Iron Mountain Incorporated Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly revenue of $1.29 billion, up 15% year-over-year (18% in constant currency). This represents the company’s highest quarterly revenue ever.
  • Adjusted EBITDA reached an all‑time high of $455 million, up 12% year-over-year (15% in constant currency), despite $17 million in headwinds from FX and divestitures.
  • Total organic revenue growth was 13%, the highest level in 25 years.
  • Organic storage rental revenue increased 8.2%, up from already strong levels in Q1 2022.
  • AFFO was $271 million or $0.93 per share, up from $246 million or $0.85 per share in Q2 2021.

Business Segment Performance

Global Records and Information Management (RIM)
  • Revenue rose to $1.1 billion, up 7% reported and 11% organic constant currency.
  • Storage rental revenue increased 6.4% organically, exceeding internal expectations.
  • Adjusted EBITDA was $469 million, up $45 million year-over-year, with margin up 120 basis points.
Data Center
  • Revenue grew 30% year-over-year, with 24% organic storage revenue growth.
  • Completed 83 MW of leasing, including:
    • 72 MW pre-leased powered-shell deal on the Northern Virginia campus to a Fortune 100 customer.
    • 11 MW of additional leasing across other markets.

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Operator: Good morning, and welcome to the Iron Mountain Second Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead. Gillian Tiltman: Thank you, Chad. Good morning, and welcome to our second quarter 2022 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 Chief Executive Officer; and Barry Hytinen, our Executive Vice President and Chief Financial Officer. After prepared remarks, we’ll open up the lines for Q&A. Today’s earnings materials contains 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. Bill Meaney: Thank you, Gillian, and thank you all for joining us

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