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    Iron Mountain Reports Second Quarter Results

    8/1/24 6:45:00 AM ET
    $IRM
    Real Estate Investment Trusts
    Real Estate
    Get the next $IRM alert in real time by email

    -- Net Income of $35 million --

    -- Achieves record quarterly Revenue and Adjusted EBITDA --

    -- Data Center: Leased 66 megawatts in the second quarter; Increases full year projection to 130 megawatts --

    -- Expects to be towards the upper end of full year 2024 guidance range --

    -- Increases quarterly dividend per share by 10% --

    Iron Mountain Incorporated (NYSE:IRM), a global leader in information management services, announces financial results for the second 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.

    "We continue to execute well on our growth strategy and are pleased to report a very strong second quarter, again resulting in all-time record Revenue and Adjusted EBITDA," said William L. Meaney, President and CEO of Iron Mountain. "We are grateful to our team who continue to drive toward our Project Matterhorn growth targets, including top tier growth in AFFO, which enabled us to increase the dividend by 10%. This is in line with our long term plan to increase the dividend alongside growth in AFFO per share."

    Financial Performance Highlights for the Second Quarter of 2024

     

     

     

     

     

     

     

     

    ($ in millions, except per share data)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Y/Y % Change

     

    Year to Date

     

    Y/Y % Change

     

    6/30/24

     

    6/30/23

     

    Reported $

     

    Constant Fx

     

    6/30/24

     

    6/30/23

     

    Reported $

     

    Constant Fx

    Storage Rental Revenue

    $920

     

    $831

     

    11%

     

    12%

     

    $1,805

     

    $1,641

     

    10%

     

    10%

    Service Revenue

    $615

     

    $527

     

    17%

     

    17%

     

    $1,207

     

    $1,031

     

    17%

     

    17%

    Total Revenue

    $1,534

     

    $1,358

     

    13%

     

    14%

     

    $3,011

     

    $2,672

     

    13%

     

    13%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Income

    $35

     

    $1

     

    —

     

     

     

    $112

     

    $67

     

    67%

     

     

    Reported EPS

    $0.12

     

    $0.00

     

    —

     

     

     

    $0.37

     

    $0.22

     

    68%

     

     

    Adjusted EPS

    $0.42

     

    $0.40

     

    5%

     

     

     

    $0.85

     

    $0.83

     

    2%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted EBITDA

    $544

     

    $476

     

    14%

     

    15%

     

    $1,063

     

    $936

     

    14%

     

    14%

    Adjusted EBITDA Margin

    35.5%

     

    35.0%

     

    50 bps

     

     

     

    35.3%

     

    35.0%

     

    30 bps

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    AFFO

    $321

     

    $287

     

    12%

     

     

     

    $645

     

    $582

     

    11%

     

     

    AFFO per share

    $1.08

     

    $0.98

     

    10%

     

     

     

    $2.18

     

    $1.99

     

    10%

     

     

    • Total reported revenues for the second quarter were $1.5 billion, compared with $1.4 billion in the second quarter of 2023, an increase of 13.0%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 13.8% compared to the prior year, driven by a 11.5% increase in storage rental revenue and a 17.3% increase in service revenue. Year to date, total reported revenues increased 12.7%, or 13.0% excluding the impact of Fx.
    • Net Income for the second quarter was $34.6 million, compared with $1.1 million in the second quarter of 2023. Year to date, net income was $111.6 million, compared with $66.7 million in 2023.
    • Adjusted EBITDA for the second quarter was $544.4 million, compared with $475.7 million in the second quarter of 2023, an increase of 14.4%. On a constant currency basis, Adjusted EBITDA increased by 15.1% in the second quarter, compared to the second quarter of 2023, driven by revenue increases in Global RIM, ALM, and data center. On a constant currency basis, year to date Adjusted EBITDA increased 13.8%.
    • FFO (Normalized) per share was $0.78 for the second quarter, compared with $0.71 in the second quarter of 2023. Year to date, FFO (Normalized) per share was $1.53, compared with $1.42 in 2023, or an increase of 7.7%.
    • AFFO was $320.9 million for the second quarter, compared with $287.1 million in the second quarter of 2023, an increase of 11.8% driven by improved Adjusted EBITDA. Year to date, AFFO was $644.6 million compared with $582.3 million, or an increase of 10.7%.
    • AFFO per share was $1.08 for the second quarter, compared with $0.98 in the second quarter of 2023. Year to date, AFFO per share was $2.18, compared to $1.99 in 2023, or an increase of 9.5%.

    Dividend

    On August 1, 2024, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.715 per share for the third quarter, representing an increase of 10%. The third quarter 2024 dividend is payable on October 3, 2024, for shareholders of record on September 16, 2024.

    Guidance

    Iron Mountain affirmed full year 2024 guidance, and now expects to be towards the upper end of the 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)

     

     

    6/30/2024

     

    12/31/2023

    ASSETS

     

     

     

    Current Assets:

     

     

     

    Cash and Cash Equivalents

    $144,256

     

    $222,789

    Accounts Receivable, Net

    1,273,900

     

    1,259,826

    Prepaid Expenses and Other

    295,583

     

    252,930

    Total Current Assets

    $1,713,739

     

    $1,735,545

    Property, Plant and Equipment:

     

     

     

    Property, Plant and Equipment

    $10,976,919

     

    $10,373,989

    Less: Accumulated Depreciation

    (4,183,895)

     

    (4,059,120)

    Property, Plant and Equipment, Net

    $6,793,024

     

    $6,314,869

    Other Assets, Net:

     

     

     

    Goodwill

    $5,099,772

     

    $5,017,912

    Customer and Supplier Relationships and Other Intangible Assets

    1,284,339

     

    1,279,800

    Operating Lease Right-of-Use Assets

    2,593,461

     

    2,696,024

    Other

    482,599

     

    429,652

    Total Other Assets, Net

    $9,460,171

     

    $9,423,388

    Total Assets

    $17,966,934

     

    $17,473,802

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

    Current Liabilities:

     

     

     

    Current Portion of Long-term Debt

    $125,409

     

    $120,670

    Accounts Payable

    527,968

     

    539,594

    Accrued Expenses and Other Current Liabilities

    1,174,979

     

    1,250,259

    Deferred Revenue

    329,718

     

    325,665

    Total Current Liabilities

    $2,158,074

     

    $2,236,188

    Long-term Debt, Net of Current Portion

    12,814,166

     

    11,812,500

    Long-term Operating Lease Liabilities, Net of Current Portion

    2,453,935

     

    2,562,394

    Other Long-term Liabilities

    257,497

     

    237,590

    Deferred Income Taxes

    231,150

     

    235,410

    Redeemable Noncontrolling Interests

    184,861

     

    177,947

    Total Long-term Liabilities

    $15,941,609

     

    $15,025,841

    Total Liabilities

    $18,099,683

     

    $17,262,029

    (Deficit) Equity

     

     

     

    Total (Deficit) Equity

    ($132,749)

     

    $211,773

    Total Liabilities and (Deficit) Equity

    $17,966,934

     

    $17,473,802

    Quarterly Condensed Consolidated Statements of Operations

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

     

     

    Q2 2024

     

    Q1 2024

     

    Q/Q %

    Change

     

     

    Q2 2023

     

    Y/Y %

    Change

    Revenues:

     

     

     

     

     

     

     

     

     

     

    Storage Rental

    $919,746

     

    $884,842

     

    3.9 %

     

     

    $830,756

     

    10.7 %

    Service

    614,663

     

    592,021

     

    3.8 %

     

     

    527,180

     

    16.6 %

    Total Revenues

    $1,534,409

     

    $1,476,863

     

    3.9 %

     

     

    $1,357,936

     

    13.0 %

     

     

     

     

     

     

     

     

     

     

     

    Operating Expenses:

     

     

     

     

     

     

     

     

     

     

    Cost of Sales (excluding Depreciation and Amortization)

    $675,971

     

    $653,255

     

    3.5 %

     

     

    $592,644

     

    14.1 %

    Selling, General and Administrative

    344,838

     

    319,465

     

    7.9 %

     

     

    311,805

     

    10.6 %

    Depreciation and Amortization

    224,501

     

    209,555

     

    7.1 %

     

     

    195,367

     

    14.9 %

    Acquisition and Integration Costs

    9,502

     

    7,809

     

    21.7 %

     

     

    1,511

     

    n/a

    Restructuring and Other Transformation

    46,513

     

    40,767

     

    14.1 %

     

     

    45,588

     

    2.0 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net

    2,790

     

    389

     

    n/a

     

     

    (1,505)

     

    n/a

    Total Operating Expenses

    $1,304,115

     

    $1,231,240

     

    5.9 %

     

     

    $1,145,410

     

    13.9 %

     

     

     

     

     

     

     

     

     

     

     

    Operating Income (Loss)

    $230,294

     

    $245,623

     

    (6.2) %

     

     

    $212,526

     

    8.4 %

    Interest Expense, Net

    176,521

     

    164,519

     

    7.3 %

     

     

    144,178

     

    22.4 %

    Other Expense (Income), Net

    5,833

     

    (12,530)

     

    (146.6) %

     

     

    62,950

     

    (90.7) %

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

    $47,940

     

    $93,634

     

    (48.8) %

     

     

    $5,398

     

    n/a

    Provision (Benefit) for Income Taxes

    13,319

     

    16,609

     

    (19.8) %

     

     

    4,255

     

    n/a

    Net Income (Loss)

    $34,621

     

    $77,025

     

    (55.1) %

     

     

    $1,143

     

    n/a

    Less: Net (Loss) Income Attributable to Noncontrolling Interests

    (1,162)

     

    2,964

     

    (139.2) %

     

     

    1,029

     

    n/a

    Net Income (Loss) Attributable to Iron Mountain Incorporated

    $35,783

     

    $74,061

     

    (51.7) %

     

     

    $114

     

    n/a

     

     

     

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

    Basic

    $0.12

     

    $0.25

     

    (52.0) %

     

     

    $0.00

     

    — %

    Diluted

    $0.12

     

    $0.25

     

    (52.0) %

     

     

    $0.00

     

    — %

     

     

     

     

     

     

     

     

     

     

     

    Weighted Average Common Shares Outstanding - Basic

    293,340

     

    292,746

     

    0.2 %

     

     

    291,825

     

    0.5 %

    Weighted Average Common Shares Outstanding - Diluted

    295,838

     

    295,221

     

    0.2 %

     

     

    293,527

     

    0.8 %

    Year to Date Condensed Consolidated Statements of Operations

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

     

     

    YTD 2024

     

    YTD 2023

     

    % Change

    Revenues:

     

     

     

     

     

    Storage Rental

    $1,804,588

     

    $1,640,845

     

    10.0 %

    Service

    1,206,684

     

    1,031,440

     

    17.0 %

    Total Revenues

    $3,011,272

     

    $2,672,285

     

    12.7 %

     

     

     

     

     

     

    Operating Expenses:

     

     

     

     

     

    Cost of Sales (excluding Depreciation and Amortization)

    $1,329,226

     

    $1,164,270

     

    14.2 %

    Selling, General and Administrative

    664,303

     

    606,325

     

    9.6 %

    Depreciation and Amortization

    434,056

     

    377,461

     

    15.0 %

    Acquisition and Integration Costs

    17,311

     

    3,106

     

    n/a

    Restructuring and Other Transformation

    87,280

     

    82,501

     

    5.8 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net

    3,179

     

    (14,566)

     

    (121.8) %

    Total Operating Expenses

    $2,535,355

     

    $2,219,097

     

    14.3 %

     

     

     

     

     

     

    Operating Income (Loss)

    $475,917

     

    $453,188

     

    5.0 %

    Interest Expense, Net

    341,040

     

    281,347

     

    21.2 %

    Other (Income) Expense, Net

    (6,697)

     

    84,150

     

    (108.0) %

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

    $141,574

     

    $87,691

     

    61.4 %

    Provision (Benefit) for Income Taxes

    29,928

     

    21,013

     

    42.4 %

    Net Income (Loss)

    $111,646

     

    $66,678

     

    67.4 %

    Less: Net Income (Loss) Attributable to Noncontrolling Interests

    1,802

     

    1,969

     

    (8.5) %

    Net Income (Loss) Attributable to Iron Mountain Incorporated

    $109,844

     

    $64,709

     

    69.8 %

     

     

     

     

     

     

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

     

     

     

     

     

    Basic

    $0.37

     

    $0.22

     

    68.2 %

    Diluted

    $0.37

     

    $0.22

     

    68.2 %

     

     

     

     

     

     

    Weighted Average Common Shares Outstanding - Basic

    293,043

     

    291,633

     

    0.5 %

    Weighted Average Common Shares Outstanding - Diluted

    295,529

     

    293,288

     

    0.8 %

    Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA

    (Dollars in thousands)

     

     

    Q2 2024

     

    Q1 2024

     

    Q/Q %

    Change

     

     

    Q2 2023

     

    Y/Y %

    Change

     

     

     

     

     

     

     

     

     

     

     

    Net Income (Loss)

    $34,621

     

    $77,025

     

    (55.1) %

     

     

    $1,143

     

    n/a

     

     

     

     

     

     

     

     

     

     

     

    Add / (Deduct):

     

     

     

     

     

     

     

     

     

     

    Interest Expense, Net

    176,521

     

    164,519

     

    7.3 %

     

     

    144,178

     

    22.4 %

    Provision (Benefit) for Income Taxes

    13,319

     

    16,609

     

    (19.8) %

     

     

    4,255

     

    n/a

    Depreciation and Amortization

    224,501

     

    209,555

     

    7.1 %

     

     

    195,367

     

    14.9 %

    Acquisition and Integration Costs

    9,502

     

    7,809

     

    21.7 %

     

     

    1,511

     

    n/a

    Restructuring and Other Transformation

    46,513

     

    40,767

     

    14.1 %

     

     

    45,588

     

    2.0 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)

    2,790

     

    389

     

    n/a

     

     

    (1,505)

     

    n/a

    Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

    4,532

     

    (13,110)

     

    (134.6) %

     

     

    58,694

     

    (92.3) %

    Stock-Based Compensation Expense

    29,889

     

    14,039

     

    112.9 %

     

     

    22,373

     

    33.6 %

    Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures

    2,173

     

    1,253

     

    73.4 %

     

     

    4,054

     

    (46.4) %

    Adjusted EBITDA

    $544,361

     

    $518,855

     

    4.9 %

     

     

    $475,658

     

    14.4 %

    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 (income) expense, net; and (v) Stock-based compensation expense. 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)

    $111,646

     

    $66,678

     

    67.4 %

    Add / (Deduct):

     

     

     

     

     

    Interest Expense, Net

    341,040

     

    281,347

     

    21.2 %

    Provision (Benefit) for Income Taxes

    29,928

     

    21,013

     

    42.4 %

    Depreciation and Amortization

    434,056

     

    377,461

     

    15.0 %

    Acquisition and Integration Costs

    17,311

     

    3,106

     

    n/a

    Restructuring and Other Transformation

    87,280

     

    82,501

     

    5.8 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)

    3,179

     

    (14,566)

     

    (121.8) %

    Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

    (8,578)

     

    76,185

     

    (111.3) %

    Stock-Based Compensation Expense

    43,928

     

    34,882

     

    25.9 %

    Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures

    3,426

     

    7,859

     

    (56.4) %

    Adjusted EBITDA

    $1,063,216

     

    $936,466

     

    13.5 %

    Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

     

     

    Q2 2024

     

    Q1 2024

     

    Q/Q %

    Change

     

     

    Q2 2023

     

    Y/Y %

    Change

     

     

     

     

     

     

     

     

     

     

     

    Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

    $0.12

     

    $0.25

     

    (52.0) %

     

     

    $0.00

     

    n/a

    Add / (Deduct):

     

     

     

     

     

     

     

     

     

     

    Acquisition and Integration Costs

    0.03

     

    0.03

     

    —

     

     

    0.01

     

    n/a

    Restructuring and Other Transformation

    0.16

     

    0.14

     

    14.3 %

     

     

    0.16

     

    —

    Loss (Gain) on Disposal/Write-Down of PP&E, Net

    0.01

     

    —

     

    n/a

     

     

    (0.01)

     

    n/a

    Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

    0.02

     

    (0.04)

     

    (150.0) %

     

     

    0.20

     

    (90.0) %

    Stock-Based Compensation Expense

    0.10

     

    0.05

     

    100.0 %

     

     

    0.08

     

    25.0 %

    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)

    (0.03)

     

    (0.01)

     

    n/a

     

     

    (0.05)

     

    (40.0) %

    Net Income Attributable to Noncontrolling Interests

    —

     

    0.01

     

    (100.0) %

     

     

    —

     

    —

    Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

    $0.42

     

    $0.43

     

    (2.3) %

     

     

    $0.40

     

    5.0 %

     

    (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 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 June 30, 2024 and 2023 was 14.5% and 14.0%, respectively, and the quarter ended March 31, 2024 was 13.9%.

    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) Amortization related to the write-off of certain customer relationship intangible assets; (iv) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other expense (income), net; (vi) Stock-based compensation expense; (vii) Non-cash amortization related to derivative instruments; and (viii) Tax impact of reconciling items and discrete tax items. 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

    $0.37

     

    $0.22

     

    68.2 %

    Add / (Deduct):

     

     

     

     

     

    Acquisition and Integration Costs

    0.06

     

    0.01

     

    n/a

    Restructuring and Other Transformation

    0.30

     

    0.28

     

    7.1 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net

    0.01

     

    (0.05)

     

    (120.0) %

    Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

    (0.03)

     

    0.26

     

    (111.5) %

    Stock-Based Compensation Expense

    0.15

     

    0.12

     

    25.0 %

    Non-Cash Amortization Related to Derivative Instruments

    0.03

     

    0.04

     

    (25.0) %

    Tax Impact of Reconciling Items and Discrete Tax Items (1)

    (0.04)

     

    (0.06)

     

    (33.3) %

    Net Income Attributable to Noncontrolling Interests

    0.01

     

    0.01

     

    —

    Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated

    $0.85

     

    $0.83

     

    2.4 %

     

    (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the six months ended June 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 June 30, 2024 and 2023 was 14.5% and 14.0%, 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)

     

     

    Q2 2024

     

    Q1 2024

     

    Q/Q %

    Change

     

     

    Q2 2023

     

    Y/Y %

    Change

     

     

     

     

     

     

     

     

     

     

     

    Net Income

    $34,621

     

    $77,025

     

    (55.1) %

     

     

    $1,143

     

    n/a

    Add / (Deduct):

     

     

     

     

     

     

     

     

     

     

    Real Estate Depreciation (1)

    97,771

     

    83,573

     

    17.0 %

     

     

    81,558

     

    19.9 %

    Loss (Gain) on Sale of Real Estate, Net of Tax

    579

     

    (1,194)

     

    (148.5) %

     

     

    (1,853)

     

    (131.2) %

    Data Center Lease-Based Intangible Assets Amortization (2)

    5,571

     

    5,576

     

    (0.1) %

     

     

    4,907

     

    13.5 %

    Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures

    1,112

     

    441

     

    152.2 %

     

     

    562

     

    97.9 %

    FFO (Nareit)

    $139,654

     

    $165,421

     

    (15.6) %

     

     

    $86,317

     

    61.8 %

    Add / (Deduct):

     

     

     

     

     

     

     

     

     

     

    Acquisition and Integration Costs

    9,502

     

    7,809

     

    21.7 %

     

     

    1,511

     

    n/a

    Restructuring and Other Transformation

    46,513

     

    40,767

     

    14.1 %

     

     

    45,588

     

    2.0 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)

    2,211

     

    1,818

     

    21.6 %

     

     

    (1,417)

     

    n/a

    Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

    4,532

     

    (13,110)

     

    (134.6) %

     

     

    58,694

     

    (92.3) %

    Stock-Based Compensation Expense

    29,889

     

    14,039

     

    112.9 %

     

     

    22,373

     

    33.6 %

    Non-Cash Amortization Related to Derivative Instruments

    4,177

     

    4,176

     

    —

     

     

    5,817

     

    (28.2) %

    Real Estate Financing Lease Depreciation

    3,236

     

    2,986

     

    8.4 %

     

     

    3,008

     

    7.6 %

    Tax Impact of Reconciling Items and Discrete Tax Items (3)

    (8,643)

     

    (4,170)

     

    107.3 %

     

     

    (13,278)

     

    (34.9) %

    Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures

    (50)

     

    41

     

    222.0 %

     

     

    (500)

     

    (90.0) %

    FFO (Normalized)

    $231,021

     

    $219,777

     

    5.1 %

     

     

    $208,113

     

    11.0 %

    Per Share Amounts (Fully Diluted Shares):

     

     

     

     

     

     

     

     

     

     

    FFO (Nareit)

    $0.47

     

    $0.56

     

    (16.1) %

     

     

    $0.29

     

    62.1 %

    FFO (Normalized)

    $0.78

     

    $0.74

     

    5.4 %

     

     

    $0.71

     

    9.9 %

     

     

     

     

     

     

     

     

     

     

     

    Weighted Average Common Shares Outstanding - Basic

    293,340

     

    292,746

     

    0.2 %

     

     

    291,825

     

    0.5 %

    Weighted Average Common Shares Outstanding - Diluted

    295,838

     

    295,221

     

    0.2 %

     

     

    293,527

     

    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.

    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 (income) expense net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; and (viii) Tax impact of reconciling items and discrete tax items.

    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)

     

     

    Q2 2024

     

    Q1 2024

     

    Q/Q % Change

     

     

    Q2 2023

     

    Y/Y % Change

     

     

     

     

     

     

     

     

     

     

     

    FFO (Normalized)

    $231,021

     

    $219,777

     

    5.1 %

     

     

    $208,113

     

    11.0 %

    Add / (Deduct):

     

     

     

     

     

     

     

     

     

     

    Non-Real Estate Depreciation

    57,923

     

    57,073

     

    1.5 %

     

     

    49,765

     

    16.4 %

    Amortization Expense (1)

    60,001

     

    60,346

     

    (0.6) %

     

     

    56,131

     

    6.9 %

    Amortization of Deferred Financing Costs

    6,143

     

    6,100

     

    0.7 %

     

     

    3,763

     

    63.2 %

    Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases

    1,475

     

    1,322

     

    11.6 %

     

     

    1,732

     

    (14.8) %

    Non-Cash Rent Expense (Income)

    3,658

     

    5,659

     

    (35.4) %

     

     

    6,603

     

    (44.6) %

    Reconciliation to Normalized Cash Taxes

    (2,524)

     

    1,931

     

    n/a

     

     

    (8,575)

     

    (70.6) %

    Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures

    180

     

    182

     

    (1.1) %

     

     

    2,525

     

    (92.9) %

    Less:

     

     

     

     

     

     

     

     

     

     

    Recurring Capital Expenditures

    36,976

     

    28,737

     

    28.7 %

     

     

    32,967

     

    12.2 %

    AFFO

    $320,901

     

    $323,653

     

    (0.9) %

     

     

    $287,090

     

    11.8 %

     

     

     

     

     

     

     

     

     

     

     

    Per Share Amounts (Fully Diluted Shares):

     

     

     

     

     

     

     

     

     

     

    AFFO Per Share

    $1.08

     

    $1.10

     

    (1.8) %

     

     

    $0.98

     

    10.2 %

     

     

     

     

     

     

     

     

     

     

     

    Weighted Average Common Shares Outstanding - Basic

    293,340

     

    292,746

     

    0.2 %

     

     

    291,825

     

    0.5 %

    Weighted Average Common Shares Outstanding - Diluted

    295,838

     

    295,221

     

    0.2 %

     

     

    293,527

     

    0.8 %

     

    (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

    $111,646

     

    $66,678

     

    67.4 %

    Add / (Deduct):

     

     

     

     

     

    Real Estate Depreciation (1)

    181,344

     

    157,687

     

    15.0 %

    (Gain) Loss on Sale of Real Estate, Net of Tax

    (615)

     

    (17,599)

     

    (96.5) %

    Data Center Lease-Based Intangible Assets Amortization (2)

    11,147

     

    11,036

     

    1.0 %

    Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures

    1,553

     

    694

     

    123.8 %

    FFO (Nareit)

    $305,075

     

    $218,496

     

    39.6 %

    Add / (Deduct):

     

     

     

     

     

    Acquisition and Integration Costs

    17,311

     

    3,106

     

    n/a

    Restructuring and Other Transformation

    87,280

     

    82,501

     

    5.8 %

    Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)

    4,029

     

    3,133

     

    28.6 %

    Other (Income) Expense, Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures

    (8,578)

     

    76,185

     

    (111.3) %

    Stock-Based Compensation Expense

    43,928

     

    34,882

     

    25.9 %

    Non-Cash Amortization Related to Derivative Instruments

    8,353

     

    11,651

     

    (28.3) %

    Real Estate Financing Lease Depreciation

    6,222

     

    5,996

     

    3.8 %

    Tax Impact of Reconciling Items and Discrete Tax Items (3)

    (12,813)

     

    (18,491)

     

    (30.7) %

    Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures

    (9)

     

    (274)

     

    (96.7) %

    FFO (Normalized)

    $450,798

     

    $417,185

     

    8.1 %

    Per Share Amounts (Fully Diluted Shares):

     

     

     

     

     

    FFO (Nareit)

    $1.03

     

    $0.74

     

    39.2 %

    FFO (Normalized)

    $1.53

     

    $1.42

     

    7.7 %

     

     

     

     

     

     

    Weighted Average Common Shares Outstanding - Basic

    293,043

     

    291,633

     

    0.5 %

    Weighted Average Common Shares Outstanding - Diluted

    295,529

     

    293,288

     

    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)

    $450,798

     

    $417,185

     

    8.1 %

    Add / (Deduct):

     

     

     

     

     

    Non-Real Estate Depreciation

    114,996

     

    90,712

     

    26.8 %

    Amortization Expense (1)

    120,347

     

    112,030

     

    7.4 %

    Amortization of Deferred Financing Costs

    12,243

     

    8,096

     

    51.2 %

    Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases

    2,797

     

    3,492

     

    (19.9) %

    Non-Cash Rent Expense (Income)

    9,317

     

    14,039

     

    (33.6) %

    Reconciliation to Normalized Cash Taxes

    (593)

     

    (7,098)

     

    (91.6) %

    Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures

    362

     

    4,506

     

    (92.0) %

    Less:

     

     

     

     

     

    Recurring Capital Expenditures

    65,713

     

    60,629

     

    8.4 %

    AFFO

    $644,554

     

    $582,333

     

    10.7 %

     

     

     

     

     

     

    Per Share Amounts (Fully Diluted Shares):

     

     

     

     

     

    AFFO Per Share

    $2.18

     

    $1.99

     

    9.5 %

     

     

     

     

     

     

    Weighted Average Common Shares Outstanding - Basic

    293,043

     

    291,633

     

    0.5 %

    Weighted Average Common Shares Outstanding - Diluted

    295,529

     

    293,288

     

    0.8 %

     

    (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801875618/en/

    Get the next $IRM alert in real time by email

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