Iron Mountain Incorporated Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Iron Mountain Q4 2022 Earnings Summary

Overview

  • Iron Mountain reported record results for both Q4 2022 and the full year.
  • Management emphasized the strength of its diversified solutions portfolio, commercial execution, and customer relationships.
  • The company continued to benefit from pricing actions, volume stability, and strong performance in data centers, digital solutions, and asset lifecycle management (ALM).

Q4 2022 Financial Highlights (Compared to Q4 2021)

  • Revenue: $1.28 billion, up 10.3% (14.2% in constant currency).
  • Organic revenue growth: 11.3%.
  • Organic storage revenue growth: 11% (up 130 bps sequentially).
  • Service revenue: $510 million, up 17% (12% organic).
  • Adjusted EBITDA: $472 million, up 10% (13% constant currency).
  • Adjusted EBITDA margin: 36.9%, up 40 bps sequentially.
  • AFFO: $287 million or $0.98 per share, up $20M and $0.06 respectively.

Full-Year 2022 Highlights (Compared to Full-Year 2021)

  • Revenue: $5.1 billion, up 14% (17% constant currency).
  • Adjusted EBITDA: $1.827 billion, up 12%.
  • AFFO: $1.11 billion, up 10%.
  • Organic storage rental revenue growth: 9%.
  • Data center business and digital solutions: double-digit organic growth.

Segment Performance

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Operator: Good morning and welcome to the Iron Mountain Fourth Quarter 2022 Earnings Conference Call. All participants will be in 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: Thanks Sarah. Good morning everyone and welcome to our fourth 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 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 annual report on Form 10-K 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. And with that, I’ll turn the call over to Bill. William Meany: Thank you, Julian. And thank you all for taking th

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