Iron Mountain Incorporated Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance
  • Reported revenue was $1.29 billion, up 14% year-over-year. On a constant currency basis, revenue was approximately $1.33 billion (up 18% YoY).
  • Adjusted EBITDA reached a record $469 million, up 12% YoY (or $484 million and up 16% YoY on a constant currency basis).
  • AFFO was $288 million, or $0.98 per share, up $25 million and $0.08 YoY.
  • Strong organic storage rental revenue growth of 9.7%, an improvement of 150 basis points sequentially.
  • Leverage ratio improved to 5.2x—lowest since 2017.
Business Segment Highlights
  • Global RIM revenue was $1.1 billion, up 9% YoY reported or 14% organically on a constant currency basis. EBITDA for the segment grew by $48 million YoY.
  • Data center storage revenue grew 33% YoY. Total data center revenue grew 13% YoY and over 30% excluding one-time 2021 JV fit-out revenue.
  • 7 megawatts of new/expansion leasing in Q3; 125 megawatts booked YTD—company expects to exceed prior full-year projection of 130 megawatts.
  • Asset Life Cycle Management (ALM): traditional ITAD business grew more than 20% YoY organically. ITRenew revenue was ~ $45 million, down sequentially and slightly below expectations due to China COVID lockdowns.
  • Fine arts revenue grew 17% YoY.
Strategic Initiatives

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Operator: Good morning and welcome to the Iron Mountain third quarter 2022 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 on your telephone keypad. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. We will limit analysts to one question, and you can re-join the queue. 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: Thanks Sarah. Good morning and welcome to our third quarter 2022 earnings conference call. On today’s call, we will refer to materials available on our Investor Relations website. We’re joined here today by Bill Meany, 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 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 quarterly report on Form 10-Q for a discussion of the major risk factors that could c

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