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Iron Mountain Incorporated (Delaware)Common Stock REIT (IRM+1.14%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $6.15 billion, an increase from $5.48 billion in the previous year, driven by growth in both storage rental and service revenues.
Operating expenses totaled $5.14 billion, up from $4.56 billion in 2023, with increases noted in cost of sales, selling, general, and administrative expenses, and depreciation and amortization.
Net income for the year was $183.7 million, compared to $187.3 million in the previous year. The company attributed this to increased operating expenses and interest expenses.
Iron Mountain reported Adjusted EBITDA of $2.24 billion, a 14% increase from the previous year, with an Adjusted EBITDA margin of 36.4%.
The company's Global RIM Business segment reported revenues of $4.98 billion, with growth attributed to increased storage rental and service revenues.
The Global Data Center Business segment reported revenues of $620 million, reflecting growth from lease commencements and improved pricing.
Corporate and Other reported revenues of $550 million, driven by the acquisition of Regency Technologies and organic growth in the ALM business.
Iron Mountain's total capital expenditures for the year were $1.79 billion, with significant investments in data center facilities and other growth initiatives.
The company declared dividends totaling $789.5 million on its common stock during the year.
Iron Mountain's total long-term debt as of December 31, 2024, was approximately $13.84 billion, with a weighted average interest rate of 5.7%.
The company continues to focus on expanding its Global Data Center Business and ALM services, with ongoing investments and strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Iron Mountain Incorporated (Delaware)Common Stock REIT annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.