Company Overview - Iron Mountain Incorporated (IRM) is a global leader in information management with a market cap of $25 billion, specializing in secure storage, data protection, and digital transformation services [1] - The company operates a vast network of facilities for storing physical records and has a growing data center business that supports cloud and colocation services [1] Market Position - Iron Mountain is classified as a "large-cap" stock, valued at $10 billion or more, known for its recurring-revenue model and strong client retention [2] - The company combines legacy records management with expanding digital infrastructure capabilities, positioning itself as a hybrid physical-digital information steward for large organizations [2] Stock Performance - Shares of Iron Mountain have decreased nearly 25.9% from its 52-week high of $114.88 and have fallen 12% over the past three months, underperforming the Real Estate Select Sector SPDR Fund (XLRE) which dipped over 3.3% during the same period [3][4] - Year-to-date, Iron Mountain's shares have fallen 19%, and over the past 52 weeks, the stock has declined 25.6%, compared to XLRE's 7.7% drop [4] Recent Developments - On November 19, shares fell more than 2% after short-seller Gotham City Research disclosed a short position and released a bearish thesis, alleging that IRM's valuation is significantly inflated and suggesting a value of $22 to $40 per share [5] - Gotham City Research raised concerns about the sustainability of Iron Mountain's growth strategy, leverage, and cash-flow quality, which has heightened investor caution [5] Competitive Landscape - In comparison, rival SBA Communications Corporation (SBAC) has shown less pronounced decline, falling 7.1% year-to-date and decreasing 15.2% over the past 52 weeks [6]

Core Viewpoint - Cognizant Technology Solutions reported strong Q4 2024 earnings, beating estimates and showing year-over-year revenue growth, driven by digital transformation services and AI integration. Financial Performance - Non-GAAP earnings for Q4 2024 were $1.21 per share, exceeding the Zacks Consensus Estimate by 8.04% and increasing 2.5% year over year [2] - Revenues reached $5.08 billion, surpassing the consensus mark by 0.49%, with a year-over-year increase of 6.8% and 6.7% at constant currency [3] - Bookings for the trailing 12 months rose 3% year over year to $27.1 billion, with a book-to-bill ratio of approximately 1.4 times [4] Segment Performance - Financial services revenues (28.2% of total) increased 2.9% year over year to $1.435 billion [5] - Health Sciences revenues (30.3% of total) grew 10.4% year over year to $1.541 billion, driven by strong offerings and large deal wins [6] - Products and Resources revenues (25.5% of total) rose 11.3% year over year to $1.29 billion [7] - Communications, Media and Technology revenues (16% of total) were $811 million, up 0.9% year over year [7] Geographic Performance - North America revenues increased 8.3% year over year, contributing 75.2% to total revenues [7] - Europe revenues grew 2.3% year over year, contributing 18.5% to total revenues, while the U.K. saw a decline of 0.7% [8] Operating Metrics - GAAP operating margin was 14.8%, down 40 basis points year over year, impacted by $49 million in NextGen program costs [10] - Non-GAAP operating margin was 15.7%, contracting 30 basis points year over year [10] Balance Sheet - Cash and short-term investments totaled $2.24 billion as of December 31, 2024, up from $2.02 billion [11] - Total debt decreased to $908 million from $1.2 billion [11] - Free cash flow was $837 million, compared to $791 million in the previous quarter [11] Guidance - For Q1 2025, revenues are expected between $5 billion and $5.1 billion, indicating growth of 5.6%-7.1% [12] - Full-year 2025 revenue guidance is set at $20.3-$20.8 billion, reflecting an increase of 2.6-5.1% [12] - Adjusted earnings per share for 2025 are projected between $4.90 and $5.06 [13] Market Sentiment - There has been an upward trend in estimates revision for Cognizant over the past month [14] - The stock has an aggregate VGM Score of B, indicating a favorable position in the investment strategy [15] - Cognizant holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [16]