Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 1-13045 IRON MOUNTAIN INCORPORATED (Exact Name of Registrant as Specified in Its Charter) Delaware 23-2588479 (State ...

Iron Mountain Incorporated (IRM) reported second-quarter 2024 adjusted funds from operations (AFFO) per share of $1.08, beating the Zacks Consensus Estimate of $1.06. Reflecting positive sentiments, shares of Iron Mountain have gained nearly 5% in the initial hours of the trading session today. The results reflect solid performances in the storage and service segments and the data center business. However, higher interest expenses in the quarter acted as a dampener. The company reaffirmed its outlook for 20 ...

Iron Mountain (IRM) reported $1.53 billion in revenue for the quarter ended June 2024, representing a yearover-year increase of 13%. EPS of $1.08 for the same period compares to $0.40 a year ago. The reported revenue represents a surprise of +1.96% over the Zacks Consensus Estimate of $1.5 billion. With the consensus EPS estimate being $1.06, the EPS surprise was +1.89%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

Financial Data and Key Metrics - Record revenue of $1.534 billion, up 13% YoY, driven by 11% storage growth and 17% service growth [16] - Adjusted EBITDA reached $544 million, up 14% YoY, with a margin of 35.5%, up 50 basis points YoY [17] - AFFO was $321 million, or $1.08 per share, up 12% YoY, exceeding guidance due to higher adjusted EBITDA and lower-than-expected cash taxes [17] - On a constant currency basis, revenue increased by 14% and AFFO by 13% [17] Business Segment Performance Global RIM Business - Revenue of $1.25 billion, up $91 million YoY, with organic revenue growth of 7.9% [18] - Organic storage rental growth of 7.7% and organic service revenue growth of 8.3% [18] - Adjusted EBITDA of $549 million, up $50 million YoY, with a margin increase of 40 basis points sequentially and 90 basis points YoY [18] Global Data Center Business - Revenue of $153 million, up $35 million YoY, with 24% organic growth [19] - Leased 66 megawatts in Q2, bringing total H1 bookings to 97 megawatts, with full-year projections raised to 130 megawatts [19] - Adjusted EBITDA of $66 million, up 23% YoY [19] - Land bank increased by 57 megawatts, with total data center capacity now at 918 megawatts, including 347 megawatts for development [19] Asset Lifecycle Management (ALM) - Revenue of $90 million, up 111% YoY, with 30% organic growth driven by volume and pricing improvements [20] - Over 95% of bookings resulted from cross-selling initiatives [20] - Regency Technologies contributed $35 million in revenue, exceeding expectations [20] Market Performance - Strong leasing momentum in the US and UK markets, including a 10-year contract for 25 megawatts in London and a 15-year contract for 36 megawatts in Phoenix [11] - Secured a 10-year co-location contract with a major Japanese bank for 800 kilowatts in Phoenix [12] Strategic Direction and Industry Competition - Project Matterhorn continues to drive growth, with a focus on customer-centric solutions and digital transformation [5] - Expansion of ALM services, including a global ALM program for a cloud-based software company across 30+ locations [13] - Data center business benefits from strong hyperscale relationships and a growing pipeline [19] Management Commentary on Operating Environment and Future Outlook - Positive outlook for the back half of the year, with expectations to deliver results at the high end of guidance [21] - Q3 projections include revenue of $1.55 billion, adjusted EBITDA of $560 million, and AFFO of $325 million [21] - Strong momentum in data center leasing and ALM growth, with organic ALM growth expected to exceed 40% in H2 [25] Other Important Information - Quarterly dividend increased by 10% to $0.715 per share, reflecting strong AFFO growth [5] - Net lease-adjusted leverage at 5.0x, the lowest since the company's REIT conversion in 2014 [21] - Capital expenditures of $399 million in Q2, with $360 million allocated to growth initiatives [20] Q&A Session Summary Question: ALM Growth Drivers - Approximately two-thirds of ALM growth driven by volume, with the remaining third from pricing improvements [24] - Pricing expected to trend higher, with organic ALM growth projected to exceed 40% in H2 [25] Question: Guidance and FX Impact - FX remains a headwind, with a similar impact expected in Q3 as in Q2 [28] - Global RIM organic storage rental growth expected to remain in the 7%-8% range in H2 [29] Question: Data Center CapEx and Hyperscalers - Data center business continues to exceed Investor Day expectations, with accelerated leasing and revenue growth [36] - Hyperscaler market remains stable, with high barriers to entry for new players [35] Question: Funding for Data Center Growth - Data center growth is fully funded, with no immediate need for equity issuance [39] - Strong cash generation from core business supports continued investment [40] Question: ALM Volume and Hyperscaler Inventory - Hyperscalers are refreshing data centers for AI readiness, leading to increased ALM volume [43] - Regency Technologies has significant capacity for further utilization and productivity gains [53] Question: Storage Gross Margin and Costs - Storage gross margin improved to 70%, driven by revenue management and operational productivity [44] - Storage rent expense decreased due to warehouse efficiency improvements [46] Question: Pricing Trends in Global RIM - Pricing growth in Global RIM expected to remain in the mid-to-upper single digits, driven by value-added services [48] - Year-to-date Global RIM growth at 7.5%, exceeding initial expectations [50] Question: Regency Utilization and Data Center Lead Times - Regency has significant capacity for further utilization, with low CapEx required for expansion [53] - Data center construction lead times managed effectively through standardization and scale [52] Question: Real Estate Depreciation - Depreciation increased due to data center CapEx, new warehouses, and digital innovation investments [55]

Iron Mountain (IRM) came out with quarterly funds from operations (FFO) of $1.08 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to FFO of $0.94 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 1.89%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.05 per share when it actually produced FFO of $1.10, delivering a surprise of 4.76%. Over the last four quart ...

Q2 2024 Earnings Presentation August 1, 2024 Elevate the power of your work." IRON MOUNTAIN® Forward Looking Statements We have made statements in this presentation that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives ...

IRON MOUNTAIN® Supplemental Financial Information Second Quarter 2024 == I III investors.ironmountain.com Table of Contents Section I - Q2 Earnings Press Release Q2 2024 Earnings Press Release 3 Section II - Financial Highlights and Organic Growth 6 Financial and Operating Highlights 7 Organic Revenue Growth Section III - Operational Metrics Global Storage Volume 8 Quarterly Operating Performance 9 Year to Date Operating Performance 10 Section IV - Balance Sheets, Statements of Operations and Reconcillation ...

Analysts on Wall Street project that Iron Mountain (IRM) will announce quarterly earnings of $1.06 per share in its forthcoming report, representing an increase of 12.8% year over year. Revenues are projected to reach $1.5 billion, increasing 10.8% from the same quarter last year. Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous emp ...

Over the trailing four quarters, Iron Mountain's FFO per share surpassed the Zacks Consensus Estimate on three occasions and missed in the remaining period, the average beat being 2.64%. The graph below depicts this surprise history: Strong demand for connectivity, interconnection and colocation space are likely to have driven healthy data center leasing activity in the quarter, boosting the company's Global Data Center business' quarterly performance. The consensus estimate for quarterly total revenues is ...

RoadNet Anywhere is the only solution capable of providing Iron Mountain with a unified last-mile experience on a truly global scale. This single-solution approach enables Iron Mountain to manage deliveries consistently and reliably across all regions, eliminating the need for multiple local providers. This consolidation not only simplifies Iron Mountain's logistical operations but ensures a seamless and standardised customer experience worldwide. Iron Mountain operates in 60 countries across EMEA, APAC, LA ...