As of September 30, 2024, Iron Mountain Incorporated reported total assets of $18.47 billion, reflecting an increase from $17.47 billion at the end of 2023. The company's current assets included cash and cash equivalents of $168.52 million, a decrease from $222.79 million at the end of the previous year. Notably, property, plant, and equipment rose to $11.55 billion, up from $10.37 billion. Long-term debt also increased, reaching $13.25 billion compared to $11.81 billion at the end of 2023.
For the third quarter of 2024, Iron Mountain's total revenues were $1.56 billion, marking a 12.2% increase from $1.39 billion in the same period of 2023. Storage rental revenue contributed $935.70 million, up from $858.66 million, while service revenue increased to $621.66 million from $529.52 million. Operating income for Q3 2024 was $251.16 million, an increase from $237.83 million in Q3 2023. However, the company reported a net loss of $(33.67 million) for the quarter, a significant decline from net income of $91.39 million in Q3 2023.
For the nine months ended September 30, 2024, total revenues reached $4.57 billion, a 12.5% increase from $4.06 billion in the prior year. Net income for this period was $77.98 million, down from $158.07 million in the same period of 2023. Adjusted EBITDA for the nine months was $1.63 billion, reflecting a 13.6% increase from $1.44 billion in the previous year. Cash flows from operating activities improved to $765.13 million, compared to $666.37 million in 2023. Conversely, cash flows from investing activities were $(1.44 billion) for the nine months, compared to $(1.04 billion) in 2023, while cash flows from financing activities increased to $639.20 million from $403.87 million in the prior year.
Overall, Iron Mountain's financial performance in Q3 2024 and the nine-month period reflects growth in revenue, although profitability has been impacted by a net loss in the latest quarter and a decline in net income year-over-year.
About IRON MOUNTAIN INC
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