Iron Mountain Incorporated (NYSE:IRM) Q4 2023 Earnings Conference Call February 22, 2024 5:00 PM 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

Shlomo Rosenbaum - Stifel

Nate Crossett - BNP Paribas

Brendan Lynch - Barclays

Kevin McVeigh - UBS

Eric Luebchow - Wells Fargo

Jonathan Atkin - RBC Capital Markets

Operator

Good morning, and welcome to the Iron Mountain Fourth Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, today's 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

Thanks, Rocco. Good morning and welcome to our fourth 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, 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, and our annual report on Form 10-K 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. We have included the reconciliations to these measures in our supplemental financial information.

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

William Meaney

Thank you, Gillian. And thank you all for joining us today. We are pleased to report another outstanding year for Iron Mountain. We achieved record revenue and adjusted EBITDA in both the fourth quarter and the full year. Our record results are a testament to the devotion and hard work of our team and our resilient and growing business model. In the fourth quarter we achieved revenue of 1.4 -- $1.42 billion, yielding 8.7% total organic revenue growth and record adjusted EBITDA of $525 million up 11%. For the full year we delivered record results across the board, revenue of $5.5 billion, adjusted EBITDA of $2 billion, and AFFO of $1.2 billion.