(Mark One) | |||||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
OR | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the Transition Period from to |
Delaware | 23-2588479 | ||||
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $.01 par value | IRM | NYSE |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
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5 | |||||||||||
6 | |||||||||||
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9 | |||||||||||
IRON MOUNTAIN | 1 |
JUNE 30, 2023 | DECEMBER 31, 2022 | SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current Assets: | Current Assets: | Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 149,493 | $ | 141,797 | Cash and cash equivalents | $ | 170,502 | $ | 141,797 | ||||||||||||
Accounts receivable (less allowances of $65,217 and $54,143 as of June 30, 2023 and December 31, 2022, respectively) | 1,182,154 | 1,174,915 | ||||||||||||||||||||
Accounts receivable (less allowances of $71,152 and $54,143 as of September 30, 2023 and December 31, 2022, respectively) | Accounts receivable (less allowances of $71,152 and $54,143 as of September 30, 2023 and December 31, 2022, respectively) | 1,167,654 | 1,174,915 | |||||||||||||||||||
Prepaid expenses and other | Prepaid expenses and other | 279,522 | 230,433 | Prepaid expenses and other | 278,888 | 230,433 | ||||||||||||||||
Total Current Assets | Total Current Assets | 1,611,169 | 1,547,145 | Total Current Assets | 1,617,044 | 1,547,145 | ||||||||||||||||
Property, Plant and Equipment: | Property, Plant and Equipment: | Property, Plant and Equipment: | ||||||||||||||||||||
Property, plant and equipment | Property, plant and equipment | 9,546,766 | 9,025,765 | Property, plant and equipment | 9,877,866 | 9,025,765 | ||||||||||||||||
Less—Accumulated depreciation | Less—Accumulated depreciation | (3,943,300) | (3,910,321) | Less—Accumulated depreciation | (3,986,450) | (3,910,321) | ||||||||||||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net | 5,603,466 | 5,115,444 | Property, Plant and Equipment, Net | 5,891,416 | 5,115,444 | ||||||||||||||||
Other Assets, Net: | Other Assets, Net: | Other Assets, Net: | ||||||||||||||||||||
Goodwill | Goodwill | 4,928,145 | 4,882,734 | Goodwill | 4,938,075 | 4,882,734 | ||||||||||||||||
Customer and supplier relationships and other intangible assets | Customer and supplier relationships and other intangible assets | 1,348,679 | 1,423,145 | Customer and supplier relationships and other intangible assets | 1,353,139 | 1,423,145 | ||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 2,671,371 | 2,583,704 | Operating lease right-of-use assets | 2,620,582 | 2,583,704 | ||||||||||||||||
Other | Other | 515,739 | 588,342 | Other | 456,662 | 588,342 | ||||||||||||||||
Total Other Assets, Net | Total Other Assets, Net | 9,463,934 | 9,477,925 | Total Other Assets, Net | 9,368,458 | 9,477,925 | ||||||||||||||||
Total Assets | Total Assets | $ | 16,678,569 | $ | 16,140,514 | Total Assets | $ | 16,876,918 | $ | 16,140,514 | ||||||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||
Current Liabilities: | Current Liabilities: | Current Liabilities: | ||||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | $ | 102,582 | $ | 87,546 | Current portion of long-term debt | $ | 107,984 | $ | 87,546 | ||||||||||||
Accounts payable | Accounts payable | 482,244 | 469,198 | Accounts payable | 448,319 | 469,198 | ||||||||||||||||
Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,141,613 | 1,031,910 | Accrued expenses and other current liabilities (includes current portion of operating lease liabilities) | 1,109,492 | 1,031,910 | ||||||||||||||||
Deferred revenue | Deferred revenue | 336,068 | 328,910 | Deferred revenue | 325,493 | 328,910 | ||||||||||||||||
Total Current Liabilities | Total Current Liabilities | 2,062,507 | 1,917,564 | Total Current Liabilities | 1,991,288 | 1,917,564 | ||||||||||||||||
Long-term Debt, net of current portion | Long-term Debt, net of current portion | 11,144,230 | 10,481,449 | Long-term Debt, net of current portion | 11,548,229 | 10,481,449 | ||||||||||||||||
Long-term Operating Lease Liabilities, net of current portion | Long-term Operating Lease Liabilities, net of current portion | 2,513,975 | 2,429,167 | Long-term Operating Lease Liabilities, net of current portion | 2,479,223 | 2,429,167 | ||||||||||||||||
Other Long-term Liabilities | Other Long-term Liabilities | 164,242 | 317,376 | Other Long-term Liabilities | 158,446 | 317,376 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 273,213 | 263,005 | Deferred Income Taxes | 273,831 | 263,005 | ||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | Commitments and Contingencies | ||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests | 104,059 | 95,160 | Redeemable Noncontrolling Interests | 163,270 | 95,160 | ||||||||||||||||
Equity: | Equity: | Equity: | ||||||||||||||||||||
Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) | Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) | — | — | Preferred stock (par value $0.01; authorized 10,000,000 shares; none issued and outstanding) | — | — | ||||||||||||||||
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 291,824,958 and 290,830,296 shares as of June 30, 2023 and December 31, 2022, respectively) | 2,918 | 2,908 | ||||||||||||||||||||
Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 291,927,407 and 290,830,296 shares as of September 30, 2023 and December 31, 2022, respectively) | Common stock (par value $0.01; authorized 400,000,000 shares; issued and outstanding 291,927,407 and 290,830,296 shares as of September 30, 2023 and December 31, 2022, respectively) | 2,919 | 2,908 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 4,488,492 | 4,468,035 | Additional paid-in capital | 4,508,384 | 4,468,035 | ||||||||||||||||
(Distributions in excess of earnings) Earnings in excess of distributions | (Distributions in excess of earnings) Earnings in excess of distributions | (3,692,948) | (3,392,272) | (Distributions in excess of earnings) Earnings in excess of distributions | (3,790,794) | (3,392,272) | ||||||||||||||||
Accumulated other comprehensive items, net | Accumulated other comprehensive items, net | (382,244) | (442,003) | Accumulated other comprehensive items, net | (458,003) | (442,003) | ||||||||||||||||
Total Iron Mountain Incorporated Stockholders' Equity | Total Iron Mountain Incorporated Stockholders' Equity | 416,218 | 636,668 | Total Iron Mountain Incorporated Stockholders' Equity | 262,506 | 636,668 | ||||||||||||||||
Noncontrolling Interests | Noncontrolling Interests | 125 | 125 | Noncontrolling Interests | 125 | 125 | ||||||||||||||||
Total Equity | Total Equity | 416,343 | 636,793 | Total Equity | 262,631 | 636,793 | ||||||||||||||||
Total Liabilities and Equity | Total Liabilities and Equity | $ | 16,678,569 | $ | 16,140,514 | Total Liabilities and Equity | $ | 16,876,918 | $ | 16,140,514 |
IRON MOUNTAIN | 2 |
THREE MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||
Storage rental | Storage rental | $ | 830,756 | $ | 753,126 | Storage rental | $ | 858,656 | $ | 760,370 | ||||||||||||
Service | Service | 527,180 | 536,408 | Service | 529,519 | 526,575 | ||||||||||||||||
Total Revenues | Total Revenues | 1,357,936 | 1,289,534 | Total Revenues | 1,388,175 | 1,286,945 | ||||||||||||||||
Operating Expenses: | Operating Expenses: | Operating Expenses: | ||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | Cost of sales (excluding depreciation and amortization) | 592,644 | 556,476 | Cost of sales (excluding depreciation and amortization) | 592,201 | 546,041 | ||||||||||||||||
Selling, general and administrative | Selling, general and administrative | 311,805 | 295,394 | Selling, general and administrative | 315,030 | 285,299 | ||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 195,367 | 178,254 | Depreciation and amortization | 198,757 | 175,077 | ||||||||||||||||
Acquisition and Integration Costs | Acquisition and Integration Costs | 1,511 | 16,878 | Acquisition and Integration Costs | 9,909 | 5,554 | ||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | 45,588 | — | Restructuring and other transformation | 38,861 | 3,382 | ||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment, net | (1,505) | (51,249) | ||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net | (Gain) loss on disposal/write-down of property, plant and equipment, net | (4,416) | (14,170) | |||||||||||||||||||
Total Operating Expenses | Total Operating Expenses | 1,145,410 | 995,753 | Total Operating Expenses | 1,150,342 | 1,001,183 | ||||||||||||||||
Operating Income (Loss) | Operating Income (Loss) | 212,526 | 293,781 | Operating Income (Loss) | 237,833 | 285,762 | ||||||||||||||||
Interest Expense, Net (includes Interest Income of $2,290 and $2,171 for the three months ended June 30, 2023 and 2022, respectively) | 144,178 | 115,057 | ||||||||||||||||||||
Other Expense (Income), Net | 62,950 | (41,217) | ||||||||||||||||||||
Interest Expense, Net (includes Interest Income of $4,059 and $2,176 for the three months ended September 30, 2023 and 2022, respectively) | Interest Expense, Net (includes Interest Income of $4,059 and $2,176 for the three months ended September 30, 2023 and 2022, respectively) | 152,801 | 121,767 | |||||||||||||||||||
Other (Income) Expense, Net | Other (Income) Expense, Net | (16,271) | (52,870) | |||||||||||||||||||
Net Income (Loss) Before Provision (Benefit) for Income Taxes | Net Income (Loss) Before Provision (Benefit) for Income Taxes | 5,398 | 219,941 | Net Income (Loss) Before Provision (Benefit) for Income Taxes | 101,303 | 216,865 | ||||||||||||||||
Provision (Benefit) for Income Taxes | Provision (Benefit) for Income Taxes | 4,255 | 18,083 | Provision (Benefit) for Income Taxes | 9,912 | 23,934 | ||||||||||||||||
Net Income (Loss) | Net Income (Loss) | 1,143 | 201,858 | Net Income (Loss) | 91,391 | 192,931 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | Less: Net Income (Loss) Attributable to Noncontrolling Interests | 1,029 | 1,777 | Less: Net Income (Loss) Attributable to Noncontrolling Interests | 348 | 767 | ||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 114 | $ | 200,081 | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 91,043 | $ | 192,164 | ||||||||||||
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | ||||||||||||||||||||
Basic | Basic | $ | 0.00 | $ | 0.69 | Basic | $ | 0.31 | $ | 0.66 | ||||||||||||
Diluted | Diluted | $ | 0.00 | $ | 0.68 | Diluted | $ | 0.31 | $ | 0.66 | ||||||||||||
Weighted Average Common Shares Outstanding—Basic | Weighted Average Common Shares Outstanding—Basic | 291,825 | 290,756 | Weighted Average Common Shares Outstanding—Basic | 292,148 | 290,937 | ||||||||||||||||
Weighted Average Common Shares Outstanding—Diluted | Weighted Average Common Shares Outstanding—Diluted | 293,527 | 292,487 | Weighted Average Common Shares Outstanding—Diluted | 294,269 | 292,552 |
IRON MOUNTAIN | 3 |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||
Storage rental | Storage rental | $ | 1,640,845 | $ | 1,504,196 | Storage rental | $ | 2,499,501 | $ | 2,264,566 | ||||||||||||
Service | Service | 1,031,440 | 1,033,384 | Service | 1,560,959 | 1,559,959 | ||||||||||||||||
Total Revenues | Total Revenues | 2,672,285 | 2,537,580 | Total Revenues | 4,060,460 | 3,824,525 | ||||||||||||||||
Operating Expenses: | Operating Expenses: | Operating Expenses: | ||||||||||||||||||||
Cost of sales (excluding depreciation and amortization) | Cost of sales (excluding depreciation and amortization) | 1,164,270 | 1,103,098 | Cost of sales (excluding depreciation and amortization) | 1,756,471 | 1,649,139 | ||||||||||||||||
Selling, general and administrative | Selling, general and administrative | 606,325 | 576,117 | Selling, general and administrative | 921,355 | 861,416 | ||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 377,461 | 361,869 | Depreciation and amortization | 576,218 | 536,946 | ||||||||||||||||
Acquisition and Integration Costs | Acquisition and Integration Costs | 3,106 | 32,539 | Acquisition and Integration Costs | 13,015 | 38,093 | ||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | 82,501 | — | Restructuring and other transformation | 121,362 | 3,382 | ||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment, net | (14,566) | (51,954) | ||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net | (Gain) loss on disposal/write-down of property, plant and equipment, net | (18,982) | (66,124) | |||||||||||||||||||
Total Operating Expenses | Total Operating Expenses | 2,219,097 | 2,021,669 | Total Operating Expenses | 3,369,439 | 3,022,852 | ||||||||||||||||
Operating Income (Loss) | Operating Income (Loss) | 453,188 | 515,911 | Operating Income (Loss) | 691,021 | 801,673 | ||||||||||||||||
Interest Expense, Net (includes Interest Income of $5,197 and $3,819 for the six months ended June 30, 2023 and 2022, respectively) | 281,347 | 229,499 | ||||||||||||||||||||
Interest Expense, Net (includes Interest Income of $9,256 and $5,995 for the nine months ended September 30, 2023 and 2022, respectively) | Interest Expense, Net (includes Interest Income of $9,256 and $5,995 for the nine months ended September 30, 2023 and 2022, respectively) | 434,148 | 351,266 | |||||||||||||||||||
Other Expense (Income), Net | Other Expense (Income), Net | 84,150 | 14,684 | Other Expense (Income), Net | 67,879 | (38,186) | ||||||||||||||||
Net Income (Loss) Before Provision (Benefit) for Income Taxes | Net Income (Loss) Before Provision (Benefit) for Income Taxes | 87,691 | 271,728 | Net Income (Loss) Before Provision (Benefit) for Income Taxes | 188,994 | 488,593 | ||||||||||||||||
Provision (Benefit) for Income Taxes | Provision (Benefit) for Income Taxes | 21,013 | 28,163 | Provision (Benefit) for Income Taxes | 30,925 | 52,097 | ||||||||||||||||
Net Income (Loss) | Net Income (Loss) | 66,678 | 243,565 | Net Income (Loss) | 158,069 | 436,496 | ||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | Less: Net Income (Loss) Attributable to Noncontrolling Interests | 1,969 | 1,185 | Less: Net Income (Loss) Attributable to Noncontrolling Interests | 2,317 | 1,952 | ||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 64,709 | $ | 242,380 | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 155,752 | $ | 434,544 | ||||||||||||
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | ||||||||||||||||||||
Basic | Basic | $ | 0.22 | $ | 0.83 | Basic | $ | 0.53 | $ | 1.49 | ||||||||||||
Diluted | Diluted | $ | 0.22 | $ | 0.83 | Diluted | $ | 0.53 | $ | 1.49 | ||||||||||||
Weighted Average Common Shares Outstanding—Basic | Weighted Average Common Shares Outstanding—Basic | 291,633 | 290,542 | Weighted Average Common Shares Outstanding—Basic | 291,805 | 290,673 | ||||||||||||||||
Weighted Average Common Shares Outstanding—Diluted | Weighted Average Common Shares Outstanding—Diluted | 293,288 | 292,166 | Weighted Average Common Shares Outstanding—Diluted | 293,615 | 292,294 |
IRON MOUNTAIN | 4 |
THREE MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 1,143 | $ | 201,858 | Net Income (Loss) | $ | 91,391 | $ | 192,931 | ||||||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||||
Other Comprehensive (Loss) Income: | Other Comprehensive (Loss) Income: | |||||||||||||||||||||
Foreign Currency Translation Adjustment | Foreign Currency Translation Adjustment | 18,035 | (187,786) | Foreign Currency Translation Adjustment | (80,168) | (175,098) | ||||||||||||||||
Change in Fair Value of Derivative Instruments | Change in Fair Value of Derivative Instruments | 7,896 | 34,211 | Change in Fair Value of Derivative Instruments | 6,184 | 32,233 | ||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Items, net | Reclassifications from Accumulated Other Comprehensive Items, net | (2,527) | — | Reclassifications from Accumulated Other Comprehensive Items, net | (2,527) | — | ||||||||||||||||
Total Other Comprehensive Income (Loss): | 23,404 | (153,575) | ||||||||||||||||||||
Total Other Comprehensive (Loss) Income: | Total Other Comprehensive (Loss) Income: | (76,511) | (142,865) | |||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) | 24,547 | 48,283 | Comprehensive Income (Loss) | 14,880 | 50,066 | ||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 909 | 819 | ||||||||||||||||||||
Comprehensive (Loss) Income Attributable to Noncontrolling Interests | Comprehensive (Loss) Income Attributable to Noncontrolling Interests | (404) | 408 | |||||||||||||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 23,638 | $ | 47,464 | Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 15,284 | $ | 49,658 |
SIX MONTHS ENDED JUNE 30, | |||||||||||
2023 | 2022 | ||||||||||
Net Income (Loss) | $ | 66,678 | $ | 243,565 | |||||||
Other Comprehensive Income (Loss): | |||||||||||
Foreign Currency Translation Adjustment | 58,261 | (160,333) | |||||||||
Change in Fair Value of Derivative Instruments | 4,454 | 50,977 | |||||||||
Reclassifications from Accumulated Other Comprehensive Items, net | (2,527) | — | |||||||||
Total Other Comprehensive Income (Loss): | 60,188 | (109,356) | |||||||||
Comprehensive Income (Loss) | 126,866 | 134,209 | |||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,398 | 457 | |||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 124,468 | $ | 133,752 |
NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||
2023 | 2022 | ||||||||||
Net Income (Loss) | $ | 158,069 | $ | 436,496 | |||||||
Other Comprehensive (Loss) Income: | |||||||||||
Foreign Currency Translation Adjustment | (21,907) | (335,431) | |||||||||
Change in Fair Value of Derivative Instruments | 10,638 | 83,210 | |||||||||
Reclassifications from Accumulated Other Comprehensive Items, net | (5,054) | — | |||||||||
Total Other Comprehensive (Loss) Income: | (16,323) | (252,221) | |||||||||
Comprehensive Income (Loss) | 141,746 | 184,275 | |||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 1,994 | 865 | |||||||||
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated | $ | 139,752 | $ | 183,410 |
IRON MOUNTAIN | 5 |
THREE MONTHS ENDED JUNE 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 545,589 | 291,584,999 | $ | 2,916 | $ | 4,459,265 | $ | (3,510,949) | $ | (405,768) | $ | 125 | $ | 95,630 | |||||||||||||||||||||||||||||||||||
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 27,862 | 239,959 | 2 | 27,860 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related to redeemable noncontrolling interests | 1,367 | — | — | 1,367 | — | — | — | (1,367) | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (182,113) | — | — | — | (182,113) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 23,524 | — | — | — | — | 23,524 | — | (120) | ||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 114 | — | — | — | 114 | — | — | 1,029 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests equity contributions | — | — | — | — | — | — | — | 9,900 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (1,013) | ||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 416,343 | 291,824,958 | $ | 2,918 | $ | 4,488,492 | $ | (3,692,948) | $ | (382,244) | $ | 125 | $ | 104,059 | |||||||||||||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 636,793 | 290,830,296 | $ | 2,908 | $ | 4,468,035 | $ | (3,392,272) | $ | (442,003) | $ | 125 | $ | 95,160 | |||||||||||||||||||||||||||||||||||
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 19,100 | 994,662 | 10 | 19,090 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related to redeemable noncontrolling interests | 1,367 | — | — | 1,367 | — | — | — | (1,367) | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (365,385) | — | — | — | (365,385) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | 59,759 | — | — | — | — | 59,759 | — | 429 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 64,709 | — | — | — | 64,709 | — | — | 1,969 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests equity contributions | — | — | — | — | — | — | — | 9,900 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (2,032) | ||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 416,343 | 291,824,958 | $ | 2,918 | $ | 4,488,492 | $ | (3,692,948) | $ | (382,244) | $ | 125 | $ | 104,059 |
THREE MONTHS ENDED SEPTEMBER 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 416,343 | 291,824,958 | $ | 2,918 | $ | 4,488,492 | $ | (3,692,948) | $ | (382,244) | $ | 125 | $ | 104,059 | |||||||||||||||||||||||||||||||||||
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 20,293 | 102,449 | 1 | 20,292 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related to redeemable noncontrolling interests | (400) | — | — | (400) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (188,889) | — | — | — | (188,889) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (75,759) | — | — | — | — | (75,759) | — | (752) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 91,043 | — | — | — | 91,043 | — | — | 348 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (905) | ||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | — | — | — | 60,520 | ||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | 262,631 | 291,927,407 | $ | 2,919 | $ | 4,508,384 | $ | (3,790,794) | $ | (458,003) | $ | 125 | $ | 163,270 | |||||||||||||||||||||||||||||||||||
NINE MONTHS ENDED SEPTEMBER 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 636,793 | 290,830,296 | $ | 2,908 | $ | 4,468,035 | $ | (3,392,272) | $ | (442,003) | $ | 125 | $ | 95,160 | |||||||||||||||||||||||||||||||||||
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 39,393 | 1,097,111 | 11 | 39,382 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Changes in equity related to redeemable noncontrolling interests | 967 | — | — | 967 | — | — | — | (1,367) | ||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | (554,274) | — | — | — | (554,274) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (16,000) | — | — | — | — | (16,000) | — | (323) | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 155,752 | — | — | — | 155,752 | — | — | 2,317 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests equity contributions | — | — | — | — | — | — | — | 9,900 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | — | — | — | — | — | — | — | (2,937) | ||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | — | — | — | — | — | — | — | 60,520 | ||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | 262,631 | 291,927,407 | $ | 2,919 | $ | 4,508,384 | $ | (3,790,794) | $ | (458,003) | $ | 125 | $ | 163,270 |
IRON MOUNTAIN | 6 |
THREE MONTHS ENDED JUNE 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
THREE MONTHS ENDED SEPTEMBER 30, 2022 | THREE MONTHS ENDED SEPTEMBER 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | TOTAL | SHARES | AMOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 758,771 | 290,550,440 | $ | 2,906 | $ | 4,409,051 | $ | (3,359,876) | $ | (294,358) | $ | 1,048 | $ | 73,428 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | $ | 651,775 | 290,679,958 | $ | 2,907 | $ | 4,432,009 | $ | (3,340,992) | $ | (446,975) | $ | 4,826 | $ | 93,957 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 24,462 | 129,518 | 1 | 24,461 | — | — | — | — | Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 13,979 | 7,984 | — | 13,979 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in equity related to noncontrolling interests | 4,618 | — | — | 983 | — | — | 3,635 | (983) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | Parent cash dividends declared | (181,197) | — | — | — | (181,197) | — | — | — | Parent cash dividends declared | (181,385) | — | — | — | (181,385) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (152,708) | — | — | — | — | (152,617) | (91) | (867) | Other comprehensive (loss) income | (142,828) | — | — | — | — | (142,506) | (322) | (37) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 200,315 | — | — | — | 200,081 | — | 234 | 1,543 | Net income (loss) | 192,298 | — | — | — | 192,164 | — | 134 | 633 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests equity contributions and related costs | (2,486) | — | — | (2,486) | — | — | — | 21,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | Noncontrolling interests dividends | — | — | — | — | — | — | — | (711) | Noncontrolling interests dividends | — | — | — | — | — | — | — | (732) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 651,775 | 290,679,958 | $ | 2,907 | $ | 4,432,009 | $ | (3,340,992) | $ | (446,975) | $ | 4,826 | $ | 93,957 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 533,839 | 290,687,942 | $ | 2,907 | $ | 4,445,988 | $ | (3,330,213) | $ | (589,481) | $ | 4,638 | $ | 93,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SIX MONTHS ENDED JUNE 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NINE MONTHS ENDED SEPTEMBER 30, 2022 | NINE MONTHS ENDED SEPTEMBER 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | IRON MOUNTAIN INCORPORATED STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | (DISTRIBUTIONS IN EXCESS OF EARNINGS) EARNINGS IN EXCESS OF DISTRIBUTIONS | ACCUMULATED OTHER COMPREHENSIVE ITEMS, NET | NONCONTROLLING INTERESTS | REDEEMABLE NONCONTROLLING INTERESTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TOTAL | SHARES | AMOUNTS | TOTAL | SHARES | AMOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | 857,068 | 289,757,061 | $ | 2,898 | $ | 4,412,553 | $ | (3,221,152) | $ | (338,347) | $ | 1,116 | $ | 72,411 | Balance, December 31, 2021 | $ | 857,068 | 289,757,061 | $ | 2,898 | $ | 4,412,553 | $ | (3,221,152) | $ | (338,347) | $ | 1,116 | $ | 72,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 22,960 | 922,897 | 9 | 22,951 | — | — | — | — | Issuance and net settlement of shares under employee stock purchase plan and option plans and stock-based compensation | 36,939 | 930,881 | 9 | 36,930 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in equity related to noncontrolling interests | Changes in equity related to noncontrolling interests | 2,626 | — | — | (1,009) | — | — | 3,635 | 1,009 | Changes in equity related to noncontrolling interests | 2,626 | — | — | (1,009) | — | — | 3,635 | 1,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent cash dividends declared | Parent cash dividends declared | (362,220) | — | — | — | (362,220) | — | — | — | Parent cash dividends declared | (543,605) | — | — | — | (543,605) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | Other comprehensive (loss) income | (108,787) | — | — | — | — | (108,628) | (159) | (569) | Other comprehensive (loss) income | (251,615) | — | — | — | — | (251,134) | (481) | (606) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 242,614 | — | — | — | 242,380 | — | 234 | 951 | Net income (loss) | 434,912 | — | — | — | 434,544 | — | 368 | 1,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests equity contributions and related costs | Noncontrolling interests equity contributions and related costs | (2,486) | — | — | (2,486) | — | — | — | 21,547 | Noncontrolling interests equity contributions and related costs | (2,486) | — | — | (2,486) | — | — | — | 21,547 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests dividends | Noncontrolling interests dividends | — | — | — | — | — | — | — | (1,392) | Noncontrolling interests dividends | — | — | — | — | — | — | — | (2,124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 651,775 | 290,679,958 | $ | 2,907 | $ | 4,432,009 | $ | (3,340,992) | $ | (446,975) | $ | 4,826 | $ | 93,957 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 533,839 | 290,687,942 | $ | 2,907 | $ | 4,445,988 | $ | (3,330,213) | $ | (589,481) | $ | 4,638 | $ | 93,821 |
IRON MOUNTAIN | 7 |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 66,678 | $ | 243,565 | Net income (loss) | $ | 158,069 | $ | 436,496 | ||||||||||||
Adjustments to reconcile net income (loss) to cash flows from operating activities: | Adjustments to reconcile net income (loss) to cash flows from operating activities: | Adjustments to reconcile net income (loss) to cash flows from operating activities: | ||||||||||||||||||||
Depreciation | Depreciation | 254,395 | 236,496 | Depreciation | 387,327 | 350,626 | ||||||||||||||||
Amortization (includes amortization of deferred financing costs and discounts of $8,095 and $9,064 for the six months ended June 30, 2023 and 2022, respectively) | 131,161 | 134,437 | ||||||||||||||||||||
Amortization (includes amortization of deferred financing costs and discounts of $13,580 and $13,536 for the nine months ended September 30, 2023 and 2022, respectively) | Amortization (includes amortization of deferred financing costs and discounts of $13,580 and $13,536 for the nine months ended September 30, 2023 and 2022, respectively) | 202,471 | 199,856 | |||||||||||||||||||
Revenue reduction associated with amortization of customer inducements and above- and below-market leases | Revenue reduction associated with amortization of customer inducements and above- and below-market leases | 3,491 | 3,681 | Revenue reduction associated with amortization of customer inducements and above- and below-market leases | 5,206 | 5,532 | ||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 34,882 | 31,597 | Stock-based compensation expense | 53,195 | 45,923 | ||||||||||||||||
Provision (benefit) for deferred income taxes | 2,799 | (18,491) | ||||||||||||||||||||
(Benefit) provision for deferred income taxes | (Benefit) provision for deferred income taxes | (7,727) | (22,991) | |||||||||||||||||||
Loss on early extinguishment of debt | Loss on early extinguishment of debt | — | 671 | Loss on early extinguishment of debt | — | 671 | ||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net | (Gain) loss on disposal/write-down of property, plant and equipment, net | (14,566) | (51,954) | (Gain) loss on disposal/write-down of property, plant and equipment, net | (18,982) | (66,124) | ||||||||||||||||
Loss (gain) on divestments and deconsolidations | Loss (gain) on divestments and deconsolidations | — | 105,825 | Loss (gain) on divestments and deconsolidations | — | 105,825 | ||||||||||||||||
Loss (gain) associated with the Clutter transactions | Loss (gain) associated with the Clutter transactions | 38,000 | (35,821) | Loss (gain) associated with the Clutter transactions | 38,000 | (35,821) | ||||||||||||||||
Foreign currency transactions and other, net | Foreign currency transactions and other, net | 69,183 | (58,821) | Foreign currency transactions and other, net | 55,768 | (101,329) | ||||||||||||||||
(Increase) decrease in assets | (Increase) decrease in assets | (31,071) | (194,756) | (Increase) decrease in assets | (6,889) | (219,173) | ||||||||||||||||
(Decrease) increase in liabilities | (Decrease) increase in liabilities | (108,858) | (50,505) | (Decrease) increase in liabilities | (200,064) | (139,136) | ||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | 446,094 | 345,924 | Cash Flows from Operating Activities | 666,374 | 560,355 | ||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | ||||||||||||||||||||
Capital expenditures | Capital expenditures | (600,758) | (330,220) | Capital expenditures | (962,294) | (596,801) | ||||||||||||||||
Cash paid for acquisitions, net of cash acquired | Cash paid for acquisitions, net of cash acquired | (21,465) | (718,657) | Cash paid for acquisitions, net of cash acquired | (33,932) | (724,213) | ||||||||||||||||
Acquisition of customer relationships | Acquisition of customer relationships | — | (148) | Acquisition of customer relationships | — | (1,901) | ||||||||||||||||
Customer inducements | Customer inducements | (2,630) | (4,624) | Customer inducements | (5,799) | (4,288) | ||||||||||||||||
Contract fulfillment costs | Contract fulfillment costs | (39,989) | (33,951) | Contract fulfillment costs | (61,960) | (49,874) | ||||||||||||||||
Investments in joint ventures and other investments | Investments in joint ventures and other investments | (15,830) | — | Investments in joint ventures and other investments | (15,830) | (46,100) | ||||||||||||||||
Proceeds from sales of property and equipment and other, net | Proceeds from sales of property and equipment and other, net | 35,390 | 96,497 | Proceeds from sales of property and equipment and other, net | 44,732 | 119,417 | ||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | (645,282) | (991,103) | Cash Flows from Investing Activities | (1,035,083) | (1,303,760) | ||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | ||||||||||||||||||||
Repayment of revolving credit facility, term loan facilities and other debt | Repayment of revolving credit facility, term loan facilities and other debt | (10,087,033) | (5,351,720) | Repayment of revolving credit facility, term loan facilities and other debt | (13,654,869) | (8,038,964) | ||||||||||||||||
Proceeds from revolving credit facility, term loan facilities and other debt | Proceeds from revolving credit facility, term loan facilities and other debt | 9,683,880 | 6,255,829 | Proceeds from revolving credit facility, term loan facilities and other debt | 13,630,522 | 9,240,478 | ||||||||||||||||
Net proceeds from sale of senior note | Net proceeds from sale of senior note | 990,000 | — | Net proceeds from sale of senior note | 990,000 | — | ||||||||||||||||
Debt financing and equity contribution from noncontrolling interests | Debt financing and equity contribution from noncontrolling interests | 9,900 | 21,547 | Debt financing and equity contribution from noncontrolling interests | 9,900 | 21,547 | ||||||||||||||||
Debt repayment and equity distribution to noncontrolling interests | Debt repayment and equity distribution to noncontrolling interests | (2,032) | (1,392) | Debt repayment and equity distribution to noncontrolling interests | (2,937) | (2,124) | ||||||||||||||||
Parent cash dividends | Parent cash dividends | (367,060) | (364,223) | Parent cash dividends | (547,667) | (544,069) | ||||||||||||||||
Net (payments) proceeds associated with employee stock-based awards | Net (payments) proceeds associated with employee stock-based awards | (15,782) | (8,636) | Net (payments) proceeds associated with employee stock-based awards | (13,802) | (8,984) | ||||||||||||||||
Other, net | Other, net | (2,046) | (9,405) | Other, net | (7,275) | (9,437) | ||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | 209,827 | 542,000 | Cash Flows from Financing Activities | 403,872 | 658,447 | ||||||||||||||||
Effect of Exchange Rates on Cash and Cash Equivalents | Effect of Exchange Rates on Cash and Cash Equivalents | (2,943) | (7,903) | Effect of Exchange Rates on Cash and Cash Equivalents | (6,458) | (15,647) | ||||||||||||||||
Increase (decrease) in Cash and Cash Equivalents | Increase (decrease) in Cash and Cash Equivalents | 7,696 | (111,082) | Increase (decrease) in Cash and Cash Equivalents | 28,705 | (100,605) | ||||||||||||||||
Cash and Cash Equivalents, Beginning of Period | Cash and Cash Equivalents, Beginning of Period | 141,797 | 255,828 | Cash and Cash Equivalents, Beginning of Period | 141,797 | 255,828 | ||||||||||||||||
Cash and Cash Equivalents, End of Period | Cash and Cash Equivalents, End of Period | $ | 149,493 | $ | 144,746 | Cash and Cash Equivalents, End of Period | $ | 170,502 | $ | 155,223 | ||||||||||||
Supplemental Information: | Supplemental Information: | Supplemental Information: | ||||||||||||||||||||
Cash Paid for Interest | Cash Paid for Interest | $ | 270,146 | $ | 227,633 | Cash Paid for Interest | $ | 470,273 | $ | 410,851 | ||||||||||||
Cash Paid for Income Taxes, Net | Cash Paid for Income Taxes, Net | $ | 46,502 | $ | 57,135 | Cash Paid for Income Taxes, Net | $ | 74,948 | $ | 77,765 | ||||||||||||
Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | Non-Cash Investing and Financing Activities: | ||||||||||||||||||||
Financing Leases and Other | Financing Leases and Other | $ | 61,085 | $ | 12,878 | Financing Leases and Other | $ | 104,613 | $ | 18,774 | ||||||||||||
Accrued Capital Expenditures | Accrued Capital Expenditures | $ | 192,197 | $ | 98,210 | Accrued Capital Expenditures | $ | 176,596 | $ | 137,802 | ||||||||||||
Deferred Purchase Obligations and Other Deferred Payments | Deferred Purchase Obligations and Other Deferred Payments | $ | 9,290 | $ | 276,017 | Deferred Purchase Obligations and Other Deferred Payments | $ | 4,786 | $ | 279,734 | ||||||||||||
Dividends Payable | Dividends Payable | $ | 192,597 | $ | 188,556 | Dividends Payable | $ | 200,879 | $ | 190,095 |
IRON MOUNTAIN | 8 |
Balance as of December 31, 2022 | $ | 54,143 | ||||||||||||
Credit memos charged to revenue | ||||||||||||||
Allowance for bad debts charged to expense | ||||||||||||||
Deductions and other(1) | ||||||||||||||
Balance as of | $ |
IRON MOUNTAIN | 9 |
DESCRIPTION | DESCRIPTION | JUNE 30, 2023 | DECEMBER 31, 2022 | DESCRIPTION | SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | ||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 2,671,371 | $ | 2,583,704 | Operating lease right-of-use assets | $ | 2,620,582 | $ | 2,583,704 | ||||||||||||||||||
Financing lease right-of-use assets, net of accumulated depreciation(1) | Financing lease right-of-use assets, net of accumulated depreciation(1) | 255,015 | 251,690 | Financing lease right-of-use assets, net of accumulated depreciation(1) | 300,424 | 251,690 | ||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Current | Current | Current | ||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | $ | 303,615 | $ | 288,738 | Operating lease liabilities | $ | 276,191 | $ | 288,738 | ||||||||||||||||||
Financing lease liabilities(1) | Financing lease liabilities(1) | 49,148 | 43,857 | Financing lease liabilities(1) | 55,744 | 43,857 | ||||||||||||||||||||||
Long-term | Long-term | Long-term | ||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | $ | 2,513,975 | $ | 2,429,167 | Operating lease liabilities | $ | 2,479,223 | $ | 2,429,167 | ||||||||||||||||||
Financing lease liabilities(1) | Financing lease liabilities(1) | 297,190 | 289,048 | Financing lease liabilities(1) | 316,043 | 289,048 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
DESCRIPTION | DESCRIPTION | 2023 | 2022 | 2023 | 2022 | DESCRIPTION | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Operating lease cost(1) | Operating lease cost(1) | $ | 161,241 | $ | 139,863 | $ | 317,114 | $ | 283,393 | Operating lease cost(1) | $ | 172,040 | $ | 145,293 | $ | 489,153 | $ | 428,686 | ||||||||||||||||||||||||||||||||||
Financing lease cost: | Financing lease cost: | Financing lease cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation of financing lease right-of-use assets | Depreciation of financing lease right-of-use assets | $ | 10,202 | $ | 10,578 | $ | 20,210 | $ | 22,032 | Depreciation of financing lease right-of-use assets | $ | 11,004 | $ | 10,186 | $ | 31,214 | $ | 32,218 | ||||||||||||||||||||||||||||||||||
Interest expense for financing lease liabilities | Interest expense for financing lease liabilities | 4,416 | 4,359 | 8,757 | 9,037 | Interest expense for financing lease liabilities | 4,843 | 4,126 | 13,600 | 13,163 |
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 10 |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||
CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: | CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: | 2023 | 2022 | CASH PAID FOR AMOUNTS INCLUDED IN MEASUREMENT OF LEASE LIABILITIES: | 2023 | 2022 | ||||||||||||||||||||||
Operating cash flows used in operating leases | Operating cash flows used in operating leases | $ | 220,764 | $ | 200,958 | Operating cash flows used in operating leases | $ | 334,806 | $ | 302,442 | ||||||||||||||||||
Operating cash flows used in financing leases (interest) | Operating cash flows used in financing leases (interest) | 8,757 | 9,037 | Operating cash flows used in financing leases (interest) | 13,600 | 13,163 | ||||||||||||||||||||||
Financing cash flows used in financing leases | Financing cash flows used in financing leases | 22,010 | 20,084 | Financing cash flows used in financing leases | 35,124 | 29,254 | ||||||||||||||||||||||
NON-CASH ITEMS: | NON-CASH ITEMS: | NON-CASH ITEMS: | ||||||||||||||||||||||||||
Operating lease modifications and reassessments | Operating lease modifications and reassessments | $ | 44,779 | $ | 67,699 | Operating lease modifications and reassessments | $ | 65,874 | $ | 145,133 | ||||||||||||||||||
New operating leases (including acquisitions and sale-leaseback transactions) | New operating leases (including acquisitions and sale-leaseback transactions) | 163,326 | 382,890 | New operating leases (including acquisitions and sale-leaseback transactions) | 234,194 | 485,673 |
GLOBAL RIM BUSINESS | GLOBAL DATA CENTER BUSINESS | CORPORATE AND OTHER | TOTAL CONSOLIDATED | GLOBAL RIM BUSINESS | GLOBAL DATA CENTER BUSINESS | CORPORATE AND OTHER | TOTAL CONSOLIDATED | |||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill balance, net of accumulated amortization as of December 31, 2022 | Goodwill balance, net of accumulated amortization as of December 31, 2022 | $ | 3,852,946 | $ | 418,502 | $ | 611,286 | $ | 4,882,734 | Goodwill balance, net of accumulated amortization as of December 31, 2022 | $ | 3,852,946 | $ | 418,502 | $ | 611,286 | $ | 4,882,734 | ||||||||||||||||||||||||||||||||||||||||
Tax deductible goodwill acquired during the period | Tax deductible goodwill acquired during the period | — | — | 11,045 | 11,045 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-tax deductible goodwill acquired during the period | Non-tax deductible goodwill acquired during the period | 22,876 | — | 383 | 23,259 | Non-tax deductible goodwill acquired during the period | 33,873 | 31,228 | 383 | 65,484 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value and other adjustments | Fair value and other adjustments | (80) | — | 2,333 | 2,253 | Fair value and other adjustments | (80) | — | 2,333 | 2,253 | ||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustments | Currency translation adjustments | 17,169 | 2,153 | 577 | 19,899 | Currency translation adjustments | (21,532) | (1,799) | (110) | (23,441) | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill balance, net of accumulated amortization as of June 30, 2023 | $ | 3,892,911 | $ | 420,655 | $ | 614,579 | $ | 4,928,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated goodwill impairment balance as of June 30, 2023 | $ | 132,409 | $ | — | $ | 26,011 | $ | 158,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill balance, net of accumulated amortization as of September 30, 2023 | Goodwill balance, net of accumulated amortization as of September 30, 2023 | $ | 3,865,207 | $ | 447,931 | $ | 624,937 | $ | 4,938,075 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated goodwill impairment balance as of September 30, 2023 | Accumulated goodwill impairment balance as of September 30, 2023 | $ | 132,409 | $ | — | $ | 26,011 | $ | 158,420 |
IRON MOUNTAIN | 11 |
FAIR VALUE MEASUREMENTS AT JUNE 30, 2023 USING | FAIR VALUE MEASUREMENTS AT SEPTEMBER 30, 2023 USING | |||||||||||||||||||||||||||||||||||||||||||||||||||
DESCRIPTION | DESCRIPTION | TOTAL CARRYING VALUE AT JUNE 30, 2023 | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | DESCRIPTION | TOTAL CARRYING VALUE AT SEPTEMBER 30, 2023 | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||||||||||||||||||||||||||||||||||||||||||
Money Market Funds | Money Market Funds | $ | 11,761 | $ | — | $ | 11,761 | $ | — | Money Market Funds | $ | 10,197 | $ | — | $ | 10,197 | $ | — | ||||||||||||||||||||||||||||||||||
Time Deposits | Time Deposits | 1,127 | — | 1,127 | — | Time Deposits | 45,910 | — | 45,910 | — | ||||||||||||||||||||||||||||||||||||||||||
Trading Securities | Trading Securities | 10,340 | 10,322 | 18 | — | Trading Securities | 9,917 | 8,418 | 1,499 | — | ||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Assets | 28,286 | — | 28,286 | — | Derivative Assets | 39,478 | — | 39,478 | — | ||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | Derivative Liabilities | 4,540 | — | 4,540 | — | Derivative Liabilities | 38 | — | 38 | — | ||||||||||||||||||||||||||||||||||||||||||
Deferred Purchase Obligations(1) | Deferred Purchase Obligations(1) | 201,190 | — | — | 201,190 | Deferred Purchase Obligations(1) | 206,755 | — | — | 206,755 |
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2022 USING | ||||||||||||||||||||||||||
DESCRIPTION | TOTAL CARRYING VALUE AT DECEMBER 31, 2022 | QUOTED PRICES IN ACTIVE MARKETS (LEVEL 1) | SIGNIFICANT OTHER OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | ||||||||||||||||||||||
Money Market Funds | $ | 11,311 | $ | — | $ | 11,311 | $ | — | ||||||||||||||||||
Time Deposits | 1,102 | — | 1,102 | — | ||||||||||||||||||||||
Trading Securities | 9,462 | 9,426 | 36 | — | ||||||||||||||||||||||
Derivative Assets | 51,396 | — | 51,396 | — | ||||||||||||||||||||||
Derivative Liabilities | 489 | — | 489 | — | ||||||||||||||||||||||
Deferred Purchase Obligations(1) | 193,033 | — | — | 193,033 |
IRON MOUNTAIN | 12 |
THREE MONTHS ENDED JUNE 30, 2023 | THREE MONTHS ENDED JUNE 30, 2022 | THREE MONTHS ENDED SEPTEMBER 30, 2023 | THREE MONTHS ENDED SEPTEMBER 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of Period | Beginning of Period | $ | (414,832) | $ | 9,064 | $ | (405,768) | $ | (313,801) | $ | 19,443 | $ | (294,358) | Beginning of Period | $ | (396,677) | $ | 14,433 | $ | (382,244) | $ | (500,629) | $ | 53,654 | $ | (446,975) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | Other comprehensive (loss) income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation and other adjustments | Foreign currency translation and other adjustments | 18,155 | — | 18,155 | (186,828) | — | (186,828) | Foreign currency translation and other adjustments | (79,416) | — | (79,416) | (174,739) | — | (174,739) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | Change in fair value of derivative instruments | — | 7,896 | 7,896 | — | 34,211 | 34,211 | Change in fair value of derivative instruments | — | 6,184 | 6,184 | — | 32,233 | 32,233 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive items, net | Reclassifications from accumulated other comprehensive items, net | — | (2,527) | (2,527) | — | — | — | Reclassifications from accumulated other comprehensive items, net | — | (2,527) | (2,527) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | 18,155 | 5,369 | 23,524 | (186,828) | 34,211 | (152,617) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | Total other comprehensive (loss) income | (79,416) | 3,657 | (75,759) | (174,739) | 32,233 | (142,506) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period | End of Period | $ | (396,677) | $ | 14,433 | $ | (382,244) | $ | (500,629) | $ | 53,654 | $ | (446,975) | End of Period | $ | (476,093) | $ | 18,090 | $ | (458,003) | $ | (675,368) | $ | 85,887 | $ | (589,481) |
SIX MONTHS ENDED JUNE 30, 2023 | SIX MONTHS ENDED JUNE 30, 2022 | NINE MONTHS ENDED SEPTEMBER 30, 2023 | NINE MONTHS ENDED SEPTEMBER 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | FOREIGN CURRENCY TRANSLATION AND OTHER ADJUSTMENTS | DERIVATIVE FINANCIAL INSTRUMENTS | TOTAL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of Period | Beginning of Period | $ | (454,509) | $ | 12,506 | $ | (442,003) | $ | (341,024) | $ | 2,677 | $ | (338,347) | Beginning of Period | $ | (454,509) | $ | 12,506 | $ | (442,003) | $ | (341,024) | $ | 2,677 | $ | (338,347) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income: | Other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation and other adjustments | Foreign currency translation and other adjustments | 57,832 | — | 57,832 | (159,605) | — | (159,605) | Foreign currency translation and other adjustments | (21,584) | — | (21,584) | (334,344) | — | (334,344) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of derivative instruments | Change in fair value of derivative instruments | — | 4,454 | 4,454 | — | 50,977 | 50,977 | Change in fair value of derivative instruments | — | 10,638 | 10,638 | — | 83,210 | 83,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications from accumulated other comprehensive items, net | Reclassifications from accumulated other comprehensive items, net | — | (2,527) | (2,527) | — | — | — | Reclassifications from accumulated other comprehensive items, net | — | (5,054) | (5,054) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | 57,832 | 1,927 | 59,759 | (159,605) | 50,977 | (108,628) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | Total other comprehensive (loss) income | (21,584) | 5,584 | (16,000) | (334,344) | 83,210 | (251,134) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
End of Period | End of Period | $ | (396,677) | $ | 14,433 | $ | (382,244) | $ | (500,629) | $ | 53,654 | $ | (446,975) | End of Period | $ | (476,093) | $ | 18,090 | $ | (458,003) | $ | (675,368) | $ | 85,887 | $ | (589,481) |
JUNE 30, 2023 | DECEMBER 31, 2022 | SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | GROSS CARRYING AMOUNT | ACCUMULATED AMORTIZATION | NET CARRYING AMOUNT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intake Costs asset | Intake Costs asset | $ | 75,428 | $ | (47,919) | $ | 27,509 | $ | 68,345 | $ | (42,132) | $ | 26,213 | Intake Costs asset | $ | 77,937 | $ | (47,081) | $ | 30,856 | $ | 68,345 | $ | (42,132) | $ | 26,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commissions asset | Commissions asset | 148,003 | (66,431) | 81,572 | 133,145 | (58,949) | 74,196 | Commissions asset | 154,425 | (66,777) | 87,648 | 133,145 | (58,949) | 74,196 |
IRON MOUNTAIN | 13 |
DESCRIPTION | DESCRIPTION | LOCATION IN BALANCE SHEET | JUNE 30, 2023 | DECEMBER 31, 2022 | DESCRIPTION | LOCATION IN BALANCE SHEET | SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | ||||||||||||||||||||||||||||||||
Deferred revenue - Current | Deferred revenue - Current | Deferred revenue | $ | 336,068 | $ | 328,910 | Deferred revenue - Current | Deferred revenue | $ | 325,493 | $ | 328,910 | ||||||||||||||||||||||||||||
Deferred revenue - Long-term | Deferred revenue - Long-term | Other Long-term Liabilities | 22,343 | 32,960 | Deferred revenue - Long-term | Other Long-term Liabilities | 22,537 | 32,960 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Storage rental revenue(1) | $ | 110,990 | $ | 89,768 | $ | 218,425 | $ | 177,219 |
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Storage rental revenue | $ | 123,655 | $ | 96,328 | $ | 342,080 | $ | 273,547 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | 22,373 | $ | 20,256 | $ | 34,882 | $ | 31,597 | |||||||||||||||||||||||||||
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | 18,313 | $ | 14,326 | $ | 53,195 | $ | 45,923 | |||||||||||||||||||||||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Acquisition and Integration Costs | $ | 1,511 | $ | 16,878 | $ | 3,106 | $ | 32,539 | |||||||||||||||||||||||||||
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Acquisition and Integration Costs | $ | 9,909 | $ | 5,554 | $ | 13,015 | $ | 38,093 | |||||||||||||||||||||||||||
IRON MOUNTAIN | 14 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||
2023 | 2022(2) | 2023(1) | 2022(2) | ||||||||||||||||||||
(Gain) Loss on disposal/write-down of property, plant and equipment, net(3) | $ | (1,505) | $ | (51,249) | $ | (14,566) | $ | (51,954) |
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||
2023 | 2022(2) | 2023(1) | 2022(2) | ||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net(3) | $ | (4,416) | $ | (14,170) | $ | (18,982) | $ | (66,124) |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||
DESCRIPTION | DESCRIPTION | 2023 | 2022 | 2023 | 2022 | DESCRIPTION | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||
Foreign currency transaction losses (gains), net(1)(2) | $ | 15,063 | $ | (55,039) | $ | 29,487 | $ | (68,240) | ||||||||||||||||||||||||||||||||||||||
Foreign currency transaction (gains) losses, net(1)(2) | Foreign currency transaction (gains) losses, net(1)(2) | $ | (29,310) | $ | (58,519) | $ | 177 | $ | (126,759) | |||||||||||||||||||||||||||||||||||||
Debt extinguishment expense | Debt extinguishment expense | — | — | — | 671 | Debt extinguishment expense | — | — | — | 671 | ||||||||||||||||||||||||||||||||||||
Other, net(3)(4) | Other, net(3)(4) | 47,887 | 13,822 | 54,663 | 82,253 | Other, net(3)(4) | 13,039 | 5,649 | 67,702 | 87,902 | ||||||||||||||||||||||||||||||||||||
Other Expense (Income), Net | $ | 62,950 | $ | (41,217) | $ | 84,150 | $ | 14,684 | ||||||||||||||||||||||||||||||||||||||
Other (Income) Expense, Net | Other (Income) Expense, Net | $ | (16,271) | $ | (52,870) | $ | 67,879 | $ | (38,186) |
IRON MOUNTAIN | 15 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||
2023(1) | 2022(2) | 2023(1) | 2022(2) | ||||||||||||||||||||
Effective Tax Rate | 78.8 | % | 8.2 | % | 24.0 | % | 10.4 | % |
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||
2023(1) | 2022(2) | 2023(2) | 2022(2) | ||||||||||||||||||||
Effective Tax Rate | 9.8 | % | 11.0 | % | 16.4 | % | 10.7 | % |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 1,143 | $ | 201,858 | $ | 66,678 | $ | 243,565 | Net Income (Loss) | $ | 91,391 | $ | 192,931 | $ | 158,069 | $ | 436,496 | ||||||||||||||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | Less: Net Income (Loss) Attributable to Noncontrolling Interests | 1,029 | 1,777 | 1,969 | 1,185 | Less: Net Income (Loss) Attributable to Noncontrolling Interests | 348 | 767 | 2,317 | 1,952 | ||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) | Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) | $ | 114 | $ | 200,081 | $ | 64,709 | $ | 242,380 | Net Income (Loss) Attributable to Iron Mountain Incorporated (utilized in numerator of Earnings Per Share calculation) | $ | 91,043 | $ | 192,164 | $ | 155,752 | $ | 434,544 | ||||||||||||||||||||||||||||
Weighted-average shares—basic | Weighted-average shares—basic | 291,825,000 | 290,756,000 | 291,633,000 | 290,542,000 | Weighted-average shares—basic | 292,148,000 | 290,937,000 | 291,805,000 | 290,673,000 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive potential stock options | Effect of dilutive potential stock options | 1,322,000 | 1,249,262 | 1,269,000 | 1,122,444 | Effect of dilutive potential stock options | 1,592,000 | 1,133,952 | 1,376,000 | 1,126,280 | ||||||||||||||||||||||||||||||||||||
Effect of dilutive potential RSUs and PUs | Effect of dilutive potential RSUs and PUs | 380,000 | 481,972 | 386,000 | 501,975 | Effect of dilutive potential RSUs and PUs | 529,000 | 480,919 | 434,000 | 494,956 | ||||||||||||||||||||||||||||||||||||
Weighted-average shares—diluted | Weighted-average shares—diluted | 293,527,000 | 292,487,234 | 293,288,000 | 292,166,419 | Weighted-average shares—diluted | 294,269,000 | 292,551,871 | 293,615,000 | 292,294,236 | ||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.00 | $ | 0.69 | $ | 0.22 | $ | 0.83 | Basic | $ | 0.31 | $ | 0.66 | $ | 0.53 | $ | 1.49 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.00 | $ | 0.68 | $ | 0.22 | $ | 0.83 | Diluted | $ | 0.31 | $ | 0.66 | $ | 0.53 | $ | 1.49 | ||||||||||||||||||||||||||||
Antidilutive stock options, RSUs and PUs excluded from the calculation | Antidilutive stock options, RSUs and PUs excluded from the calculation | 157,132 | 234,085 | 151,431 | 494,833 | Antidilutive stock options, RSUs and PUs excluded from the calculation | 16,820 | 220,421 | 106,561 | 403,362 |
IRON MOUNTAIN | 16 |
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 17 |
Cash Paid (gross of cash acquired)(1) | $ | ||||
Deferred Purchase Obligation, Purchase Price Holdbacks and Other | |||||
Fair Value of Previously Held Equity Interest(2) | |||||
Fair Value of Noncontrolling Interest(2) | 78,598 | ||||
Settlement of Pre-Existing Relationships | |||||
Total Consideration | |||||
Fair Value of Identifiable Assets | |||||
Cash and Cash Equivalents | |||||
Accounts Receivable, Prepaid Expenses and Other Assets | 27,561 | ||||
Property, Plant and Equipment | 118,438 | ||||
Customer and Supplier Relationship Intangible Assets(3) | 29,029 | ||||
Data Center Lease-Based Intangible Assets(4) | 18,161 | ||||
Data Center Tenant Relationships(5) | 22,701 | ||||
Other Intangible Assets | 2,180 | ||||
Operating Lease Right-of-Use Assets | 27,272 | ||||
Fair Value of Identifiable Liabilities Assumed | |||||
Goodwill Initially Recorded | $ |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, 2022 | SIX MONTHS ENDED JUNE 30, 2022 | THREE MONTHS ENDED SEPTEMBER 30, 2022 | NINE MONTHS ENDED SEPTEMBER 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 1,289,534 | $ | 2,555,554 | Total Revenues | $ | 1,286,945 | $ | 3,842,499 | ||||||||||||||||||||||||||||||||||||||||||
Income from Continuing Operations | Income from Continuing Operations | $ | 201,858 | $ | 243,696 | Income from Continuing Operations | $ | 192,931 | $ | 436,627 |
IRON MOUNTAIN |
JUNE 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||||||||
CARRYING VALUE | EQUITY INTEREST | CARRYING VALUE | EQUITY INTEREST | |||||||||||||||||||||||
Web Werks JV | $ | 98,650 | 53.58 | % | $ | 98,278 | 53.58 | % | ||||||||||||||||||
Joint venture with AGC Equity Partners (the "Frankfurt JV") | 59,394 | 20.00 | % | 37,194 | 20.00 | % | ||||||||||||||||||||
Clutter JV | — | — | % | 54,172 | 26.73 | % |
SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||||||||
CARRYING VALUE | EQUITY INTEREST | CARRYING VALUE | EQUITY INTEREST | |||||||||||||||||||||||
Web Werks JV | $ | — | — | % | $ | 98,278 | 53.58 | % | ||||||||||||||||||
Joint venture with AGC Equity Partners (the "Frankfurt JV") | 58,154 | 20.00 | % | 37,194 | 20.00 | % | ||||||||||||||||||||
Clutter JV | — | — | % | 54,172 | 26.73 | % |
JUNE 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS(1) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
Cash Flow Hedges(2) | ||||||||||||||||||||||||||
Interest rate swap agreements | $ | 6,852 | $ | — | $ | 12,995 | $ | 489 | ||||||||||||||||||
Net Investment Hedges(3) | ||||||||||||||||||||||||||
Cross-currency swap agreements | 21,434 | 4,540 | 38,401 | — |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||
Interest rate swap agreements | $ | 7,896 | $ | 3,932 | $ | 4,454 | $ | 15,402 | ||||||||||||||||||
Net Investment Hedges | ||||||||||||||||||||||||||
Cross-currency swap agreements | (12,704) | 30,279 | (21,507) | 35,575 | ||||||||||||||||||||||
Cross-currency swap agreements (excluded component) | 5,817 | — | 11,651 | — |
IRON MOUNTAIN | 20 |
SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS(1) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
Cash Flow Hedges(2) | ||||||||||||||||||||||||||
Interest rate swap agreements | $ | 11,519 | $ | 38 | $ | 12,995 | $ | 489 | ||||||||||||||||||
Net Investment Hedges(3) | ||||||||||||||||||||||||||
Cross-currency swap agreements | 27,959 | — | 38,401 | — |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS | Location of gain (loss) | 2023 | 2022 | 2023 | 2022 | DERIVATIVE INSTRUMENTS | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | Interest rate swap agreements | Interest expense | $ | 2,527 | $ | — | $ | 2,527 | $ | — | Interest rate swap agreements | $ | 6,184 | $ | 5,157 | $ | 10,638 | $ | 20,559 | ||||||||||||||||||||||||||||||||||||
Net Investment Hedges | Net Investment Hedges | Net Investment Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements | Cross-currency swap agreements | 5,822 | 27,076 | (15,685) | 62,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cross-currency swap agreements (excluded component) | Cross-currency swap agreements (excluded component) | Interest expense | (5,817) | — | (11,651) | — | Cross-currency swap agreements (excluded component) | 5,270 | — | 16,921 | — |
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | Location of gain (loss) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 2,527 | $ | — | $ | 5,054 | $ | — | ||||||||||||||||||||
Net Investment Hedges | |||||||||||||||||||||||||||||
Cross-currency swap agreements (excluded component) | Interest expense | (5,270) | — | (16,921) | — |
IRON MOUNTAIN | 21 |
JUNE 30, 2023 | DECEMBER 31, 2022 | SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT | FAIR VALUE | DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT | FAIR VALUE | DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT | FAIR VALUE | DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT | FAIR VALUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility(1) | Revolving Credit Facility(1) | $ | 679,500 | $ | (5,332) | $ | 674,168 | $ | 679,500 | $ | 1,072,200 | $ | (6,790) | $ | 1,065,410 | $ | 1,072,200 | Revolving Credit Facility(1) | $ | 1,049,500 | $ | (4,976) | $ | 1,044,524 | $ | 1,049,500 | $ | 1,072,200 | $ | (6,790) | $ | 1,065,410 | $ | 1,072,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan A(1) | Term Loan A(1) | 234,375 | — | 234,375 | 234,375 | 240,625 | — | 240,625 | 240,625 | Term Loan A(1) | 231,250 | — | 231,250 | 231,250 | 240,625 | — | 240,625 | 240,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loan B | Term Loan B | 662,685 | (3,122) | 659,563 | 663,250 | 666,073 | (3,747) | 662,326 | 666,750 | Term Loan B | 660,992 | (2,810) | 658,182 | 661,500 | 666,073 | (3,747) | 662,326 | 666,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virginia 3 Term Loans | Virginia 3 Term Loans | 26,134 | (3,915) | 22,219 | 26,134 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Australian Dollar Term Loan | Australian Dollar Term Loan | 196,333 | (543) | 195,790 | 198,005 | 202,641 | (633) | 202,008 | 204,623 | Australian Dollar Term Loan | 187,853 | (491) | 187,362 | 189,349 | 202,641 | (633) | 202,008 | 204,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UK Bilateral Revolving Credit Facility | UK Bilateral Revolving Credit Facility | 177,277 | — | 177,277 | 177,277 | 169,361 | — | 169,361 | 169,361 | UK Bilateral Revolving Credit Facility | 170,858 | — | 170,858 | 170,858 | 169,361 | — | 169,361 | 169,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
37/8% GBP Senior Notes due 2025 (the "GBP Notes") | 37/8% GBP Senior Notes due 2025 (the "GBP Notes") | 506,506 | (2,231) | 504,275 | 472,474 | 483,888 | (2,589) | 481,299 | 445,206 | 37/8% GBP Senior Notes due 2025 (the "GBP Notes") | 488,166 | (1,920) | 486,246 | 458,959 | 483,888 | (2,589) | 481,299 | 445,206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
47/8% Senior Notes due 2027 (the "47/8% Notes due 2027")(2) | 47/8% Senior Notes due 2027 (the "47/8% Notes due 2027")(2) | 1,000,000 | (6,043) | 993,957 | 932,500 | 1,000,000 | (6,754) | 993,246 | 917,500 | 47/8% Senior Notes due 2027 (the "47/8% Notes due 2027")(2) | 1,000,000 | (5,688) | 994,312 | 913,750 | 1,000,000 | (6,754) | 993,246 | 917,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
51/4% Senior Notes due 2028 (the "51/4% Notes due 2028")(2) | 51/4% Senior Notes due 2028 (the "51/4% Notes due 2028")(2) | 825,000 | (5,609) | 819,391 | 770,344 | 825,000 | (6,200) | 818,800 | 754,875 | 51/4% Senior Notes due 2028 (the "51/4% Notes due 2028")(2) | 825,000 | (5,314) | 819,686 | 755,906 | 825,000 | (6,200) | 818,800 | 754,875 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5% Senior Notes due 2028 (the "5% Notes due 2028")(2) | 5% Senior Notes due 2028 (the "5% Notes due 2028")(2) | 500,000 | (3,678) | 496,322 | 461,250 | 500,000 | (4,039) | 495,961 | 450,000 | 5% Senior Notes due 2028 (the "5% Notes due 2028")(2) | 500,000 | (3,497) | 496,503 | 451,250 | 500,000 | (4,039) | 495,961 | 450,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7% Senior Notes due 2029 (the "7% Notes due 2029")(2) | 7% Senior Notes due 2029 (the "7% Notes due 2029")(2) | 1,000,000 | (11,853) | 988,147 | 992,500 | — | — | — | — | 7% Senior Notes due 2029 (the "7% Notes due 2029")(2) | 1,000,000 | (11,253) | 988,747 | 972,500 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
47/8% Senior Notes due 2029 (the "47/8% Notes due 2029")(2) | 47/8% Senior Notes due 2029 (the "47/8% Notes due 2029")(2) | 1,000,000 | (9,041) | 990,959 | 892,500 | 1,000,000 | (9,764) | 990,236 | 865,000 | 47/8% Senior Notes due 2029 (the "47/8% Notes due 2029")(2) | 1,000,000 | (8,679) | 991,321 | 872,500 | 1,000,000 | (9,764) | 990,236 | 865,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
51/4% Senior Notes due 2030 (the "51/4% Notes due 2030")(2) | 51/4% Senior Notes due 2030 (the "51/4% Notes due 2030")(2) | 1,300,000 | (10,655) | 1,289,345 | 1,166,750 | 1,300,000 | (11,407) | 1,288,593 | 1,111,500 | 51/4% Senior Notes due 2030 (the "51/4% Notes due 2030")(2) | 1,300,000 | (10,279) | 1,289,721 | 1,124,500 | 1,300,000 | (11,407) | 1,288,593 | 1,111,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
41/2% Senior Notes due 2031 (the "41/2% Notes")(2) | 41/2% Senior Notes due 2031 (the "41/2% Notes")(2) | 1,100,000 | (9,539) | 1,090,461 | 940,500 | 1,100,000 | (10,161) | 1,089,839 | 891,000 | 41/2% Senior Notes due 2031 (the "41/2% Notes")(2) | 1,100,000 | (9,228) | 1,090,772 | 902,000 | 1,100,000 | (10,161) | 1,089,839 | 891,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5% Senior Notes due 2032 (the "5% Notes due 2032") | 5% Senior Notes due 2032 (the "5% Notes due 2032") | 750,000 | (11,858) | 738,142 | 645,000 | 750,000 | (12,511) | 737,489 | 622,500 | 5% Senior Notes due 2032 (the "5% Notes due 2032") | 750,000 | (11,532) | 738,468 | 615,000 | 750,000 | (12,511) | 737,489 | 622,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
55/8% Senior Notes due 2032 (the "55/8% Notes")(2) | 55/8% Senior Notes due 2032 (the "55/8% Notes")(2) | 600,000 | (5,275) | 594,725 | 535,500 | 600,000 | (5,566) | 594,434 | 520,500 | 55/8% Senior Notes due 2032 (the "55/8% Notes")(2) | 600,000 | (5,130) | 594,870 | 513,000 | 600,000 | (5,566) | 594,434 | 520,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Mortgages, Financing Lease Liabilities and Other | Real Estate Mortgages, Financing Lease Liabilities and Other | 457,724 | (483) | 457,241 | 457,724 | 425,777 | (578) | 425,199 | 425,777 | Real Estate Mortgages, Financing Lease Liabilities and Other | 502,787 | (443) | 502,344 | 502,787 | 425,777 | (578) | 425,199 | 425,777 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Securitization Program | Accounts Receivable Securitization Program | 343,100 | (426) | 342,674 | 343,100 | 314,700 | (531) | 314,169 | 314,700 | Accounts Receivable Securitization Program | 349,200 | (372) | 348,828 | 349,200 | 314,700 | (531) | 314,169 | 314,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Long-term Debt | Total Long-term Debt | 11,332,500 | (85,688) | 11,246,812 | 10,650,265 | (81,270) | 10,568,995 | Total Long-term Debt | 11,741,740 | (85,527) | 11,656,213 | 10,650,265 | (81,270) | 10,568,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Current Portion | Less Current Portion | (102,582) | — | (102,582) | (87,546) | — | (87,546) | Less Current Portion | (107,984) | — | (107,984) | (87,546) | — | (87,546) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Net of Current Portion | Long-term Debt, Net of Current Portion | $ | 11,229,918 | $ | (85,688) | $ | 11,144,230 | $ | 10,562,719 | $ | (81,270) | $ | 10,481,449 | Long-term Debt, Net of Current Portion | $ | 11,633,756 | $ | (85,527) | $ | 11,548,229 | $ | 10,562,719 | $ | (81,270) | $ | 10,481,449 |
IRON MOUNTAIN | 22 |
VIRGINIA 3 CREDIT AGREEMENT On August 31, 2023, Iron Mountain Data Centers Virginia 3, LLC, a wholly owned subsidiary of IMI, entered into a credit agreement (the "Virginia 3 Credit Agreement") in order to partially fund the construction of a data center facility in Virginia. The Virginia 3 Credit Agreement consists of a term loan and a letter of credit facility. We have the option to borrow, in the form of term loans, an aggregate outstanding amount not to exceed $275,000 (the "Virginia 3 Term Loans"). The Virginia 3 Credit Agreement requires the payment of a commitment fee on any unused commitments at a rate of 0.75%. The Virginia 3 Term Loans bear interest at SOFR plus 2.50%. The Virginia 3 Credit Agreement is scheduled to mature on August 31, 2026, at which point all obligations will become due. We have two one-year options that allow us to extend the maturity date beyond August 31, 2026, subject to the conditions specified in the Virginia 3 Credit Agreement. As of September 30, 2023, we have $26,134 in outstanding borrowings in Virginia 3 Term Loans. | MAXIMUM AMOUNT $275,000 OUTSTANDING BORROWING $26,134 INTEREST RATE 7.8% As of September 30, 2023 | |||||||||||||
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | MATURITY DATE | INTEREST PAYMENT DUE | PAR CALL DATE(1) | ||||||||||
7% Notes due 2029 | $ | 1,000,000 | February 15, 2029 | February 15 and August 15 | August 15, 2025 |
UK BILATERAL REVOLVING CREDIT FACILITY | MAXIMUM AMOUNT £140,000 OPTIONAL ADDITIONAL COMMITMENTS £125,000 INTEREST RATE 7.2% As of September 30, 2023 | |||||||||||||
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited (collectively, the "UK Borrowers") have a British pounds sterling Revolving Credit Facility (the "UK Bilateral Revolving Credit Facility") with Barclays Bank PLC. The maximum amount permitted to be borrowed under the UK Bilateral Revolving Credit Facility is 140,000 British pounds sterling, which was fully drawn as of September 30, 2023. We have the option to request additional commitments of up to 125,000 British pounds sterling, subject to conditions specified in the UK Bilateral Revolving Credit Facility. On September 19, 2023, the UK Borrowers amended the UK Bilateral Revolving Credit Facility to extend the maturity date from September 24, 2024 to September 24, 2025. All other material terms of the UK Bilateral Revolving Credit Facility remain consistent with what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. |
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 23 |
ACCOUNTS RECEIVABLE SECURITIZATION PROGRAM On June 8, 2023, we amended the Accounts Receivable Securitization Program (as defined in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report) to increase the maximum borrowing capacity from $325,000 to $360,000. All other material terms of the Accounts Receivable Securitization Program remain the same as what was disclosed in Note 7 to Notes to Consolidated Financial Statements included in our Annual Report. | MAXIMUM AMOUNT $360,000 OUTSTANDING BORROWING $ INTEREST RATE As of | |||||||||||||
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 24 |
DECLARATION DATE | DECLARATION DATE | DIVIDEND PER SHARE | RECORD DATE | TOTAL AMOUNT | PAYMENT DATE | DECLARATION DATE | DIVIDEND PER SHARE | RECORD DATE | TOTAL AMOUNT | PAYMENT DATE | ||||||||||||||||||||||||||||||||||||
February 24, 2022 | February 24, 2022 | $ | 0.6185 | March 15, 2022 | $ | 179,661 | April 6, 2022 | February 24, 2022 | $ | 0.6185 | March 15, 2022 | $ | 179,661 | April 6, 2022 | ||||||||||||||||||||||||||||||||
April 28, 2022 | April 28, 2022 | 0.6185 | June 15, 2022 | 179,781 | July 6, 2022 | April 28, 2022 | 0.6185 | June 15, 2022 | 179,781 | July 6, 2022 | ||||||||||||||||||||||||||||||||||||
August 4, 2022 | August 4, 2022 | 0.6185 | September 15, 2022 | 179,790 | October 4, 2022 | August 4, 2022 | 0.6185 | September 15, 2022 | 179,790 | October 4, 2022 | ||||||||||||||||||||||||||||||||||||
November 3, 2022 | November 3, 2022 | 0.6185 | December 15, 2022 | 179,866 | January 5, 2023 | November 3, 2022 | 0.6185 | December 15, 2022 | 179,866 | January 5, 2023 | ||||||||||||||||||||||||||||||||||||
February 23, 2023 | February 23, 2023 | 0.6185 | March 15, 2023 | 180,339 | April 5, 2023 | February 23, 2023 | 0.6185 | March 15, 2023 | 180,339 | April 5, 2023 | ||||||||||||||||||||||||||||||||||||
May 4, 2023 | May 4, 2023 | 0.6185 | June 15, 2023 | 180,493 | July 6, 2023 | May 4, 2023 | 0.6185 | June 15, 2023 | 180,493 | July 6, 2023 | ||||||||||||||||||||||||||||||||||||
August 3, 2023 | August 3, 2023 | 0.6500 | September 15, 2023 | 189,730 | October 5, 2023 |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Global RIM Business | Global RIM Business | Global RIM Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 1,159,867 | $ | 1,070,476 | $ | 2,286,393 | $ | 2,119,367 | Total Revenues | $ | 1,182,652 | $ | 1,091,102 | $ | 3,469,045 | $ | 3,210,469 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | 499,062 | 469,368 | 976,846 | 918,163 | Adjusted EBITDA | 516,548 | 483,862 | 1,493,394 | 1,402,025 | ||||||||||||||||||||||||||||||||||||||||||||||||
Global Data Center Business | Global Data Center Business | Global Data Center Business | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 118,033 | $ | 100,088 | $ | 230,338 | $ | 197,075 | Total Revenues | $ | 127,535 | $ | 100,309 | $ | 357,873 | $ | 297,384 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | 53,809 | 42,307 | 104,444 | 84,284 | Adjusted EBITDA | 53,216 | 42,660 | 157,660 | 126,944 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | Corporate and Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 80,036 | $ | 118,970 | $ | 155,554 | $ | 221,138 | Total Revenues | $ | 77,988 | $ | 95,534 | $ | 233,542 | $ | 316,672 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | (77,213) | (56,969) | (144,824) | (116,747) | Adjusted EBITDA | (69,802) | (57,088) | (214,626) | (173,835) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Consolidated | Total Consolidated | Total Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 1,357,936 | $ | 1,289,534 | $ | 2,672,285 | $ | 2,537,580 | Total Revenues | $ | 1,388,175 | $ | 1,286,945 | $ | 4,060,460 | $ | 3,824,525 | ||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | 475,658 | 454,706 | 936,466 | 885,700 | Adjusted EBITDA | 499,962 | 469,434 | 1,436,428 | 1,355,134 |
IRON MOUNTAIN |
EXCLUDED | |||||
•Acquisition and Integration Costs •Restructuring and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other (income) expense, •Stock-based compensation expense | ||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 1,143 | $ | 201,858 | $ | 66,678 | $ | 243,565 | Net Income (Loss) | $ | 91,391 | $ | 192,931 | $ | 158,069 | $ | 436,496 | ||||||||||||||||||||||||||||
Add/(Deduct): | Add/(Deduct): | Add/(Deduct): | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | 144,178 | 115,057 | 281,347 | 229,499 | Interest expense, net | 152,801 | 121,767 | 434,148 | 351,266 | ||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | Provision (benefit) for income taxes | 4,255 | 18,083 | 21,013 | 28,163 | Provision (benefit) for income taxes | 9,912 | 23,934 | 30,925 | 52,097 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 195,367 | 178,254 | 377,461 | 361,869 | Depreciation and amortization | 198,757 | 175,077 | 576,218 | 536,946 | ||||||||||||||||||||||||||||||||||||
Acquisition and Integration Costs | Acquisition and Integration Costs | 1,511 | 16,878 | 3,106 | 32,539 | Acquisition and Integration Costs | 9,909 | 5,554 | 13,015 | 38,093 | ||||||||||||||||||||||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | 45,588 | — | 82,501 | — | Restructuring and other transformation | 38,861 | 3,382 | 121,362 | 3,382 | ||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (1,505) | (51,249) | (14,566) | (51,954) | (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (4,416) | (14,170) | (18,982) | (66,124) | ||||||||||||||||||||||||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures | 58,694 | (46,103) | 76,185 | 7,412 | ||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (17,626) | (56,226) | 58,559 | (48,814) | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 22,373 | 20,256 | 34,882 | 31,597 | Stock-based compensation expense | 18,313 | 14,326 | 53,195 | 45,923 | ||||||||||||||||||||||||||||||||||||
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 4,054 | 1,672 | 7,859 | 3,010 | Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 2,060 | 2,859 | 9,919 | 5,869 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 475,658 | $ | 454,706 | $ | 936,466 | $ | 885,700 | Adjusted EBITDA | $ | 499,962 | $ | 469,434 | $ | 1,436,428 | $ | 1,355,134 |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Global RIM Business | Global RIM Business | Global RIM Business | ||||||||||||||||||||||||||||||||||||||||||||||||||
Records Management(1) | Records Management(1) | $ | 898,634 | $ | 818,993 | $ | 1,766,622 | $ | 1,621,546 | Records Management(1) | $ | 926,424 | $ | 829,357 | $ | 2,693,046 | $ | 2,450,903 | ||||||||||||||||||||||||||||||||||
Data Management(1) | Data Management(1) | 130,251 | 124,394 | 259,845 | 258,050 | Data Management(1) | 128,191 | 127,226 | 388,036 | 385,276 | ||||||||||||||||||||||||||||||||||||||||||
Information Destruction(1)(2) | Information Destruction(1)(2) | 130,982 | 127,089 | 259,926 | 239,771 | Information Destruction(1)(2) | 128,037 | 134,519 | 387,963 | 374,290 | ||||||||||||||||||||||||||||||||||||||||||
Data Center(1) | Data Center(1) | — | — | — | — | Data Center(1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Global Data Center Business | Global Data Center Business | Global Data Center Business | ||||||||||||||||||||||||||||||||||||||||||||||||||
Records Management(1) | Records Management(1) | $ | — | $ | — | $ | — | $ | — | Records Management(1) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Data Management(1) | Data Management(1) | — | — | — | — | Data Management(1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Information Destruction(1) | Information Destruction(1) | — | — | — | — | Information Destruction(1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Data Center(1) | Data Center(1) | 118,033 | 100,088 | 230,338 | 197,075 | Data Center(1) | 127,535 | 100,309 | 357,873 | 297,384 | ||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | Corporate and Other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Records Management(1) | Records Management(1) | $ | 37,409 | $ | 36,141 | $ | 71,757 | $ | 68,039 | Records Management(1) | $ | 36,092 | $ | 35,787 | $ | 107,849 | $ | 103,826 | ||||||||||||||||||||||||||||||||||
Data Management(1) | Data Management(1) | — | — | — | — | Data Management(1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Information Destruction(1)(3) | Information Destruction(1)(3) | 42,627 | 82,829 | 83,797 | 153,099 | Information Destruction(1)(3) | 41,896 | 59,747 | 125,693 | 212,846 | ||||||||||||||||||||||||||||||||||||||||||
Data Center(1) | Data Center(1) | — | — | — | — | Data Center(1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total Consolidated | Total Consolidated | Total Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Records Management(1) | Records Management(1) | $ | 936,043 | $ | 855,134 | $ | 1,838,379 | $ | 1,689,585 | Records Management(1) | $ | 962,516 | $ | 865,144 | $ | 2,800,895 | $ | 2,554,729 | ||||||||||||||||||||||||||||||||||
Data Management(1) | Data Management(1) | 130,251 | 124,394 | 259,845 | 258,050 | Data Management(1) | 128,191 | 127,226 | 388,036 | 385,276 | ||||||||||||||||||||||||||||||||||||||||||
Information Destruction(1)(2)(3) | Information Destruction(1)(2)(3) | 173,609 | 209,918 | 343,723 | 392,870 | Information Destruction(1)(2)(3) | 169,933 | 194,266 | 513,656 | 587,136 | ||||||||||||||||||||||||||||||||||||||||||
Data Center(1) | Data Center(1) | 118,033 | 100,088 | 230,338 | 197,075 | Data Center(1) | 127,535 | 100,309 | 357,873 | 297,384 |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Frankfurt JV Agreements(1) | Frankfurt JV Agreements(1) | $ | 800 | $ | 5,700 | $ | 1,700 | $ | 12,800 | Frankfurt JV Agreements(1) | $ | — | $ | 700 | $ | 1,700 | $ | 13,500 | ||||||||||||||||||||||||||||
MakeSpace Agreement and Clutter Agreement(2) | MakeSpace Agreement and Clutter Agreement(2) | 7,000 | 7,400 | 13,000 | 14,400 | MakeSpace Agreement and Clutter Agreement(2) | — | 6,900 | 13,000 | 21,300 |
THREE MONTHS ENDED JUNE 30, 2023 | SIX MONTHS ENDED JUNE 30, 2023 | FROM INCEPTION OF PROJECT MATTERHORN THROUGH JUNE 30, 2023 | THREE MONTHS ENDED SEPTEMBER 30, 2023 | NINE MONTHS ENDED SEPTEMBER 30, 2023 | FROM INCEPTION OF PROJECT MATTERHORN THROUGH SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||||
Restructuring | Restructuring | $ | 16,127 | $ | 28,084 | $ | 41,376 | Restructuring | $ | 11,744 | $ | 39,828 | $ | 53,120 | ||||||||||||||||||||
Other transformation | Other transformation | 29,461 | 54,417 | 83,058 | Other transformation | 27,117 | 81,534 | 110,175 | ||||||||||||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | $ | 45,588 | $ | 82,501 | $ | 124,434 | Restructuring and other transformation | $ | 38,861 | $ | 121,362 | $ | 163,295 |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, 2023 | SIX MONTHS ENDED JUNE 30, 2023 | FROM INCEPTION OF PROJECT MATTERHORN THROUGH JUNE 30, 2023 | THREE MONTHS ENDED SEPTEMBER 30, 2023 | NINE MONTHS ENDED SEPTEMBER 30, 2023 | FROM INCEPTION OF PROJECT MATTERHORN THROUGH SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||||
Global RIM Business | Global RIM Business | $ | 15,000 | $ | 24,525 | $ | 37,608 | Global RIM Business | $ | 9,787 | $ | 34,312 | $ | 47,395 | ||||||||||||||||||||
Global Data Center Business | Global Data Center Business | — | 78 | 78 | Global Data Center Business | 4 | 82 | 82 | ||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | 1,127 | 3,481 | 3,690 | Corporate and Other | 1,953 | 5,434 | 5,643 | ||||||||||||||||||||||||||
Total restructuring costs | Total restructuring costs | $ | 16,127 | $ | 28,084 | $ | 41,376 | Total restructuring costs | $ | 11,744 | $ | 39,828 | $ | 53,120 |
THREE MONTHS ENDED JUNE 30, 2023 | SIX MONTHS ENDED JUNE 30, 2023 | FROM INCEPTION OF PROJECT MATTERHORN THROUGH JUNE 30, 2023 | THREE MONTHS ENDED SEPTEMBER 30, 2023 | NINE MONTHS ENDED SEPTEMBER 30, 2023 | FROM INCEPTION OF PROJECT MATTERHORN THROUGH SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||||
Global RIM Business | Global RIM Business | $ | 4,958 | $ | 8,443 | $ | 12,344 | Global RIM Business | $ | 10,572 | $ | 19,015 | $ | 22,916 | ||||||||||||||||||||
Global Data Center Business | Global Data Center Business | 498 | 1,368 | 1,426 | Global Data Center Business | 580 | 1,948 | 2,006 | ||||||||||||||||||||||||||
Corporate and Other | Corporate and Other | 24,005 | 44,606 | 69,288 | Corporate and Other | 15,965 | 60,571 | 85,253 | ||||||||||||||||||||||||||
Total other transformation costs | Total other transformation costs | $ | 29,461 | $ | 54,417 | $ | 83,058 | Total other transformation costs | $ | 27,117 | $ | 81,534 | $ | 110,175 |
IRON MOUNTAIN |
IRON MOUNTAIN |
From the Inception of Project Matterhorn through | |||||
For the Three Months Ended | |||||
For the |
IRON MOUNTAIN |
COST OF SALES | SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | |||||||
IRON MOUNTAIN |
EXCLUDED | ||||||||
•Acquisition and Integration Costs (as defined below) •Restructuring and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other (income) expense, •Stock-based compensation expense | |||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 1,143 | $ | 201,858 | $ | 66,678 | $ | 243,565 | Net Income (Loss) | $ | 91,391 | $ | 192,931 | $ | 158,069 | $ | 436,496 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Add/(Deduct): | Add/(Deduct): | Add/(Deduct): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | 144,178 | 115,057 | 281,347 | 229,499 | Interest expense, net | 152,801 | 121,767 | 434,148 | 351,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | Provision (benefit) for income taxes | 4,255 | 18,083 | 21,013 | 28,163 | Provision (benefit) for income taxes | 9,912 | 23,934 | 30,925 | 52,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 195,367 | 178,254 | 377,461 | 361,869 | Depreciation and amortization | 198,757 | 175,077 | 576,218 | 536,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Costs(1) | Acquisition and Integration Costs(1) | 1,511 | 16,878 | 3,106 | 32,539 | Acquisition and Integration Costs(1) | 9,909 | 5,554 | 13,015 | 38,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | 45,588 | — | 82,501 | — | Restructuring and other transformation | 38,861 | 3,382 | 121,362 | 3,382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (1,505) | (51,249) | (14,566) | (51,954) | (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (4,416) | (14,170) | (18,982) | (66,124) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures | 58,694 | (46,103) | 76,185 | 7,412 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (17,626) | (56,226) | 58,559 | (48,814) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 22,373 | 20,256 | 34,882 | 31,597 | Stock-based compensation expense | 18,313 | 14,326 | 53,195 | 45,923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 4,054 | 1,672 | 7,859 | 3,010 | Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures | 2,060 | 2,859 | 9,919 | 5,869 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 475,658 | $ | 454,706 | $ | 936,466 | $ | 885,700 | Adjusted EBITDA | $ | 499,962 | $ | 469,434 | $ | 1,436,428 | $ | 1,355,134 |
IRON MOUNTAIN |
EXCLUDED | ||||||||
•Acquisition and Integration Costs •Restructuring and other transformation •Amortization related to the write-off of certain customer relationship intangible assets •(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | •Other (income) expense, •Stock-based compensation expense •Non-cash amortization related to derivative instruments •Tax impact of reconciling items and discrete tax items | |||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated | Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 0.00 | $ | 0.68 | $ | 0.22 | $ | 0.83 | Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 0.31 | $ | 0.66 | $ | 0.53 | $ | 1.49 | ||||||||||||||||||||||||||||
Add/(Deduct): | Add/(Deduct): | Add/(Deduct): | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Costs | Acquisition and Integration Costs | 0.01 | 0.06 | 0.01 | 0.11 | Acquisition and Integration Costs | 0.03 | 0.02 | 0.04 | 0.13 | ||||||||||||||||||||||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | 0.16 | — | 0.28 | — | Restructuring and other transformation | 0.13 | 0.01 | 0.41 | 0.01 | ||||||||||||||||||||||||||||||||||||
Amortization related to the write-off of certain customer relationship intangible assets | Amortization related to the write-off of certain customer relationship intangible assets | — | — | — | 0.02 | Amortization related to the write-off of certain customer relationship intangible assets | — | — | — | 0.02 | ||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (0.01) | (0.18) | (0.05) | (0.18) | (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate) | (0.02) | (0.05) | (0.06) | (0.22) | ||||||||||||||||||||||||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures | 0.20 | (0.16) | 0.26 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures | (0.06) | (0.19) | 0.20 | (0.17) | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 0.08 | 0.07 | 0.12 | 0.11 | Stock-based compensation expense | 0.06 | 0.05 | 0.18 | 0.16 | ||||||||||||||||||||||||||||||||||||
Non-cash amortization related to derivative instruments | Non-cash amortization related to derivative instruments | 0.02 | — | 0.04 | — | Non-cash amortization related to derivative instruments | 0.02 | — | 0.06 | — | ||||||||||||||||||||||||||||||||||||
Tax impact of reconciling items and discrete tax items(1) | Tax impact of reconciling items and discrete tax items(1) | (0.05) | (0.03) | (0.06) | (0.07) | Tax impact of reconciling items and discrete tax items(1) | (0.03) | (0.01) | (0.09) | (0.09) | ||||||||||||||||||||||||||||||||||||
Income (Loss) Attributable to Noncontrolling Interests | Income (Loss) Attributable to Noncontrolling Interests | — | 0.01 | 0.01 | — | Income (Loss) Attributable to Noncontrolling Interests | — | — | 0.01 | 0.01 | ||||||||||||||||||||||||||||||||||||
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2) | Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2) | $ | 0.40 | $ | 0.46 | $ | 0.83 | $ | 0.85 | Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2) | $ | 0.45 | $ | 0.48 | $ | 1.28 | $ | 1.34 |
IRON MOUNTAIN |
EXCLUDED | ||||||||
•Acquisition and Integration Costs •Restructuring and other transformation •(Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate) •Other (income) expense, | •Stock-based compensation expense •Non-cash amortization related to derivative instruments •Real estate financing lease depreciation •Tax impact of reconciling items and discrete tax items | |||||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 1,143 | $ | 201,858 | $ | 66,678 | $ | 243,565 | Net Income (Loss) | $ | 91,391 | $ | 192,931 | $ | 158,069 | $ | 436,496 | ||||||||||||||||||||||||||||
Add/(Deduct): | Add/(Deduct): | Add/(Deduct): | ||||||||||||||||||||||||||||||||||||||||||||
Real estate depreciation | Real estate depreciation | 81,558 | 75,008 | 157,687 | 154,341 | Real estate depreciation | 80,430 | 74,652 | 238,117 | 228,993 | ||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of real estate, net of tax | (1,853) | (48,978) | (17,599) | (48,764) | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on sale of real estate, net of tax | Loss (gain) on sale of real estate, net of tax | 750 | (15,666) | (16,849) | (64,430) | |||||||||||||||||||||||||||||||||||||||||
Data center lease-based intangible assets amortization | Data center lease-based intangible assets amortization | 4,907 | 4,040 | 11,036 | 8,163 | Data center lease-based intangible assets amortization | 7,482 | 3,687 | 18,518 | 11,850 | ||||||||||||||||||||||||||||||||||||
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures | Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures | 562 | — | 694 | — | Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures | 679 | — | 1,373 | — | ||||||||||||||||||||||||||||||||||||
FFO (Nareit) | FFO (Nareit) | 86,317 | 231,928 | 218,496 | 357,305 | FFO (Nareit) | 180,732 | 255,604 | 399,228 | 612,909 | ||||||||||||||||||||||||||||||||||||
Add/(Deduct): | Add/(Deduct): | Add/(Deduct): | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition and Integration Costs | Acquisition and Integration Costs | 1,511 | 16,878 | 3,106 | 32,539 | Acquisition and Integration Costs | 9,909 | 5,554 | 13,015 | 38,093 | ||||||||||||||||||||||||||||||||||||
Restructuring and other transformation | Restructuring and other transformation | 45,588 | — | 82,501 | — | Restructuring and other transformation | 38,861 | 3,382 | 121,362 | 3,382 | ||||||||||||||||||||||||||||||||||||
(Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate) | (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate) | (1,417) | (2,270) | 3,133 | (3,189) | (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate) | (5,116) | 2,616 | (1,983) | (573) | ||||||||||||||||||||||||||||||||||||
Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | 58,694 | (46,103) | 76,185 | 7,412 | ||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1) | (17,626) | (56,226) | 58,559 | (48,814) | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 22,373 | 20,256 | 34,882 | 31,597 | Stock-based compensation expense | 18,313 | 14,326 | 53,195 | 45,923 | ||||||||||||||||||||||||||||||||||||
Non-cash amortization related to derivative instruments | Non-cash amortization related to derivative instruments | 5,817 | — | 11,651 | — | Non-cash amortization related to derivative instruments | 5,270 | — | 16,921 | — | ||||||||||||||||||||||||||||||||||||
Real estate financing lease depreciation | Real estate financing lease depreciation | 3,008 | 3,427 | 5,996 | 7,207 | Real estate financing lease depreciation | 3,001 | 3,020 | 8,997 | 10,227 | ||||||||||||||||||||||||||||||||||||
Tax impact of reconciling items and discrete tax items(2) | Tax impact of reconciling items and discrete tax items(2) | (13,278) | (8,250) | (18,491) | (20,876) | Tax impact of reconciling items and discrete tax items(2) | (10,220) | (5,184) | (26,825) | (26,090) | ||||||||||||||||||||||||||||||||||||
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures | Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures | (500) | 374 | (274) | 354 | Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures | (44) | 223 | (319) | 577 | ||||||||||||||||||||||||||||||||||||
FFO (Normalized) | FFO (Normalized) | $ | 208,113 | $ | 216,240 | $ | 417,185 | $ | 412,349 | FFO (Normalized) | $ | 223,080 | $ | 223,315 | $ | 642,150 | $ | 635,634 |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 1,357,936 | $ | 1,289,534 | $ | 68,402 | 5.3 | % | Revenues | $ | 1,388,175 | $ | 1,286,945 | $ | 101,230 | 7.9 | % | ||||||||||||||||||||||||||||
Operating Expenses | Operating Expenses | 1,145,410 | 995,753 | 149,657 | 15.0 | % | Operating Expenses | 1,150,342 | 1,001,183 | 149,159 | 14.9 | % | ||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | 212,526 | 293,781 | (81,255) | (27.7) | % | Operating Income | 237,833 | 285,762 | (47,929) | (16.8) | % | ||||||||||||||||||||||||||||||||||
Other Expenses, Net | Other Expenses, Net | 211,383 | 91,923 | 119,460 | 130.0 | % | Other Expenses, Net | 146,442 | 92,831 | 53,611 | 57.8 | % | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | 1,143 | 201,858 | (200,715) | (99.4) | % | Net Income (Loss) | 91,391 | 192,931 | (101,540) | (52.6) | % | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | Net Income (Loss) Attributable to Noncontrolling Interests | 1,029 | 1,777 | (748) | (42.1) | % | Net Income (Loss) Attributable to Noncontrolling Interests | 348 | 767 | (419) | (54.6) | % | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 114 | $ | 200,081 | $ | (199,967) | (99.9) | % | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 91,043 | $ | 192,164 | $ | (101,121) | (52.6) | % | ||||||||||||||||||||||||||||
Adjusted EBITDA(1) | Adjusted EBITDA(1) | $ | 475,658 | $ | 454,706 | $ | 20,952 | 4.6 | % | Adjusted EBITDA(1) | $ | 499,962 | $ | 469,434 | $ | 30,528 | 6.5 | % | ||||||||||||||||||||||||||||
Adjusted EBITDA Margin(1) | Adjusted EBITDA Margin(1) | 35.0 | % | 35.3 | % | Adjusted EBITDA Margin(1) | 36.0 | % | 36.5 | % |
SIX MONTHS ENDED JUNE 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 2,672,285 | $ | 2,537,580 | $ | 134,705 | 5.3 | % | Revenues | $ | 4,060,460 | $ | 3,824,525 | $ | 235,935 | 6.2 | % | ||||||||||||||||||||||||||||
Operating Expenses | Operating Expenses | 2,219,097 | 2,021,669 | 197,428 | 9.8 | % | Operating Expenses | 3,369,439 | 3,022,852 | 346,587 | 11.5 | % | ||||||||||||||||||||||||||||||||||
Operating Income | Operating Income | 453,188 | 515,911 | (62,723) | (12.2) | % | Operating Income | 691,021 | 801,673 | (110,652) | (13.8) | % | ||||||||||||||||||||||||||||||||||
Other Expenses, Net | Other Expenses, Net | 386,510 | 272,346 | 114,164 | 41.9 | % | Other Expenses, Net | 532,952 | 365,177 | 167,775 | 45.9 | % | ||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | 66,678 | 243,565 | (176,887) | (72.6) | % | Net Income (Loss) | 158,069 | 436,496 | (278,427) | (63.8) | % | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | Net Income (Loss) Attributable to Noncontrolling Interests | 1,969 | 1,185 | 784 | 66.2 | % | Net Income (Loss) Attributable to Noncontrolling Interests | 2,317 | 1,952 | 365 | 18.7 | % | ||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to Iron Mountain Incorporated | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 64,709 | $ | 242,380 | $ | (177,671) | (73.3) | % | Net Income (Loss) Attributable to Iron Mountain Incorporated | $ | 155,752 | $ | 434,544 | $ | (278,792) | (64.2) | % | ||||||||||||||||||||||||||||
Adjusted EBITDA(1) | Adjusted EBITDA(1) | $ | 936,466 | $ | 885,700 | $ | 50,766 | 5.7 | % | Adjusted EBITDA(1) | $ | 1,436,428 | $ | 1,355,134 | $ | 81,294 | 6.0 | % | ||||||||||||||||||||||||||||
Adjusted EBITDA Margin(1) | Adjusted EBITDA Margin(1) | 35.0 | % | 34.9 | % | Adjusted EBITDA Margin(1) | 35.4 | % | 35.4 | % |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY(1) | ORGANIC GROWTH(2) | IMPACT OF ACQUISITIONS | 2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY(1) | ORGANIC GROWTH(2) | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 830,756 | $ | 753,126 | $ | 77,630 | 10.3 | % | 10.9 | % | 10.8 | % | 0.1 | % | Storage Rental | $ | 858,656 | $ | 760,370 | $ | 98,286 | 12.9 | % | 11.6 | % | 9.7 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 527,180 | 536,408 | (9,228) | (1.7) | % | (1.0) | % | (1.4) | % | 0.4 | % | Service | 529,519 | 526,575 | 2,944 | 0.6 | % | (0.1) | % | (0.6) | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 1,357,936 | $ | 1,289,534 | $ | 68,402 | 5.3 | % | 6.0 | % | 5.7 | % | 0.3 | % | Total Revenues | $ | 1,388,175 | $ | 1,286,945 | $ | 101,230 | 7.9 | % | 6.8 | % | 5.5 | % | 1.3 | % |
SIX MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY(1) | ORGANIC GROWTH(2) | IMPACT OF ACQUISITIONS | 2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY(1) | ORGANIC GROWTH(2) | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 1,640,845 | $ | 1,504,196 | $ | 136,649 | 9.1 | % | 10.6 | % | 11.0 | % | (0.4) | % | Storage Rental | $ | 2,499,501 | $ | 2,264,566 | $ | 234,935 | 10.4 | % | 10.9 | % | 10.5 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 1,031,440 | 1,033,384 | (1,944) | (0.2) | % | 1.1 | % | 0.2 | % | 0.9 | % | Service | 1,560,959 | 1,559,959 | 1,000 | 0.1 | % | 0.7 | % | 0.1 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 2,672,285 | $ | 2,537,580 | $ | 134,705 | 5.3 | % | 6.7 | % | 6.6 | % | 0.1 | % | Total Revenues | $ | 4,060,460 | $ | 3,824,525 | $ | 235,935 | 6.2 | % | 6.8 | % | 6.3 | % | 0.5 | % |
STORAGE RENTAL REVENUE | •organic storage rental revenue growth driven by increased volume in faster growing markets and our Global Data Center Business segment and revenue management; •a decrease of | |||||||
SERVICE REVENUE | •organic service revenue growth driven by increased service activity levels in our Global RIM •a decrease of | |||||||
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | THREE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | 2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Labor | Labor | $ | 224,398 | $ | 203,459 | $ | 20,939 | 10.3 | % | 11.0 | % | 16.5 | % | 15.8 | % | 0.7 | % | Labor | $ | 224,623 | $ | 199,738 | $ | 24,885 | 12.5 | % | 11.1 | % | 16.2 | % | 15.5 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facilities | Facilities | 255,535 | 213,795 | 41,740 | 19.5 | % | 20.3 | % | 18.8 | % | 16.6 | % | 2.2 | % | Facilities | 259,633 | 225,233 | 34,400 | 15.3 | % | 13.5 | % | 18.7 | % | 17.5 | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | 41,147 | 42,391 | (1,244) | (2.9) | % | (2.0) | % | 3.0 | % | 3.3 | % | (0.3) | % | Transportation | 39,146 | 40,835 | (1,689) | (4.1) | % | (4.5) | % | 2.8 | % | 3.2 | % | (0.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Cost of Sales and Others | Product Cost of Sales and Others | 71,564 | 96,831 | (25,267) | (26.1) | % | (25.7) | % | 5.3 | % | 7.5 | % | (2.2) | % | Product Cost of Sales and Others | 68,799 | 80,235 | (11,436) | (14.3) | % | (14.4) | % | 5.0 | % | 6.2 | % | (1.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cost of sales | Total Cost of sales | $ | 592,644 | $ | 556,476 | $ | 36,168 | 6.5 | % | 7.2 | % | 43.6 | % | 43.2 | % | 0.4 | % | Total Cost of sales | $ | 592,201 | $ | 546,041 | $ | 46,160 | 8.5 | % | 7.3 | % | 42.7 | % | 42.4 | % | 0.3 | % |
SIX MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | NINE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | 2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Labor | Labor | $ | 443,929 | $ | 404,960 | $ | 38,969 | 9.6 | % | 11.3 | % | 16.6 | % | 16.0 | % | 0.6 | % | Labor | $ | 668,552 | $ | 604,698 | $ | 63,854 | 10.6 | % | 11.2 | % | 16.5 | % | 15.8 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Facilities | Facilities | 496,225 | 432,114 | 64,111 | 14.8 | % | 16.7 | % | 18.6 | % | 17.0 | % | 1.6 | % | Facilities | 755,858 | 657,347 | 98,511 | 15.0 | % | 15.6 | % | 18.6 | % | 17.2 | % | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | Transportation | 81,122 | 77,659 | 3,463 | 4.5 | % | 6.2 | % | 3.0 | % | 3.1 | % | (0.1) | % | Transportation | 120,268 | 118,494 | 1,774 | 1.5 | % | 2.5 | % | 3.0 | % | 3.1 | % | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Cost of Sales and Others | Product Cost of Sales and Others | 142,994 | 188,365 | (45,371) | (24.1) | % | (23.3) | % | 5.4 | % | 7.4 | % | (2.0) | % | Product Cost of Sales and Others | 211,793 | 268,600 | (56,807) | (21.1) | % | (20.6) | % | 5.2 | % | 7.0 | % | (1.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cost of sales | Total Cost of sales | $ | 1,164,270 | $ | 1,103,098 | $ | 61,172 | 5.5 | % | 7.1 | % | 43.6 | % | 43.5 | % | 0.1 | % | Total Cost of sales | $ | 1,756,471 | $ | 1,649,139 | $ | 107,332 | 6.5 | % | 7.1 | % | 43.3 | % | 43.1 | % | 0.2 | % |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | THREE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | 2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General, Administrative and Other | General, Administrative and Other | $ | 217,965 | $ | 220,891 | $ | (2,926) | (1.3) | % | 0.3 | % | 16.1 | % | 17.1 | % | (1.0) | % | General, Administrative and Other | $ | 225,058 | $ | 208,620 | $ | 16,438 | 7.9 | % | 7.1 | % | 16.2 | % | 16.2 | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, Marketing and Account Management | Sales, Marketing and Account Management | 93,840 | 74,503 | 19,337 | 26.0 | % | 26.5 | % | 6.9 | % | 5.8 | % | 1.1 | % | Sales, Marketing and Account Management | 89,972 | 76,679 | 13,293 | 17.3 | % | 15.7 | % | 6.5 | % | 6.0 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Selling, general and administrative expenses | Total Selling, general and administrative expenses | $ | 311,805 | $ | 295,394 | $ | 16,411 | 5.6 | % | 7.0 | % | 23.0 | % | 22.9 | % | 0.1 | % | Total Selling, general and administrative expenses | $ | 315,030 | $ | 285,299 | $ | 29,731 | 10.4 | % | 9.4 | % | 22.7 | % | 22.2 | % | 0.5 | % |
SIX MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | NINE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | % OF TOTAL REVENUES | PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | 2023 | 2022 | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General, Administrative and Other | General, Administrative and Other | $ | 424,988 | $ | 427,207 | $ | (2,219) | (0.5) | % | 1.6 | % | 15.9 | % | 16.8 | % | (0.9) | % | General, Administrative and Other | $ | 650,046 | $ | 635,827 | $ | 14,219 | 2.2 | % | 2.8 | % | 16.0 | % | 16.6 | % | (0.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales, Marketing and Account Management | Sales, Marketing and Account Management | 181,337 | 148,910 | 32,427 | 21.8 | % | 23.3 | % | 6.8 | % | 5.9 | % | 0.9 | % | Sales, Marketing and Account Management | 271,309 | 225,589 | 45,720 | 20.3 | % | 20.7 | % | 6.7 | % | 5.9 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Selling, general and administrative expenses | Total Selling, general and administrative expenses | $ | 606,325 | $ | 576,117 | $ | 30,208 | 5.2 | % | 7.2 | % | 22.7 | % | 22.7 | % | — | % | Total Selling, general and administrative expenses | $ | 921,355 | $ | 861,416 | $ | 59,939 | 7.0 | % | 7.5 | % | 22.7 | % | 22.5 | % | 0.2 | % |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | DOLLAR CHANGE | SIX MONTHS ENDED JUNE 30, | DOLLAR CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | DOLLAR CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | DOLLAR CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DESCRIPTION | DESCRIPTION | 2023 | 2022 | 2023 | 2022 | DESCRIPTION | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency transaction losses (gains), net(1) | $ | 15,063 | $ | (55,039) | $ | 70,102 | $ | 29,487 | $ | (68,240) | $ | 97,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency transaction (gains) losses, net(1) | Foreign currency transaction (gains) losses, net(1) | $ | (29,310) | $ | (58,519) | $ | 29,209 | $ | 177 | $ | (126,759) | $ | 126,936 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment expense | Debt extinguishment expense | — | — | — | — | 671 | (671) | Debt extinguishment expense | — | — | — | — | 671 | (671) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other, net(2) | Other, net(2) | 47,887 | 13,822 | 34,065 | 54,663 | 82,253 | (27,590) | Other, net(2) | 13,039 | 5,649 | 7,390 | 67,702 | 87,902 | (20,200) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expense (Income), Net | $ | 62,950 | $ | (41,217) | $ | 104,167 | $ | 84,150 | $ | 14,684 | $ | 69,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income) Expense, Net | Other (Income) Expense, Net | $ | (16,271) | $ | (52,870) | $ | 36,599 | $ | 67,879 | $ | (38,186) | $ | 106,065 |
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||||||||||
2023(1) | 2022 | 2023(1) | 2022 | ||||||||||||||||||||
Effective Tax Rate | 78.8 | % | 8.2 | % | 24.0 | % | 10.4 | % |
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||||||||||||||
2023(1) | 2022 | 2023(1) | 2022 | ||||||||||||||||||||
Effective Tax Rate | 9.8 | % | 11.0 | % | 16.4 | % | 10.7 | % |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 1,143 | $ | 201,858 | $ | (200,715) | (99.4) | % | Net Income (Loss) | $ | 91,391 | $ | 192,931 | $ | (101,540) | (52.6) | % | ||||||||||||||||||||||||||||
Net Income (Loss) as a percentage of Revenue | Net Income (Loss) as a percentage of Revenue | 0.1 | % | 15.7 | % | Net Income (Loss) as a percentage of Revenue | 6.6 | % | 15.0 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 475,658 | $ | 454,706 | $ | 20,952 | 4.6 | % | Adjusted EBITDA | $ | 499,962 | $ | 469,434 | $ | 30,528 | 6.5 | % | ||||||||||||||||||||||||||||
Adjusted EBITDA Margin | Adjusted EBITDA Margin | 35.0 | % | 35.3 | % | Adjusted EBITDA Margin | 36.0 | % | 36.5 | % |
SIX MONTHS ENDED JUNE 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | DOLLAR CHANGE | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | $ | 66,678 | $ | 243,565 | $ | (176,887) | (72.6) | % | Net Income (Loss) | $ | 158,069 | $ | 436,496 | $ | (278,427) | (63.8) | % | ||||||||||||||||||||||||||||
Net Income (Loss) as a percentage of Revenue | Net Income (Loss) as a percentage of Revenue | 2.5 | % | 9.6 | % | Net Income (Loss) as a percentage of Revenue | 3.9 | % | 11.4 | % | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 936,466 | $ | 885,700 | $ | 50,766 | 5.7 | % | Adjusted EBITDA | $ | 1,436,428 | $ | 1,355,134 | $ | 81,294 | 6.0 | % | ||||||||||||||||||||||||||||
Adjusted EBITDA Margin | Adjusted EBITDA Margin | 35.0 | % | 34.9 | % | Adjusted EBITDA Margin | 35.4 | % | 35.4 | % |
Adjusted EBITDA Margin for the | ↑ INCREASED BY $ Adjusted EBITDA | ||||
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 704,011 | $ | 649,771 | $ | 54,240 | 8.3 | % | 9.2 | % | 9.2 | % | — | % | Storage Rental | $ | 719,560 | $ | 650,141 | $ | 69,419 | 10.7 | % | 9.5 | % | 7.9 | % | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 455,856 | 420,705 | 35,151 | 8.4 | % | 9.3 | % | 9.3 | % | — | % | Service | 463,092 | 440,961 | 22,131 | 5.0 | % | 4.3 | % | 4.0 | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Revenue | Segment Revenue | $ | 1,159,867 | $ | 1,070,476 | $ | 89,391 | 8.4 | % | 9.2 | % | 9.2 | % | — | % | Segment Revenue | $ | 1,182,652 | $ | 1,091,102 | $ | 91,550 | 8.4 | % | 7.4 | % | 6.3 | % | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA | Segment Adjusted EBITDA | $ | 499,062 | $ | 469,368 | $ | 29,694 | Segment Adjusted EBITDA | $ | 516,548 | $ | 483,862 | $ | 32,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | Segment Adjusted EBITDA Margin | 43.0 | % | 43.8 | % | Segment Adjusted EBITDA Margin | 43.7 | % | 44.3 | % |
SIX MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 1,391,680 | $ | 1,299,858 | $ | 91,822 | 7.1 | % | 8.7 | % | 9.3 | % | (0.6) | % | Storage Rental | $ | 2,111,240 | $ | 1,949,999 | $ | 161,241 | 8.3 | % | 9.0 | % | 8.8 | % | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 894,713 | 819,509 | 75,204 | 9.2 | % | 10.9 | % | 11.4 | % | (0.5) | % | Service | 1,357,805 | 1,260,470 | 97,335 | 7.7 | % | 8.5 | % | 9.1 | % | (0.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Revenue | Segment Revenue | $ | 2,286,393 | $ | 2,119,367 | $ | 167,026 | 7.9 | % | 9.5 | % | 10.1 | % | (0.6) | % | Segment Revenue | $ | 3,469,045 | $ | 3,210,469 | $ | 258,576 | 8.1 | % | 8.8 | % | 8.9 | % | (0.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA | Segment Adjusted EBITDA | $ | 976,846 | $ | 918,163 | $ | 58,683 | Segment Adjusted EBITDA | $ | 1,493,394 | $ | 1,402,025 | $ | 91,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | Segment Adjusted EBITDA Margin | 42.7 | % | 43.3 | % | Segment Adjusted EBITDA Margin | 43.0 | % | 43.7 | % |
Storage Rental Revenue | Service Revenue | Segment Revenue | Segment Adjusted EBITDA |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 110,990 | $ | 89,768 | $ | 21,222 | 23.6 | % | 23.0 | % | 22.3 | % | 0.7 | % | Storage Rental | $ | 123,655 | $ | 96,328 | $ | 27,327 | 28.4 | % | 25.8 | % | 21.7 | % | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 7,043 | 10,320 | (3,277) | (31.8) | % | (33.2) | % | (32.4) | % | (0.8) | % | Service | 3,880 | 3,981 | (101) | (2.5) | % | (5.6) | % | (5.9) | % | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Revenue | Segment Revenue | $ | 118,033 | $ | 100,088 | $ | 17,945 | 17.9 | % | 17.1 | % | 16.7 | % | 0.4 | % | Segment Revenue | $ | 127,535 | $ | 100,309 | $ | 27,226 | 27.1 | % | 24.5 | % | 20.6 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA | Segment Adjusted EBITDA | $ | 53,809 | $ | 42,307 | $ | 11,502 | Segment Adjusted EBITDA | $ | 53,216 | $ | 42,660 | $ | 10,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | Segment Adjusted EBITDA Margin | 45.6 | % | 42.3 | % | Segment Adjusted EBITDA Margin | 41.7 | % | 42.5 | % |
SIX MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 218,425 | $ | 177,219 | $ | 41,206 | 23.3 | % | 23.6 | % | 23.0 | % | 0.6 | % | Storage Rental | $ | 342,080 | $ | 273,547 | $ | 68,533 | 25.1 | % | 24.4 | % | 22.5 | % | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 11,913 | 19,856 | (7,943) | (40.0) | % | (40.1) | % | (39.8) | % | (0.3) | % | Service | 15,793 | 23,837 | (8,044) | (33.7) | % | (34.2) | % | (34.0) | % | (0.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Revenue | Segment Revenue | $ | 230,338 | $ | 197,075 | $ | 33,263 | 16.9 | % | 17.2 | % | 16.7 | % | 0.5 | % | Segment Revenue | $ | 357,873 | $ | 297,384 | $ | 60,489 | 20.3 | % | 19.7 | % | 18.0 | % | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA | Segment Adjusted EBITDA | $ | 104,444 | $ | 84,284 | $ | 20,160 | Segment Adjusted EBITDA | $ | 157,660 | $ | 126,944 | $ | 30,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Adjusted EBITDA Margin | Segment Adjusted EBITDA Margin | 45.3 | % | 42.8 | % | Segment Adjusted EBITDA Margin | 44.1 | % | 42.7 | % |
Storage Rental Revenue | Service Revenue | Segment Revenue | Segment Adjusted EBITDA |
IRON MOUNTAIN |
THREE MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | THREE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 15,755 | $ | 13,587 | $ | 2,168 | 16.0 | % | 15.8 | % | 11.5 | % | 4.3 | % | Storage Rental | $ | 15,441 | $ | 13,900 | $ | 1,541 | 11.1 | % | 9.8 | % | 6.2 | % | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 64,281 | 105,383 | (41,102) | (39.0) | % | (38.9) | % | (41.0) | % | 2.1 | % | Service | 62,547 | 81,634 | (19,087) | (23.4) | % | (23.9) | % | (25.1) | % | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 80,036 | $ | 118,970 | $ | (38,934) | (32.7) | % | (32.6) | % | (35.0) | % | 2.4 | % | Revenue | $ | 77,988 | $ | 95,534 | $ | (17,546) | (18.4) | % | (19.0) | % | (20.5) | % | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | (77,213) | $ | (56,969) | $ | (20,244) | Adjusted EBITDA | $ | (69,802) | $ | (57,088) | $ | (12,714) |
SIX MONTHS ENDED JUNE 30, | PERCENTAGE CHANGE | NINE MONTHS ENDED SEPTEMBER 30, | PERCENTAGE CHANGE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | DOLLAR CHANGE | ACTUAL | CONSTANT CURRENCY | ORGANIC GROWTH | IMPACT OF ACQUISITIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storage Rental | Storage Rental | $ | 30,740 | $ | 27,119 | $ | 3,621 | 13.4 | % | 14.1 | % | 10.0 | % | 4.1 | % | Storage Rental | $ | 46,181 | $ | 41,019 | $ | 5,162 | 12.6 | % | 12.6 | % | 8.7 | % | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Service | Service | 124,814 | 194,019 | (69,205) | (35.7) | % | (35.3) | % | (42.4) | % | 7.1 | % | Service | 187,361 | 275,653 | (88,292) | (32.0) | % | (31.9) | % | (37.2) | % | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 155,554 | $ | 221,138 | $ | (65,584) | (29.7) | % | (29.2) | % | (36.0) | % | 6.8 | % | Revenue | $ | 233,542 | $ | 316,672 | $ | (83,130) | (26.3) | % | (26.1) | % | (31.3) | % | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | (144,824) | $ | (116,747) | $ | (28,077) | Adjusted EBITDA | $ | (214,626) | $ | (173,835) | $ | (40,791) |
IRON MOUNTAIN |
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | $ | 446,094 | $ | 345,924 | Cash Flows from Operating Activities | $ | 666,374 | $ | 560,355 | ||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | (645,282) | (991,103) | Cash Flows from Investing Activities | (1,035,083) | (1,303,760) | ||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | 209,827 | 542,000 | Cash Flows from Financing Activities | 403,872 | 658,447 | ||||||||||||||||
Cash and Cash Equivalents, End of Period | Cash and Cash Equivalents, End of Period | 149,493 | 144,746 | Cash and Cash Equivalents, End of Period | 170,502 | 155,223 |
IRON MOUNTAIN |
SIX MONTHS ENDED JUNE 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||||||||
NATURE OF CAPITAL SPEND | NATURE OF CAPITAL SPEND | 2023 | 2022 | NATURE OF CAPITAL SPEND | 2023 | 2022 | ||||||||||||||||
Growth Investment Capital Expenditures: | Growth Investment Capital Expenditures: | Growth Investment Capital Expenditures: | ||||||||||||||||||||
Data Center | Data Center | $ | 417,861 | $ | 183,815 | Data Center | $ | 653,968 | $ | 396,015 | ||||||||||||
Real Estate | Real Estate | 104,862 | 66,855 | Real Estate | 136,174 | 114,374 | ||||||||||||||||
Innovation and Other | Innovation and Other | 37,644 | 20,958 | Innovation and Other | 57,332 | 30,808 | ||||||||||||||||
Total Growth Investment Capital Expenditures | Total Growth Investment Capital Expenditures | 560,367 | 271,628 | Total Growth Investment Capital Expenditures | 847,474 | 541,197 | ||||||||||||||||
Recurring Capital Expenditures: | Recurring Capital Expenditures: | Recurring Capital Expenditures: | ||||||||||||||||||||
Real Estate | Real Estate | $ | 19,552 | $ | 23,672 | Real Estate | $ | 34,579 | $ | 44,294 | ||||||||||||
Non-Real Estate | Non-Real Estate | 34,662 | 37,834 | Non-Real Estate | 48,962 | 52,442 | ||||||||||||||||
Data Center | Data Center | 6,415 | 5,678 | Data Center | 11,949 | 9,420 | ||||||||||||||||
Total Recurring Capital Expenditures | Total Recurring Capital Expenditures | 60,629 | 67,184 | Total Recurring Capital Expenditures | 95,490 | 106,156 | ||||||||||||||||
Total Capital Spend (on accrual basis) | Total Capital Spend (on accrual basis) | $ | 620,996 | $ | 338,812 | Total Capital Spend (on accrual basis) | $ | 942,964 | $ | 647,353 | ||||||||||||
Net (decrease) increase in prepaid capital expenditures | (630) | 1,407 | ||||||||||||||||||||
Net increase (decrease) in prepaid capital expenditures | Net increase (decrease) in prepaid capital expenditures | 23,337 | (960) | |||||||||||||||||||
Net (increase) decrease in accrued capital expenditures | Net (increase) decrease in accrued capital expenditures | (19,608) | (9,999) | Net (increase) decrease in accrued capital expenditures | (4,007) | (49,592) | ||||||||||||||||
Total Capital Spend (on cash basis) | Total Capital Spend (on cash basis) | $ | 600,758 | $ | 330,220 | Total Capital Spend (on cash basis) | $ | 962,294 | $ | 596,801 |
IRON MOUNTAIN |
JUNE 30, 2023 | SEPTEMBER 30, 2023 | |||||||||||||||||||||||||||||||||
DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT | DEBT (INCLUSIVE OF DISCOUNT) | UNAMORTIZED DEFERRED FINANCING COSTS | CARRYING AMOUNT | |||||||||||||||||||||||||||||
Revolving Credit Facility(1) | Revolving Credit Facility(1) | $ | 679,500 | $ | (5,332) | $ | 674,168 | Revolving Credit Facility(1) | $ | 1,049,500 | $ | (4,976) | $ | 1,044,524 | ||||||||||||||||||||
Term Loan A(1) | Term Loan A(1) | 234,375 | — | 234,375 | Term Loan A(1) | 231,250 | — | 231,250 | ||||||||||||||||||||||||||
Term Loan B | Term Loan B | 662,685 | (3,122) | 659,563 | Term Loan B | 660,992 | (2,810) | 658,182 | ||||||||||||||||||||||||||
Virginia 3 Term Loans | Virginia 3 Term Loans | 26,134 | (3,915) | 22,219 | ||||||||||||||||||||||||||||||
Australian Dollar Term Loan | Australian Dollar Term Loan | 196,333 | (543) | 195,790 | Australian Dollar Term Loan | 187,853 | (491) | 187,362 | ||||||||||||||||||||||||||
UK Bilateral Revolving Credit Facility | UK Bilateral Revolving Credit Facility | 177,277 | — | 177,277 | UK Bilateral Revolving Credit Facility | 170,858 | — | 170,858 | ||||||||||||||||||||||||||
37/8% GBP Senior Notes due 2025 (the "GBP Notes") | 37/8% GBP Senior Notes due 2025 (the "GBP Notes") | 506,506 | (2,231) | 504,275 | 37/8% GBP Senior Notes due 2025 (the "GBP Notes") | 488,166 | (1,920) | 486,246 | ||||||||||||||||||||||||||
47/8% Senior Notes due 2027 (the "47/8% Notes due 2027")(2) | 1,000,000 | (6,043) | 993,957 | |||||||||||||||||||||||||||||||
51/4% Senior Notes due 2028 (the "51/4% Notes due 2028")(2) | 825,000 | (5,609) | 819,391 | |||||||||||||||||||||||||||||||
5% Senior Notes due 2028 (the "5% Notes due 2028")(2) | 500,000 | (3,678) | 496,322 | |||||||||||||||||||||||||||||||
7% Senior Notes due 2029 (the "7% Notes due 2029")(2) | 1,000,000 | (11,853) | 988,147 | |||||||||||||||||||||||||||||||
47/8% Senior Notes due 2029 (the "47/8% Notes due 2029")(2) | 1,000,000 | (9,041) | 990,959 | |||||||||||||||||||||||||||||||
51/4% Senior Notes due 2030 (the "51/4% Notes due 2030")(2) | 1,300,000 | (10,655) | 1,289,345 | |||||||||||||||||||||||||||||||
41/2% Senior Notes due 2031 (the "41/2% Notes")(2) | 1,100,000 | (9,539) | 1,090,461 | |||||||||||||||||||||||||||||||
47/8% Senior Notes due 2027 (the "47/8% Notes due 2027") | 47/8% Senior Notes due 2027 (the "47/8% Notes due 2027") | 1,000,000 | (5,688) | 994,312 | ||||||||||||||||||||||||||||||
51/4% Senior Notes due 2028 (the "51/4% Notes due 2028") | 51/4% Senior Notes due 2028 (the "51/4% Notes due 2028") | 825,000 | (5,314) | 819,686 | ||||||||||||||||||||||||||||||
5% Senior Notes due 2028 (the "5% Notes due 2028") | 5% Senior Notes due 2028 (the "5% Notes due 2028") | 500,000 | (3,497) | 496,503 | ||||||||||||||||||||||||||||||
7% Senior Notes due 2029 (the "7% Notes due 2029") | 7% Senior Notes due 2029 (the "7% Notes due 2029") | 1,000,000 | (11,253) | 988,747 | ||||||||||||||||||||||||||||||
47/8% Senior Notes due 2029 (the "47/8% Notes due 2029") | 47/8% Senior Notes due 2029 (the "47/8% Notes due 2029") | 1,000,000 | (8,679) | 991,321 | ||||||||||||||||||||||||||||||
51/4% Senior Notes due 2030 (the "51/4% Notes due 2030") | 51/4% Senior Notes due 2030 (the "51/4% Notes due 2030") | 1,300,000 | (10,279) | 1,289,721 | ||||||||||||||||||||||||||||||
41/2% Senior Notes due 2031 (the "41/2% Notes") | 41/2% Senior Notes due 2031 (the "41/2% Notes") | 1,100,000 | (9,228) | 1,090,772 | ||||||||||||||||||||||||||||||
5% Senior Notes due 2032 (the "5% Notes due 2032") | 5% Senior Notes due 2032 (the "5% Notes due 2032") | 750,000 | (11,858) | 738,142 | 5% Senior Notes due 2032 (the "5% Notes due 2032") | 750,000 | (11,532) | 738,468 | ||||||||||||||||||||||||||
55/8% Senior Notes due 2032 (the "55/8% Notes")(2) | 600,000 | (5,275) | 594,725 | |||||||||||||||||||||||||||||||
55/8% Senior Notes due 2032 (the "55/8% Notes") | 55/8% Senior Notes due 2032 (the "55/8% Notes") | 600,000 | (5,130) | 594,870 | ||||||||||||||||||||||||||||||
Real Estate Mortgages, Financing Lease Liabilities and Other | Real Estate Mortgages, Financing Lease Liabilities and Other | 457,724 | (483) | 457,241 | Real Estate Mortgages, Financing Lease Liabilities and Other | 502,787 | (443) | 502,344 | ||||||||||||||||||||||||||
Accounts Receivable Securitization Program | Accounts Receivable Securitization Program | 343,100 | (426) | 342,674 | Accounts Receivable Securitization Program | 349,200 | (372) | 348,828 | ||||||||||||||||||||||||||
Total Long-term Debt | Total Long-term Debt | 11,332,500 | (85,688) | 11,246,812 | Total Long-term Debt | 11,741,740 | (85,527) | 11,656,213 | ||||||||||||||||||||||||||
Less Current Portion | Less Current Portion | (102,582) | — | (102,582) | Less Current Portion | (107,984) | — | (107,984) | ||||||||||||||||||||||||||
Long-term Debt, Net of Current Portion | Long-term Debt, Net of Current Portion | $ | 11,229,918 | $ | (85,688) | $ | 11,144,230 | Long-term Debt, Net of Current Portion | $ | 11,633,756 | $ | (85,527) | $ | 11,548,229 |
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 48 |
SERIES OF NOTES | AGGREGATE PRINCIPAL AMOUNT | MATURITY DATE | INTEREST PAYMENT DUE | PAR CALL DATE(1) | ||||||||||
7% Notes due 2029 | $ | 1,000,000 | February 15, 2029 | February 15 and August 15 | August 15, 2025 |
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 49 |
MAXIMUM/MINIMUM ALLOWABLE | |||||||||||||||||
Net total lease adjusted leverage ratio | 5.1 | Maximum allowable of 7.0 | |||||||||||||||
Fixed charge coverage ratio | 2.3 | Minimum allowable of 1.5 | |||||||||||||||
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 50 |
IRON MOUNTAIN SEPTEMBER 30, 2023 FORM 10-Q | 51 |
JUNE 30, 2023 | DECEMBER 31, 2022 | ||||||||||||||||||||||
CARRYING VALUE | EQUITY INTEREST | CARRYING VALUE | EQUITY INTEREST | ||||||||||||||||||||
Web Werks JV | $ | 98,650 | 53.58 | % | $ | 98,278 | 53.58 | % | |||||||||||||||
Joint venture with AGC Equity Partners | 59,394 | 20.00 | % | 37,194 | 20.00 | % | |||||||||||||||||
Clutter JV | — | — | % | 54,172 | 26.73 | % |
SEPTEMBER 30, 2023 | DECEMBER 31, 2022 | ||||||||||||||||||||||
CARRYING VALUE | EQUITY INTEREST | CARRYING VALUE | EQUITY INTEREST | ||||||||||||||||||||
Web Werks JV | $ | — | — | % | $ | 98,278 | 53.58 | % | |||||||||||||||
Joint venture with AGC Equity Partners | 58,154 | 20.00 | % | 37,194 | 20.00 | % | |||||||||||||||||
Clutter JV | — | — | % | 54,172 | 26.73 | % |
IRON MOUNTAIN |
IRON MOUNTAIN |
EXHIBIT NO. | DESCRIPTION | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
IRON MOUNTAIN |
IRON MOUNTAIN INCORPORATED | ||||||||
By: | /s/ DANIEL BORGES | |||||||
Daniel Borges Senior Vice President, Chief Accounting Officer |
IRON MOUNTAIN |