Iron Mountain Incorporated (NYSE:IRM) Q3 2023 Earnings Conference Call November 2, 2023 8:30 AM ET

Company Participants

Gillian Tiltman - SVP and Head, IR

William Meaney - President and CEO

Barry Hytinen - EVP and CFO

Conference Call Participants

George Tong - Goldman Sachs

Nate Crossett - BNP Paribas

Jonathan Atkin - RBC Capital Markets

Shlomo Rosenbaum - Stifel

Eric Luebchow - Wells Fargo

Brendan Lynch - Barclays

Operator

Good morning, and welcome to the Iron Mountain Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead.

Gillian Tiltman

Thank you, Andrea. Good morning, and welcome to our third quarter 2023 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We are joined here today by Bill Meaney, President and Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer.

After prepared remarks, we'll open up the lines for Q&A. Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on Slide 2 of our presentation and our quarterly report on Form 10-Q for a discussion of the major risk factors that could cause our actual results to differ from those in our forward-looking statements. In addition, we use several non-GAAP measures when presenting our financial results, and we've included the reconciliations to these measures in our supplemental financial information.

With that, I'll turn the call over to Bill.

William Meaney

Thank you, Gillian, and thank you all for taking the time to join us today to discuss another record quarterly results.

Once again, our Mountaineers have gone above and beyond in their efforts to serve our customers with innovative solutions that support their businesses, putting our customers first runs deep in all we do and sits at the core of Iron Mountain. This legacy, combined with our dedication to not only protect but to elevate the power of our customers' assets and work, continues to drive our execution and growth.

Turning to our results. We delivered record third quarter performance once again achieving our highest ever quarterly revenue of $1.4 billion, which to put that in context, is an increase of over $100 million year-over-year and record EBITDA of $500 million. The strength in these results is a direct result of the positive momentum we are building from Project Matterhorn. We are more than a year into our growth journey and are pleased with our enhanced operating model, which is empowering our commercial organization to cross-sell our products and services.