Iron Mountain Inc. Files 2023 Annual Report on Form 10-K

Ticker: IRM · Form: 10-K · Filed: Feb 22, 2024 · CIK: 1020569

Iron Mountain Inc 10-K Filing Summary
FieldDetail
CompanyIron Mountain Inc (IRM)
Form Type10-K
Filed DateFeb 22, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$150.0 million, $175.2 million, $41.9 m, $5.5 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Iron Mountain, Financials, SEC Filing

TL;DR

<b>Iron Mountain Inc. has filed its annual report detailing its 2023 financial performance and operations.</b>

AI Summary

IRON MOUNTAIN INC (IRM) filed a Annual Report (10-K) with the SEC on February 22, 2024. Iron Mountain Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 85 New Hampshire Avenue, Suite 150, Portsmouth, NH 03801. The mailing address is 1101 Enterprise Drive, Royersford, PA 19468. Iron Mountain Inc. is classified under Real Estate Investment Trusts (SIC 6798).

Why It Matters

For investors and stakeholders tracking IRON MOUNTAIN INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Iron Mountain's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. As a publicly traded company, Iron Mountain's 10-K is a key document for understanding its compliance with SEC regulations and for making informed investment decisions.

Risk Assessment

Risk Level: medium — IRON MOUNTAIN INC shows moderate risk based on this filing. The company operates in the real estate investment trusts sector, which can be subject to market fluctuations and interest rate sensitivity, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Iron Mountain's performance and potential challenges.

Key Numbers

  • 20231231 — Fiscal Year End (Conformed Period of Report)
  • 20240222 — Filing Date (Filed as of Date)
  • 163 — Public Document Count (Conformed Document Count)

Key Players & Entities

  • IRON MOUNTAIN INC (company) — Filer name
  • 0001020569 (company) — Central Index Key
  • 6798 (company) — Standard Industrial Classification
  • DE (company) — State of Incorporation
  • 85 NEW HAMPSHIRE AVENUE, SUITE 150 (company) — Business Address Street 1
  • PORTSMOUTH (company) — Business Address City
  • NH (company) — Business Address State
  • 03801 (company) — Business Address Zip

FAQ

When did IRON MOUNTAIN INC file this 10-K?

IRON MOUNTAIN INC filed this Annual Report (10-K) with the SEC on February 22, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by IRON MOUNTAIN INC (IRM).

Where can I read the original 10-K filing from IRON MOUNTAIN INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by IRON MOUNTAIN INC.

What are the key takeaways from IRON MOUNTAIN INC's 10-K?

IRON MOUNTAIN INC filed this 10-K on February 22, 2024. Key takeaways: Iron Mountain Inc. filed its 2023 Form 10-K on February 22, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 85 New Hampshire Avenue, Suite 150, Portsmouth, NH 03801..

Is IRON MOUNTAIN INC a risky investment based on this filing?

Based on this 10-K, IRON MOUNTAIN INC presents a moderate-risk profile. The company operates in the real estate investment trusts sector, which can be subject to market fluctuations and interest rate sensitivity, as indicated by its SIC code and the nature of its business.

What should investors do after reading IRON MOUNTAIN INC's 10-K?

Investors should review the detailed financial statements and risk factors within the 10-K to understand Iron Mountain's performance and potential challenges. The overall sentiment from this filing is neutral.

How does IRON MOUNTAIN INC compare to its industry peers?

Iron Mountain Inc. operates within the Real Estate Investment Trusts sector, focusing on storage and information management services.

Are there regulatory concerns for IRON MOUNTAIN INC?

As a publicly traded company, Iron Mountain Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

Industry Context

Iron Mountain Inc. operates within the Real Estate Investment Trusts sector, focusing on storage and information management services.

Regulatory Implications

As a publicly traded company, Iron Mountain Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the 1934 Act.

What Investors Should Do

  1. Review the full 10-K filing for detailed financial statements and management discussion.
  2. Analyze Iron Mountain's revenue segments and growth trends.
  3. Assess the company's risk factors and their potential impact on future performance.

Key Dates

  • 2024-02-22: 10-K Filing — Filing of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing of the 2023 annual report on Form 10-K.

Filing Stats: 4,394 words · 18 min read · ~15 pages · Grade level 17.2 · Accepted 2024-02-22 16:41:51

Key Financial Figures

  • $150.0 million — erate. We expect to incur approximately $150.0 million in costs annually related to Project Ma
  • $175.2 million — er 31, 2023 and 2022 were approximately $175.2 million and $41.9 million, respectively. BUSIN
  • $41.9 m — 2 were approximately $175.2 million and $41.9 million, respectively. BUSINESS SEGMENTS
  • $5.5 billion — elated services generated approximately $5.5 billion in annual revenue in 2023. Our business

Filing Documents

BUSINESS

ITEM 1. BUSINESS 0 9

RISK FACTORS

ITEM 1A. RISK FACTORS 20

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 20

CYBERSECURITY

ITEM 1C. CYBERSECURITY 21

PROPERTIES

ITEM 2. PROPERTIES 25

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 25

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 27

[RESERVED ]

ITEM 6. [RESERVED ] 27

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 57

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 58

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 59

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 61

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 61

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 63

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 63

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 63

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 63

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 139

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY ii Table of Contents References in this Annual Report on Form 10-K for the year ended December 31, 2023 (this "Annual Report") to "the Company", "Iron Mountain", "we", "us" or "our" include Iron Mountain Incorporated, a Delaware corporation, and its predecessor, as applicable, and its consolidated subsidiaries, unless the context indicates otherwise. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS We have made statements in this Annual Report that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "pursue", "will" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence ("AI")) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management,

BUSINESS

ITEM 1. BUSINESS. BUSINESS OVERVIEW We help organizations around the world protect their information, reduce storage costs, comply with regulations, facilitate corporate disaster recovery and better use their information and IT infrastructure for business advantages, regardless of its format, location or life cycle stage. We do this by storing physical records and data backup media, offering information management solutions and providing data center space for enterprise-class colocation and hyperscale deployments. We offer comprehensive records and information management services and data management services, along with the expertise and experience to address complex storage and information management challenges such as rising storage rental costs, legal and regulatory compliance and disaster recovery requirements. We provide secure and reliable data center facilities to protect digital information and ensure the continued operation of our customers' IT infrastructure, with reliable and flexible deployment options. Our asset lifecycle management ("ALM") business allows us to provide end-to-end asset lifecycle services for hyperscale, corporate data center and corporate end-user device assets. Founded in an underground facility near Hudson, New York in 1951, Iron Mountain Incorporated, a Delaware corporation ("IMI"), has more than 225,000 customers in a variety of industries in 60 countries around the world, as of December 31, 2023. We currently serve customers across an array of market verticals - commercial, legal, financial, healthcare, insurance, life sciences, energy, business services, entertainment and government organizations, including more than 90% of the Fortune 1000. As of December 31, 2023, we employed approximately 27,000 people. We are listed on the New York Stock Exchange (the "NYSE") and are a constituent of the Standard & Poor's 500 Index and the Morgan Stanley Capital International ("MSCI") REIT index. As of December 31, 2023, we were number 641

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