IRON MOUNTAIN INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
IRM$110.78-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows, Years Ended and
(IN THOUSANDS)
| YEAR ENDED DECEMBER 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $187,263 | $562,149 | $452,725 |
| Adjustments to reconcile net income (loss) to cash flows from operating activities: | |||
| Depreciation | 525,850 | 478,984 | 465,072 |
| Amortization (includes amortization of deferred financing costs and discounts of $16,859, $18,044 and $16,548 in 2023, 2022 and 2021, respectively) | 267,168 | 266,655 | 231,898 |
| Revenue reduction associated with amortization of customer inducements and data center above- and below-market leases | 7,036 | 8,119 | 8,852 |
| Stock-based compensation expense | 73,799 | 56,861 | 61,001 |
| (Benefit) provision for deferred income taxes | (35,264) | (55,920) | 28,703 |
| (Gain) loss on disposal/write-down of property, plant and equipment, net | (12,825) | (93,268) | (172,041) |
| Loss (gain) on divestments and deconsolidations | — | 105,825 | (178,983) |
| Gain associated with the remeasurement of the Deferred Purchase Obligation | — | (93,600) | — |
| Loss (gain) associated with the Clutter transactions | 38,000 | (35,821) | — |
| Foreign currency transactions and other, net | 103,134 | (19,853) | (6,656) |
| (Increase) decrease in assets | (70,287) | (224,641) | (174,206) |
| Increase (decrease) in liabilities | 29,693 | (27,795) | 42,537 |
| Cash Flows from Operating Activities | 1,113,567 | 927,695 | 758,902 |
| Cash Flows from Investing Activities: | |||
| Capital expenditures | (1,339,223) | (875,378) | (611,082) |
| Cash paid for acquisitions, net of cash acquired | (41,849) | (803,690) | (203,998) |
| Acquisition of customer relationships | — | (2,143) | (5,892) |
| Customer inducements | (5,874) | (6,062) | (7,402) |
| Contract costs | (95,124) | (70,336) | (58,524) |
| Net proceeds from IPM Divestment | — | — | 213,878 |
| Investments in joint ventures and other investments | (15,830) | (73,233) | (78,623) |
| Proceeds from sales of property and equipment and other, net | 53,544 | 170,419 | 278,330 |
| Cash Flows from Investing Activities | (1,444,356) | (1,660,423) | (473,313) |
| Cash Flows from Financing Activities: | |||
| Repayment of revolving credit facility, term loan facilities and other debt | (18,191,921) | (11,593,452) | (5,164,483) |
| Proceeds from revolving credit facility, term loan facilities and other debt | 18,386,168 | 12,949,766 | 4,972,214 |
| Net proceeds from sales of senior notes | 990,000 | — | 737,812 |
| Debt financing and equity contribution from noncontrolling interests | 24,684 | 29,172 | — |
| Debt repayment and equity distribution to noncontrolling interests | (3,855) | (2,953) | (2,450) |
| Repurchase of noncontrolling interest | (400) | (4,519) | (75,000) |
| Parent cash dividends | (737,650) | (724,388) | (718,340) |
| Net (payments) proceeds associated with employee stock-based awards | (8,754) | (4,849) | 25,860 |
| Other, net | (32,606) | (9,570) | 3,581 |
| Cash Flows from Financing Activities | 425,666 | 639,207 | (220,806) |
| Effect of Exchange Rates on Cash and Cash Equivalents | (13,885) | (20,510) | (14,018) |
| Increase (decrease) in Cash and Cash Equivalents | 80,992 | (114,031) | 50,765 |
| Cash and Cash Equivalents, Beginning of Year | 141,797 | 255,828 | 205,063 |
| Cash and Cash Equivalents, End of Year | $222,789 | $141,797 | $255,828 |
| Supplemental Information: | |||
| Cash Paid for Interest | $512,446 | $482,673 | $428,111 |
| Cash Paid for Income Taxes, Net | $89,599 | $99,631 | $130,292 |
| Non-Cash Investing and Financing Activities: | |||
| Financing Leases and Other | $135,492 | $49,836 | $50,552 |
| Accrued Capital Expenditures | $234,315 | $172,589 | $88,210 |
| Deferred Purchase Obligations and Other Deferred Payments | $18,575 | $193,033 | $— |
| Dividends Payable | $202,392 | $194,272 | $190,559 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.