Iron Mountain Incorporated Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly revenue, ahead of expectations despite continued global COVID-19 disruptions.
  • Adjusted EBITDA grew 2% year-over-year on a constant currency basis, with a 100 bps margin expansion.
  • Strong performance in growth areas including Digital Solutions and Secure IT Asset Disposition (SITAD).
  • Data center operations continued expansion with 9MW leased in Q1, on track toward 25–30MW full-year target.
  • Increased confidence in FY2021 business outlook leading to raised full-year guidance.

Financial Performance (Compared to Q1 2020)

  • Total revenue: $1.1B, up 1.2% year-over-year.
  • Total organic revenue: down 0.6%, but best service revenue performance since Q1 2020.
  • Organic storage rental revenue: up 1.7%, supported by pricing and slight volume increase.
  • Adjusted EBITDA: $381M, beating internal projections.
  • AFFO: $235M, or $0.81 per share (increase driven by improved profitability, partially offset by catch-up CapEx).
  • Global RIM adjusted EBITDA: $409M, up $17M year-over-year, with 120 bps margin expansion.
  • Data center revenue up 6% year-over-year, with stronger revenue expected in the back half of 2021.

Operational Highlights

  • Organic storage volume grew by ~2 million cubic feet versus Q4 2020.

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Operator: Good morning and welcome to the Iron Mountain Earnings Conference Call. [Operator instructions] Please note that this event is being recorded. I would now like to turn the conference over to Greer Aviv, SVP, Investor Relations. Please go ahead. Greer Aviv: Thank you, Irene. Good morning and welcome to our first quarter 2021 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 CEO and Barry Hytinen, our EVP and CFO. Today, we plan to share a number of key messages to help you better understand our performance, including our strong start to 2021, despite the ongoing impact of the pandemic; the continued execution of our strategic plan; solid progress in our key growth areas; continued expansion of our global data center platform; and our strong commitment to corporate social responsibility, including diversity, equity and inclusion. After our prepared remarks, we'll open up the lines for Q&A. Today's earnings materials will 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 no

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