Iron Mountain Incorporated Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Revenue of $1.04 billion, down 2.4% year-over-year (organic revenue down 3.4%).
  • Adjusted EBITDA reached $370 million, up 30 basis points year-over-year to a 35.7% margin.
  • Adjusted EPS at $0.31, down $0.01 year-over-year.
  • AFFO down 5.4% to $213 million, but full-year AFFO expected to grow low single digits.
  • Company continues to demonstrate resilience in physical storage, strong performance in data centers, and moderating declines in service activity.

Operational Highlights

  • Over 90% of workforce has returned from earlier furlough levels (previously one-third out in April).
  • Company emphasizes continued focus on safety, customer support, and innovation.
  • Notable progress on transformation initiative Project Summit, enabling long-term cost savings and operational efficiency.
  • Digital solutions revenue saw high single-digit growth as customers accelerate digital transformation.

Physical Storage Business

  • Organic storage rental revenue grew 2.5%, an improvement from prior quarter.
  • Global organic volume increased 2 million cubic feet sequentially.
  • Records management volume decreased 1.1 million cubic feet, a significant improvement from a 3.9 million cubic foot decline in Q2.

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Operator: Good morning and welcome to the Iron Mountain third quarter 2020 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Greer Aviv, Senior Vice President of Investor Relations. Please go ahead. Greer Aviv: Thank you, Rocco. Good morning and welcome to our third quarter 2020 earnings conference call. We have provided the user-controlled slides on our Investor Relations website. We will also be providing the links to today’s webcast and our materials. 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 how we are continuing to respond and adapt to the COVID-19 pandemic, continuing to demonstrate top line resilience in our physical storage business, continuing to see strength in our data center business, progressing on our transformation program with Project Summit, and how we are remaining committed to funding innovation and new product development. After our prepared remarks, we’ll open up the lines for Q&A. Today’s earnings materials will contain forward-looking statements. We have noted the impacts from COVID-19 and our expectations

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