Iron Mountain (IRM) FY2023 results: revenue $5.5 billion, up 7.4% on the year
Iron Mountain Inc. (IRM) reported revenue of $5.5 billion for fiscal 2023, the year ended 31 December 2023, up 7.4% on the year before. Net income was $184 million, down 66.9%, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$5.5 billion
+7.4% on the year
FY2016FY2023
Operating margin
16.8%
20.6% a year earlier
FY2016FY2023
Net income
$184 million
-66.9% on the year
FY2016FY2023
Diluted EPS
$0.63
-66.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,114
928
759
+20.0%
Capital expenditure
1,339
875
611
+53.0%
Free cash flow
-226
52.3
148
Free cash flow margin
-4.1%
1.0%
3.3%
Cash from investing
-1,444
-1,660
-473
Cash from financing
426
639
-221
-33.4%
Depreciation and amortisation
776
728
680
+6.7%
Share-based compensation
73.8
56.9
61.0
+29.8%
Dividends paid
738
724
718
+1.8%
Dividend per share
$2.54
$2.47
$2.47
+2.8%
Diluted shares, weighted
294m
292m
291m
+0.5%
Shares outstanding at period end
292m
291m
290m
+0.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
212
637
856
-66.8%
Non-controlling interest
0.1
0.1
1.1
0.0%
Redeemable equity
178
95.2
72.4
+87.0%
Debt
11,933
10,569
9,272
+12.9%
Operating lease liabilities
2,562
2,429
2,171
+5.5%
Finance lease liabilities
311
289
316
+7.5%
Other liabilities
2,278
2,121
1,762
+7.4%
Total liabilities and equity
17,474
16,141
14,450
+8.3%
Goodwill
5,018
4,883
4,464
+2.8%
Intangible assets
1,280
1,423
1,181
-10.1%
Cash and equivalents
223
142
256
+57.1%
Receivables
1,260
1,175
961
+7.2%
Inventory
n/a
11.7
0.0
Other assets
9,693
8,506
7,588
+14.0%
Total assets
17,474
16,141
14,450
+8.3%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.