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Iron Mountain Incorporated (NYSE: IRM) is a global leader in storage and information management services. With a trust base of over 220,000 organizations worldwide, Iron Mountain manages an expansive real estate network that spans more than 80 million square feet across over 1,350 facilities in 45 countries. The company's mission is to safeguard and preserve what matters most to its customers.
Founded in 1951, Iron Mountain has grown to protect billions of information assets, including crucial business documents, electronic data, medical records, and even cultural and historical artifacts. The company’s extensive solutions portfolio includes records management, data management, document management, data centers, art storage and logistics, and secure shredding. These services help organizations reduce storage costs, comply with regulations, recover from disasters, and better utilize their information.
Iron Mountain is structured as a Real Estate Investment Trust (REIT), and a significant portion of its revenue stems from its storage solutions. Additional revenue is generated through value-added services, primarily targeting enterprise clients in developed markets. The company's business is categorized into three main segments: Global RIM Business, Global Data Center Business, and Corporate and Other Business.
Recent achievements and ongoing projects highlight Iron Mountain's commitment to innovation and customer service. The company continues to expand its data center operations, aiming to cater to the growing need for secure and efficient data storage solutions. Partnerships with leading tech firms and continuous upgrades to their infrastructure underscore Iron Mountain's pivotal role in the digital transformation era.
With its consistent focus on security, compliance, and customer satisfaction, Iron Mountain remains a vital entity in the information management industry. For the latest updates and more detailed information about Iron Mountain, visit their official website at www.ironmountain.com.
Iron Mountain announced its Q3 2020 financial results, reporting total revenues of $1.04 billion, a 2.4% decrease from Q3 2019. The decline was influenced by a 12.2% drop in service revenue, though storage revenue grew by 3.8%. Adjusted EBITDA decreased to $370 million, impacted by COVID-19 costs. Net income fell to $38.6 million, down from $108.3 million in the previous year. Despite challenges, Iron Mountain expects $165 million in EBITDA benefits from its Project Summit initiative. A quarterly dividend of $0.6185 per share was declared for Q4 2020.
Iron Mountain (NYSE: IRM) will release its third quarter 2020 financial results on November 5, 2020, before market hours. A conference call to discuss the results is scheduled for 8:30 A.M. ET the same day. Investors can access earnings materials and register for the call via Iron Mountain's investor relations webpage. The company provides a range of storage and information management services and is trusted by over 225,000 organizations globally.
Iron Mountain announced a €300 million joint venture with AGC Equity Partners to develop a 280,000 square foot hyperscale data center in Frankfurt, Germany. The data center, pre-leased to a Fortune 100 company for 10 years, marks a strategic growth opportunity for Iron Mountain. AGC will hold an 80% equity interest, while Iron Mountain retains 20%. The partnership aims to redeploy proceeds into higher return opportunities. The project’s debt financing is expected to close in Q4 2020, with development fees adding to Iron Mountain's revenue.
Iron Mountain announced its second quarter 2020 financial results, reporting total revenues of $982.2 million, a decline of 7.9% year-over-year due to service revenue falling by 21.3%. Despite a $58 million revenue drop, adjusted EBITDA remained steady at $342.9 million, reflecting margin expansion. The company recorded a net loss of $7.1 million, impacted by restructuring charges. Iron Mountain's board declared a cash dividend of $0.6185 per share, payable on October 2, 2020. The firm remains focused on enhancing its financial position and addressing diversity and inclusion goals.
Iron Mountain (NYSE: IRM) will report its Q2 2020 financial results on August 6, 2020, before market hours. A conference call to discuss these results will take place at 8:30 A.M. ET the same day. Investors can access the earnings press release and supplementary information at investors.ironmountain.com. Pre-registration for the call is encouraged, with unique PINs provided for immediate access. Iron Mountain, founded in 1951, is a leader in storage and information management services, serving over 225,000 organizations globally.
Keevo has announced a strategic partnership with Iron Mountain (NYSE: IRM) to enhance backup and beneficiary services for its crypto wallet, the Keevo Model 1. This collaboration aims to provide secure management of digital assets and online identities. Keevo’s Model 1 features a patent-pending Multi-Factor/Multi-Signature Authentication system for privacy and convenience. Subscribers can store their Carbon Keys™ within Iron Mountain's secure facilities, ensuring safe transfer of digital assets to heirs. The partnership addresses rising concerns about cryptocurrency theft, with significant losses reported in recent years.
Iron Mountain (NYSE: IRM) announced a new 3 megawatt data center lease with a Fortune Global 200 company at its SIN-1 data center in Singapore on June 25, 2020. To meet this client's needs, Iron Mountain is expanding its capacity by 2 megawatts, set for completion in Q4 2020, alongside the construction of an additional 2.25 megawatts for future demand. With this contract, SIN-1 will reach 87% utilization, showcasing strong market momentum since its opening in September 2019.
Iron Mountain Incorporated (NYSE: IRM) has launched its Iron Mountain InSight AI and ML content services platform on the Google Cloud Marketplace. This platform allows users to manage diverse asset types, facilitating automatic classification and value extraction. Targeted at industries such as financial services, insurance, and media, InSight enhances operational efficiency and reduces risks. With simplified billing through Google Cloud and dedicated support, Iron Mountain aims to streamline the digital transformation for its clients, making it accessible to users with varying technical skills.
Iron Mountain Incorporated (NYSE: IRM) has announced an upsized offering of $2.4 billion in Senior Notes, increasing from a previously planned $1.8 billion. This includes $500 million in 5.000% Notes due 2028, $1.3 billion in 5.250% Notes due 2030, and $600 million in 5.625% Notes due 2032. The proceeds will be used to repay existing borrowings and redeem $2.1 billion of senior notes due in 2021, 2023, and 2024. The offering is only available to qualified institutional buyers and will not be registered under the Securities Act.
Iron Mountain (NYSE: IRM) announced a proposed private placement offering of $500 million in Senior Notes due 2028 and $1.3 billion in Senior Notes due 2030. The net proceeds will be used to repay outstanding borrowings under its revolving credit facility and redeem $500 million of 4⅜% Senior Notes due 2021, along with $1 billion of 5¾% Senior Subordinated Notes due 2024. The Notes will be guaranteed by the company's subsidiaries and are being offered only to qualified institutional buyers.
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