Iron Mountain (IRM) recently closed the earlier announced acquisition of Regency Technologies, a leading provider of IT asset disposition services in the United States, for an initial purchase price of $200 million. The buyout boosts its IT Asset Lifecycle Management (“ALM”) business.The combined platform further enhances IRM’s extensive logistics network and establishes a market-leading position in the IT asset disposition customer solutions. With the volume of e-waste continuing to rise, the move is expec ...

PORTSMOUTH, N.H.--(BUSINESS WIRE)--Iron Mountain (NYSE: IRM), a global leader in information management, innovative storage, data center infrastructure, and asset lifecycle management today announced it has completed its acquisition of Regency Technologies, a leading provider of IT asset disposition (ITAD) services in the United States. Building on Iron Mountain's extensive logistics network, which already provides customers with leading information security in IT Asset Lifecycle Management (ALM), the combi ...

Settapongd Dee-ud/iStock via Getty Images Dear readers, Iron Mountain Incorporated (NYSE:IRM) is a data storage REIT focused on innovative solutions in data center infrastructure, asset lifecycle management, and information management services. The REIT primarily owns two distinct types of properties - paper storage facilities and data centers. While the former is likely to experience a secular decline over time, the latter has boomed lately as a result of the rise of AI. Both segment complements each o ...

MarsBars Introduction The past few weeks were fascinating, to put it mildly. For example, the Vanguard Real Estate ETF (VNQ) has rallied so hard that it is now up 11% over the past twelve months. It has erased the entire decline since July in a matter of weeks. Meanwhile, the S&P 500 is back at its all-time high, returning 25% during this period. Then there's Iron Mountain (NYSE:IRM), one of the strongest REITs this year, which is up more than 40%, including dividends. Data by YCharts In this article, w ...

Key Points Company and Industry * **Company**: Iron Mountain Incorporated (NYSE:IRM) * **Industry**: Information Management, Data Center, IT Asset Disposition Core Views and Arguments * **Cross-Selling Success**: Iron Mountain has a large installed client base and has been investing in new products and services to facilitate cross-selling. The company measures success through Project Matterhorn, which tracks cross-selling efforts week-to-week. * **Project Matterhorn**: A $150 million annual investment aimed at transforming the operating model to focus on commercial growth, including a global commercial operation, global operations function, and business units. * **Net Promoter Score (NPS)**: NPS is an important metric, but customer satisfaction and retention are key drivers of cross-selling success. NPS is considered a lagging indicator. * **Pricing Strategy**: Iron Mountain has been implementing revenue management strategies to capture the value it provides to clients. The company aims to maintain a balance between pricing and cross-selling opportunities. * **Clutter Acquisition**: The acquisition of Clutter, a B2C consumer concierge storage business, provides synergies with Iron Mountain's existing business and expands its market reach. * **Data Center CapEx**: Iron Mountain has guided to $1.3 billion in CapEx this year, primarily driven by data center investments. The company expects to continue building out its data center platform based on demand and pre-leasing activity. * **Asset Lifecycle Management (ALM)**: Iron Mountain's ALM business is growing, driven by organic growth, OEM relationships, and hyperscale decommissioning opportunities. The company aims to achieve $900 million in ALM revenues by 2026. Other Important Content * **Record Management**: Iron Mountain's global records and information management (RIM) business is the largest segment and is expected to grow at a mid-single-digit rate. * **Conversion of Facilities**: Iron Mountain is evaluating the conversion of some of its record management facilities to data centers, particularly in areas with limited data center capacity. * **Component Pricing**: Component pricing for data center equipment is expected to increase by 50% to 75% in 2024 compared to 2023, benefiting Iron Mountain's ALM business.

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 1-13045 IRON MOUNTAIN INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 23-2588479 (S ...

Iron Mountain Incorporated (NYSE:IRM) Q2 2023 Earnings Call Transcript August 3, 2023 8:30 AM ET Company Participants Gillian Tiltman - SVP & Head, IR William Meaney - President, CEO & Director Barry Hytinen - EVP & CFO Conference Call Participants George Tong - Goldman Sachs Nate Crossett - BNP Paribas Alex Hess - JPMorgan Shlomo Rosenbaum - Stifel Jonathan Atkin - RBC Capital Markets Kevin McVeigh - Credit Suisse Eric Luebchow - Wells Fargo Securities Brendan Lynch - Barclays Bank Operator Good morning, a ...

Financial Performance - Adjusted EBITDA for the six months ended June 30, 2023, was $936.5 million, compared to $885.7 million for the same period in 2022[106] - Net income for the six months ended June 30, 2023, was $66.7 million, compared to $243.6 million for the same period in 2022[106] - Adjusted EPS for the six months ended June 30, 2023, was $0.83, compared to $0.85 for the same period in 2022[108] - Net income (loss) for the three months ended June 30, 2023 was $1.143 million, a decrease of 99.4% compared to $201.858 million in the same period in 2022[114] - Revenues for the six months ended June 30, 2023 increased by 5.3% to $2.672 billion compared to $2.538 billion in the prior year period[114] - Operating expenses for the six months ended June 30, 2023 increased by 9.8% to $2.219 billion compared to $2.022 billion in the prior year period[114] - Adjusted EBITDA for the six months ended June 30, 2023 increased by 5.7% to $936.466 million compared to $885.700 million in the prior year period[114] - FFO (Normalized) for the six months ended June 30, 2023 was $417.185 million, compared to $412.349 million in the prior year period[111] - Net income for the three months ended June 30, 2023 was $1.143 million, a 99.4% decrease compared to $201.858 million in the same period of 2022[130] - Adjusted EBITDA for the six months ended June 30, 2023 increased by $50.766 million or 5.7% compared to the prior year period[130][131] Revenue Growth and Drivers - Organic storage rental revenue growth is driven by revenue management, with stable volume expected in the near term[103] - Organic service revenue growth in 2023 is expected to benefit from new and existing digital offerings, as well as traditional services[103] - Total revenue and Adjusted EBITDA growth in 2023 are expected to continue due to new product and service offerings, innovation, and market expansion[103] - Organic storage rental revenue growth drove the increase in reported revenue for the six months ended June 30, 2023, partially offset by a 1.4% decrease due to foreign currency exchange rate fluctuations[117] - Storage rental revenue increased by 0.1% in total global volume, but decreased by $20.0 million due to foreign currency exchange rate fluctuations[118] - Service revenue decreased by $13.6 million due to foreign currency exchange rate fluctuations, despite organic growth in the Global RIM business[118] - Global RIM Business segment revenue for the six months ended June 30, 2023 increased by $167.026 million or 7.9% year-over-year[133] - Global Data Center Business segment revenue for the six months ended June 30, 2023 increased by $33.263 million or 16.9% year-over-year[137] - Corporate and Other segment revenue for the six months ended June 30, 2023 decreased by $65.584 million or 29.7% year-over-year[141] Costs and Expenses - Project Matterhorn is expected to incur approximately $150.0 million in costs annually from 2023 through 2025, focusing on global operating model transformation and growth acceleration[100] - Restructuring and other transformation costs related to Project Matterhorn were $82.5 million for the six months ended June 30, 2023[106] - Interest expense, net, for the six months ended June 30, 2023, was $281.3 million, compared to $229.5 million for the same period in 2022[106] - Depreciation and amortization expenses for the six months ended June 30, 2023, were $377.5 million, compared to $361.9 million for the same period in 2022[106] - Acquisition and integration costs for the six months ended June 30, 2023 were $3.106 million, compared to $32.539 million in the prior year period[123] - Interest expense, net increased by $51.8 million to $281.3 million in the six months ended June 30, 2023 compared to $229.5 million in the prior year period[127] - Selling, general, and administrative expenses increased by 5.2% to $606.3 million for the six months ended June 30, 2023, driven by a 21.8% increase in sales, marketing, and account management expenses[121] - Restructuring and other transformation costs for the six months ended June 30, 2023 were $82.5 million, primarily related to Project Matterhorn[124] - Project Matterhorn implementation costs estimated at $150.0 million annually from 2023 through 2025, with total costs of $124.4 million from inception to June 30, 2023[144] Cash Flow and Capital Expenditures - Cash flows from operating activities for the six months ended June 30, 2023 were $446.1 million, compared to $345.9 million in the same period in 2022[145] - Capital expenditures for the six months ended June 30, 2023 totaled $600.8 million, with growth investment capital expenditures at $560.4 million and recurring capital expenditures at $60.6 million[147][150] - Total capital expenditures for 2023 expected to be approximately $1,200.0 million, with $1,055.0 million allocated to growth investment and $145.0 million to recurring capital expenditures[150] - The company expects to meet cash flow requirements through operations, cash on hand, borrowings, and potential real estate monetization[143] Debt and Financing - Iron Mountain completed a private offering of $1,000.0 million in 7% Notes due 2029, with net proceeds of approximately $990.0 million used to repay borrowings under the Revolving Credit Facility[155] - Long-term debt as of June 30, 2023 totals $11,246,812 thousand, with a current portion of $102,582 thousand, resulting in a net long-term debt of $11,144,230 thousand[154] - The Revolving Credit Facility has a carrying amount of $674,168 thousand, with an unamortized deferred financing cost of $5,332 thousand[154] - The 4 7/8% Senior Notes due 2027 have a carrying amount of $993,957 thousand, with an unamortized deferred financing cost of $6,043 thousand[154] - The 5 1/4% Senior Notes due 2030 have a carrying amount of $1,289,345 thousand, with an unamortized deferred financing cost of $10,655 thousand[154] - The Term Loan B transitioned from LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75% effective July 1, 2023, due to the discontinuance of LIBOR[154] Joint Ventures and Investments - The Web Werks JV has a carrying value of $98,650 thousand and an equity interest of 53.58% as of June 30, 2023[175] - The Joint Venture with AGC Equity Partners has a carrying value of $59,394 thousand and an equity interest of 20.00% as of June 30, 2023[175] - The Clutter JV was discontinued, with a carrying value of $0 thousand as of June 30, 2023, compared to $54,172 thousand as of December 31, 2022[175] Foreign Currency and Tax Impact - Foreign currency transaction losses (gains), net for the six months ended June 30, 2023 were $29.487 million, compared to a gain of $68.240 million in the prior year period[128] - Effective tax rate for the three months ended June 30, 2023 was 78.8%, significantly higher than 8.2% in the same period of 2022[129] Segment Performance - Global RIM Business segment Adjusted EBITDA Margin decreased by 60 basis points for the six months ended June 30, 2023[136] - Global Data Center Business segment Adjusted EBITDA Margin increased by 250 basis points for the six months ended June 30, 2023[140] - Corporate and Other segment Adjusted EBITDA decreased by $28.077 million for the six months ended June 30, 2023[141] Other Financial Metrics - Gain on disposal/write-down of property, plant, and equipment for the six months ended June 30, 2023 was $14.6 million, including an $18.5 million gain from a sale-leaseback transaction in Singapore[125] - The weighted average interest rate was 5.4% at June 30, 2023, compared to 4.6% at June 30, 2022[127] - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2023[179]

Iron Mountain, Inc. (NYSE:IRM) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Gillian Tiltman - SVP & Head, IR William Meaney - President, CEO & Director Barry Hytinen - EVP & CFO Conference Call Participants George Tong - Goldman Sachs Group Kevin McVeigh - Crédit Suisse Jonathan Atkin - RBC Capital Markets Shlomo Rosenbaum - Stifel, Nicolaus & Company Alex Hess - JPMorgan Chase & Co. Eric Luebchow - Wells Fargo Securities Brendan Lynch - Barclays Bank Operator Good morning, a ...

Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 1-13045 IRON MOUNTAIN INCORPORATED (Exact Name of Registrant as Specified in Its Charter) (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) UNITED STATES SEC ...