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IRM · Iron Mountain

50 filings

10-Q

IRM 10-Q Quarterly Reports

Iron Mountain - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K133

IRM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 133 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’18Mar ’18
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25
  1. 2026-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2026

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2026 reports revenue of $2.03 billion for the three months ended June 30, 2026, up from $1.71 billion a year earlier, and operating income of $373.5 million versus $259.9 million. Net income attributable to Iron Mountain was $101.4 million, or $0.34 per diluted share, compared with a net loss of $44.9 million, or $0.15 per share, in the prior-year quarter. For the six months, revenue was $3.97 billion and net income attributable to the company was $245.1 million, or $0.82 per diluted share. Adjusted EBITDA rose to $727.0 million for the quarter from $628.4 million, and Adjusted EBITDA margin was 35.8% versus 36.7%. Global Data Center Business storage rental revenue grew 37.5% in the quarter, while the Global RIM Business segment's Adjusted EBITDA margin declined. Cash flow from operations for the six months was $887.8 million, while capital expenditures were $1.11 billion. The company issued $1.5 billion of 6.25% Senior Notes due 2035 in June 2026, which were used to repay part of the revolving credit facility and for general corporate purposes. Long-term debt totaled $17.35 billion at June 30, 2026, and total (deficit) equity was negative $955.0 million. The company reports compliance with its Credit Agreement covenants, with a net total lease adjusted leverage ratio of 4.8 against a maximum of 7.0 and a fixed charge coverage ratio of 2.5 against a minimum of 1.5. The company expects 2026 capital expenditures of approximately $2.2 billion, including about $2.05 billion for growth investment. On August 5, 2026, it declared a quarterly dividend of $0.864 per share, payable October 2, 2026, to stockholders of record as of September 15, 2026.

    Aug 5, 2026
  2. 2026-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2026

    Iron Mountain Incorporated's Form 10-Q for the quarter ended March 31, 2026 reports total revenues of $1.94 billion, up from $1.59 billion in the prior-year quarter, with storage rental revenue of $1.09 billion and service revenue of $841.4 million. Operating income rose to $395.2 million from $254.3 million, and net income attributable to Iron Mountain Incorporated was $143.7 million, or $0.48 per diluted share, compared with $16.0 million, or $0.05 per diluted share, a year earlier. Adjusted EBITDA was $707.9 million, up from $579.9 million, with Adjusted EBITDA Margin of 36.6% versus 36.4%. Growth was led by the Global Data Center Business, where segment revenue rose to $254.7 million from $173.2 million and segment Adjusted EBITDA reached $132.8 million. The Global RIM Business segment generated $1.40 billion of revenue and $617.7 million of Adjusted EBITDA. Investment remained heavy: cash capital expenditures were $518.0 million in the quarter, and management expects total 2026 capital expenditures of approximately $2.2 billion. Long-term debt rose to a carrying amount of $17.10 billion, and interest expense, net increased to $223.8 million from $194.7 million, reflecting higher average debt outstanding. Total deficit equity was $(938.4) million at March 31, 2026. The company reported operating cash flow of $338.6 million, paid $275.6 million in dividends, and declared a quarterly dividend of $0.864 per share on April 30, 2026. Management stated it was in compliance with its debt covenants, with a net total lease adjusted leverage ratio of 4.8 against a maximum allowable of 7.0.

    Apr 30, 2026
  3. 2025-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2025

    Iron Mountain Incorporated reported third-quarter 2025 total revenues of $1,754.1 million, up 12.6% from $1,557.4 million in the prior-year quarter, and operating income of $308.6 million, up 22.9%. Net income attributable to Iron Mountain Incorporated was $84.3 million, or $0.28 per diluted share, compared with a net loss of $33.6 million, or $(0.11) per share, a year earlier. Adjusted EBITDA rose 16.2% to $660.4 million, with an Adjusted EBITDA Margin of 37.6%, and Adjusted EPS was $0.54 versus $0.44. For the nine months, revenues were $5,058.6 million (up 10.7%) and Adjusted EBITDA was $1,868.7 million (up 14.5%), but net income attributable to the company fell 27.4% to $55.3 million, largely reflecting higher interest expense of $609.5 million and other expense of $106.4 million. The balance sheet shows continued heavy investment and leverage. Total long-term debt was $16.31 billion at September 30, 2025, up from $13.84 billion at December 31, 2024, and total stockholders' deficit was $(881.96) million attributable to the company. Cash used in investing activities was $1.97 billion for the nine months, driven by cash capital expenditures of $1.76 billion, and the company expects 2025 capital expenditures of approximately $1.95 billion. The company issued EUR 1.2 billion of 4.75% Euro Senior Notes due 2034 in September, with net proceeds of $1.39 billion. The Credit Agreement's net total lease adjusted leverage ratio was 5.0 against a maximum of 7.0, and the fixed charge coverage ratio was 2.5 against a minimum of 1.5. Segment results show the data center business as a key growth driver. Global Data Center Business revenue was $204.1 million in the third quarter, up 33.2%, with a segment Adjusted EBITDA Margin of 52.6%. Global RIM Business revenue rose 6.2% to $1,338.8 million. Restructuring and other transformation costs for Project Matterhorn totaled $152.4 million for the nine months and $530.9 million since inception, and the company expects the program to be completed by December 31, 2025. On November 5, 2025, the board declared a dividend of $0.864 per share payable January 6, 2026.

    Nov 5, 2025
  4. 2025-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2025

    Iron Mountain Incorporated reported second-quarter 2025 total revenues of $1.71 billion, up 11.6% from $1.53 billion a year earlier, with Adjusted EBITDA of $628.4 million, up 15.4%, and an Adjusted EBITDA Margin of 36.7% versus 35.5%. The company swung to a net loss of $43.3 million for the quarter (net loss attributable to Iron Mountain of $44.9 million, or $(0.15) per diluted share), compared with net income of $34.6 million a year earlier. The filing attributes the deterioration mainly to foreign currency transaction losses of $87.2 million in Other expense (income), net, which primarily reflect movements in the British pound sterling and the Euro against the U.S. dollar on intercompany balances. Adjusted EPS rose to $0.48 from $0.42. For the six months ended June 30, 2025, total revenues were $3.30 billion, up 9.7%, and Adjusted EBITDA was $1.21 billion, up 13.6%. Growth was led by the Global Data Center Business, where segment revenue rose 24.0% in the quarter, and by the Global RIM Business, where storage rental revenue grew 6.2%. Cash flows from operating activities were $572.4 million, while capital expenditures were $1.23 billion. Long-term debt, net of current portion, increased to $14.82 billion from $13.00 billion at December 31, 2024, and total deficit equity was $(568.9) million. Management reports that its disclosure controls were effective as of June 30, 2025, and that it is in compliance with its Credit Agreement and bond covenants. The Credit Agreement's net total lease adjusted leverage ratio was 5.0 against a maximum of 7.0, and the fixed charge coverage ratio was 2.4 against a minimum of 1.5. The company expects 2025 capital expenditures of approximately $1.95 billion, excluding potential acquisitions, and it declared a quarterly dividend of $0.785 per share on August 6, 2025.

    Aug 6, 2025
  5. 2025-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2025

    Iron Mountain Incorporated's Form 10-Q for the quarter ended March 31, 2025 shows total revenues of $1.59 billion, up from $1.48 billion in the prior-year quarter, with operating income of $254.3 million versus $245.6 million. Net income attributable to Iron Mountain fell to $15.95 million, or $0.05 per diluted share, from $74.06 million, or $0.25 per share, as other expense rose to $28.5 million on foreign currency transaction losses and interest expense increased to $194.7 million. Adjusted EBITDA rose 11.8% to $579.9 million, and Adjusted EBITDA Margin improved to 36.4% from 35.1%, which the company attributes to favorable overhead management. Global Data Center Business revenue grew 20.3% to $173.2 million, with segment Adjusted EBITDA up to $90.8 million. Global RIM Business revenue grew 3.8% to $1.26 billion. Capital expenditures on a cash basis were $674.8 million, driven largely by data center growth investment, and the company expects total 2025 capital expenditures of approximately $1.95 billion. Long-term debt, net of current portion, rose to $14.18 billion from $13.00 billion at year-end 2024, and total stockholders' deficit widened to $(698.5) million attributable to Iron Mountain. The company reported that it was in compliance with its leverage and fixed charge coverage covenants, with a net total lease adjusted leverage ratio of 5.0 against a maximum of 7.0 and a fixed charge coverage ratio of 2.4 against a minimum of 1.5. On May 1, 2025, the board declared a quarterly dividend of $0.785 per share, and Project Matterhorn restructuring and transformation costs totaled $54.7 million in the quarter, with about $150.0 million expected for 2025.

    May 1, 2025
  6. 2024-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2024

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2024 reports third-quarter revenues of $1.56 billion, up from $1.39 billion a year earlier, while net loss attributable to Iron Mountain Incorporated was $33.6 million, compared with net income of $91.0 million in the prior-year quarter. The quarter included $85.5 million of Other expense excluding joint venture items, driven largely by a $46.7 million foreign currency transaction loss, and $11.3 million of acquisition and integration costs. Adjusted EBITDA rose 13.6% to $568.1 million, with Adjusted EBITDA margin of 36.5% versus 36.0% a year earlier. Nine-month revenue reached $4.57 billion, up 12.5%, and Adjusted EBITDA was $1.63 billion, up 13.6%. The company's balance sheet shows total debt of $13.38 billion at quarter end, up from $11.93 billion at December 31, 2023, and total (deficit) equity of $(102.4) million. Capital expenditures on a cash basis were $1.17 billion for the nine months, and management expects total 2024 capital expenditures of approximately $1.75 billion, with growth investment of about $1.6 billion. Global Data Center Business storage rental revenue grew 21.9% in the quarter, while Global RIM Business segment Adjusted EBITDA margin was 45.1%. Cash dividends paid for the nine months totaled $579.5 million, and the board declared a quarterly dividend of $0.715 per share on November 6, 2024. The filing states that the company is in compliance with its Credit Agreement and bond covenants, with a net total lease adjusted leverage ratio of 5.0 against a maximum allowable of 7.0, and a fixed charge coverage ratio of 2.4 against a minimum of 1.5. Disclosure controls were concluded to be effective as of September 30, 2024.

    Nov 6, 2024
  7. 2024-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2024

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2024 reports total revenues of $1.53 billion for the three months ended June 30, 2024, up from $1.36 billion a year earlier, and $3.01 billion for the six months, up from $2.67 billion. Net income attributable to Iron Mountain Incorporated was $35.8 million for the quarter versus $0.1 million in the prior-year quarter, and $109.8 million for the six months versus $64.7 million. Adjusted EBITDA was $544.4 million for the quarter (35.5% margin) and $1.06 billion for the six months (35.3% margin), both as stated in the filing, and six-month operating cash flow was $512.2 million. Balance sheet and capital activity grew meaningfully. Long-term debt, net of current portion, rose to $12.81 billion from $11.81 billion at December 31, 2023, and total equity moved to a deficit of $(132.7) million from equity of $211.8 million. Six-month capital expenditures were $777.9 million, against a full-year 2024 expectation of approximately $1.5 billion stated in the filing. The Global Data Center Business reported storage rental revenue of $147.4 million for the quarter, up from $111.0 million, and the company's Global RIM Business segment Adjusted EBITDA margin was 43.9% for the quarter. Subsequent events disclosed in the filing include a July 2, 2024 amendment to the Credit Agreement that increased the Term Loan B due 2031 to approximately $1.81 billion, a July 5, 2024 acquisition of an approximately 8.55% interest in the Web Werks JV, and an August 1, 2024 declaration of a quarterly dividend of $0.715 per share.

    Aug 1, 2024
  8. 2024-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2024

    Iron Mountain Incorporated's Form 10-Q for the quarter ended March 31, 2024 reports total revenues of $1.48 billion for the three months ended March 31, 2024, up from $1.31 billion a year earlier. Operating income was $245.6 million versus $240.7 million, and net income attributable to Iron Mountain Incorporated was $74.1 million, or $0.25 per diluted share, compared with $64.6 million, or $0.22 per diluted share, in the prior-year period. Adjusted EBITDA was $518.9 million, up from $460.8 million, with Adjusted EBITDA margin of 35.1% in both periods. Storage rental revenue grew to $884.8 million and service revenue to $592.0 million. Growth was supported by the Global Data Center Business, where storage rental revenue rose to $140.0 million from $107.4 million, and by acquisitions, notably Regency Technologies, which contributed $32.7 million of service revenue increase. Interest expense, net rose to $164.5 million from $137.2 million, reflecting higher average debt and a higher weighted average interest rate of 5.7% versus 5.3%. Long-term debt, net of current portion, increased to $12.59 billion from $11.81 billion at December 31, 2023. Cash flows from operating activities were $130.0 million, while capital expenditures were $381.1 million on a cash basis, and management expects total 2024 capital expenditures of approximately $1.5 billion. The company stated it was in compliance with its leverage and fixed charge coverage covenants, with a net total lease adjusted leverage ratio of 5.1 against a maximum of 7.0 and a fixed charge coverage ratio of 2.4 against a minimum of 1.5. On May 2, 2024, the board declared a dividend of $0.65 per share payable July 5, 2024.

    May 2, 2024
  9. 2023-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2023

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2023 reports total revenues of $1.39 billion for the three months ended September 30, 2023, up from $1.29 billion a year earlier, and $4.06 billion for the nine months, up from $3.82 billion. Operating income for the nine months fell to $691.0 million from $801.7 million, driven by restructuring and other transformation costs of $121.4 million tied to Project Matterhorn, higher operating expenses, and lower gains on property disposals. Net income attributable to Iron Mountain Incorporated was $155.8 million for the nine months, versus $434.5 million a year earlier, and diluted EPS was $0.53 compared with $1.49. Adjusted EBITDA rose 6.0% to $1.44 billion for the nine months, with an Adjusted EBITDA margin of 35.4%, unchanged from the prior year period. Balance sheet and cash flow data show long-term debt, net of current portion, of $11.55 billion at September 30, 2023, up from $10.48 billion at December 31, 2022. Cash flows from operating activities were $666.4 million for the nine months, while capital expenditures totaled $962.3 million. Parent cash dividends paid were $547.7 million, and the company issued $1.0 billion of 7% Notes due 2029 in May 2023, with net proceeds of approximately $990.0 million. The company declared a dividend of $0.65 per share on November 2, 2023, payable January 4, 2024. Management expects total capital expenditures of approximately $1.30 billion for 2023 and continued revenue and Adjusted EBITDA growth into 2024. Subsequent to quarter end, the company agreed on October 30, 2023 to acquire RSR Partners, LLC (Regency Technologies) for an initial purchase price of approximately $200.0 million.

    Nov 2, 2023
  10. 2023-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2023

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2023 shows revenue of $1.36 billion for the three months, up 5.3% from the prior year period, and $2.67 billion for the six months, also up 5.3%. Adjusted EBITDA was $475.7 million for the quarter and $936.5 million for the six months, with Adjusted EBITDA Margin of 35.0% in both periods. Reported profitability weakened sharply. Net income attributable to Iron Mountain was $114 thousand for the quarter ($0.00 per diluted share), down from $200.1 million, and $64.7 million for the six months ($0.22 per diluted share). The filing attributes much of the pressure to $82.5 million of Project Matterhorn restructuring and other transformation costs for the six months, a $38.0 million loss from remeasuring the company's previously held Clutter JV interest, and foreign currency transaction losses. Interest expense, net rose to $281.3 million for the six months from $229.5 million. The balance sheet and financing activity grew more leveraged. Long-term debt, net of current portion, rose to $11.14 billion at June 30, 2023 from $10.48 billion at December 31, 2022. The company issued $1.0 billion of 7% Senior Notes due 2029 in May 2023, with net proceeds of approximately $990.0 million used to repay revolver borrowings. The Credit Agreement's net total lease adjusted leverage ratio was 5.1 against a maximum allowable of 7.0, and the fixed charge coverage ratio was 2.3 against a minimum of 1.5. Operating cash flow was $446.1 million for the six months, while capital expenditures were $600.8 million, and the company paid $367.1 million in dividends. For full-year 2023, the company expects capital expenditures of approximately $1.2 billion, excluding potential acquisitions. Subsequent to the quarter, the board declared a dividend of $0.65 per share on August 3, 2023, payable October 5, 2023, to holders of record as of September 15, 2023. The company also made its final contractual investment in the Web Werks JV on July 7, 2023, raising its interest to 63.39% and giving it control of the board, after which Web Werks will be consolidated within the Global Data Center Business segment. The company stated it expects continued total revenue and Adjusted EBITDA growth in 2023.

    Aug 3, 2023
  11. 2023-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2023

    Iron Mountain Incorporated reported first-quarter 2023 total revenues of $1.31 billion, up 5.3% from $1.25 billion a year earlier. Operating income rose to $240.7 million from $222.1 million, and net income attributable to Iron Mountain was $64.6 million, or $0.22 per diluted share, compared with $42.3 million, or $0.14, in the prior-year period. Adjusted EBITDA increased 6.9% to $460.8 million, and Adjusted EBITDA Margin improved to 35.1% from 34.5%. The filing attributes the margin gain to improved service revenue trends, revenue management and cost containment, partly offset by lower margins in the asset lifecycle management business. Storage rental revenue grew 7.9% in total, and the Global Data Center Business's storage rental revenue rose 22.9%. Costs and financing weighed on results. Restructuring and other transformation expense of $36.9 million related to Project Matterhorn, a global program the company expects to cost approximately $150.0 million per year from 2023 through 2025. Interest expense, net increased to $137.2 million from $114.4 million, reflecting higher average debt and a higher weighted average interest rate of 5.3%, compared with 4.4% a year earlier. Foreign currency exchange rate fluctuations decreased reported revenue growth by 2.2%. Operating cash flow was $128.8 million, versus $54.5 million in the prior-year period, and capital expenditures were $265.9 million on a cash basis. The balance sheet showed total long-term debt of $10.96 billion and total equity of $545.6 million. The company reported a net total lease adjusted leverage ratio of 5.1 against a maximum allowable of 7.0 and a fixed charge coverage ratio of 2.4 against a minimum allowable of 1.5 under its Credit Agreement, and it stated compliance with its debt covenants as of March 31, 2023. The company declared a quarterly dividend of $0.6185 per share on May 4, 2023, and expects total 2023 capital expenditures of approximately $1,000.0 million, excluding potential future acquisitions.

    May 4, 2023
  12. 2022-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2022

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2022 shows third-quarter revenue of $1,286.9 million, up from $1,130.1 million a year earlier, with net income attributable to Iron Mountain of $192.2 million ($0.66 per diluted share) versus $67.7 million ($0.23) in the prior-year quarter. For the nine months, revenue rose to $3,824.5 million from $3,331.9 million and net income attributable to Iron Mountain was $434.5 million ($1.49 per diluted share). Adjusted EBITDA was $469.4 million for the quarter and $1,355.1 million for the nine months, with the company citing a 12.6% nine-month increase, though Adjusted EBITDA margin declined to 35.4% from 36.1%, which the filing attributes mainly to the ITRenew acquisition. Growth was driven by acquisitions and service revenue. Service revenue rose to $1,560.0 million for the nine months from $1,187.0 million, including $167.9 million from ITRenew, while storage rental revenue grew to $2,264.6 million from $2,144.9 million. Cash flow from operations was $560.4 million for the nine months, while capital expenditures were $596.8 million and cash paid for acquisitions was $724.2 million. Total long-term debt stood at $10.31 billion, and the Credit Agreement net total lease adjusted leverage ratio was 5.2 against a maximum allowable of 7.0. The company announced Project Matterhorn, a global operating-model program, expecting approximately $150.0 million in annual costs from 2023 through 2025, and declared a quarterly dividend of $0.6185 per share on November 3, 2022. Full-year 2022 guidance in the filing calls for total capital expenditures of approximately $950.0 million.

    Nov 3, 2022
  13. 2022-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2022

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2022 reports total revenues of $1.29 billion for the three months ended June 30, 2022, up from $1.12 billion a year earlier, and $2.54 billion for the six months, up from $2.20 billion. Net income attributable to Iron Mountain was $200.1 million for the quarter versus $275.3 million in the prior-year quarter, and diluted EPS was $0.68 versus $0.95. Adjusted EBITDA rose to $454.7 million from $405.6 million for the quarter, and Adjusted EBITDA Margin was 35.3% versus 36.2%. The filing attributes the revenue growth largely to acquisitions, primarily ITRenew, and to organic storage rental and service growth, while noting that a stronger U.S. dollar is expected to create headwinds to reported growth through 2023. The quarter's lower net income reflects the prior-year gain on the IPM divestment and large property disposal gains, partly offset by a $105.8 million loss on the deconsolidation of OSG Records Management (Europe) Limited in the first quarter of 2022. Total debt carrying amount was about $10.08 billion at June 30, 2022, up from $9.27 billion at December 31, 2021, and cash fell to $144.7 million. The company spent $718.7 million on acquisitions and $330.2 million on capital expenditures in the first half, and expects 2022 capital expenditures of approximately $950.0 million. The board declared a quarterly dividend of $0.6185 per share on August 4, 2022. The company reports compliance with its Credit Agreement covenants, with a net total lease adjusted leverage ratio of 5.3 against a maximum of 7.0 and a fixed charge coverage ratio of 2.5 against a minimum of 1.5. Management concluded disclosure controls were effective as of June 30, 2022.

    Aug 4, 2022
  14. 2022-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2022

    Iron Mountain Incorporated's Form 10-Q for the quarter ended March 31, 2022 reports total revenues of $1.25 billion, up from $1.08 billion in the prior-year quarter, with operating income of $222.1 million versus $170.4 million. Net income attributable to Iron Mountain was $42.3 million, compared with $45.6 million a year earlier, and diluted EPS was $0.14 versus $0.16. Adjusted EBITDA rose to $431.0 million from $380.6 million, though Adjusted EBITDA margin declined to 34.5% from 35.2%, which the company attributed largely to the ITRenew acquisition. The quarter was dominated by acquisition and portfolio activity. The company acquired an approximately 80% interest in ITRenew for a net purchase price of $718.1 million, with a Deferred Purchase Obligation of $275.1 million recorded for the remaining interests. Separately, the company deconsolidated certain OSG Records Management (Europe) businesses, recognizing a loss of approximately $105.8 million in Other expense (income), net, partially offset by a gain of approximately $35.8 million from the Clutter Transaction. Other expense rose to $55.9 million from $4.7 million. Balance sheet leverage increased, with long-term debt net of current portion rising to $10.14 billion from $8.96 billion at year-end 2021, and cash and cash equivalents at $195.7 million. The company amended its Credit Agreement, extending the revolver and Term Loan A maturities to March 18, 2027 and increasing revolver capacity to $2.25 billion. The filing reports a net total lease adjusted leverage ratio of 5.4x against a maximum allowable of 7.0x, and a fixed charge coverage ratio of 2.4x against a minimum of 1.5x. The company declared a quarterly dividend of $0.6185 per share on April 28, 2022.

    Apr 28, 2022
  15. 2021-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2021

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2021 shows third-quarter revenues of $1,130,148 thousand, up from $1,036,647 thousand a year earlier, and net income attributable to Iron Mountain Incorporated of $67,683 thousand, versus $38,394 thousand in the prior-year quarter. For the nine months, total revenues were $3,331,944 thousand and net income attributable to the company was $388,571 thousand, with diluted EPS of $1.34. Adjusted EBITDA was $417,769 thousand for the quarter (37.0% margin) and $1,203,965 thousand for the nine months (36.1% margin). Nine-month results were helped by a gain of approximately $180.6 million on the sale of the Intellectual Property Management business and gains of approximately $127.4 million on UK sale-leaseback transactions. Cash flow from operating activities was $463,337 thousand for the nine months, down from $627,218 thousand, mainly due to working capital timing. Capital expenditures were $418,976 thousand, and total long-term debt was $9,133,417 thousand carrying value at quarter end. The company completed several acquisitions in 2021, including Information Fort, LLC for approximately $90.3 million and a Frankfurt data center for approximately $91.3 million. Management expects total 2021 capital expenditures of approximately $550.0 million, excluding potential acquisitions. Project Summit, the company's cost-reduction program, has incurred $372.7 million of restructuring charges since inception against an estimated total of $450.0 million, and management expects an annual Adjusted EBITDA improvement of approximately $375.0 million exiting 2021. The company also declared a quarterly dividend of $0.6185 per share on November 4, 2021, payable January 6, 2022.

    Nov 4, 2021
  16. 2021-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2021

    Iron Mountain Incorporated reported second-quarter 2021 total revenues of $1,119.8 million, up from $982.2 million a year earlier, with the filing stating a 14.0% increase. Operating income rose to $305.9 million from $131.7 million, and net income attributable to the company was $275.3 million, or $0.95 per diluted share, compared with a loss of $0.02 per share in the prior-year quarter. Results were supported by a $128.9 million net gain on property disposals, mainly from sale-leasebacks of five United Kingdom facilities, and by a $186.2 million net gain in other income, primarily from the June 7, 2021 sale of its Intellectual Property Management business for about $217.2 million in gross consideration. Adjusted EBITDA was $405.6 million, up 12.8%, with an Adjusted EBITDA Margin of 36.2%. For the six months ended June 30, 2021, revenues were $2.20 billion, up 7.4%, and Adjusted EBITDA was $786.2 million, up 8.4%, with a margin of 35.7%. Cash flows from operating activities were $389.2 million, compared with $439.1 million a year earlier, which the filing attributes mainly to working capital timing. Capital expenditures were $295.6 million, and the company expects total 2021 capital expenditures of approximately $550.0 million excluding potential acquisitions. The company continues Project Summit, with cumulative restructuring charges of $322.2 million against an estimated total of $450.0 million, and expects about $375.0 million in annual Adjusted EBITDA improvement exiting 2021. Total long-term debt carrying amount was $8.87 billion, and the filing reports a net total lease adjusted leverage ratio of 5.3 against a maximum allowable of 6.5. The company declared a quarterly dividend of $0.6185 per share on August 5, 2021, and disclosed a voluntary sanctions-related notice to OFAC concerning the destruction of a designated entity's stored property.

    Aug 5, 2021
  17. 2021-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2021

    Iron Mountain Incorporated reported total revenues of $1.08 billion for the three months ended March 31, 2021, up from $1.07 billion a year earlier. Storage rental revenue rose to $708.1 million, while service revenue declined to $374.0 million, which the company attributes primarily to COVID-19 reducing service activity. Operating income increased to $170.4 million from $137.5 million, and Adjusted EBITDA grew 4.0% to $380.6 million, with Adjusted EBITDA Margin rising to 35.2% from 34.2%. Net income attributable to Iron Mountain Incorporated fell 28.7% to $45.6 million, reflecting higher other expense, restructuring charges of $39.8 million, and a higher effective tax rate of 23.9%. Cash flow from operating activities decreased to $68.8 million from $125.4 million, mainly due to working capital changes. Capital expenditures were $145.5 million, and the company paid $181.0 million in common stock dividends. Cash and cash equivalents were $138.9 million at March 31, 2021, and total long-term debt was $9.0 billion on a gross basis. The company is in compliance with its debt covenants, and its net total lease adjusted leverage ratio was 5.5 against a maximum allowable of 6.5. The company continues Project Summit, a cost program with total estimated Restructuring Charges of $450.0 million, of which $282.8 million had been incurred through March 31, 2021. Management expects roughly $375.0 million of annual Adjusted EBITDA improvement exiting 2021 and about 80% of planned workforce reductions completed. The company also declared a quarterly dividend of $0.6185 per share on May 6, 2021, and entered into the Web Werks joint venture in India in April 2021 with an initial investment of approximately $50.1 million.

    May 6, 2021
  18. 2020-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2020

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2020 shows third-quarter revenues of $1.04 billion, down from $1.06 billion a year earlier, with operating income rising to $240.3 million from $223.5 million, helped by a $75.8 million gain on disposal/write-down of property, plant and equipment. Net income attributable to Iron Mountain fell to $38.4 million, or $0.13 per diluted share, from $107.7 million, or $0.37, as other expense rose to $83.5 million, largely from $51.3 million of debt extinguishment expense and foreign currency transaction losses, and restructuring charges reached $48.4 million. Adjusted EBITDA was $370.0 million, a 1.5% decline, with Adjusted EBITDA margin of 35.7% versus 35.4%. For the nine months, revenues declined 3.0% to $3.09 billion, while Adjusted EBITDA rose 2.4% to $1.08 billion and Adjusted EBITDA margin improved to 34.8% from 33.0%. Management attributes the revenue decline mainly to lower service revenue tied to COVID-19, partially offset by storage rental growth, and expects low single-digit total consolidated revenue declines for full-year 2020. Project Summit, the company's cost program, carries estimated total costs of $450.0 million and is expected to improve annual Adjusted EBITDA by approximately $375.0 million exiting 2021. The company refinanced substantial debt during the period, issuing $3.47 billion of senior notes and redeeming $2.94 billion, and reported a $10.0 million? gain on OSG acquisition remeasurement and a pending Frankfurt joint venture expected to produce a gain of approximately $25.0 million in the fourth quarter.

    Nov 5, 2020
  19. 2020-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2020

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2020 reports total revenues of $982.2 million for the three months ended June 30, 2020, down 7.9% from $1,066.9 million a year earlier, and $2,051.0 million for the six months, down 3.3%. Service revenue fell 23.2% in the quarter, and the filing attributes the decline mainly to COVID-19 reducing service activity. Storage rental revenue rose 1.1% to $677.0 million in the quarter. Operating income fell to $131.7 million from $193.1 million, and the company reported a net loss attributable to Iron Mountain of $7.1 million for the quarter versus net income of $92.4 million a year earlier. Adjusted EBITDA was $342.9 million, down 2.3%, while Adjusted EBITDA margin rose to 34.9% from 32.9%. The balance sheet strengthened on liquidity: cash and cash equivalents rose to $907.2 million from $193.6 million at December 31, 2019, supported by June 2020 senior notes offerings with total net proceeds of approximately $2,376.0 million. The company used those proceeds to redeem the 4 3/8% Notes and 6% Notes due 2023 and to repay revolver borrowings, and it redeemed the 5 3/4% Notes on July 2, 2020. Total long-term debt was $9.73 billion at June 30, 2020, and the filing states the company is in compliance with its leverage and fixed charge coverage covenants. Management is pursuing Project Summit, a cost program now estimated at approximately $450.0 million in total costs, with expected annual Adjusted EBITDA improvement of approximately $375.0 million exiting 2021. Restructuring charges were $39.3 million in the quarter and $80.3 million for the six months. A $23.0 million goodwill impairment was recorded on the Fine Arts reporting unit in the first quarter. The filing also notes that the duration and severity of COVID-19 remain uncertain.

    Aug 6, 2020
  20. 2020-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2020

    Iron Mountain Incorporated reported first-quarter 2020 total revenues of $1,068.7 million, up 1.4% from $1,053.9 million in the prior-year period, with organic revenue growth of 1.0%. Operating income fell to $137.5 million from $158.7 million, reflecting $41.0 million of Restructuring Charges tied to Project Summit and a $23.0 million goodwill impairment on its Fine Arts reporting unit. Net income attributable to Iron Mountain rose to $64.0 million from $29.6 million, helped by a $37.4 million foreign currency transaction gain and a lower income tax expense rate of 13.0%. Adjusted EBITDA increased 11.9% to $363.1 million, and Adjusted EBITDA Margin rose to 34.0% from 30.8%. Management attributed the Adjusted EBITDA improvement primarily to lower selling, general and administrative expenses from Project Summit benefits and ongoing cost management. The filing states that the COVID-19 pandemic has disrupted operations, with service activity declines of approximately 40% in April 2020 compared with April 2019, and that the duration and severity of the impact remain uncertain. Management expects organic service revenue declines to continue into the second quarter and potentially beyond. Cash and cash equivalents were $152.7 million at March 31, 2020, and long-term debt was $8.7 billion net of current portion. The company stated it is in compliance with its leverage and fixed charge coverage covenants, with a net total lease adjusted leverage ratio of 5.6 against a maximum allowable of 6.5. The filing also discloses Project Summit's expanded scope, with total estimated costs now approximately $450.0 million, and a Section 13(r) disclosure about limited services provided to entities linked to the Government of Iran and to designated parties, which the company is reporting to OFAC.

    May 7, 2020
  21. 2019-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2019

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2019 reports total revenues of $1,062.2 million for the three months ended September 30, 2019, up from $1,061.0 million a year earlier, and $3,183.0 million for the nine months, up from $3,164.3 million. Income from continuing operations was $108.3 million for the quarter versus $77.3 million in the prior-year quarter, and Adjusted EBITDA rose 3.7% to $375.7 million for the quarter. For the nine months, Adjusted EBITDA declined 1.3% to $1,051.1 million, which the company attributes to labor, technology and overhead costs, partly offset by cost management actions. Organic revenue growth for the nine months was 1.1%, with organic storage rental growth of 2.5% offset by negative organic service revenue growth of 1.2%. The company announced Project Summit in October 2019, a global restructuring program it expects to cost approximately $240.0 million in total restructuring charges, including about $60.0 million in the fourth quarter of 2019. Management expects the program to improve Adjusted EBITDA by approximately $200.0 million by the end of 2022, with about $80.0 million of improvement in 2020. The filing also notes a reduction of vice president level and above positions by approximately 45% and a workforce reduction of about 700 managerial and administrative positions over two years. On the balance sheet, total assets were $13.58 billion at September 30, 2019 and total long-term debt carrying amount was $8.62 billion. In September 2019 the company issued $1.0 billion of 4 7/8% Senior Notes due 2029 at par, with net proceeds of approximately $987.5 million used to repay revolver borrowings. Cash dividends paid in the nine months totaled $528.9 million, and the filing discloses a restatement of prior-period amounts for a Netherlands VAT matter, with the company establishing a reserve of approximately 16,800 Euros for that assessment.

    Oct 31, 2019
  22. 2019-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2019

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2019 reports total revenues of $1,066.9 million for the three months ended June 30, 2019, up 0.6% from $1,060.8 million a year earlier, and $2,120.8 million for the six months, up 0.8%. Operating income for the six months was $351.8 million versus $358.6 million, and net income attributable to Iron Mountain was $122.0 million for the six months, compared with $130.2 million in the prior-year period. Adjusted EBITDA for the six months declined 3.9% to $675.4 million, with Adjusted EBITDA Margin of 31.8% versus 33.4%. The filing attributes the margin decline to higher labor costs in secure shredding, technology costs tied to information security investments, and overhead associated with growth in the data center business. Organic revenue growth was 1.3% for the six months, with organic storage rental growth of 2.2% offset by negative organic service revenue growth of 0.2%. Foreign currency fluctuations reduced reported revenue growth by 3.0% for the period. The Global Data Center Business reported segment revenue growth of 22.0% for the six months, driven mainly by acquisitions, while the North American Data Management Business saw organic revenue decline of 3.2%. Management expects 2019 consolidated organic total revenue growth of approximately 1.3% to 2.0%. Balance sheet and cash flow items include total debt carrying amount of $8.51 billion, cash from operating activities of $429.7 million for the six months, capital expenditures of $367.1 million, and dividends paid of $353.4 million. The company also disclosed a June 2019 Netherlands VAT assessment of approximately 16,800 Euros, which it has reserved for, and an immaterial restatement of 2018 prior-period amounts.

    Aug 1, 2019
  23. 2019-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2019

    Iron Mountain Incorporated reported first-quarter 2019 total revenues of $1.05 billion, up 1.1% from $1.04 billion in the prior-year quarter, with organic revenue growth of 1.9% and a foreign currency headwind of 3.4%. Operating income fell to $158.7 million from $164.6 million, and net income attributable to Iron Mountain was $29.6 million, or $0.10 per diluted share, versus $44.7 million, or $0.16, a year earlier. Adjusted EBITDA declined 5.4% to $324.5 million, and Adjusted EBITDA Margin fell to 30.8% from 32.9%, which management attributed mainly to higher labor costs in secure shredding, technology costs tied to information security investments, and overhead in the growing data center business. The Global Data Center Business was the main growth driver, with segment revenue up 32.0% to $61.5 million, largely from acquisitions. Cash flow from operating activities from continuing operations was $117.1 million, while capital expenditures were $184.8 million on a cash basis and the company paid $178.0 million in dividends. Long-term debt, net of current portion, was $8.37 billion at March 31, 2019, and the company reported a net total lease adjusted leverage ratio of 5.8, within its 6.5 maximum. Management stated it is currently operating above its long-term targeted leverage ratio and expects to reduce it over time. The filing also reflects the January 1, 2019 adoption of ASU 2016-02 (Leases), which added $1.79 billion of operating lease right-of-use assets and $1.66 billion of long-term operating lease liabilities to the balance sheet. The quarter included a consumer storage divestment to the Makespace joint venture, in which the company holds an approximately 34% equity interest, and a gain of approximately $4.2 million. Management guided to 2019 organic total revenue growth of approximately 2.0% to 2.5%.

    Apr 25, 2019
  24. 2018-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2018

    Iron Mountain Incorporated (IRM) reported its Form 10-Q for the quarter ended September 30, 2018. Total revenues rose 9.9% to $1,060.991 million in the third quarter and 10.9% to $3,164.3 million for the nine months, while operating income for the nine months was $563.7 million versus $494.7 million a year earlier. Net income attributable to Iron Mountain for the nine months was $205.2 million, compared with $161.1 million in the prior-year period. Adjusted EBITDA reached $1,076.3 million for the nine months, a 34.0% margin, and the company's internal revenue growth was 3.6% for the period, driven largely by acquisitions in the Global Data Center Business. The balance sheet expanded materially during 2018. Total assets increased to $11.81 billion at September 30, 2018 from $10.97 billion at December 31, 2017, primarily reflecting goodwill and property, plant and equipment acquired in transactions including the IO Data Centers acquisition, which the company closed on January 10, 2018 for approximately $1.347 billion. Total long-term debt, net of current portion, rose to $8.11 billion from $6.90 billion, and cash used in investing activities for the nine months was $2.10 billion, with $1.71 billion in cash paid for acquisitions. Cash and cash equivalents declined to $197.7 million from $925.7 million. The company's bond leverage ratio was 5.8 and its net total lease adjusted leverage ratio was 5.6 against a maximum allowable of 6.5, and the filing states that the company is currently operating above its long-term targeted leverage ratio. Dividends declared were $0.5876 per share in the third quarter and $1.7641 per share for the nine months, and the board declared a quarterly dividend of $0.6110 per share on October 25, 2018. The company adopted ASU 2014-09 (revenue recognition) on January 1, 2018 using the modified retrospective method, which reduced equity by $30.2 million and is expected to increase Adjusted EBITDA for 2018 by approximately $20.0 million to $25.0 million. Management expects 2018 internal storage rental revenue growth of approximately 2.5% to 2.75%.

    Oct 25, 2018
  25. 2018-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2018

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2018 reports second-quarter 2018 total revenues of $1,060.8 million, up from $949.8 million in the prior-year quarter, with net income attributable to Iron Mountain Incorporated of $93.4 million versus $78.6 million. Adjusted EBITDA rose to $369.5 million from $318.1 million, and Adjusted EBITDA Margin was 34.8% compared with 33.5%. For the six months, revenues were $2,103.3 million (up 11.4%) and net income attributable to the company was $138.1 million, up 1.0%. Growth was driven largely by acquisitions, especially the January 2018 IO Data Centers acquisition (about $1,347.0 million paid at closing) and the EvoSwitch and Credit Suisse data center transactions, with the Global Data Center Business segment contributing most of the acquisition-driven increase. The balance sheet expanded materially to total assets of $11.81 billion at June 30, 2018 from $10.97 billion at December 31, 2017. Long-term debt, net of current portion, rose to $7.96 billion from $6.90 billion, reflecting a $700.0 million incremental Term Loan B and a $500.0 million-plus rise in the Revolving Credit Facility balance to $828.6 million. Cash and cash equivalents fell to $188.2 million from $925.7 million, and six-month cash paid for acquisitions was $1,666.9 million. Management reports a net total lease adjusted leverage ratio of 5.6 against a maximum of 6.5 and a fixed charge coverage ratio of 2.3 against a minimum of 1.5 under the Credit Agreement. Operationally, internal revenue growth was 3.3% for the six months and 4.1% for the second quarter. Management expects internal storage rental revenue growth of approximately 3.0% to 3.5% for 2018 and expects Adjusted EBITDA to increase by approximately $20.0 million to $25.0 million from the adoption of ASU 2014-09. Dividends declared per common share were $0.5877 for the quarter, and the company also has an unresolved dispute with Access CIG over approximately $25.0 million of contingent consideration from a 2016 divestiture.

    Jul 27, 2018
  26. 2018-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2018

    Iron Mountain Incorporated's first-quarter 2018 Form 10-Q shows total revenues rising 11.0% to $1,042.5 million for the three months ended March 31, 2018, from $938.9 million a year earlier. Operating income increased 11.4% to $164.6 million, but income from continuing operations fell 22.5% to $45.6 million, reflecting a $20.2 million other expense (driven by $21.8 million of foreign currency transaction losses) and higher interest expense of $97.6 million. Adjusted EBITDA grew 17.2% to $343.0 million, with Adjusted EBITDA margin rising to 32.9% from 31.2%. The company stated that internal revenue growth was 2.8% for the quarter, and that acquisitions contributed 5.6% to reported revenue growth, primarily from the Global Data Center Business. The quarter was dominated by acquisitions and financing. On January 10, 2018, the company completed the acquisition of IO Data Centers for approximately $1,347.0 million, and on March 8, 2018 it acquired two data centers in London and Singapore from Credit Suisse for approximately $111.4 million. Cash paid for acquisitions, net of cash acquired, totaled $1,429.0 million in the quarter. To fund these, the company borrowed a $700.0 million Term Loan B, drew on equity through an over-allotment option (net proceeds of $76.2 million) and its ATM program (net proceeds of $8.7 million), and paid $169.0 million in dividends. Total long-term debt rose to $8.16 billion carrying amount at March 31, 2018, from $7.04 billion at December 31, 2017. Cash and cash equivalents fell to $442.5 million from $925.7 million. The company reported that its consolidated net-leverage and fixed charge coverage ratios remained within covenant limits at March 31, 2018, with a net total lease adjusted leverage ratio of 5.6 against a maximum allowable of 6.5. The company also adopted ASU 2014-09 (revenue recognition) on January 1, 2018, which it said increased Adjusted EBITDA by approximately $4.0 million for the quarter and is expected to raise full-year 2018 Adjusted EBITDA by approximately $15.0 million. Operating cash flow from continuing operations declined to $91.6 million from $122.2 million, which the filing attributes primarily to timing of prepaid and accrued expenses.

    Apr 26, 2018
  27. 2017-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2017

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2017 reports third-quarter revenues of $965.7 million, up from $942.8 million a year earlier, with operating income rising to $176.8 million from $135.5 million. Net income attributable to Iron Mountain was $24.3 million, compared with $7.1 million in the prior-year quarter. For the nine months, revenues were $2,854.3 million and net income attributable to the company was $161.1 million. Adjusted EBITDA was $323.0 million for the quarter and $933.7 million for the nine months, and the filing notes that results include the Recall acquisition completed May 2, 2016. The balance sheet grew over the period: total assets reached $10.26 billion at September 30, 2017, versus $9.49 billion at December 31, 2016, and long-term debt rose to $6.70 billion from $6.08 billion. During the nine months the company issued $1.0 billion of 4 7/8% Senior Notes due 2027 and EUR 300 million of Euro Notes, and redeemed its 6% Senior Notes due 2020 and CAD Notes due 2021, recording debt extinguishment charges of $48.3 million. The company also entered an agreement in October 2017 for a $500.0 million at-the-market equity program and agreed to acquire two Credit Suisse data centers for approximately $100.0 million, with closing expected in the first quarter of 2018. The filing reports an increase in quarterly dividends to $0.55 per share, with a $0.5875 dividend declared in October 2017 for the fourth quarter, and total recall-related expenditures of $279.9 million since January 1, 2015, against an estimate of approximately $380.0 million.

    Oct 26, 2017
  28. 2017-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2017

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2017 shows second-quarter revenue of $949.8 million, up from $883.7 million a year earlier, and six-month revenue of $1,888.7 million versus $1,634.4 million. Operating income rose to $170.2 million in the quarter from $96.6 million, and net income attributable to Iron Mountain was $78.6 million, compared with a net loss of $14.0 million in the prior-year quarter. The six-month results were supported by the Recall acquisition, which the filing says contributed 13.9% to consolidated revenue growth through acquisitions and divestitures. Internal revenue growth was 2.3% for the six months, and the company expects 2017 internal storage rental revenue growth of approximately 2.5% to 3.0%. Adjusted EBITDA increased to $318.1 million in the quarter from $261.4 million, with Adjusted EBITDA margin of 33.5% versus 29.6%. A $38.9 million gain from the Russia and Ukraine divestment, recorded in Other Expense (Income), Net, boosted reported results in the period. Recall integration costs fell to $20.0 million in the quarter from $50.4 million, and the company estimates total Recall acquisition and integration expenditures of approximately $380.0 million, mostly through 2018. Leverage remains elevated: long-term debt was $6.45 billion carrying value at June 30, 2017, and the net total lease adjusted leverage ratio was 5.8 against a 6.5 maximum allowed under the Credit Agreement. The company also disclosed pending acquisitions, including MAG DATACENTERS (FORTRUST) for approximately $128.0 million, with about $54.5 million in cash, and the completed Fileminders acquisition for approximately $28.5 million.

    Jul 28, 2017
  29. 2017-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2017

    Iron Mountain Incorporated's first-quarter 2017 Form 10-Q reports total revenues of $938.9 million for the three months ended March 31, 2017, up from $750.7 million a year earlier, a 25.1% increase driven primarily by the acquisition of Recall. Internal revenue growth was 2.0%, with internal storage rental revenue growth of 3.0% partially offset by internal service revenue growth of 0.6%. Operating income rose to $147.8 million from $130.1 million, while income from continuing operations declined to $58.8 million from $63.0 million, reflecting higher depreciation, amortization and interest expense. Adjusted EBITDA increased 24.4% to $292.6 million, with Adjusted EBITDA margin of 31.2% versus 31.3% in the prior-year period. Net income attributable to Iron Mountain Incorporated was $58.1 million, or $0.22 per diluted share, compared with $62.8 million, or $0.30 per diluted share, a year earlier. Adjusted EPS from continuing operations was $0.24 versus $0.33. Recall integration remains a major cost driver: the company estimates total Recall acquisition and integration expenditures of approximately $380.0 million, the majority expected by the end of 2018, and cumulative Recall expenditures through March 31, 2017 totaled $224.2 million. The company expects 2017 internal storage rental revenue growth of approximately 2.0% to 2.5% and capital expenditures of $320.0 million to $370.0 million, excluding acquisition-related and Recall integration spending. On the balance sheet, cash and cash equivalents rose to $295.6 million from $236.5 million at year-end 2016, while total debt carrying amount was $6.34 billion at March 31, 2017. Current portion of long-term debt increased to $421.2 million, largely because the Accounts Receivable Securitization Program terminates on March 6, 2018. The company reported compliance with its Credit Agreement covenants, with a net total lease adjusted leverage ratio of 5.8 against a maximum allowable of 6.5. Dividends declared per common share rose to $0.5504 from $0.4853 in the prior-year period.

    Apr 27, 2017
  30. 2016-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2016

    Iron Mountain Incorporated's quarterly report for the period ended September 30, 2016 shows a business transformed by the May 2, 2016 acquisition of Recall Holdings Limited, which the company completed for approximately $331.8 million in cash plus 50,233,412 shares of common stock, for a total purchase price of approximately $2,166.9 million. Total revenues for the three months ended September 30, 2016 were $942.8 million, up from $746.5 million, and for the nine months were $2,577.3 million, up from $2,255.5 million. Net income attributable to Iron Mountain for the quarter fell to $7.1 million from $23.1 million, reflecting $34.1 million of Recall Costs, a $14.0 million charge tied to the anticipated loss on disposal of the Australia Divestment Business, and higher depreciation and amortization. Adjusted OIBDA rose to $294.2 million from $227.8 million, and Adjusted OIBDA margin was 31.2% versus 30.5%. Balance sheet leverage increased materially. Total assets rose to $9.90 billion at September 30, 2016 from $6.35 billion at December 31, 2015, goodwill increased to $3.86 billion, and long-term debt, net of current portion, was $6.34 billion versus $4.76 billion. The company issued $500.0 million of 4 3/8% Senior Notes due 2021, $250.0 million of 5 3/8% Senior Notes due 2026, and CAD 250.0 million of notes due 2023, and entered an AUD 250.0 million term loan. Cash and cash equivalents were $458.1 million at quarter end. Net cash provided by operating activities from continuing operations was $419.0 million for the nine months, and dividends paid totaled $360.5 million. The company declared a quarterly dividend of $0.4852 per share in the period. The company also disclosed pending regulatory divestments required by the Recall approvals, including the sale of the Australia Divestment Business for approximately 70.0 million Australian dollars (about $53.2 million), completed October 31, 2016, and expected proceeds of approximately $50.0 million from the Seattle/Atlanta, Canadian and UK divestments. Management expects total Recall-related operating and capital expenditures of approximately $380.0 million, and cumulative spending through September 30, 2016 was $156.9 million.

    Nov 1, 2016
  31. 2016-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2016

    Iron Mountain Incorporated's second-quarter 2016 Form 10-Q reports that the company completed its acquisition of Recall Holdings Limited on May 2, 2016, paying approximately $331.8 million in cash and issuing 50,233,412 shares of common stock, for a total purchase price to Recall shareholders of approximately $2,166.9 million. Revenues for the three months ended June 30, 2016 rose to $883.7 million from $759.7 million, and six-month revenues rose to $1,634.4 million from $1,509.0 million, with the filing attributing the growth primarily to Recall. However, the company reported a net loss attributable to Iron Mountain of $(14.0) million for the quarter versus net income of $53.3 million a year earlier, driven by $50.4 million of Recall Costs, $25.6 million of other expense (including a $9.3 million debt extinguishment charge and $17.2 million of foreign currency transaction losses), and higher depreciation and amortization. Total assets increased to $9.74 billion at June 30, 2016 from $6.35 billion at December 31, 2015, while long-term debt, net of current portion, increased to $6.10 billion from $4.76 billion. Adjusted OIBDA rose to $261.4 million for the quarter from $223.2 million, and Adjusted OIBDA margin was 29.6% compared with 29.4% in the prior-year quarter. Divestitures required by regulators, including the sale of Recall's U.S. facilities to Access CIG for approximately $80.0 million, were in progress, with remaining divestments held for sale and an estimated $140.0 million of expected proceeds. Management expects total Recall-related operating and capital expenditures of approximately $380.0 million, and it expects 2016 internal revenue growth of approximately 1.5% to 2.5%. The filing also discloses a subsequent event: a non-binding agreement in principle to acquire the information management operations of Santa Fe Group A/S for approximately $30.2 million, expected to close by the end of 2016.

    Aug 4, 2016
  32. 2016-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2016

    Iron Mountain Incorporated's first-quarter 2016 Form 10-Q reports total revenues of $750.7 million, up from $749.3 million a year earlier, with operating income falling to $130.1 million from $144.9 million, largely due to $18.3 million of Recall Costs. Net income attributable to Iron Mountain rose to $62.8 million, or $0.30 per diluted share, from $41.1 million, reflecting a $12.5 million foreign currency transaction gain versus a $22.3 million loss in the prior-year period. Adjusted OIBDA increased 1.7% to $235.1 million, and cash flow from operations was $81.1 million compared with $5.5 million a year earlier. The filing is dominated by the pending acquisition of Recall Holdings Limited, expected to close on May 2, 2016. The company expects to issue approximately 50.7 million shares and pay about US$336.0 million in cash, implying a total purchase price of approximately $2,163.0 million. Total operating and capital expenditures tied to the deal are estimated at about $380.0 million, and the total cash outlay to close is estimated at about $1,100.0 million. Regulatory approvals require divestments in the United States, Australia and Canada, with possible additional divestments in the United Kingdom pending a CMA review. The company has committed to an $850.0 million unsecured Bridge Facility and expects divestment proceeds of about $220.0 million. Leverage remained within covenant limits at March 31, 2016, with a net total lease adjusted leverage ratio of 5.7 against a maximum of 6.5. Total long-term debt, net of current portion, was $4.93 billion, up from $4.76 billion at year-end 2015. Dividends declared were $0.4853 per share, up from $0.4747.

    Apr 28, 2016
  33. 2015-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2015

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2015 reports third-quarter revenues of $746.5 million, down 4.6% from $782.7 million a year earlier, with foreign currency fluctuations decreasing reported consolidated revenues by 6.4%. Internal revenue growth was 1.3% for the quarter and 1.5% for the nine months. Operating income fell 10.4% to $126.8 million in the quarter, and net income attributable to Iron Mountain rose to $23.1 million from $0.07 million, though the filing notes third-quarter results included Recall Costs of $14.7 million and a $9.1 million overhead optimization charge. Adjusted OIBDA was $227.8 million, down 3.2%, with an Adjusted OIBDA margin of 30.5%. The company's balance sheet grew total debt to $5.17 billion at September 30, 2015 from $4.66 billion at year-end 2014, largely due to the September 2015 issuance of $1.0 billion of 6% Senior Notes due 2020 and borrowings under a new credit agreement. Cash and cash equivalents rose to $492.9 million. Subsequent to quarter-end, the company redeemed its 6 3/4% Notes, 7 3/4% Notes and 8 3/8% Notes for approximately $826.9 million, with a debt extinguishment charge of approximately $25.2 million expected in the fourth quarter. The filing describes a pending acquisition of Recall Holdings Limited under a Scheme Implementation Deed, with an expected total purchase price of approximately $1.88 billion and closing expected in the first half of 2016. Management also launched a Transformation Initiative targeting approximately $125.0 million of annual cost savings by 2018.

    Oct 30, 2015
  34. 2015-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2015

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2015 reports second-quarter revenues of $759.7 million, down from $786.9 million a year earlier, with operating income of $129.5 million versus $147.3 million and net income attributable to Iron Mountain Incorporated of $53.3 million versus $271.6 million. The prior-year quarter was boosted by a $230.1 million tax benefit from the REIT conversion, which explains most of the year-over-year decline in net income. Adjusted OIBDA was $223.2 million, a 7.7% decrease, with Adjusted OIBDA margin of 29.4%. Management attributes the revenue decline mainly to foreign currency fluctuations, which reduced reported consolidated revenues by 5.7% in the quarter, partly offset by internal revenue growth of 1.6%. Storage rental revenue internal growth was 2.7%, while service revenue internal growth was flat. The company's balance sheet shows total assets of $6.42 billion and total long-term debt of $4.79 billion at June 30, 2015. Cash flow from operations was $179.7 million for the six months, and dividends paid totaled $203.2 million over the same period. In July 2015 the company entered a new credit agreement with a $1.5 billion revolving facility and a $250.0 million term loan. The filing also describes the pending Recall Transaction, a Scheme of Arrangement to acquire Recall Holdings Limited, which the company expects to close in the first half of 2016 and which it expects to cost approximately $1.0 billion including refinancing of Recall's revolver. The company also announced an overhead optimization plan expected to generate approximately $50.0 million of annual cost savings in 2016, with a charge of approximately $10.0 million in the third quarter of 2015.

    Jul 30, 2015
  35. 2015-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2015

    Iron Mountain Incorporated's first-quarter 2015 Form 10-Q reports total revenues of $749.3 million, down from $770.1 million in the first quarter of 2014, with operating income rising to $144.9 million from $132.6 million. Net income attributable to Iron Mountain Incorporated was $41.1 million, or $0.19 per diluted share, compared with $41.7 million, or $0.22 per diluted share, a year earlier. The filing attributes the revenue decline primarily to foreign currency fluctuations, with internal revenue growth of 1.4% and a net impact of acquisitions and divestitures of 0.8%. Adjusted OIBDA rose 1.2% to $231.2 million, and Adjusted OIBDA margin improved to 30.9% from 29.7%. Cash flow from operating activities from continuing operations fell to $5.5 million from $55.6 million, which the company attributes primarily to an increase in cash used in working capital, including the timing of accounts payable payments and accruals. Parent cash dividends paid were $102.5 million, and total long-term debt stood at $4.72 billion at March 31, 2015. The company reports it is a REIT for federal income tax purposes beginning January 1, 2014, and it expects 2015 capital expenditures of $330.0 million to $360.0 million. Subsequent to quarter end, on April 28, 2015, Iron Mountain reached an agreement in principle to acquire Recall Holdings Limited by way of a Scheme of Arrangement, offering 0.1722 of a share of its common stock per Recall share, with an alternative cash election of 8.50 Australian dollars per share subject to a cap of 225.0 million Australian dollars. The filing notes the transaction remains contingent on due diligence, definitive documentation and regulatory and shareholder approvals.

    Apr 30, 2015
  36. 2014-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2014

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2014 reports consolidated revenues of $782.7 million for the three months ended September 30, 2014, up from $755.3 million a year earlier, and $2.34 billion for the nine months, up from $2.26 billion. Operating income for the nine months rose to $421.4 million from $392.2 million, while net income attributable to Iron Mountain was $313.4 million, compared with $49.4 million in the prior-year period, largely reflecting a $212.2 million net tax benefit from the REIT conversion. Third-quarter net income attributable to the company fell to $66 thousand from $3.8 million, and Adjusted OIBDA declined 2.0% to $235.4 million in the quarter, which the filing attributes primarily to ongoing REIT compliance costs and acquisition-related costs. The balance sheet shows total debt of $4.39 billion at September 30, 2014, including a $250.0 million term loan drawn in September 2014 and $642.4 million in net proceeds from the 6 1/8% GBP Senior Notes due 2022. Accrued expenses rose to $1.16 billion from $461.3 million, driven by a $700.0 million special distribution payable November 4, 2014, of which $140.0 million is payable in cash and the balance in common stock, with approximately 15.8 million shares expected to be issued. Internal revenue growth was 0.2% in the quarter and 0.3% for the nine months, with storage rental internal growth offset by negative service revenue growth. The company expects 2014 capital expenditures of $320.0 million to $360.0 million. The filing also discloses an ongoing U.S. Government contract billing matter under the GSA Schedules, with a reasonably possible additional loss range of up to $7.7 million for all loss contingencies combined, and a separate civil False Claims Act inquiry stemming from a sealed qui tam lawsuit, where the government may seek treble damages. Management concluded that disclosure controls were effective as of September 30, 2014.

    Oct 31, 2014
  37. 2014-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2014

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2014 reports second-quarter 2014 total revenues of $786.9 million, up from $754.4 million a year earlier, with storage rental revenue of $466.9 million and service revenue of $320.0 million. Operating income rose to $147.3 million from $131.5 million, and Adjusted OIBDA increased to $241.8 million from $232.3 million, while Adjusted OIBDA margin was 30.7% versus 30.8%. Net income attributable to Iron Mountain was $271.6 million, driven largely by a $230.1 million net tax benefit tied to the REIT conversion. The company states that internal revenue growth was only 0.1% for the quarter, with acquisitions contributing 4.5% and foreign currency reducing reported revenue by 0.3%. The company is converting to a real estate investment trust, with an election effective January 1, 2014, after receiving favorable private letter rulings from the IRS on June 25, 2014. The filing estimates a 2014 Special Distribution of approximately $600.0 million to $700.0 million, to be paid at least 80% in common stock and up to 20% in cash, and says it expects total accumulated earnings and profits distributions of roughly $1,300.0 to $1,400.0 million. Total long-term debt was $4.35 billion at June 30, 2014, and the Revolving Credit Facility had $1.10 billion outstanding with $390.5 million of remaining availability. The company also disclosed a sealed qui tam lawsuit related to GSA contract billing, with reasonably possible additional losses of up to $43.9 million across all matters. For investors, the quarter's reported earnings were inflated by one-time REIT-related tax items, while underlying organic growth remained near flat. Management expects 2014 internal revenue growth of approximately 0% to 2%, and the Special Distribution and ongoing REIT-related costs are the main near-term items to watch.

    Jul 31, 2014
  38. 2014-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2014

    Iron Mountain Incorporated's first-quarter 2014 Form 10-Q reports total revenues of $770.1 million, up 3.1% from $747.0 million in the prior-year quarter, with internal revenue growth of 0.5%. Operating income rose 15.7% to $142.1 million, helped by an $8.3 million gain on disposal of property, plant and equipment, net, primarily from two United Kingdom facilities. Adjusted OIBDA was essentially flat at $228.5 million, and net income attributable to Iron Mountain Incorporated increased to $41.7 million, or $0.22 per diluted share, from $19.4 million, or $0.10 per diluted share, a year earlier. REIT Costs fell to $8.3 million from $25.0 million, which largely drove the improvement in general and administrative expenses. Cash flow from continuing operations was $55.6 million, down from $105.7 million, mainly due to higher working capital use. Long-term debt rose to $4.29 billion net of current portion, and the revolving credit facility balance reached $1.11 billion, with $386.5 million available for borrowing. The company redeemed its 71/4% GBP Senior Subordinated Notes due 2014 for about $247 million in January 2014. The company reports that it is pursuing a conversion to a REIT, with estimated Conversion Plan costs of $395.0 million to $425.0 million and expected 2014 capital expenditures of approximately $340.0 million, excluding acquisitions and Conversion Plan spending. The filing also discloses an ongoing U.S. Government contract billing matter under GSA schedules, for which it is reasonably possible that estimates may need adjustment, and Massachusetts tax assessments under appeal. Storage rental revenue grew 3.7% to $458.9 million, while service revenue grew 2.2% to $311.2 million, with service internal growth negative at 0.7%.

    May 1, 2014
  39. 2013-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2013

    Iron Mountain Incorporated's quarterly report for the period ended September 30, 2013 shows total revenues of $755.6 million for the three months, up 1.0% from $748.1 million, while operating income fell 8.9% to $140.3 million and net income attributable to Iron Mountain Incorporated declined to $4.0 million from $52.8 million. The decline was driven largely by higher other expense, net of $46.0 million (including a $43.7 million debt extinguishment and deferred financing write-off charge) and a sharp rise in the effective tax rate to 81.5%, which the company attributes mainly to a planned repatriation of approximately $253.0 million of foreign earnings and non-deductible costs tied to its potential REIT conversion. Nine-month revenues were $2.26 billion, up 0.5%, with Adjusted OIBDA of $700.6 million, down 0.7%, and REIT Costs rising to $69.2 million from $16.2 million. Balance sheet and cash flow activity centered on refinancing: the company issued $600.0 million of 6% Notes due 2023 and a CAD 200.0 million Senior Subsidiary Notes offering in August 2013, using proceeds to redeem several higher-coupon notes. Total long-term debt was $4.03 billion at September 30, 2013, and cash flow from operating activities from continuing operations rose to $333.6 million from $311.7 million. Dividends declared were $0.27 per share for the quarter. The company also disclosed a $191 million acquisition of Cornerstone Records Management in October 2013 and a restructuring plan expected to yield $30.0 million to $40.0 million in annual savings beginning in 2014. The filing states that the IRS issued an initial "tentatively adverse" designation on the company's private letter ruling request regarding its racking structures, and that a newly formed IRS Working Group study will likely delay a definitive response. Management stated it cannot assure it will elect REIT status as of January 1, 2014, or at all.

    Oct 31, 2013
  40. 2013-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2013

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2013 shows revenues of $754.7 million for the three months ended June 30, 2013, up $2.6 million, or 0.3%, from $752.2 million a year earlier. Operating income fell 16.9% to $131.9 million, and net income attributable to Iron Mountain declined 30.2% to $26.6 million, or $0.14 per diluted share. The company attributes much of the pressure to $48.5 million of REIT Costs in the six-month period, compared with $5.4 million a year earlier, along with higher foreign currency transaction losses of $19.9 million for the six months. Adjusted OIBDA for the three months declined 2.6% to $232.7 million, with the margin at 30.8%. Organic growth was mixed. Storage rental revenue rose 1.9% to $441.6 million for the quarter, with internal growth of 2.3%, while service revenue fell 1.8% to $313.2 million, with internal growth of negative 1.9%. The filing cites a continuing trend of reduced retrieval and re-file activity as records become less active. Management expects 2013 internal revenue growth of approximately 0% to 2%. Total debt was $3.94 billion at June 30, 2013, and the revolving credit and term loan leverage ratio was 4.06, against a maximum allowable ratio of 5.50. The filing centers on the proposed conversion to a real estate investment trust (REIT), targeted for January 1, 2014. The IRS formed a working group to study its definition of "real estate," and the IRS was "tentatively adverse" on whether the company's racking structures qualify, which the company expects will delay a definitive ruling. Management says it continues to work toward readiness, but it provides no assurance that REIT status will be elected as of that date or at all.

    Aug 1, 2013
  41. 2013-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2013

    Iron Mountain Incorporated (IRM) reported first-quarter 2013 results in this Form 10-Q. Total revenues were $747.0 million for the three months ended March 31, 2013, up $0.5 million, or 0.1%, from $746.5 million a year earlier. Internal revenue growth was negative 1.4%, with storage rental revenue up 2.5% internally and service revenue down 6.5% internally. Operating income fell 13.4% to $122.8 million, reflecting $25.0 million of REIT Costs in general and administrative expenses versus $2.0 million a year earlier. Adjusted OIBDA rose 2.2% to $227.5 million, and Adjusted OIBDA margin was 30.5%. Income from continuing operations decreased 70.0% to $18.4 million, and net income attributable to Iron Mountain Incorporated was $19.4 million, or $0.10 per diluted share, compared with $55.4 million a year earlier. The company remains highly leveraged, with total long-term debt of $3.85 billion at March 31, 2013. Its revolving credit and term loan leverage ratio was 3.95 against a maximum allowable 5.50, and its bond leverage ratio was 5.15 against a maximum of 6.50. Cash flow from operating activities from continuing operations was $105.7 million, up from $79.1 million, and the company declared a quarterly dividend of $0.27 per share. Management expects 2013 consolidated internal revenue growth of approximately (1)% to 2% and capital expenditures of approximately $325.0 million for 2013, excluding potential acquisitions. The filing centers on the proposed conversion to a real estate investment trust (REIT). Management estimates $375.0 million to $475.0 million in costs to support the Conversion Plan, and an E&P Distribution of approximately $1.0 billion to $1.5 billion, of which at least 80% would be in common stock. The filing also discloses an open U.S. Government Schedules pricing matter and a civil False Claims Act inquiry, for which the company says it is reasonably possible that additional losses of up to $34.0 million may be incurred beyond amounts accrued.

    May 2, 2013
  42. 2012-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2012

    Iron Mountain Incorporated's quarterly report for the period ended September 30, 2012 shows total revenues of $748.1 million for the three months, down from $768.3 million a year earlier, and $2.25 billion for the nine months, down from $2.27 billion. Operating income rose to $154.0 million in the quarter from $135.2 million, but the prior-year quarter included an $42.5 million intangible impairment. Net income attributable to Iron Mountain was $52.8 million for the quarter versus $37.3 million a year earlier, while nine-month net income fell to $146.2 million from $363.5 million, largely because of the 2011 Digital Sale gain. Adjusted OIBDA declined to $244.1 million for the quarter and $705.6 million for the nine months. Management expects 2012 internal revenue growth of roughly (1)% to 1%. The company is pursuing a conversion to a real estate investment trust (REIT), with the earliest election effective January 1, 2014. The filing estimates $325.0 million to $425.0 million in conversion costs, including $225.0 million to $275.0 million of related tax payments. It also discloses an $700.0 million special dividend payable on November 21, 2012, with cash capped at $140.0 million and the balance in common stock. In August 2012 the company issued $1.0 billion of 5¾% Senior Subordinated Notes due 2024 and used the proceeds to redeem its 6⅝% and 8¾% notes. The filing also reports a material weakness in internal control over financial reporting related to government contract price reduction clauses, and states that disclosure controls were not effective as of September 30, 2012. Pending contingencies include a GSA/OIG voluntary disclosure, a separate civil False Claims Act subpoena, and a Massachusetts tax assessment. Total debt was $3.74 billion at September 30, 2012, and the company reported cash and cash equivalents of $334.6 million.

    Nov 2, 2012
  43. 2012-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2012

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2012 shows second-quarter revenues of $752.2 million, down from $758.6 million a year earlier, and six-month revenues of $1,498.7 million versus $1,504.6 million. Income from continuing operations fell to $41.4 million for the quarter (from $67.5 million) and to $102.5 million for the six months (from $148.6 million). Net income attributable to Iron Mountain was $38.1 million for the quarter, compared with $252.7 million a year earlier, which included a $193.3 million net gain on the sale of the Digital Business. Operating income rose to $158.7 million in the quarter from $148.9 million, and Adjusted OIBDA increased to $235.6 million from $227.6 million. Interest expense, net rose to $58.2 million from $48.6 million, driven by the September 2011 issuance of $400.0 million of 7 3/4% Senior Subordinated Notes due 2019. Revenue trends were mixed. Storage rental revenue grew 3.4% to $433.4 million in the quarter, while service revenue fell 6.1% to $318.7 million, largely due to lower recycled paper prices. The filing also discloses that the company has begun implementing a plan to convert to a real estate investment trust (REIT), with a potential effective date no earlier than January 1, 2014, and that it estimates $325.0 million to $425.0 million in conversion costs. The company reported a material weakness in internal control over government contract price reduction clauses and concluded that its disclosure controls were not effective as of June 30, 2012. It also disclosed a Government contract billing matter with the GSA and OIG, and a subpoena under the civil False Claims Act. Balance sheet and cash flow data show total assets of $6.09 billion, long-term debt of $3.43 billion (total long-term debt $3.49 billion), and cash and cash equivalents of $170.2 million at June 30, 2012. Cash flows from operating activities from continuing operations were $216.9 million for the six months, versus $241.2 million a year earlier. The company repurchased $38.1 million of stock in the first half of 2012 and paid $86.0 million in dividends, and it raised its quarterly dividend to $0.27 per share, with an announced 8% increase to the next six regular quarterly payments.

    Aug 1, 2012
  44. 2012-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2012

    Iron Mountain Incorporated's first-quarter 2012 Form 10-Q reports consolidated revenues of $746.5 million, essentially flat versus $746.0 million a year earlier, with internal revenue growth of 0.6%. Storage revenues rose 2.3% to $425.3 million, while service revenues fell 2.8% to $321.2 million, driven by a sharp decline in recycled paper prices that cut complementary service revenue. Operating income increased 3.1% to $141.8 million and Adjusted OIBDA rose 1.5% to $220.5 million, with the Adjusted OIBDA margin at 29.5%. Net income attributable to Iron Mountain fell 24.7% to $55.4 million, reflected in diluted EPS of $0.32 versus $0.37, as interest expense rose to $58.8 million from $48.6 million. The company's cash position and capital return activity were notable. Operating cash flow from continuing operations declined to $79.1 million from $110.4 million, and the company repurchased $38.1 million of stock and paid $43.2 million in dividends. Total long-term debt rose to $3.45 billion, and the company stated it had fulfilled its commitment to return $1.2 billion of capital to stockholders by May 2012. Management also reported that its disclosure controls were not effective due to an unremediated material weakness related to identifying price reduction clauses in U.S. government contracts, and disclosed a GSA voluntary disclosure matter and a subsequent civil False Claims Act subpoena. Subsequent events include the April 2012 acquisition of Grupo Store in Brazil for approximately $80.0 million and the April 27, 2012 sale of the Italian Business. The company also expects 2012 internal revenue growth of approximately (1)% to 2% and capital expenditures of approximately $220.0 million.

    May 10, 2012
  45. 2011-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2011

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2011 reports third-quarter revenues of $772.1 million, up 5.6% from $731.1 million a year earlier, and nine-month revenues of $2.29 billion, up 4.8%. Operating income for the quarter rose 9.2% to $116.8 million, while nine-month operating income fell 1.7% to $398.0 million. Net income attributable to Iron Mountain was $37.3 million for the quarter, compared with a net loss of $153.8 million a year earlier, which included a $76.5 million goodwill impairment and discontinued-operations losses. For the nine months, net income attributable to the company was $363.5 million, boosted by a $200.3 million net gain on the sale of the Digital Business to Autonomy. The quarter also included a $45.0 million provisional goodwill impairment for the Western Europe reporting unit, tied to Italian operations, along with $8.0 million of intangible write-offs. Adjusted OIBDA was $252.3 million for the quarter, up 0.4%, and $694.9 million for the nine months, down 0.6%. Internal storage revenue growth was 3.3% for the quarter, and total internal revenue growth was 2.5%. Capital structure changed meaningfully during the period. The company issued $400.0 million of 7¾% Senior Subordinated Notes due 2019, entered a new $725.0 million revolving credit facility and a $500.0 million term loan, and repurchased $548.5 million of common stock in the nine months. Cash and cash equivalents rose to $480.9 million at September 30, 2011, and total long-term debt was $3.32 billion. The company stated it had about $540.3 million remaining under its share repurchase authorization and had returned approximately $764 million to stockholders against commitments of approximately $2.2 billion through 2013.

    Nov 8, 2011
  46. 2011-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2011

    Iron Mountain Incorporated's second-quarter 2011 10-Q shows revenues of $762.9 million for the three months ended June 30, 2011, up from $724.8 million a year earlier, while operating income fell to $147.4 million from $158.0 million. Adjusted OIBDA declined to $226.9 million from $233.3 million. Net income attributable to Iron Mountain rose sharply to $252.7 million, from $41.3 million, mainly because of a $193.3 million net gain on the sale of the Digital Business to Autonomy Corporation plc, which closed on June 2, 2011, and is reported as discontinued operations. Income from continuing operations increased to $65.5 million from $48.9 million, helped by lower interest expense and other expense. For the six months, revenues were $1,513.2 million and operating income was $281.3 million, with income from continuing operations of $142.7 million. Cash flow from continuing operations declined to $241.2 million from $270.3 million, and the company spent $75.2 million on acquisitions, including the remaining 80% of its Polish joint venture. Stock repurchases totaled $261.0 million and dividends paid were $75.0 million. In June 2011 the company replaced its prior credit facilities with a new $725.0 million revolving facility and a $500.0 million term loan, and it redeemed $231.3 million of its 7 3/4% notes in January. The filing also discloses several contingencies, including the Oasis Research patent suit (with Autonomy assuming the obligation), a government contract pricing matter that reduced revenue by $6.0 million, and Massachusetts notices of intention to assess totaling $7.9 million. The company reports total stockholder payouts of approximately $2.2 billion through 2013, and its remaining repurchase authorization was $1,077.6 million as of June 30, 2011.

    Aug 8, 2011
  47. 2011-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2011

    Iron Mountain Incorporated reported first-quarter 2011 total revenues of $798.95 million, up from $776.51 million in the prior-year quarter, with internal revenue growth of 1.0%. Operating income was $131.69 million, compared with $132.69 million a year earlier, while Adjusted OIBDA rose to $221.57 million from $217.42 million, and Adjusted OIBDA margin was 27.7% versus 28.0%. Net income attributable to Iron Mountain rose to $73.46 million, or $0.37 per diluted share, from $25.57 million, or $0.12 per diluted share, though the filing attributes much of the increase to a lower effective tax rate, lower interest expense, foreign currency transaction gains and a $4.7 million gain on the Polish joint venture acquisition. Cash flow from operations was $119.34 million, down from $131.17 million, reflecting working capital uses. The company redeemed the remaining $231.3 million of its 7 3/4% senior subordinated notes in January 2011, acquired the remaining 80% of its Polish joint venture, and paid $37.6 million in dividends declared in March 2011. Cash and cash equivalents fell to $189.82 million from $258.69 million at year-end 2010. After the quarter, the board authorized an additional $850 million in share repurchases, bringing the total authorization to $1.2 billion, and the company entered into two prepaid variable share repurchase agreements totaling $250 million. Management also announced intentions to return approximately $2.2 billion to stockholders through 2013, with about $1.2 billion within the next twelve months.

    May 5, 2011
  48. 2010-Q3

    Iron Mountain Quarterly Report for Q3 Ended Sep 30, 2010

    Iron Mountain Incorporated's Form 10-Q for the quarter ended September 30, 2010 shows a net loss attributable to Iron Mountain Incorporated of $153.8 million for the three months ended September 30, 2010, compared with net income of $43.2 million a year earlier, driven by a provisional $255.0 million non-cash goodwill impairment charge in the Worldwide Digital Business reporting unit. For the nine months, revenues rose 4.7% to $2,338.9 million, while the net loss attributable to Iron Mountain Incorporated was $86.9 million compared with net income of $159.6 million in the prior-year period. Operating income for the nine months fell to $199.2 million from $401.9 million, but Adjusted OIBDA increased 10.8% to $706.9 million, and Adjusted OIBDA margin improved to 30.2% from 28.6%. Cash flow from operations was $445.0 million for the nine months, up from $433.9 million. The company repurchased $93.7 million of stock and paid $25.4 million in dividends during the nine months, and in October 2010 its board increased the total repurchase authorization to $350 million. The company also reported early retirement of $200 million of its 7 3/4% senior subordinated notes due 2015 and noted that its revolving credit and term loan leverage ratio was 3.0 compared with a maximum allowable of 5.5. Cash and cash equivalents fell to $184.2 million at September 30, 2010 from $446.7 million at December 31, 2009, reflecting acquisitions, debt repayment, share repurchases and dividends. The filing also details the Mimosa Systems acquisition for approximately $112 million in cash, the sale of a domain name management product line for approximately $11.4 million, and ongoing legal and insurance matters including the London fire, Chilean and New Zealand earthquakes, and a Brazilian labor lawsuit that management does not expect to have a material impact on results.

    Nov 8, 2010
  49. 2010-Q2

    Iron Mountain Quarterly Report for Q2 Ended Jun 30, 2010

    Iron Mountain Incorporated's Form 10-Q for the quarter ended June 30, 2010 shows consolidated revenues of $779.8 million for the three months, up from $746.0 million, and $1,556.3 million for the six months, up from $1,469.4 million. Operating income rose to $150.4 million for the quarter and $283.1 million for the six months, and Adjusted OIBDA increased to $235.6 million and $453.0 million, respectively. Net income attributable to Iron Mountain fell sharply to $41.3 million for the quarter (from $87.6 million) and $66.9 million for the six months (from $116.4 million). The decline is driven mainly by a higher other expense of $12.8 million for the six months, including foreign currency transaction losses of $8.9 million, and a provision for income taxes of $89.9 million versus $45.3 million, with the effective tax rate at 57.1% for the six months. The balance sheet shows total assets of $6.65 billion at June 30, 2010, versus $6.85 billion at December 31, 2009, with long-term debt of $3.13 billion (net of current portion) and total equity of $2.12 billion. Cash and cash equivalents fell to $340.5 million from $446.7 million, reflecting $122.9 million of acquisition spending (including Mimosa Systems), $50.6 million of stock repurchases, and $12.7 million of dividends. The company initiated a $150 million share repurchase program and a quarterly dividend of $0.0625 per share in 2010, and in August 2010 called $200 million of its 7 3/4% notes due 2015. Management stated it was in compliance with all debt covenants, with the revolving credit and term leverage ratio at 3.1 versus a maximum of 5.5, and the bond leverage ratio at 3.8 versus a maximum of 6.5. Management expects capital expenditures of approximately $280 million for 2010 excluding potential acquisitions, and expects internal revenue growth of approximately 3% for 2010.

    Aug 5, 2010
  50. 2010-Q1

    Iron Mountain Quarterly Report for Q1 Ended Mar 31, 2010

    Iron Mountain Incorporated's first-quarter 2010 Form 10-Q reports revenues of $776.5 million, up 7.3% from $723.3 million a year earlier, with internal revenue growth of 4%. Operating income rose 9.5% to $132.7 million and Adjusted OIBDA increased 10.9% to $217.4 million, or 28.0% of revenues. Net income attributable to Iron Mountain fell 11.2% to $25.6 million, or $0.12 per diluted share, as higher interest expense, a $4.1 million charge tied to the change in the European subsidiary's fiscal year-end, and a higher effective tax rate of 61.6% offset operating gains. Cash flow from operations rose to $131.2 million from $127.5 million. The company spent $118.3 million on acquisitions, most notably Mimosa Systems, Inc. for approximately $112 million in cash, and $81.9 million on capital expenditures. Cash and cash equivalents fell to $325.4 million at March 31, 2010, from $446.7 million at December 31, 2009, after a $35.1 million restricted cash deposit tied to workers' compensation collateral. The board approved a $150 million share repurchase program and a quarterly dividend policy, with the first $0.0625 per share dividend ($12.7 million) payable April 15, 2010. Management reports leverage ratios of 3.3 against a 5.5 maximum for its credit facilities and 4.0 against a 6.5 maximum for its bond indentures, and it expects 2010 capital expenditures of approximately $290 million, excluding potential future acquisitions.

    May 10, 2010