 |
| Iron Mountain Reports Fourth Quarter and Full Year 2023 Results |
|
| 6:45a ET February 22 '24 BusinessWire |
|
-- Data Center: Leased 124 megawatts for the full year 2023 --
-- Issues Strong 2024 Guidance with Revenue Growth of 10-12% --
Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2023. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain's Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.
"We are pleased to report outstanding performance in both the fourth quarter and the full year, again resulting in all-time record Revenue and Adjusted EBITDA," said William L. Meaney, President and CEO of Iron Mountain. "We are well positioned to continue our growth trajectory in 2024, which is reflected in our financial guidance for double digit revenue growth. Our Project Matterhorn initiative is propelling us on our growth journey, and our team's unwavering customer-first mindset continues to flourish as we grow our portfolio of products to meet our customers' needs. We are also pleased to confirm that our acquisition of Regency Technologies closed in early January; this acquisition continues to build on our leadership in Asset Lifecycle Management."
| Financial Performance Highlights for the Fourth Quarter and Full Year 2023
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
($ in millions, except per share data)
Three Months Ended Three Months Ended Y/Y % Change Full Year Y/Y % Change
-------------------- ------------------------------------------------------------ ------------------------------------------------------------ ------------------------------------------------------------ ------------------------------------------------------------
12/31/23 12/31/23 12/31/22 Reported $ Constant Fx 12/31/23 12/31/22 Reported $ Constant Fx
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
$871 $871 $769 13% 12% $3,371 $3,034 11% 11%
Storage Rental Revenue
$549 $549 $510 8% 7% $2,109 $2,070 2% 2%
Service Revenue
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
Total Revenue $1,420 $1,420 $1,279 11% 10% $5,480 $5,104 7% 8%
Net Income $29 $29 $126 (77)% $187 $562 (67)%
Reported EPS $0.10 $0.10 $0.42 (76)% $0.63 $1.90 (67)%
Adjusted EPS $0.52 $0.52 $0.43 21% $1.82 $1.79 2%
Adjusted EBITDA $525 $525 $472 11% 10% $1,962 $1,827 7% 8%
37.0% 37.0% 36.9% 10 bps 35.8% 35.8% --
Adjusted EBITDA Margin
AFFO (Updated Calculation) $328 $328 $299 10% $1,211 $1,151 5%
AFFO per share (Updated Calculation) $1.11 $1.11 $1.02 9% $4.12 $3.93 5%
AFFO (Prior Calculation) $317 $317 $287 10% $1,168 $1,110 5%
AFFO per share (Prior Calculation) $1.07 $1.07 $0.98 9% $3.97 $3.80 4%
------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
For details on our updated AFFO calculation, please see page 2.
| |
Total reported revenues for the fourth quarter were $1.4 billion, compared with $1.3 billion in the fourth quarter of 2022, an increase of 11.0%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 10.0% compared to the prior year, driven by a 12.0% increase in storage rental revenue. Service revenue growth increased 8.8% on a constant currency basis excluding the ALM business. For the full year, total reported revenues increased 7.4%, or 7.6% excluding the impact of Fx.
Net Income for the fourth quarter was $29.2 million, compared with $125.7 million in the fourth quarter of 2022. For the full year, net income was $187.3 million, compared with $562.1 million in 2022, primarily driven by higher levels of restructuring and other transformation costs, lower gains on asset recycling as compared to the full year of 2022, and the negative impact from changes in foreign exchange rates.
Adjusted EBITDA for the fourth quarter was $525.2 million, compared with $471.9 million in the fourth quarter of 2022, an increase of 11.3%. On a constant currency basis, Adjusted EBITDA increased by 10.3% in the fourth quarter, driven by the increase in storage rental revenue and data center commencements. On a constant currency basis, full year Adjusted EBITDA increased 7.5%.
FFO (Normalized) per share was $0.83 for the fourth quarter, compared with $0.74 in the fourth quarter of 2022. For the full year, FFO (Normalized) per share was $3.04, compared with $2.93 in 2022, or an increase of 3.8%.
AFFO was $327.6 million for the fourth quarter, compared with $298.5 million in the fourth quarter of 2022, an increase of 10%. For the full year, AFFO was $1.21 billion, compared with $1.15 billion in 2022, or an increase of 5%. Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation more accurately represents our funds available to support growth, and is more comparable to our peers, including those in the data center industry. The updated calculation has resulted in an $11.0 million increase to AFFO in the fourth quarter and a $43.4 million increase for the full year. For comparability to our previously issued financial guidance, please see the above table which includes the AFFO results based on both our updated and prior calculations.
AFFO per share was $1.11 for the fourth quarter, compared with $1.02 in the fourth quarter of 2022. For the full year, AFFO per share was $4.12, compared with $3.93 in 2022 or an increase of 5%. Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation is more comparable to our peers, including those in the data center industry. The updated calculation has resulted in a $0.04 increase to AFFO per share in the fourth quarter and a $0.15 increase to AFFO per share for the full year. For comparability to our previously issued financial guidance, please see the above table which includes the AFFO per share results based on both our updated and prior calculations.
Dividend
On February 22, 2024, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.65 per share for the first quarter. The first quarter 2024 dividend is payable on April 4, 2024, for shareholders of record on March 15, 2024.
Guidance
Iron Mountain issued full year 2024 guidance; details are summarized in the table below.
| 2024 Guidance(1)
($ in millions, except per share data)
2024 Guidance 2024 Guidance 2024 Guidance Y/Y % Change at Midpoint Y/Y % Change at Midpoint Y/Y % Change at Midpoint
Total Revenue $6,000 - $6,150 $6,000 - $6,150 $6,000 - $6,150 11% 11% 11%
Adjusted EBITDA $2,175 - $2,225 $2,175 - $2,225 $2,175 - $2,225 12% 12% 12%
AFFO $1,300 - $1,335 $1,300 - $1,335 $1,300 - $1,335 9% 9% 9%
| |
| (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain's transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. AFFO and AFFO per share are presented based on our updated calculation, and growth is calculated on a comparable basis.
| |
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.
To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on X (formerly Twitter) and LinkedIn.
Forward Looking Statements
We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements.
These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "projects", "pursue", "will" or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology ("IT") systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption "Risk Factors" in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release.
Reconciliation of Non-GAAP Measures
Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) AFFO. These measures do not conform to accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release.
| Consolidated Balance Sheets
-----------------------------------------------------------------
(Audited; dollars in thousands)
12/31/2023 12/31/2023 12/31/2022
-------------------- ------------------------------- -------------------------------
ASSETS
Current Assets:
$222,789 $222,789 $141,797
Cash and Cash Equivalents
1,259,826 1,259,826 1,174,915
Accounts Receivable, Net
252,930 252,930 230,433
Prepaid Expenses and Other
-------------------- ----------- -------------------- ----------- --------------------
$1,735,545 $1,735,545 $1,547,145
Total Current Assets
Property, Plant and Equipment:
$10,373,989 $10,373,989 $9,025,765
Property, Plant and Equipment
(4,059,120 (4,059,120 ) (3,910,321 )
Less: Accumulated Depreciation
-------------------- ----------- -------------------- ----------- --------------------
$6,314,869 $6,314,869 $5,115,444
Property, Plant and Equipment, Net
Other Assets, Net:
$5,017,912 $5,017,912 $4,882,734
Goodwill
1,279,800 1,279,800 1,423,145
Customer and Supplier Relationships and Other Intangible Assets
2,696,024 2,696,024 2,583,704
Operating Lease Right-of-Use Assets
429,652 429,652 588,342
Other
-------------------- ----------- -------------------- ----------- --------------------
$9,423,388 $9,423,388 $9,477,925
Total Other Assets, Net
-------------------- ----------- -------------------- ----------- --------------------
$17,473,802 $17,473,802 $16,140,514
Total Assets
==================== =========== ==================== =========== ====================
LIABILITIES AND EQUITY
Current Liabilities:
$120,670 $120,670 $87,546
Current Portion of Long-term Debt
539,594 539,594 469,198
Accounts Payable
1,250,259 1,250,259 1,031,910
Accrued Expenses and Other Current Liabilities
325,665 325,665 328,910
Deferred Revenue
-------------------- ----------- -------------------- ----------- --------------------
$2,236,188 $2,236,188 $1,917,564
Total Current Liabilities
11,812,500 11,812,500 10,481,449
Long-term Debt, Net of Current Portion
2,562,394 2,562,394 2,429,167
Long-term Operating Lease Liabilities, Net of Current Portion
237,590 237,590 317,376
Other Long-term Liabilities
235,410 235,410 263,005
Deferred Income Taxes
177,947 177,947 95,160
Redeemable Noncontrolling Interests
-------------------- ----------- -------------------- ----------- --------------------
$15,025,841 $15,025,841 $13,586,157
Total Long-term Liabilities
-------------------- ----------- -------------------- ----------- --------------------
$17,262,029 $17,262,029 $15,503,721
Total Liabilities
Equity
-------------------- ------------------------------- -------------------------------
$211,773 $211,773 $636,793
Total Equity
-------------------- ----------- -------------------- ----------- --------------------
$17,473,802 $17,473,802 $16,140,514
Total Liabilities and Equity
==================== =========== ==================== =========== ====================
| |
| Quarterly Consolidated Statements of Operations
-----------------------------------------------------------------------
(Unaudited; dollars in thousands, except per-share data)
Q4 2023 Q4 2023 Q3 2023 Q/Q % Q4 2022 Y/Y %
Change Change
-------------------- -------------------- ------------------------------ ---------------------------------- ------------------------------ ------------------------------
Revenues:
$871,144 $871,144 $858,656 1.5 % $769,457 13.2 %
Storage Rental
548,685 548,685 529,519 3.6 % 509,592 7.7 %
Service
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
$1,419,829 $1,419,829 $1,388,175 2.3 % $1,279,049 11.0 %
Total Revenues
Operating Expenses:
$601,329 $601,329 $592,201 1.5 % $539,982 11.4 %
Cost of Sales (excluding Depreciation and Amortization)
314,932 314,932 315,030 -- 279,161 12.8 %
Selling, General and Administrative
199,941 199,941 198,757 0.6 % 190,649 4.9 %
Depreciation and Amortization
12,860 12,860 9,909 29.8 % 9,653 33.2 %
Acquisition and Integration Costs
53,853 53,853 38,861 38.6 % 38,551 39.7 %
Restructuring and Other Transformation
6,157 6,157 (4,416 ) n/a (27,144 ) (122.7 )%
Loss (Gain) on Disposal/Write-Down of PP&E, Net
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
Total Operating Expenses $1,189,072 $1,189,072 $1,150,342 3.4 % $1,030,852 15.3 %
Operating Income (Loss) $230,757 $230,757 $237,833 (3.0 )% $248,197 (7.0 )%
151,784 151,784 152,801 (0.7 )% 136,748 11.0 %
Interest Expense, Net
40,761 40,761 (16,271 ) n/a (31,597 ) n/a
Other Expense (Income), Net
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
Net Income (Loss) Before Provision (Benefit) for Income Taxes $38,212 $38,212 $101,303 (62.3 )% $143,046 (73.3 )%
9,018 9,018 9,912 (9.0 )% 17,392 (48.1 )%
Provision (Benefit) for Income Taxes
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
Net Income (Loss) $29,194 $29,194 $91,391 (68.1 )% $125,654 (76.8 )%
712 712 348 104.6 % 3,216 (77.9 )%
Less: Net Income (Loss) Attributable to Noncontrolling Interests
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
Net Income (Loss) Attributable to Iron Mountain Incorporated $28,482 $28,482 $91,043 (68.7 )% $122,437 (76.7 )%
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
-------------------- -------------------- ------------------------------ ---------------------------------- ------------------------------ ------------------------------
$0.10 $0.10 $0.31 (67.7 )% $0.42 (76.2 )%
Basic
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
$0.10 $0.10 $0.31 (67.7 )% $0.42 (76.2 )%
Diluted
-------------------- -------------------- ---------- -------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
Weighted Average Common Shares Outstanding - Basic 292,328 292,328 292,148 0.1 % 291,227 0.4 %
Weighted Average Common Shares Outstanding - Diluted 295,014 295,014 294,269 0.3 % 292,892 0.7 %
| |
| Full Year Consolidated Statements of Operations
-----------------------------------------------------------------------
(Audited; dollars in thousands, except per-share data)
Full Year 2023 Full Year 2023 Full Year 2022 % Change
-------------------- ------------------------------ ------------------------------ ------------------------------
Revenues:
$3,370,645 $3,370,645 $3,034,023 11.1 %
Storage Rental
2,109,644 2,109,644 2,069,551 1.9 %
Service
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
$5,480,289 $5,480,289 $5,103,574 7.4 %
Total Revenues
Operating Expenses:
$2,357,800 $2,357,800 $2,189,120 7.7 %
Cost of Sales (excluding Depreciation and Amortization)
1,236,287 1,236,287 1,140,577 8.4 %
Selling, General and Administrative
776,159 776,159 727,595 6.7 %
Depreciation and Amortization
25,875 25,875 47,746 (45.8 )%
Acquisition and Integration Costs
175,215 175,215 41,933 n/a
Restructuring and Other Transformation
(12,825 (12,825 ) (93,268 ) (86.2 )%
(Gain) Loss on Disposal/Write-Down of PP&E, Net
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Total Operating Expenses $4,558,511 $4,558,511 $4,053,703 12.5 %
Operating Income (Loss) $921,778 $921,778 $1,049,871 (12.2 )%
585,932 585,932 488,014 20.1 %
Interest Expense, Net
108,640 108,640 (69,781 ) n/a
Other Expense (Income), Net
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Net Income (Loss) Before Provision (Benefit) for Income Taxes $227,206 $227,206 $631,638 (64.0 )%
39,943 39,943 69,489 (42.5 )%
Provision (Benefit) for Income Taxes
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Net Income (Loss) $187,263 $187,263 $562,149 (66.7 )%
3,029 3,029 5,168 (41.4 )%
Less: Net Income (Loss) Attributable to Noncontrolling Interests
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Net Income (Loss) Attributable to Iron Mountain Incorporated $184,234 $184,234 $556,981 (66.9 )%
Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated:
-------------------- ------------------------------ ------------------------------ ------------------------------
$0.63 $0.63 $1.92 (67.2 )%
Basic
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
$0.63 $0.63 $1.90 (66.8 )%
Diluted
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Weighted Average Common Shares Outstanding - Basic 291,936 291,936 290,812 0.4 %
Weighted Average Common Shares Outstanding - Diluted 293,965 293,965 292,444 0.5 %
| |
| Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA
-----------------------------------------------------------------------------------------------------------
(Dollars in thousands)
Q4 2023 Q4 2023 Q3 2023 Q/Q % Q4 2022 Y/Y %
Change Change
-------------------- -------------------- ------------------------------ ------------------------------ ------------------------------ ------------------------------
Net Income (Loss) $29,194 $29,194 $91,391 (68.1 )% $125,654 (76.8 )%
Add / (Deduct):
151,784 151,784 152,801 (0.7 )% 136,748 11.0 %
Interest Expense, Net
9,018 9,018 9,912 (9.0 )% 17,392 (48.1 )%
Provision (Benefit) for Income Taxes
199,941 199,941 198,757 0.6 % 190,649 4.9 %
Depreciation and Amortization
12,860 12,860 9,909 29.8 % 9,653 33.2 %
Acquisition and Integration Costs
53,853 53,853 38,861 38.6 % 38,551 39.7 %
Restructuring and Other Transformation
6,157 6,157 (4,416 ) n/a (27,144 ) (122.7 )%
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate)
40,332 40,332 (17,626 ) n/a (34,455 ) n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
20,604 20,604 18,313 12.5 % 10,938 88.4 %
Stock-Based Compensation Expense
1,506 1,506 2,060 (26.9 )% 3,937 (61.7 )%
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures
-------------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Adjusted EBITDA $525,249 $525,249 $499,962 5.1 % $471,923 11.3 %
==================== ==================== ========== ==================== ========== ==================== ========== ==================== ========== ====================
| |
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; and (v) Stock-based compensation expense. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business.
| Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA
-------------------------------------------------------------------------------------------------------------
(Dollars in thousands)
Full Year 2023 Full Year 2023 Full Year 2022 % Change
-------------------- ------------------------------ ------------------------------ ------------------------------
Net Income (Loss) $187,263 $187,263 $562,149 (66.7 )%
Add / (Deduct):
585,932 585,932 488,014 20.1 %
Interest Expense, Net
39,943 39,943 69,489 (42.5 )%
Provision (Benefit) for Income Taxes
776,159 776,159 727,595 6.7 %
Depreciation and Amortization
25,875 25,875 47,746 (45.8 )%
Acquisition and Integration Costs
175,215 175,215 41,933 n/a
Restructuring and Other Transformation
(12,825 (12,825 ) (93,268 ) (86.2 )%
(Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate)
98,891 98,891 (83,268 ) n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
73,799 73,799 56,861 29.8 %
Stock-Based Compensation Expense
11,425 11,425 9,806 16.5 %
Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
Adjusted EBITDA $1,961,677 $1,961,677 $1,827,057 7.4 %
==================== ========== ==================== ========== ==================== ========== ====================
| |
| Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share
-----------------------------------------------------------------------------------------------------------
Q4 2023 Q4 2023 Q3 2023 Q/Q % Q4 2022 Y/Y %
Change Change
-------------------- ---------------------------------- ---------------------------------- ------------------------------ ------------------------------ ------------------------------
Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.10 $0.10 $0.31 (67.7 )% $0.42 (76.2 )%
Add / (Deduct):
0.04 0.04 0.03 33.3 % 0.03 33.3 %
Acquisition and Integration Costs
0.18 0.18 0.13 38.5 % 0.13 38.5 %
Restructuring and Other Transformation
0.02 0.02 (0.02 ) n/a (0.09 ) (122.2 )%
Loss (Gain) on Disposal/Write-Down of PP&E, Net
0.14 0.14 (0.06 ) n/a (0.12 ) n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
0.07 0.07 0.06 16.7 % 0.04 75.0 %
Stock-Based Compensation Expense
0.01 0.01 0.02 (50.0 )% 0.03 (66.7 )%
Non-Cash Amortization Related to Derivative Instruments
(0.04 (0.04 ) (0.03 ) 33.3 % (0.02 ) 100.0 %
Tax Impact of Reconciling Items and Discrete Tax Items (1)
-- -- -- n/a 0.01 (100.0 )%
Net Income Attributable to Noncontrolling Interests
-------------------- -------------- -------------------- -------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
| |
| (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the quarters ended December 31, 2023 and 2022 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended December 31, 2023, September 30, 2023 and December 31, 2022 was 12.3%, 13.3% and 15.2%, respectively.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |
Adjusted Earnings Per Share, or Adjusted EPS
We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Amortization related to the write-off of certain customer relationship intangible assets; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other expense (income), net; (vi) Stock-based compensation expense; (vii) Non-cash amortization related to derivative instruments; and (viii) Tax impact of reconciling items and discrete tax items. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding.
| Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share
-------------------------------------------------------------------------------------------------------------
Full Year 2023 Full Year 2023 Full Year 2022 % Change
-------------------- ---------------------------------- ------------------------------ ------------------------------
Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.63 $0.63 $1.90 (66.8 )%
Add / (Deduct):
0.09 0.09 0.16 (43.8 )%
Acquisition and Integration Costs
0.60 0.60 0.14 n/a
Restructuring and Other Transformation
-- -- 0.02 (100.0 )%
Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets
(0.04 (0.04 ) (0.31 ) (87.1 )%
(Gain) Loss on Disposal/Write-Down of PP&E, Net
0.34 0.34 (0.28 ) n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
0.25 0.25 0.19 31.6 %
Stock-Based Compensation Expense
0.07 0.07 0.03 133.3 %
Non-Cash Amortization Related to Derivative Instruments
(0.12 (0.12 ) (0.08 ) 50.0 %
Tax Impact of Reconciling Items and Discrete Tax Items (1)
0.01 0.01 0.02 (50.0 )%
Net Income Attributable to Noncontrolling Interests
-------------------- -------------- -------------------- ---------- -------------------- ---------- --------------------
| |
| (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the years ended December 31, 2023 and 2022 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the years ended December 31, 2023 and 2022 was 12.3% and 15.2%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter's estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment.
| |
| Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO
-------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per-share data)
Q4 2023 Q4 2023 Q3 2023 Q/Q % Q4 2022 Y/Y %
Change Change
-------------------- ------------------------------ ------------------------------ ------------------------------ ---------------------------------- ----------------------------------
Net Income $29,194 $29,194 $91,391 (68.1 )% $125,654 (76.8 )%
Add / (Deduct):
83,928 83,928 80,430 4.4 % 78,902 6.4 %
Real Estate Depreciation (1)
193 193 750 (74.3 )% (29,629 ) (100.7 )%
Loss (Gain) on Sale of Real Estate, Net of Tax
3,804 3,804 7,482 (49.2 )% 5,106 (25.5 )%
Data Center Lease-Based Intangible Assets Amortization (2)
853 853 679 25.6 % -- --
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
-------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
FFO (Nareit) $117,972 $117,972 $180,732 (34.7 )% $180,033 (34.5 )%
Add / (Deduct):
12,860 12,860 9,909 29.8 % 9,653 33.2 %
Acquisition and Integration Costs
53,853 53,853 38,861 38.6 % 38,551 39.7 %
Restructuring and Other Transformation
6,290 6,290 (5,116 ) n/a 2,138 194.3 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
40,332 40,332 (17,626 ) n/a (34,455 ) n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
20,604 20,604 18,313 12.5 % 10,938 88.4 %
Stock-Based Compensation Expense
4,176 4,176 5,270 (20.8 )% 9,100 (54.1 )%
Non-Cash Amortization Related to Derivative Instruments
3,022 3,022 3,001 0.7 % 2,970 1.8 %
Real Estate Financing Lease Depreciation
(13,050 (13,050 ) (10,220 ) 27.7 % (5,043 ) 158.8 %
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(56 (56 ) (44 ) 27.3 % 2,297 (102.4 )%
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
-------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- -------------- -------------------- -------------- --------------------
FFO (Normalized) $246,005 $246,005 $223,080 10.3 % $216,182 13.8 %
==================== ========== ==================== ========== ==================== ========== ==================== ============== ==================== ============== ====================
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit) $0.40 $0.40 $0.61 (34.4 )% $0.61 (34.4 )%
FFO (Normalized) $0.83 $0.83 $0.76 9.2 % $0.74 12.2 %
Weighted Average Common Shares Outstanding - Basic 292,328 292,328 292,148 0.1 % 291,227 0.4 %
| |
| (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases.
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.
| |
Funds From Operations, or FFO (Nareit), and FFO (Normalized)
Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles ("FFO (Nareit)"). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss).
We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; and (viii) Tax impact of reconciling items and discrete tax items.
FFO (Normalized) per share
FFO (Normalized) divided by weighted average fully-diluted shares outstanding.
| Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued)
-------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per-share data)
Q4 2023 Q4 2023 Q3 2023 Q/Q % Q4 2022 Y/Y %
Change Change
-------------------- -------------------- ------------------------------ -------------------- -------------------- ------------------------------
FFO (Normalized) $246,005 $246,005 $223,080 10.3 % $216,182 13.8 %
Add / (Deduct):
51,572 51,572 49,500 4.2 % 46,486 10.9 %
Non-Real Estate Depreciation
57,613 57,613 58,344 (1.3 )% 57,186 0.7 %
Amortization Expense (1)
3,278 3,278 5,485 (40.2 )% 4,508 (27.3 )%
Amortization of Deferred Financing Costs
1,829 1,829 1,715 6.6 % 2,587 (29.3 )%
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases
4,982 4,982 6,119 (18.6 )% 6,024 (17.3 )%
Non-Cash Rent Expense (Income)
7,090 7,090 (8,364 ) (184.8 )% 916 n/a
Reconciliation to Normalized Cash Taxes
181 181 182 (0.5 )% 974 (81.4 )%
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
Less:
44,916 44,916 34,861 28.8 % 36,340 23.6 %
Recurring Capital Expenditures
-------------------- -------------------- ---------- -------------------- ---------- ---------- -------------------- ---------- --------------------
AFFO $327,634 $327,634 $301,201 8.8 % $298,523 9.8 %
==================== ==================== ========== ==================== ========== ========== ==================== ========== ====================
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share $1.11 $1.11 $1.02 8.8 % $1.02 8.8 %
Weighted Average Common Shares Outstanding - Basic 292,328 292,328 292,148 0.1 % 291,227 0.4 %
| |
| (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Effective Q4 2023, our AFFO definition has been updated to exclude the amortization of capitalized commissions. Amortization expense of capitalized commissions was $11.0M and $11.7M for quarters ended December 31, 2023 and 2022 respectively, and $11.0M for quarter ended September 30, 2023.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |
Adjusted Funds From Operations, or AFFO
We define adjusted funds from operations ("AFFO") as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships and other intangibles, (iv) amortization of deferred financing costs and debt discount/premium, (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) the impact of reconciling to normalized cash taxes and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation more accurately represents our funds available to support growth, and is more comparable to our peers, including those in the data center industry.
AFFO per share
AFFO divided by weighted average fully-diluted shares outstanding.
| Full Year Reconciliation of Net Income (Loss) to FFO and AFFO
-------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per-share data)
Full Year 2023 Full Year 2023 Full Year 2022 % Change
-------------------- ------------------------------ ---------------------------------- ------------------------------
Net Income $187,263 $187,263 $562,149 (66.7 )%
Add / (Deduct):
322,045 322,045 307,895 4.6 %
Real Estate Depreciation (1)
(16,656 (16,656 ) (94,059 ) (82.3 )%
(Gain) Loss on Sale of Real Estate, Net of Tax
22,322 22,322 16,955 31.7 %
Data Center Lease-Based Intangible Assets Amortization (2)
2,226 2,226 -- n/a
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
-------------------- ---------- -------------------- -------------- -------------------- ---------- --------------------
FFO (Nareit) $517,200 $517,200 $792,940 (34.8 )%
Add / (Deduct):
25,875 25,875 47,746 (45.8 )%
Acquisition and Integration Costs
175,215 175,215 41,933 n/a
Restructuring and Other Transformation
4,307 4,307 1,564 175.4 %
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
98,891 98,891 (83,268 ) n/a
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
73,799 73,799 56,861 29.8 %
Stock-Based Compensation Expense
21,097 21,097 9,100 131.8 %
Non-Cash Amortization Related to Derivative Instruments
12,019 12,019 13,197 (8.9 )%
Real Estate Financing Lease Depreciation
(35,307 (35,307 ) (25,190 ) 40.2 %
Tax Impact of Reconciling Items and Discrete Tax Items (3)
(374 (374 ) 2,874 (113.0 )%
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
-------------------- ---------- -------------------- -------------- -------------------- ---------- --------------------
FFO (Normalized) $892,722 $892,722 $857,757 4.1 %
==================== ========== ==================== ============== ==================== ========== ====================
Per Share Amounts (Fully Diluted Shares):
FFO (Nareit) $1.76 $1.76 $2.71 (35.1 )%
FFO (Normalized) $3.04 $3.04 $2.93 3.8 %
Weighted Average Common Shares Outstanding - Basic 291,936 291,936 290,812 0.4 %
| |
| (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases.
(2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets.
| |
| Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (continued)
-------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per-share data)
Full Year 2023 Full Year 2023 Full Year 2022 % Change
-------------------- ------------------------------ ------------------------------ ------------------------------
FFO (Normalized) $892,722 $892,722 $857,757 4.1 %
Add / (Deduct):
191,785 191,785 157,892 21.5 %
Non-Real Estate Depreciation
227,987 227,987 231,656 (1.6 )%
Amortization Expense (1)
16,859 16,859 18,044 (6.6 )%
Amortization of Deferred Financing Costs
7,036 7,036 8,119 (13.3 )%
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases
25,140 25,140 19,056 31.9 %
Non-Cash Rent Expense (Income)
(14,826 (14,826 ) (3,622 ) n/a
Reconciliation to Normalized Cash Taxes
4,868 4,868 4,135 17.7 %
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
Less:
140,406 140,406 142,496 (1.5 )%
Recurring Capital Expenditures
-------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
AFFO $1,211,165 $1,211,165 $1,150,541 5.3 %
==================== ========== ==================== ========== ==================== ========== ====================
Per Share Amounts (Fully Diluted Shares):
AFFO Per Share $4.12 $4.12 $3.93 4.8 %
Weighted Average Common Shares Outstanding - Basic 291,936 291,936 290,812 0.4 %
| |
| (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Effective Q4 2023, our AFFO definition has been updated to exclude the amortization of capitalized commissions. Amortization expense of capitalized commissions was $43.4M and $40.6M for full year 2023 and 2022, respectively.
| |
| Reconciliation of Net Income (Loss) to FFO and AFFO (Recast to Updated Calculation)
-------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except per-share data)
Full Year Full Year Q1 2023 Q2 2023 Q3 2023 Q4 2023 Full Year
2022 2022 2023
-------------------- ---------------------------------- ------------------------------ ------------------------------ ------------------------------ ------------------------------ ------------------------------
Net Income $562,149 $562,149 $65,535 $1,143 $91,391 $29,194 $187,263
Add / (Deduct):
307,895 307,895 76,129 81,558 80,430 83,928 322,045
Real Estate Depreciation (1)
(94,059 (94,059 ) (15,746 ) (1,853 ) 750 193 (16,656 )
(Gain) Loss on Sale of Real Estate, Net of Tax
16,955 16,955 6,129 4,907 7,482 3,804 22,322
Data Center Lease-Based Intangible Assets Amortization (2)
-- -- 132 562 679 853 2,226
Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures
-------------------- -------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
FFO (Nareit) $792,940 $792,940 $132,179 $86,317 $180,732 $117,972 $517,200
Add / (Deduct):
47,746 47,746 1,595 1,511 9,909 12,860 25,875
Acquisition and Integration Costs
41,933 41,933 36,913 45,588 38,861 53,853 175,215
Restructuring and Other Transformation
1,564 1,564 4,550 (1,417 ) (5,116 ) 6,290 4,307
Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate)
(83,268 (83,268 ) 17,491 58,694 (17,626 ) 40,332 98,891
Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures
56,861 56,861 12,509 22,373 18,313 20,604 73,799
Stock-Based Compensation Expense
9,100 9,100 5,834 5,817 5,270 4,176 21,097
Non-Cash Amortization Related to Derivative Instruments
13,197 13,197 2,988 3,008 3,001 3,022 12,019
Real Estate Financing Lease Depreciation
(25,190 (25,190 ) (6,893 ) (13,278 ) (10,220 ) (13,050 ) (35,307 )
Tax Impact of Reconciling Items and Discrete Tax Items (3)
2,874 2,874 226 (500 ) (44 ) (56 ) (374 )
Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures
-------------------- -------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
FFO (Normalized) $857,757 $857,757 $207,392 $208,113 $223,080 $246,005 $892,722
Add / (Deduct):
157,892 157,892 40,948 49,765 49,500 51,572 191,785
Non-Real Estate Depreciation
231,656 231,656 55,899 56,131 58,344 57,613 227,987
Amortization Expense (1)
18,044 18,044 4,332 3,763 5,485 3,278 16,859
Amortization of Deferred Financing Costs
8,119 8,119 1,760 1,732 1,715 1,829 7,036
Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases
19,056 19,056 7,436 6,603 6,119 4,982 25,140
Non-Cash Rent Expense (Income)
(3,622 (3,622 ) 3,157 (8,575 ) (8,364 ) 7,090 (14,826 )
Reconciliation to Normalized Cash Taxes
4,135 4,135 1,981 2,525 182 181 4,868
Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures
Less:
142,496 142,496 27,663 32,967 34,861 44,916 140,406
Recurring Capital Expenditures
-------------------- -------------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- -------------------- ---------- --------------------
AFFO $1,150,541 $1,150,541 $295,242 $287,090 $301,201 $327,634 $1,211,165
Per Share Amounts (Fully Diluted Shares):
$2.71 $2.71 $0.45 $0.29 $0.61 $0.40 $1.76
FFO (Nareit)
$2.93 $2.93 $0.71 $0.71 $0.76 $0.83 $3.04
FFO (Normalized)
$3.93 $3.93 $1.01 $0.98 $1.02 $1.11 $4.12
AFFO Per Share
Weighted Average Common Shares Outstanding - Basic 290,812 290,812 291,442 291,825 292,148 292,328 291,936
| |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240222831982/en/
SOURCE: Iron Mountain Incorporated
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20240222831982r1&sid=cmtx6&distro=nx&lang=en" style="width:0;height:0" />
|
Investor Relations:
Gillian Tiltman
SVP, Head of Investor Relations
Gillian.Tiltman@ironmountain.com
(617) 286-4881
Erika Crabtree
Manager, Investor Relations
Erika.Crabtree@ironmountain.com
(617) 535-2845
| |
COMTEX_448173800/1006/2024-02-22T06:45:01 |
|
|
|
|
0.00% $0.00
