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A professional works at a data center. gorodenkoff In investing, it's a simple fact of life that not all investments are going to pan out. That's why, to paraphrase investing legend, Peter Lynch, in this business, you're good if you're right six times out of 10. As I noted in my Broadcom (AVGO) article last month, I have adapted my investing strategy to cut losers before big losses stack up. Just as importantly, I also have remained steadfast in holding on to my winners for the most part. Dividend Channel O ...

Iron Mountain Incorporated (IRM) reported fourth-quarter adjusted funds from operations (AFFO) per share of $1.11 cents, beating the Zacks Consensus Estimate of $1.05.Iron Mountain’s results reflect solid performances in the storage and service segments and the data-center business. However, higher interest expenses in the quarter created a headwind. The company issued its outlook for 2024.Quarterly total revenues of $1.42 billion lagged the Zacks Consensus Estimate of $1.44 billion.On a year-over-year basi ...

Iron Mountain (IRM) reported $1.42 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 11%. EPS of $1.11 for the same period compares to $0.43 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.44 billion, representing a surprise of -1.50%. The company delivered an EPS surprise of +5.71%, with the consensus EPS estimate being $1.05.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall St ...

Iron Mountain Incorporated (NYSE:IRM) Q4 2023 Earnings Conference Call February 22, 2024 5:00 PM ET Company Participants Gillian Tiltman - SVP and Head, IR William Meaney - President and CEO Barry Hytinen - EVP and CFO Conference Call Participants George Tong - Goldman Sachs Shlomo Rosenbaum - Stifel Nate Crossett - BNP Paribas Brendan Lynch - Barclays Kevin McVeigh - UBS Eric Luebchow - Wells Fargo Jonathan Atkin - RBC Capital Markets Operator Good morning, and welcome to the Iron Mountain Fourth Quarter 2 ...

Iron Mountain (IRM) came out with quarterly funds from operations (FFO) of $1.11 per share, beating the Zacks Consensus Estimate of $1.05 per share. This compares to FFO of $0.98 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 5.71%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1 per share when it actually produced FFO of $0.99, delivering a surprise of -1%.Over the last four quarters, th ...

Q4 2023 Earnings Presentation February 22, 2024 Elevate the power of your work." We have made statements in this presentation 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. IRON MOUNTAIN ...

Iron Mountain Incorporated (IRM) is slated to release fourth-quarter and full-year 2023 earnings results on Feb 22 before the opening bell. The quarterly results are likely to display year-over-year revenue growth and funds from operations (FFO) per share.In the last reported quarter, this real estate investment trust (REIT) delivered a negative surprise of 1.00% in terms of adjusted FFO (AFFO) per share. The revenue number came in lower than expected for the quarter.Over the trailing four quarters, Iron Mo ...

Financial Performance and Metrics - Adjusted EBITDA for 2023 was $1,961.7 million, compared to $1,827.1 million in 2022[194] - Net income for 2023 was $187.3 million, a decrease from $562.1 million in 2022[194] - Net Income for 2023 was $187.263 million, a decrease from $562.149 million in 2022[203] - FFO (Nareit) for 2023 was $517.200 million, down from $792.940 million in 2022[203] - FFO (Normalized) for 2023 increased to $892.722 million from $857.757 million in 2022[203] - The company's reported EPS for 2023 was $0.63, with an adjusted EPS of $1.82[198] - Net income attributable to Iron Mountain Incorporated in 2023 was $184,234, compared to $556,981 in 2022 and $450,219 in 2021[486] - Total revenues for 2023 were $5,480,289 thousand, a 7.4% increase from 2022, with storage rental revenue growing 11.1% to $3,370,645 thousand[239] - Revenues increased by $376.7 million (7.4%) to $5,480.3 million in 2023 compared to 2022[237] - Operating expenses rose by $504.8 million (12.5%) to $4,558.5 million in 2023[237] - Net income decreased by $374.9 million (66.7%) to $187.3 million in 2023[237] - Adjusted EBITDA increased by $134.6 million (7.4%) to $1,961.7 million in 2023[237][260] - Storage rental revenue grew by $101.9 million (27.4%) to $474.1 million in the Global Data Center Business segment[266] - Service revenue in the Global Data Center Business segment declined by $8.0 million (27.5%) to $21.0 million in 2023[266] - Labor costs increased by $84.1 million (10.4%) to $891.4 million in 2023[242] - Facilities expenses rose by $143.8 million (16.3%) to $1,028.8 million in 2023[242] - Restructuring and other transformation costs increased by $133.3 million to $175.2 million in 2023[249] - Acquisition and integration costs decreased by $21.8 million to $25.9 million in 2023[248] - Selling, general and administrative expenses increased by $95.71 million, or 8.4%, to $1,236.287 million in 2023 compared to 2022[244] - General, Administrative and Other expenses rose by $33.351 million, or 4.0%, to $873.195 million in 2023[244] - Sales, Marketing and Account Management expenses increased by $62.359 million, or 20.7%, to $363.092 million in 2023[244] - Depreciation expense increased by $46.9 million, or 9.8%, in 2023 compared to 2022[246] - General, Administrative and Other expenses as a percentage of consolidated revenues decreased by 0.6% to 15.9% in 2023[244] - Sales, Marketing and Account Management expenses as a percentage of consolidated revenues increased by 0.7% to 6.6% in 2023[244] - Total Selling, general and administrative expenses as a percentage of consolidated revenues increased by 0.2% to 22.6% in 2023[244] - Depreciation and amortization charges are primarily related to storage systems, customer and supplier relationship intangible assets, and data center lease-based intangible assets[245] Revenue Growth and Drivers - Organic storage rental revenue growth is driven by revenue management in the Global RIM Business segment and growth in the Global Data Center Business segment, primarily due to lease commencements[184] - Organic service revenue growth is expected to benefit from new and existing digital offerings and ALM, as well as traditional services in 2024[184] - Total revenue and Adjusted EBITDA growth are expected to continue in 2024 due to new product and service offerings, innovation, customer solutions, and market expansion aligned with Project Matterhorn objectives[184] - Service revenue growth is negatively impacted by declining activity rates as stored records and tapes become less active and more archival[182] Costs and Expenses - Project Matterhorn is expected to incur approximately $150.0 million in costs annually from 2023 through 2025, including restructuring and transformation costs[180] - Labor and facility occupancy costs are the most significant components of cost of sales, excluding depreciation and amortization[183] - Depreciation and amortization expenses for 2023 were $776.2 million, up from $727.6 million in 2022[194] - Restructuring and other transformation costs for 2023 were $175.2 million, significantly higher than $41.9 million in 2022[194] Acquisitions and Investments - Acquired approximately 80% interest in ITRenew for a net purchase price of $718,126, with potential additional payments for the remaining 20% interest ranging from $200,000 to $531,000 based on performance metrics[497] - Consolidated 100% of ITRenew's revenues and expenses from January 25, 2022, with deferred purchase obligations reflected in accrued expenses and other liabilities[497] - Final investment in Web Werks JV increased company's interest to 63.39%, consolidating its financial results within the Global Data Center Business segment[493] - Acquired 100% of Clutter for $60,600, consolidating its financial results within the Global RIM Business segment, and later sold 15% equity interests for $7,500[495] - Acquired Regency Technologies for an initial purchase price of $200,000, with $125,000 paid at closing and potential performance-based contingent consideration payable in 2027[496] - Acquired XData Properties for €78,900 (approximately $78,200) to expand data center operations in Europe, with additional consideration of up to €10,000 based on power connection milestones[501] - Pro forma financial information for ITRenew shows total revenues of $5,121,548 for 2022 and $4,939,511 for 2021, with income from continuing operations of $571,381 and $391,625, respectively[500] - Operating expenditures of $59,370 incurred to complete the ITRenew Transaction, reflected in pro forma financial information as if incurred on January 1, 2021[499] - Total consideration for acquisitions in 2023 was $293.4 million, with cash paid (gross of cash acquired) amounting to $88.6 million[506] - In 2023, the company recorded goodwill of $90.6 million from acquisitions, with customer and supplier relationship intangible assets valued at $14.3 million[506] - The company deconsolidated OSG Records Management (Europe) Limited in 2022, resulting in a loss of approximately $105.8 million[509] - The Intellectual Property Management (IPM) business was sold in 2021 for $215.4 million, resulting in a gain of $179.0 million[510] - The Clutter Acquisition in 2023 led to a loss of approximately $38,000 due to the remeasurement of the previously held equity interest[512] - In 2021, the company acquired Information Fort, LLC for $90.3 million to expand records management operations in the Middle East and North Africa[502] - The company acquired assets of a Frankfurt data center in 2021 for approximately €77.9 million ($91.3 million) to enhance data center operations in Germany[503] Debt and Financing - As of December 31, 2023, the company had $520.0 million in notional value outstanding on interest rate swap agreements, with maturity dates ranging from October 2025 to February 2026[519] - The company had $509.2 million in notional value outstanding on cross-currency interest rate swaps as of December 31, 2023, with maturity dates ranging from August 2024 to February 2026[520] - The company terminated interest rate swap agreements with notional amounts totaling $350.0 million in April 2023, resulting in unrealized gains of $10.1 million[518] - Derivative assets as of December 31, 2023, include $6,359 in Other assets, $2,496 in accrued expenses and other liabilities, and $3,273 in Other long-term liabilities[522] - Cumulative net gains from interest rate swap agreements as of December 31, 2023, are $2,472, including $2,528 from terminated agreements[522] - Cumulative net gains from cross-currency swap agreements as of December 31, 2023, are $32,459, including $30,197 from the excluded component[522] - Unrealized losses from interest rate swap agreements in 2023 are $(2,454), compared to gains of $20,186 in 2022 and $13,382 in 2021[522] - Unrealized losses from cross-currency swap agreements in 2023 are $(41,382), compared to gains of $28,044 in 2022 and $38,998 in 2021[522] - The Revolving Credit Facility allows borrowing up to $2,250,000, with the Term Loan A of $250,000 borrowed on March 18, 2022, and quarterly payments of $3,125[530] - The Term Loan B due 2026 has a principal amount of $700,000, with quarterly payments of $1,750 and matures on January 2, 2026[530] - The Accounts Receivable Securitization Program's maximum borrowing capacity increased from $325,000 to $360,000 on June 8, 2023, with $358,500 outstanding as of December 31, 2023[548] - The interest rate under the Accounts Receivable Securitization Program was 6.4% as of December 31, 2023, compared to 5.4% in 2022[548] - Gains recognized in Net income from interest rate swap agreements in 2023 are $7,580, compared to $0 in 2022 and 2021[524] - Total long-term debt increased to $11,913,952 thousand in 2023 from $10,562,719 thousand in 2022, reflecting a growth of approximately 12.8%[525] - The Term Loan B due 2031 was issued in December 2023 with a principal amount of $1,200,000 thousand, issued at 99.25% of par, and matures on January 31, 2031[531] - The fair value of the Term Loan B due 2031 approximates its carrying value, with quarterly installments of $3,000 thousand starting in Q1 2024[531] - The Accounts Receivable Securitization Program increased to $358,500 thousand in 2023 from $314,700 thousand in 2022, reflecting a growth of approximately 13.9%[525] - Real estate mortgages, financing lease liabilities, and other obligations increased to $519,907 thousand in 2023 from $425,777 thousand in 2022, reflecting a growth of approximately 22.1%[528] - The weighted average interest rate for financing lease liabilities increased to 6.1% in 2023 from 5.2% in 2022[528] - The unamortized original issue discount for the AUD Term Loan decreased to $1,452 thousand in 2023 from $1,982 thousand in 2022[526] - The fair value of the GBP Notes decreased to $489,108 thousand in 2023 from $445,206 thousand in 2022, reflecting a decline of approximately 9.9%[525] - The fair value of the 5% Senior Notes due 2028 decreased to $478,750 thousand in 2023 from $450,000 thousand in 2022, reflecting a decline of approximately 6.4%[525] - The fair value of the 5% Senior Notes due 2032 decreased to $684,375 thousand in 2023 from $622,500 thousand in 2022, reflecting a decline of approximately 9.9%[525] - Outstanding borrowings under the Revolving Credit Facility as of December 31, 2023 were $0, with $2,245,179 available for borrowing[534] - Term Loan A had an outstanding principal of $228,125 with an interest rate of 7.2% as of December 31, 2023[534] - Term Loan B due 2026 had an outstanding principal of $659,750 with an interest rate of 5.2% as of December 31, 2023[534] - Term Loan B due 2031 had an outstanding principal of $1,200,000 with an interest rate of 7.6% as of December 31, 2023[534] - Virginia 3 Term Loans had outstanding borrowings of $101,218 with a weighted average interest rate of 6.2% as of December 31, 2023[535] - Virginia 4/5 Term Loans had outstanding borrowings of $16,338 with a weighted average interest rate of 6.1% as of December 31, 2023[537] - The 7% Notes due 2029 were issued with an aggregate principal amount of $1,000,000, generating net proceeds of approximately $990,000[541] - The AUD Term Loan had outstanding borrowings of 292,422 Australian dollars ($199,195) with an interest rate of 8.0% as of December 31, 2023[543] - The UK Bilateral Revolving Credit Facility was fully drawn at £140,000 thousand with an interest rate of 7.3% as of December 31, 2023[545][546] - Outstanding letters of credit totaled $38,791 thousand as of December 31, 2023, with $4,821 thousand reducing borrowing capacity under the Revolving Credit Facility[552] - Long-term debt maturities for 2024 amount to $120,670 thousand, with total long-term debt (including current portion) at $11,933,170 thousand[555] - Net total lease adjusted leverage ratio as of December 31, 2023 is 5.1, below the maximum allowable of 7.0, and the fixed charge coverage ratio is 2.4, above the minimum allowable of 1.5, indicating compliance with credit agreements[308] Tax and Valuation - Deferred tax assets increased to $154,942 thousand in 2023 from $129,806 thousand in 2022, driven by higher accrued liabilities and net operating loss carryforwards[567] - Net deferred tax liability decreased to $221,341 thousand in 2023 from $244,616 thousand in 2022, reflecting changes in deferred tax assets and liabilities[567] - Federal net operating loss carryforwards of $109,624 thousand are available indefinitely, with $88,728 thousand expected to reduce future taxable income[567] - Foreign net operating losses of $133,536 thousand are subject to a valuation allowance of approximately 73.8%[567] - Effective tax rates for 2023, 2022, and 2021 were 17.6%, 11.0%, and 28.0%, respectively, with variability expected due to income mix and tax law changes[570] - Valuation allowance increased to $103.9 million in 2023, up from $47.5 million in 2022, primarily due to foreign currency exchange rate changes and the implementation of OECD Pillar Two[569] - Net income before taxes decreased to $227.2 million in 2023 from $631.6 million in 2022, with significant declines in the U.S. and Other Foreign segments[569] - The company has federal net operating loss carryforwards of $109.6 million, with $88.7 million expected to reduce future federal taxable income[231] - The company has foreign net operating losses of $133.5 million, subject to a valuation allowance of approximately 73.8%[231] Capital Expenditures and Investments - Total capital expenditures for 2023 were $1.39 billion, with growth investment capital expenditures accounting for $1.25 billion, a 52% increase from 2022[280] - The company expects total capital expenditures of approximately $1.5 billion for 2024, with $1.35 billion allocated to growth investments[280] - Purchase commitments for 2024 totaled $76,443, with future construction costs for the Global Data Center Business estimated at $740,000[556] - Total property, plant, and equipment acquired in 2023 acquisitions was approximately $140.7 million[215] Stock and Equity - The company has 6,204,098 shares available for grant under its various stock incentive plans as of December 31, 2023[468] - RSUs generally have a vesting period of three years from the date of grant, with dividend equivalents paid upon vesting[471] - The fair value of RSUs vested in 2023 was $32,664, compared to $27,078 in 2022 and $29,332 in 2021[472] - The company issued 641,412 PUs in 2023, 435,675 in 2022, and 488,953 in 2021[477] - The fair value of earned PUs that vested in 2023 was $34,896, compared to $20,059 in 2022 and $29,701 in 2021[478] - The company has 870,857 shares available under the ESPP as of December 31, 2023[479] - Declared distributions for the year ended December 31, 2023 were $740,448, with a per-share amount of $2.54[562] - The company declared a dividend of $0.65 per share for stockholders of record as of March 15, 2024, payable on April 4, 2024[561] - Dividends paid in 2023 were classified as 98.2% nonqualified ordinary dividends, 0.8% qualified ordinary dividends, and 1.0% return of capital[564] Goodwill and Impairment - The company's goodwill impairment review as of October 1, 2023, concluded no impairment across reporting units, including North America RIM, Europe RIM, and APAC RIM[219] - Global Data Center and ALM reporting units represent $1,058.4 million (21

IRON MOUNTAIN® Supplemental Financial Information Fourth Quarter 2023 == I III investors.ironmountain.com Table of Contents | Section I - Q4 Earnings Press Release | | | --- | --- | | Q4 2023 Earnings Press Release | 3 | | Section II - Financial Highlights and Organic Growth | | | Financial and Operating Highlights | 6 | | Organic Revenue Growth | 7 | | Section III - Operational Metrics | | | Global Storage Volume | 8 | | Quarterly Operating Performance | 9 | | Full Year Operating Performance | 10 | | Secti ...