Iron Mountain Inc 10-K Filing

Ticker: IRM · Form: 10-K · Filed: Feb 14, 2025 · CIK: 1020569

Iron Mountain Inc 10-K Filing Summary
FieldDetail
CompanyIron Mountain Inc (IRM)
Form Type10-K
Filed DateFeb 14, 2025
Pages15
Reading Time18 min
Key Dollar Amounts$378.5 million, $150.0 million, $161.4 million, $175.2 m, $6.1 billion
Sentimentneutral

Sentiment: neutral

FAQ

What type of filing is this?

This is a 10-K filing submitted by Iron Mountain Inc (ticker: IRM) to the SEC on Feb 14, 2025.

What are the key financial figures in this filing?

Key dollar amounts include: $378.5 million (operate. We have incurred approximately $378.5 million in Restructuring and other transformati); $150.0 million (2024. We expect to incur approximately $150.0 million in costs related to Project Matterhorn); $161.4 million (er 31, 2024 and 2023 were approximately $161.4 million and $175.2 million, respectively. BUSI); $175.2 m (3 were approximately $161.4 million and $175.2 million, respectively. BUSINESS SEGMENTS); $6.1 billion (elated services generated approximately $6.1 billion in annual revenue in 2024. Our business).

How long is this filing?

Iron Mountain Inc's 10-K filing is 15 pages with approximately 4,377 words. Estimated reading time is 18 minutes.

Where can I view the full 10-K filing?

The complete filing is available on SEC EDGAR. You can also read the AI-decoded analysis with risk assessment and key highlights on ReadTheFiling.

Filing Stats: 4,377 words · 18 min read · ~15 pages · Grade level 17.4 · Accepted 2025-02-14 16:24:45

Key Financial Figures

  • $378.5 million — operate. We have incurred approximately $378.5 million in Restructuring and other transformati
  • $150.0 million — 2024. We expect to incur approximately $150.0 million in costs related to Project Matterhorn
  • $161.4 million — er 31, 2024 and 2023 were approximately $161.4 million and $175.2 million, respectively. BUSI
  • $175.2 m — 3 were approximately $161.4 million and $175.2 million, respectively. BUSINESS SEGMENTS
  • $6.1 billion — elated services generated approximately $6.1 billion in annual revenue in 2024. 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 22

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 56

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 57

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 57

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 58

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 60

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 60

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 62

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 62

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 62

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 62

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 135

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, 2024 (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 Iron Mountain Incorporated, a Delaware corporation ("IMI"), was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management ("ALM") needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations. We are listed on the New York Stock Exchange (the "NYSE") and are a constituent of the Standard & Poor's 500 Index, the Morgan Stanley Capital International ("MSCI") REIT index and the FTSE EPRA Nareit Global Real Estate Index. As of December 31, 2024, we were number 604 on the Fortune 1000. We have been organized and have operated as a REIT beginning with our taxable year ended December 31, 2014. BUSINESS STRATEGY OVERVIEW Our company has been a market leader in the physical ecosystem supporting information storage and retrieval, as most businesses have relied on paper documents or computer tapes to store their valuable information. Over time, customers are increasing their digital information, with the new information storage ecosystem being a hybrid of physical and digital media. We have evolved our business to meet our customers' needs while remaining focused on driving growth supported by our four pillars outlined below. Continued revenue growth i

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