Iron Mountain Incorporated Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Highlights

  • Revenue reached $1.13 billion, up 9% year-over-year, marking a new record high.
  • Total organic revenue grew 7.4%, driven by strong storage trends and nearly 20% growth in digital services and IT Asset Disposition (ITAD).
  • Adjusted EBITDA increased to $418 million, up $42 million from Q3 2020.
  • AFFO rose to $263 million ($0.90/share), up 47 million dollars and $0.15 respectively from the prior year.

Operational Performance

  • Storage rental revenue rose 2.3% organically year-over-year. Total physical volume reached a record 744 million cubic feet.
  • Service revenue climbed 18% organically due to gains in Digital Solutions and Secure IT Asset Disposition.
  • Global RIM revenue rose to $996 million, up 6% organically; adjusted EBITDA for the segment rose $49 million with a 180-basis point margin expansion.

Digital and Data Center Growth

  • Digital Solutions and ITAD grew nearly 20%, fueled by strong enterprise demand.
  • Data Center bookings reached 22 megawatts through Q3 and exceeded 24 megawatts through October, putting Iron Mountain on track to beat its 30-megawatt full-year guidance.
  • Data Center revenue grew 22% year-over-year; full-year growth expected to reach at least the mid-teens.

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Operator: Good morning and welcome to the Iron Mountain, Third Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. To ask a question you may press [Operator Instructions]. To withdraw your question, please press star and 2. We will limit analysts to one question and you can rejoin the queue. Please note this event is being recorded. I would now like to turn the conference over to Sarah Berry of Investor Relations. Please go ahead. Sarah Berry: Thank you, Chris. Good morning and welcome to our Third 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. After prepared remarks, we will open up the lines for Q&A. Today's earnings materials 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 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 fina

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