10-K 0001020569-26-000013 (2026-02-12) vs 10-K 0001020569-25-000040 (2025-02-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 10,254 |
3.4% |
| MD&A | Item 7 | 10,967 |
13.1% |
| Legal Proceedings | Item 3, via Note 7 – COMMITMENTS AND CONTINGENCIES | 352 |
5.6% |
| Accounting Policies | 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 8,870 |
10.0% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 126 words changed in this paragraph; it is 71% similar to last year's version.
In September 2022, 2025, we announced completed our investments in Project Matterhorn, a global program designed to accelerate the growth of our business. business, which we announced in September 2022. Project Matterhorn investments focus focused on transforming our operating model to a global operating model. Project Matterhorn focuses on enabled the formation development of a solution-based sales approach that is designed to allow allowed us to optimize our shared services and best practices to better serve our customers' needs. We are investing As part of this, we invested to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $378.5 $574.4 million in Restructuring and other transformation costs from the inception of related to Project Matterhorn through since its inception. During the years ended December 31, 2024. We expect to incur 2025 and 2024, we incurred approximately $150.0 $195.9 million and $161.4 million, respectively, in Restructuring and other transformation costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed. Matterhorn. Costs are were comprised of (1) restructuring costs, which include included (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include included professional fees such as project management costs and costs for third party consultants who are assisting assisted in the enablement of our growth initiatives. The following chart presents (in thousands) total Restructuring and other transformation costs related to Project Matterhorn from the inception of Project Matterhorn through December 31, 2024 and for the years ended December 31, 2024 and 2023:
Source: Item 7, 10-K 0001020569-26-000013 vs Item 7, 10-K 0001020569-25-000040
Accounting Policies 100 words changed in this paragraph; it is 36% similar to last year's version.
(4) Other, net for the year ended December 31, 2022 2023 consists primarily of (i) a gain of approximately $ 93,600 associated with the remeasurement of the deferred purchase obligation associated with the ITRenew Transaction to the present value of our best estimate of fair value and (ii) a gain of approximately $ 35,800 associated with the Clutter Transaction (as defined in Note 3), partially offset by (iii) a loss of approximately $ 105,800 38,000 associated with the OSG Deconsolidation (as defined remeasurement to fair value of our previously held equity interest in Note 4) and (iv) the joint venture we had formed with Clutter Intermediate, Inc. (the "Clutter JV"), as well as losses on our equity method investments. investments and the change in value of our deferred purchase obligations.
Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001020569-26-000013 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001020569-25-000040
Risk Factors 98 words changed in this paragraph; it is 86% similar to last year's version.
Our reputation for providing secure information storage to customers is critical to the success of our business. Our reputation or brand, and specifically, the trust our customers place in us, could be negatively impacted in the event of perceived or actual failures by us to store information securely. Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, and incur significant costs to do so, our IT and network infrastructure has in the past been and may in the future be vulnerable to attacks cyberattacks and security incidents, including by hackers, including state-sponsored organizations with significant financial and technological resources, breaches due to employee or contractor error, fraud or malice or other disruptions (including, but not limited to, computer viruses and other malware, denial of service and ransomware), which may involve a breach requiring us to notify regulators, clients or employees and enlist identity theft protection. Recent developments in the cybersecurity threat landscape include the use of AI and machine learning, as well as an increased number of cyber extortion and ransomware attacks. As techniques used to breach security change frequently and are generally not recognized until launched against a target, we may not be able to promptly detect that a cyber breach has occurred, or implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. Moreover, until we have migrated businesses we acquire onto our IT systems or ensured compliance with our information technology security standards, we have in the past and may in the future face additional risks because of the continued use of predecessor IT systems. We utilize remote work arrangements and outsource certain support services, including cloud storage systems and cloud computing services, to third parties, which has in the past and may in the future subject our IT and other sensitive information to additional risk. A successful breach of the security of our IT systems could lead to theft or misuse of our customers’ proprietary or confidential information or our employees’ personal information and result in third party claims against us, regulatory penalties and reputational harm. Although we maintain insurance coverage for various cybersecurity risks, there is no guarantee that all costs or losses incurred will be fully insured. Damage to our reputation could make us less competitive, which could negatively impact our business, financial condition and results of operations.
Source: Item 1A, 10-K 0001020569-26-000013 vs Item 1A, 10-K 0001020569-25-000040
Legal Proceedings 42 words changed in this paragraph; it is 86% similar to last year's version.
We are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred. While the outcome of litigation is inherently uncertain, we do not believe any current litigation will have a material adverse effect on our consolidated financial condition, results of operations or cash flows. We have estimated a reasonably possible range for all loss contingencies and believe it is reasonably possible that we could incur aggregate losses in addition to amounts currently accrued for all matters up to an additional $11,000 over the next several years.
Source: Item 3, via Note 7 – COMMITMENTS AND CONTINGENCIES, 10-K 0001020569-26-000013 vs Item 3, via Note 8 – COMMITMENTS AND CONTINGENCIES, 10-K 0001020569-25-000040
Every change, by type
Sentences and paragraphs of IRM's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-14.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Our business is subject to regulation under a wide variety of laws and regulations in the jurisdictions which we operate. Although we have policies and procedures designed to comply with applicable laws and regulations, failure to comply with the various laws and regulations may result in civil and criminal liability, fines and penalties and increased costs of compliance.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
The development and use of AI in our business and operations presents risks and challenges that may adversely impact our business and operating results.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
Our ability to attract and retain customers, particularly in our Global Digital Solutions business, depends on our ability to offer innovative products and services, including through developing or deploying emerging technologies such as AI. Some of our products, services and processes leverage AI, including both machine learning and generative AI, and we continue to make investments in initiatives focused on the further development and deployment of these technologies. However, there is no assurance that our use or development of AI will enhance our products or services or their marketability, improve operating results, or deliver anticipated benefits, and our product development initiatives involving AI may be unsuccessful. While implementation of these technologies offers the potential for innovation and competitive differentiation, it also poses significant risks and uncertainties, especially given its early stage of commercial adoption.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedRisk Factors
The use of AI in our product initiatives and offerings or services, or in our internal business operations, may give rise to risks related to accuracy, bias, discrimination, intellectual property infringement, misappropriation or leakage of proprietary, confidential and personal information, defamation, data privacy, and cybersecurity. Any error, defect, or vulnerability in our AI-powered products or business processes could undermine the quality of our products and services, adversely impact our clients’ businesses, subject us or our clients to regulatory scrutiny, fines or litigation and cause reputational harm. We are exposed to similar risks in connection with the use of AI technology by our third-party vendors and clients.
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AddedRisk Factors
These technologies are subject to an evolving and fragmented legal and regulatory landscape. The absence of a unified regulatory framework, and the risk of divergent or conflicting regulations across jurisdictions applicable to our business, could increase the complexity and costs of compliance for us and our clients. New or changing legal requirements may limit or restrict our use of AI, impose burdensome obligations, or require us to modify or discontinue certain offerings. Any of these factors, alone or in combination, could adversely affect our business, reputation, or results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If we fail to meet our commitment to transition to more renewable and sustainable sources of energy, it may negatively impact our ability to attract and retain certain of our customers, employees and investors who focus on this commitment. investors.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Although we seek to prevent and detect attempts by unauthorized users to gain access to our IT systems, and incur significant costs to do so, our IT and network infrastructure has in the past been and may in the future be vulnerable to attacks cyberattacks and security incidents, including by hackers, including state-sponsored organizations with significant financial and technological resources, breaches due to employee or contractor error, fraud or malice or other disruptions (including, but not limited to, computer viruses and other malware, denial of service and ransomware), which may involve a breach requiring us to notify regulators, clients or employees and enlist identity theft protection.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Noncompliance with certain regulatory and contractual requirements could also result in us being suspended or debarred from future United States Government contracting. contracting with such government entities.
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RewordedRisk Factors
Having the United States Government government entities as a customer customers subjects us to certain regulatory and contractual requirements.
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RewordedRisk Factors
The global nature of our business and our growth strategy, which includes continued acquisitions and investments in countries where we do not currently operate, operate or have limited operations, is subject to numerous risks, including:
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
We are currently experiencing continue to experience rising construction costs which reflect the increase in cost of labor and raw materials, as well as supply chain and logistical challenges.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
However, for tax years beginning before 2026, REIT dividends paid to noncorporate stockholders that meet specified holding period requirements are generally taxed at an effective tax rate lower than applicable ordinary income tax rates due to the availability of a deduction under the Code for specified forms of income from passthrough entities.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
If As stored records and tapes become less active, our service revenue growth and profits from related services may decline.
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Quiet changesRisk Factors
Our customer contracts may do not always limit our liability and may sometimes contain terms that could subject us to significant liability or lead to disputes in contract interpretation.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
The OECD has issued proposals that change long-standing tax principles, including a global minimum tax rate of 15% ("Pillar Two"). While the United States has not enacted legislation to effectuate Pillar Two, Iron Mountain operates in many foreign jurisdictions that have enacted legislation to implement Pillar Two. Pillar Two became applicable for Iron Mountain beginning in 2024. Recent G7 Country (Canada, France, Germany, Italy, Japan and the UK) statements released a side-by-side ("SbS") safe harbor that exempts certain U.S.-parented groups from these rules. The side-by-side Safe Harbor provides that Multinational Enterprise G Groups with an Ultimate Parent Entity in a jurisdiction with qualified SbS regime will not be subject to the Income Inclusion Rule and Undertaxed Profits Rule if they elect the SbS Safe Harbor, applicable as of the beginning of 2026. Since we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we are not expecting a material impact on our effective tax rate, corporate tax liabilities or cash tax liabilities. We continue to monitor United States and global legislative actions as well as administrative guidance related to Pillar Two for potential impacts.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On July 4, 2025, President Trump signed into law the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA introduces several changes to U.S. federal income tax law, such as suspending the capitalization and amortization of domestic research and development expenditures and reinstating bonus depreciation. It also modifies the deductions available for net controlled foreign corporation tested income (formerly referred to as "global intangible low-taxed income") from non-U.S. subsidiaries and changes the limitations on deductible interest. Under the prior law, not more than 20% of the value of a REIT’s total assets at the end of any quarter could be represented by securities of one or more taxable REIT subsidiaries; the OBBBA increased this threshold to 25% effective January 1, 2026. The effective dates of the OBBBA provisions range from 2025 through 2027. We do not expect the OBBBA provisions to have a material impact on our consolidated financial statements.
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AddedMD&A
•Payments of deferred purchase obligations and other deferred payments of $240.7 million.
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AddedMD&A
◦an increase in the principal amount of the Term Loan A from approximately $218.8 million to $500.0 million.
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AddedMD&A
◦an increase in the principal amount of the Term Loan B from approximately $1,836.7 million to $2,036.7 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
In connection with the November 13, 2025 amendment, we paid original issue discount fees of approximately $1.8 million.
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AddedMD&A
On June 25, 2025, Iron Mountain Australia Group Pty, Ltd., a wholly-owned subsidiary of IMI, amended its AUD Term Loan, which resulted in:
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•an extension of the maturity date from September 30, 2026 to September 30, 2030, at which point all obligations become due,
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AddedMD&A
•an increase in the original principal amount from 350.0 million Australian dollars to 400.0 million Australian dollars and
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AddedMD&A
•a decrease in the interest rate from BBSY (an Australian benchmark variable interest rate) plus 3.625% to BBSY plus 3.500%.
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AddedMD&A
The amended loan was issued at 99.5% of par. Principal payments on the AUD Term Loan are to be paid in quarterly installments in an aggregate amount of 10.0 million Australian dollars per year, with the remaining balance due September 2030. As of December 31, 2025, we had 395.0 million Australian dollars (or $263.9 million, based upon the exchange rate between the United States dollar and the Australian dollar as of December 31, 2025) outstanding on the AUD Term Loan and the interest rate in effect under the AUD Term Loan was 7.3%.
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RemovedMD&A
The evaluation of an uncertain tax position is a two-step process. The first step is a recognition process whereby we determine whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step is a measurement process whereby a tax position that meets the more likely than not recognition threshold is calculated to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.
Read it in 10-K 2025-02-14 at sec.gov ↗
RemovedMD&A
(2)Other, net for the year ended December 31, 2024 primarily consists of (i) a loss of approximately $41.0 million due to the change in value of our deferred purchase obligations and other deferred payments, (ii) approximately $29.2 million in charges associated with the agreement to purchase the remaining interest in the Web Werks JV (as defined and discussed in Note 3 to Notes to Consolidated Financial Statements included in this Annual Report) and (iii) losses on our equity method investments.
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RemovedMD&A
During the quarter ended September 30, 2024, a put option available to our partner in our Iron Mountain Data Centers Virginia 4/5 JV, LP joint venture expired, triggering a change in the presentation of the related noncontrolling interest. Prior to September 30, 2024, the noncontrolling interest of approximately $53.4 million was presented as Redeemable noncontrolling interests in our Consolidated Balance Sheets. Our partner's interest is now presented as Noncontrolling interests in our Consolidated Balance Sheet.
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RemovedMD&A
In April 2023, in anticipation of the discontinuance of the London Inter-Bank Offered Rate ("LIBOR") reference rate on June 30, 2023, we terminated interest rate swap agreements with notional amounts totaling $350.0 million that were indexed to the one-month LIBOR benchmark rate. The terminated swap agreements had associated unrealized gains at the termination date of approximately $10.1 million. These gains were included in Accumulated other comprehensive items, net and have been reclassified into earnings as reductions to interest expense from the termination date through March 2024, the original maturity date of these interest rate swap agreements.
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RemovedMD&A
On January 3, 2024, in order to expand our ALM business, we acquired 100% of RSR Partners, LLC (doing business as Regency Technologies), an IT asset disposition services provider with operations throughout the United States, for an initial purchase price of approximately $200.0 million, subject to certain working capital adjustments at, and subsequent to, the closing, with $125.0 million paid at closing, funded by borrowings under the Revolving Credit Facility, and the remaining $75.0 million (the "January 2025 Payment"), paid in January 2025 (the "Regency Transaction"). The present value of the January 2025 Payment is included as a component of Accrued expenses and other current liabilities in our Consolidated Balance Sheet at December 31, 2024. The agreement for the Regency Transaction also includes a performance-based contingent consideration with a potential earnout range from zero to $200.0 million based upon achievement of certain three-year cumulative revenue targets, which would be payable in 2027, if earned. The preliminary fair value estimate of this deferred purchase obligation as of the acquisition date was approximately $78.4 million. The fair value of the deferred purchase obligation is included as a component of Other long-term liabilities in our Consolidated Balance Sheet at December 31, 2024. Subsequent increases or decreases in the fair value estimate of the deferred purchase obligation, as well as the accretion of the discount to present value, is included as a component of Other expense (income), net in our Consolidated Statements of Operations until the deferred purchase obligation is settled or paid. Subsequent to the acquisition, the results of Regency Technologies are included as a component of Corporate and Other.
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RemovedMD&A
On July 1, 2024, we entered into an agreement with the minority shareholders of Web Werks India Private Limited to acquire the remaining approximately 36.61% interest in the Web Werks JV in two separate transactions. As a result of the agreement, during the third quarter of 2024, we recognized a charge of approximately $29.2 million, which is included as a component of Other expense (income), net in our Consolidated Statement of Operations for the year ended December 31, 2024. On July 5, 2024, we completed the acquisition of an approximately 8.55% interest in the Web Werks JV ("Tranche I") for approximately 3,000.0 million Indian rupees (or approximately $35.0 million based upon the exchange rate between the United States dollar and the Indian rupee on the closing date of Tranche I). Subsequent to the Tranche I payment, our ownership interest in the Web Werks JV is approximately 71.94%. In March 2025, we will be required to make an additional payment of approximately 9,600.0 million Indian rupees (or approximately $112.2 million, based upon the exchange rate between the United States dollar and the Indian rupee as of December 31, 2024) to acquire the remaining approximately 28.06% interest in the Web Werks JV ("Tranche II"). As part of the Tranche II payment in March 2025, we may also make an incremental payment of approximately 1,000.0 million Indian rupees (or approximately $11.7 million, based upon the exchange rate between the United States dollar and the Indian rupee as of December 31, 2024) (the "Incremental Payment") if certain infrastructure goals are achieved before December 31, 2024. We are currently assessing the achievement of these goals. The liability associated with Tranche II and our current estimate of the Incremental Payment is included within Accrued expenses and other current liabilities in our Consolidated Balance Sheet at December 31, 2024.
Read it in 10-K 2025-02-14 at sec.gov ↗
RewordedMD&A
AGREEMENT MAXIMUM BORROWING OUTSTANDING BORROWINGS AS OF December DECEMBER 31, 2024 2025 DIRECT CONTRACTUAL INTEREST RATE(1) RATE UNUSED COMMITMENT FEE MATURITY DATE(2) AMOUNT OBLIGOR Virginia 4/5 3 Term Loans(1)(2) $ 204,987 $ 76,535 Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC SOFR plus a credit spread adjustment of 0.1% plus 1.625% 0.49% October 31, 2025 Virginia 3 275,000 271,079 Iron Mountain Data Centers Virginia 3, LLC SOFR plus 2.50% 0.75% August 31, 2026 Virginia 7 Term Loans Loans(1)(2) 300,000 32,074 275,314 Iron Mountain Data Centers Virginia 7, LLC SOFR plus 2.50% 0.75% April 12, 2027 Virginia 6 Term Loans Loans(1)(2) 210,000 137,495 210,000 Iron Mountain Data Centers Virginia 6, LLC SOFR plus 2.75% 0.75% May 3, 2027 Virginia 4/5 Term Loans due 2030(2) 208,224 208,224 Iron Mountain Data Centers Virginia 4/5 Subsidiary, LLC 5.60% N/A November 1, 2030
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
YEAR ENDED DECEMBER 31, PERCENTAGE CHANGE % OF PERCENTAGE CONSOLIDATED CHANGE REVENUES (FAVORABLE)/ UNFAVORABLE DOLLAR CHANGE 2025 2024 2023 ACTUAL CONSTANT 2025 2024 2023 CURRENCY General, Administrative and Other $ 977,345 $873,195 $104,150 11.9% 12.3% 1,015,578 $977,345 $38,233 3.9% 3.9% 14.7% 15.9% 15.9% —% (1.2)% Sales, Marketing and Account Management 378,324 362,194 363,092 (898) (0.2)% —% 16,130 4.5% 3.9% 5.5% 5.9% 6.6% (0.7)% (0.4)% Total Selling, general and administrative expenses $ 1,339,539 $1,236,287 $103,252 8.4% 8.7% 1,393,902 $1,339,539 $54,363 4.1% 3.9% 20.2% 21.8% 22.6% (0.8)% (1.6)%
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RewordedMD&A
The total net proceeds of approximately $1,188.0 million from the issuance, after deducting the initial purchasers' commissions, of approximately 1,188.0 million Euros (or $1,390.7 million, based upon the exchange rate between the Euro and the United States dollar on September 10, 2025 (the settlement date for the Euro Notes)), were used to repay the GBP Notes and a portion of the outstanding borrowings under the Revolving Credit Facility.
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RewordedMD&A
SERVICE REVENUE •organic service revenue growth driven by increased increases in Global Digital Solutions and traditional service activity levels in our Global RIM Business segment and organic service revenue growth from new and existing customers in our ALM business as a result of increased volume and improved component pricing; business; and •an increase of $137.0 $87.5 million due to acquisitions in our acquisition of Regency Technologies. ALM business.
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RewordedMD&A
Revenue for all The majority of our lines of business, revenue is recognized in accordance with the exception of storage revenues in our Global Data Center Business (which is subject to Accounting Standards Codification ("ASC") Topic 842, Leases), is recognized in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), the application of which requires that we make significant judgments related to performance obligations and the transfer of control to the customer.
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RewordedMD&A
YEAR ENDED DECEMBER 31, 2025 2024 2023 The lack of tax benefits recognized for the foreign exchange losses of $26.9 million and ordinary losses and disallowed interest expenses of certain entities of $37.0 million and differences in the $16.7 million, as well as withholding tax rates to which our foreign earnings are subject expenses of $13.3 $15.2 million, partially offset by the net benefits derived from the dividends paid deduction of $33.9 $52.6 million.
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RewordedMD&A
(3) the decommissioning, data erasure, processing and disposition, and recycling or sale of IT hardware and component assets; and (4) digital solutions, including the scanning, imaging and document conversion services of active and inactive records, consulting services and the sale of software as a service, including our Digital Experience Platform.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
During the quarter ended September 30, 2024, In December 2025, we entered into an agreement with a partner to form our Iron Mountain Data Centers Virginia 6/7 Arizona 3 JV, LLC LP joint venture, which resulted in an initial Noncontrolling interest of approximately $103.1 $74.8 million recorded in our Consolidated Balance Sheet at September 30, 2024. December 31, 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
STORAGE RENTAL REVENUE •organic storage rental revenue growth driven by increased volume revenue management in faster growing markets our Global RIM Business segment and lease commencements and improved pricing in our Global Data Center Business segment and revenue management. segment.
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RewordedMD&A
Interest expense, net 829,335 721,559 585,932 Provision (benefit) for income taxes 58,934 60,872 39,943 Depreciation and amortization 1,024,435 900,905 776,159 Acquisition and Integration Costs(1) 19,545 35,842 25,875 Restructuring and other transformation 195,912 161,359 175,215 Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate) 24,641 6,196 (12,825) Other expense (income), net, excluding our share of losses (gains) from our unconsolidated joint ventures(2) 118,473 39,159 98,891 Stock-based compensation expense 140,280 118,138 73,799 Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures 10,141 8,684 11,425 Adjusted EBITDA $ 2,573,950 $ 2,236,380 $ 1,961,677
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
During the years ended December 31, 2024 2025 and 2023, 2024, we incurred approximately $161.4 $195.9 million and $175.2 $161.4 million, respectively, of in Restructuring and other transformation costs related to Project Matterhorn, which are were comprised of (1) restructuring costs, which include included (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include included professional fees such as project management costs and costs for third party consultants who are assisting assisted in the enablement of our growth initiatives.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
For the year ended December 31, 2024, 2025, net cash flows provided by operating activities increased by $83.1 $143.3 million compared to the prior year period primarily due to an increase in net income (loss) (excluding non-cash charges) of $114.9 million, partially offset by a decrease $131.4 million and an increase in cash from working capital of $31.8 $11.9 million.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesMD&A
We noted that, based on the estimated fair value of all of our reporting units determined as of October 1, 2024: 2025:
Read it in 10-K 2026-02-12 at sec.gov ↗
