 

$1.36

 

 

(7.4

)%

FFO (Normalized)

$2.31

 

 

$2.19

 

 

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)

$682,353

 

 

$642,150

 

 

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

$976,554

 

 

$883,532

 

 

10.5

%

 

 

 

 

 

 

Per Share Amounts (Fully Diluted Shares):

 

 

 

 

 

AFFO Per Share

$3.30

 

 

$3.01

 

 

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.

 

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

FAQ

What was Iron Mountain's (IRM) revenue in Q3 2024?

Iron Mountain reported total revenue of $1.6 billion in Q3 2024, representing a 12.2% increase from Q3 2023.

Why did Iron Mountain (IRM) report a net loss in Q3 2024?

Iron Mountain reported a net loss of $33.7 million primarily due to unfavorable foreign currency exchange rates, which had an approximate $76 million negative impact year over year.

What is Iron Mountain's (IRM) Q4 2024 dividend payment?

Iron Mountain declared a quarterly cash dividend of $0.715 per share for Q4 2024, payable on January 7, 2025, to shareholders of record on December 16, 2024.

What is Iron Mountain's (IRM) AFFO per share for Q3 2024?

Iron Mountain's AFFO per share was $1.13 for Q3 2024, compared to $1.02 in Q3 2023, representing an 11% increase.

Iron Mountain Inc.

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