Iron Mountain Incorporated Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly revenue of $1.4 billion, up over $100 million year-over-year (8% growth reported; 7% constant currency).
  • Record adjusted EBITDA of $500 million, up 7% year-over-year.
  • Organic storage rental revenue grew 10% (Q3 2022 comparison).
  • Data center organic storage rental revenue grew 22%, driven by commencements and pricing.
  • AFFO reached $290 million, up $2 million year-over-year.
  • Adjusted EBITDA margin: 36%, up 100 bps sequentially.

Business Segment Highlights

Global RIM (Records and Information Management)

  • Revenue: $1.18 billion, up $92 million or 8% year-over-year.
  • Adjusted EBITDA: $517 million, up $33 million year-over-year.
  • Organic storage rental revenue up 8%, driven by strong revenue management and positive volume.
  • Customer wins include U.K. government contract (~$2 million) and continued expansion supporting U.S. immigration services.

Data Center Business

  • Revenue: $128 million, up $27 million year-over-year.
  • Adjusted EBITDA: $53 million, up 25% year-over-year.
  • Signed 65 megawatts of leasing in the quarter; 120 megawatts year‑to‑date vs. original 80 MW full‑year projection.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good morning, and welcome to the Iron Mountain Third Quarter 2023 Earnings Conference Call. [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, Andrea. Good morning, and welcome to our third quarter 2023 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 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 of our presentation 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, and we've included the reconciliations to these measures in our supplemental financial information. With that, I'll turn the call over to Bill. William Meaney: Thank you, Gillian, and thank you all for taking the time to join us today to

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional