Iron Mountain Incorporated (NYSE:IRM) Q3 2024 Earnings Conference Call November 6, 2024 8:30 AM ET
Company Participants
Gillian Tiltman - SVP & Head, IR
William Meaney - President & CEO
Barry Hytinen - EVP & CFO
Conference Call Participants
George Tong - Goldman Sachs
Jonathan Atkin - RBC
Shlomo Rosenbaum - Stifel
Nathan Crossett - BNP
Kevin McVeigh - UBS
Andrew Steinerman - JPMorgan
Eric Luebchow - Wells Fargo
Brendan Lynch - Barclays
Operator
Good morning, and welcome to the Iron Mountain Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to questions. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Ms. Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead, ma'am.
Gillian Tiltman
Thank you, Chuck. Good morning, and welcome to our third quarter 2024 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We're 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 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 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. We have 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 time to join us today to discuss our third quarter results. We delivered another excellent quarter, with record results across all financial metrics of revenue, adjusted EBITDA and AFFO. This is a direct result of the portfolio based momentum we have built, which will continue to deliver sustained double-digit growth.
During the quarter, we achieved our highest ever quarterly revenue of $1.6 billion, up 12% from the prior year. We also set a new adjusted EBITDA record of $568 million, up 14%. In addition, AFFO per share on a normalized basis was $1.12, up 10% compared to the prior year. Given our strong performance year-to-date, we are now on track to achieve the high end of our full year 2024 guidance range.