Iron Mountain Q4 2024 Earnings Report

Key Takeaways

Iron Mountain achieved record Q4 revenue of $1.58B, growing 11.4% YoY. Adjusted EBITDA rose 15% to $605M, driven by strong performance in storage and services. Net income surged to $106M from $29M in Q4 2023.

Total Revenue

$1.58B

Previous year: $1.42B

+11.4%

EPS

$0.5

Previous year: $0.52

-3.8%

Operating Margin

38.3%

Previous year: 37%

+3.5%

Adjusted EBITDA

$605M

Previous year: $525M

+15.2%

Adjusted Funds From Operations

$368M

Previous year: $328M

+12.3%

Cash and Equivalents

$156M

Previous year: $223M

-30.1%

Total Assets

$18.7B

Previous year: $17.5B

+7.1%

Iron Mountain Revenue

Iron Mountain EPS

Iron Mountain Revenue by Segment

Forward Guidance

Iron Mountain projects strong growth in 2025, with revenue expected to rise 9% and Adjusted EBITDA up 12%. The company continues to expand in high-growth areas like data centers and digital transformation.

Positive Outlook

Revenue growth expected between 8-11%
Adjusted EBITDA growth projected at 11-13%
Excluding FX impact, revenue growth forecasted at 10-12%
AFFO per share guidance of $4.85 - $4.95, up 8-10%
Quarterly dividend increase of 10%

Challenges Ahead

Net income declined slightly for full year 2024
Continued high debt levels exceeding $13B
Foreign exchange fluctuations may impact revenue growth
Rising interest expenses affecting profitability
Ongoing restructuring costs could pressure margins