Iron Mountain Incorporated Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Record quarterly revenue of $1.25 billion, up 15% year-over-year and above the company’s prior expectation of $1.2 billion.
  • Total organic revenue growth of 10% compared to the same quarter last year.
  • Record Adjusted EBITDA of $431 million, up 13% reported and 15% on a constant currency basis year-over-year.
  • AFFO of $264 million ($0.91 per share), up $29 million and $0.10 respectively from Q1 2021.

Business Segment Highlights

Global RIM (Records and Information Management)
  • Revenue: $1.04 billion, up 8% reported and 10% constant currency year-over-year.
  • Organic storage rental revenue growth of 4.6%; total constant currency storage growth of 6.4%.
  • Adjusted EBITDA: $451 million, up $43 million year-over-year with a 100 bps margin improvement.
  • Sequential physical volume changes remain within normal seasonal patterns; full-year expectation remains flat to slightly up.
Data Center Business
  • Revenue growth of 36% year-over-year (33% organic).
  • Organic storage revenue up 26% year-over-year.
  • Q1 leasing: 35 megawatts, already exceeding earlier expectations of 50 MW for the entire year.
  • Post-quarter signing: 72 MW lease at Northern Virginia campus; long-term (15-year) near build-to-suit structure.

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Operator: Good morning, and welcome to the Iron Mountain First Quarter 2022 Earnings. Conference Call. All participants will be in a 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. Sir, Tilman, please go ahead. Gillian Tiltman: Thank you, Brenda. Good morning, and welcome to our first quarter 2022 earnings conference call. On today's call, we will refer to materials available on our Investor Relations website. We are joined 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 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. We have 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

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