IRON MOUNTAIN INC
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
IRM$106.52+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0001020569-25-000176
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001020569-25-000206
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 174 previous paragraphs and 181 current paragraphs.
106 unchanged; 63 reworded; 12 added; 4 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 46 previous and 48 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS):
Current report
The decrease in General, Administrative and Other for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 is primarily driven by lower compensation expense and professional fees.
Current report
OTHER (INCOME) EXPENSE, NET
Current report
NET INCOME (LOSS) AND ADJUSTED EBITDA
Current report
•Net proceeds of approximately $1,390.7 million associated with the issuance of the Euro Notes (as defined below).
Current report
(3)Collectively, the "Parent Notes".
Current report
UK REVOLVING CREDIT FACILITY
Current report
Iron Mountain (UK) PLC and Iron Mountain (UK) Data Centre Limited, wholly owned subsidiaries of IMI (collectively, the "UK Borrowers"), have a British pounds sterling Revolving Credit Facility (the "UK Revolving Credit Facility"). The maximum amount permitted to be borrowed under the UK Revolving Credit Facility is 140.0 million British pounds sterling, which was fully drawn as of September 30, 2025. We have the option to request additional commitments of up to 125.0 million British pounds sterling, subject to conditions specified in the UK Revolving Credit Facility.
Current report
SEPTEMBER 2025 OFFERING
Current report
On September 10, 2025, IMI completed a private offering of (in thousands):
Current report
(1)We may redeem the Euro Notes at any time, at our option, in whole or in part. Prior to the par call date, we may redeem the Euro Notes at the redemption price or make-whole premium specified in the indenture governing the Euro Notes, together with accrued and unpaid interest to, but excluding, the redemption date. On or after the par call date, we may redeem the Euro Notes at a price equal to 100% of the principal amount being redeemed, together with accrued and unpaid interest to, but excluding, the redemption date.
Current report
The Euro Notes were issued at par and have a contractual interest rate of 4.75%. The total net proceeds from the issuance, after deducting the initial purchasers' commissions, of approximately 1,188.0 million Euros (or $1,390.7 million, based upon the exchange rate between the Euro and the United States dollar on September 10, 2025 (the settlement date for the Euro Notes)), were used to repay a portion of the outstanding borrowings under the Revolving Credit Facility and will be used to repay the GBP Notes in the fourth quarter of 2025. As of September 30, 2025, we had 1,200.0 million Euros (or $1,408.4 million, based upon the exchange rate between the United States dollar and the Euro as of September 30, 2025) outstanding on the Euro Notes.
Removed paragraphs (4)
Previous report
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (IN THOUSANDS):
Previous report
(2)Reflects the impact of dilutive shares of 2,278 and 2,516 for the three and six months ended June 30, 2025, respectively, not included in Reported EPS-Fully Diluted due to our net loss position during the periods.
Previous report
OTHER EXPENSE (INCOME), NET
Previous report
NET (LOSS) INCOME AND ADJUSTED EBITDA
Reworded paragraphs (63)
Previous wording
The following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2025 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and six months ended June 30, 2025, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 14, 2025 (our "Annual Report").
Current wording
The following discussion and analysis of our financial condition and results of operations for the three and nine months ended September 30, 2025 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three and nine months ended September 30, 2025, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2024, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 14, 2025 (our "Annual Report").
Previous wording
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and six months ended June 30, 2025 within each section. Trends and changes that are consistent for both the three and six month periods are not repeated and are discussed on a year to date basis only.
Current wording
The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three and nine months ended September 30, 2025 within each section. Trends and changes that are consistent for both the three and nine month periods are not repeated and are discussed on a year to date basis only.
Previous wording
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $483.6 million in Restructuring and other transformation costs from the inception of Project Matterhorn through June 30, 2025. We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ended December 31, 2025, at which point the program is expected to be completed. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
Current wording
In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We expect Project Matterhorn to be completed by December 31, 2025. We have incurred approximately $530.9 million in Restructuring and other transformation costs from the inception of Project Matterhorn through September 30, 2025. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives.
Previous wording
•Our organic service revenue growth is primarily due to increases in our service activity. We expect organic service revenue growth in 2025 to benefit from our new and existing digital offerings and asset lifecycle management ("ALM") business, as well as our traditional services.
Current wording
•Our organic service revenue growth is primarily due to increases in our service activity. We expect organic service revenue growth for the remainder of 2025 and into 2026 to benefit from our new and existing digital offerings and asset lifecycle management ("ALM") business, as well as our traditional services.
Previous wording
•We expect continued total revenue and Adjusted EBITDA (as defined below) growth in 2025 as a result of our focus on new product and service offerings, innovation, customer solutions and market expansion in line with our Project Matterhorn objectives.
Current wording
•We expect continued total revenue and Adjusted EBITDA (as defined below) growth for the remainder of 2025 and into 2026 as a result of our focus on new product and service offerings, innovation, customer solutions and market expansion in line with our Project Matterhorn objectives and growth strategies.
Previous wording
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the six months ended June 30, 2025 consists of the following:
Current wording
Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the nine months ended September 30, 2025 consists of the following:
Previous wording
We define Adjusted EBITDA as net (loss) income before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
Current wording
We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically:
Previous wording
Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), such as operating income (loss), net (loss) income or cash flows from operating activities.
Current wording
Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America ("GAAP"), such as operating income (loss), net income (loss) or cash flows from operating activities.
Previous wording
We define Adjusted EPS as reported earnings per share fully diluted from net (loss) income attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically:
Current wording
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically:
Previous wording
RECONCILIATION OF REPORTED EPS—FULLY DILUTED FROM NET (LOSS) INCOME ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED TO ADJUSTED EPS—FULLY DILUTED FROM NET (LOSS) INCOME ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED:
Current wording
RECONCILIATION OF REPORTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED TO ADJUSTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED:
Previous wording
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and six months ended June 30, 2025 and 2024 are primarily due to (i) the reconciling items above, which impact our reported net (loss) income before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and six months ended June 30, 2025 and 2024 was 16.7% and 14.5%, respectively. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. This may result in the current period adjustment plus prior period reported quarterly adjustments not summing to the full year adjustment.
Current wording
(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and nine months ended September 30, 2025 and 2024 are primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and nine months ended September 30, 2025 and 2024 was 14.8% and 15.1%, respectively. The tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. This may result in the current period adjustment plus prior period reported quarterly adjustments not summing to the full year adjustment.
Previous wording
(3)Columns may not foot due to rounding.
Current wording
(2)Columns may not foot due to rounding.
Previous wording
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net (loss) income excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles ("FFO (Nareit)"). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net (loss) income.
Current wording
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles ("FFO (Nareit)"). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).
Previous wording
RECONCILIATION OF NET (LOSS) INCOME TO FFO (NAREIT) AND FFO (NORMALIZED) (IN THOUSANDS):
Current wording
RECONCILIATION OF NET INCOME (LOSS) TO FFO (NAREIT) AND FFO (NORMALIZED) (IN THOUSANDS):
Previous wording
(1)Includes foreign currency transaction losses (gains), net and other, net. See Note 2.k. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other expense (income), net.
Current wording
(1)Includes foreign currency transaction losses (gains), net and other, net. See Note 2.k. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other (income) expense, net.
Previous wording
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported net (loss) income before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of $2.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively, and ($1.6 million) and ($0.5 million) for the three and six months ended June 30, 2024, respectively.
Current wording
(2)Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of ($1.6 million) and $1.0 million for the three and nine months ended September 30, 2025, respectively, and $0.4 million and ($0.1 million) for the three and nine months ended September 30, 2024, respectively.
Previous wording
COMPARISON OF THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 TO THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 (IN THOUSANDS):
Current wording
COMPARISON OF THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 TO THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 (IN THOUSANDS):
Previous wording
(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net (Loss) Income to Adjusted EBITDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors.
Current wording
(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net Income (Loss) to Adjusted EBITDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors.
Previous wording
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 include the following:
Current wording
Primary factors influencing the change in reported storage rental revenue and reported service revenue for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 include the following:
Previous wording
Primary factors influencing the change in reported Cost of sales for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 include the following:
Current wording
Primary factors influencing the change in reported Cost of sales for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 include the following:
Previous wording
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment and ALM business;
Current wording
•an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment and ALM business, including the impact of recent acquisitions;
Previous wording
•an increase in facilities expenses, primarily driven by higher real estate taxes in our Global Data Center Business segment; and
Current wording
•an increase in facilities expenses, primarily driven by higher real estate taxes in our Global Data Center Business segment, and increases in utilities and rent expense; and
Previous wording
Primary factors influencing the change in reported Selling, general and administrative expenses for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 include the following:
Current wording
Primary factors influencing the change in reported Selling, general and administrative expenses for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 include the following:
Previous wording
Depreciation expense increased by $40.5 million, or 13.4%, for the six months ended June 30, 2025 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.
Current wording
Depreciation expense increased by $65.6 million, or 14.0%, for the nine months ended September 30, 2025 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.
Previous wording
Amortization expense increased by $10.2 million, or 7.8%, for the six months ended June 30, 2025 compared to the prior year period.
Current wording
Amortization expense increased by $15.1 million, or 7.6%, for the nine months ended September 30, 2025 compared to the prior year period.
Previous wording
Acquisition and Integration Costs for the six months ended June 30, 2025 and 2024 were approximately $10.6 million and $17.3 million, respectively.
Current wording
Acquisition and Integration Costs for the nine months ended September 30, 2025 and 2024 were approximately $16.0 million and $28.6 million, respectively.
Previous wording
Restructuring and other transformation costs for the six months ended June 30, 2025 and 2024 were $105.1 million and $87.3 million, respectively, and related to operating expenses associated with the implementation of Project Matterhorn.
Current wording
Restructuring and other transformation costs for the nine months ended September 30, 2025 and 2024 were $152.4 million and $124.6 million, respectively, and related to operating expenses associated with the implementation of Project Matterhorn.
Previous wording
Loss (gain) on disposal/write-down of property, plant and equipment, net for the six months ended June 30, 2025 and 2024 was approximately $4.6 million and $3.2 million, respectively.
Current wording
Loss (gain) on disposal/write-down of property, plant and equipment, net for the nine months ended September 30, 2025 and 2024 was approximately $8.0 million and $8.3 million, respectively.
Previous wording
Interest expense, net increased by $58.8 million to $399.8 million in the six months ended June 30, 2025 from $341.0 million in the prior year period. The increase is primarily due to higher average debt outstanding during the six months ended June 30, 2025 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.7% at both June 30, 2025 and 2024. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
Current wording
Interest expense, net increased by $82.4 million to $609.5 million in the nine months ended September 30, 2025 from $527.1 million in the prior year period. The increase is primarily due to higher average debt outstanding during the nine months ended September 30, 2025 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.6% and 5.7% at September 30, 2025 and 2024, respectively. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.
Previous wording
Other expense (income), net for the three and six months ended June 30, 2025 and 2024 consists of the following (in thousands):
Current wording
Other (income) expense, net for the three and nine months ended September 30, 2025 and 2024 consists of the following (in thousands):
Previous wording
(1)The losses for the three and six months ended June 30, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
Current wording
(1)The losses for the nine months ended September 30, 2025 primarily consist of the impact of changes in the exchange rate of the British pound sterling and the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.
Previous wording
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and six months ended June 30, 2025 and 2024 are as follows:
Current wording
We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three and nine months ended September 30, 2025 and 2024 are as follows:
Previous wording
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three and six months ended June 30, 2025 were the lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, disallowed interest expenses of certain entities, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by the benefits derived from the dividends paid deduction.
Current wording
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended September 30, 2025 were the benefits derived from the dividends paid deduction, as well as the differences in the tax rates to which our foreign earnings are subject. The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the nine months ended September 30, 2025 were the (i) lack of tax benefits recognized for the foreign exchange losses we recorded in Other expense (income), net, during the period, (ii) lack of tax benefits recognized for the year to date ordinary losses of certain entities, (iii) disallowed interest expenses of certain entities and (iv) differences in the tax rates to which our foreign earnings are subject, partially offset by (v) benefits derived from the dividends paid deduction.
Previous wording
On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for global intangible low-taxed income from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the current law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increases this threshold to 25%. The effective dates of the OBBBA provisions range from 2025 through 2027. We are currently assessing the impact of the OBBBA on our consolidated financial statements; however, an estimate of the financial impact cannot be reasonably determined at this time due to the complexity of these tax reform changes.
Current wording
On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for global intangible low-taxed income from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the current law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increases this threshold to 25% effective January 1, 2026. The effective dates of the OBBBA provisions range from 2025 through 2027. We do not expect the OBBBA provisions to have a material impact on our consolidated financial statements.
Previous wording
In addition, by removing the proposed section 899, “Enforcement of Remedies Against Unfair Foreign Taxes,” from the OBBBA, the U.S. Treasury Department reached an agreement with the six other G7 countries (Canada, France, Germany, Italy, Japan, and the UK) under which U.S. companies will be excluded from the imposition of any Pillar Two Income Inclusion Rule or Undertaxed Profits Rule taxes. We will continue to monitor the global legislative actions as well as administrative guidance related to Pillar Two for potential impacts, which are not expected to have a material impact on our financial statements.
Current wording
In addition, in connection with the removal of the proposed section 899, "Enforcement of Remedies Against Unfair Foreign Taxes," from the OBBBA, the U.S. Treasury Department reached an agreement with the six other G7 countries (Canada, France, Germany, Italy, Japan and the UK) under which U.S. companies will be excluded from the imposition of any Pillar Two Income Inclusion Rule or Undertaxed Profits Rule taxes. We will continue to monitor the global legislative actions as well as administrative guidance related to Pillar Two for potential impacts, which are not expected to have a material impact on our consolidated financial statements.
Previous wording
The following table reflects the effect of the foregoing factors on our net (loss) income and Adjusted EBITDA (in thousands):
Current wording
The following table reflects the effect of the foregoing factors on our net income (loss) and Adjusted EBITDA (in thousands):
Previous wording
SIX MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)
Current wording
NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)
Previous wording
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the six months ended June 30, 2025 compared to the prior year period include the following:
Current wording
Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the nine months ended September 30, 2025 compared to the prior year period include the following:
Previous wording
•a 60 basis point increase in Adjusted EBITDA Margin primarily driven by ongoing cost containment measures and revenue management.
Current wording
•a 20 basis point increase in Adjusted EBITDA Margin primarily driven by ongoing cost containment measures and revenue management.
Previous wording
SIX MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)
Current wording
NINE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)
Showing the first 40 of 63 pairs. Open the source sections for the rest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
financings will be available on acceptable terms or in amounts sufficient to enable us to service or refinance our indebtedness or to make necessary capital expenditures.