Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q2 2021 Earnings Presentation
11 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Aug 5, 2021
Slide 1: Q2 2021 Earnings Call
Q2 2021 Earnings Call August 5, 2021
Slide 2: Forward looking statements
2 Forward looking statements We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our operations, economic perform
Slide 3: Q2 2021 accomplishments
3 Q2 2021 accomplishments Record second-quarter Revenue, Net Income and Adjusted EBITDA Organic storage rental revenue growth of 2.5%, reflecting continued benefit of pricing combined with positive volume trends Total global volume grew to a record 733 million cubic feet Adjusted EBITDA growth of 9%
Slide 4: Our exciting growth opportunities
4 Our exciting growth opportunities Fine Arts / Data Consumer Secure IT Asset Digital Entertainment Centers Storage Disposition Solutions Services Global Commercial Excellence
Slide 5: Our Total Addressable Market (TAM)
5 Our Total Addressable Market (TAM) 2020 2015 $10B $80B+ ~ low-single % ~ 13% Global RIM TAM TAM and revenue growth rate of and revenue growth rate Data Centers, Fine Art & Entertainment Services, Consumer, SITAD, Digital Solutions, SMB
Slide 6: Durable global physical storage portfolio
6 Durable global physical storage portfolio
Slide 7: Strong Q2 and first half of 2021
7 Strong Q2 and first half of 2021 ($ in millions, except per share data) Three Months Ended Year to Date 6/30/21 6/30/20 Y/Y % Change 6/30/21 6/30/20 Y/Y % Change Storage Rental Revenue $718 $677 6% $1,426 $1,361 5% Service Revenue $401 $305 32% $775 $690 12% Total Revenue $1,120 $982 14% $2,202 $2
Slide 8: Balance sheet well positioned
8 Balance sheet well positioned Balance Sheet Highlights as of Net Lease Adjusted Leverage 6/30/21 • ~$2.1 billion of liquidity • ~86% Fixed Rate Debt 5.5x 1 ~ • 4.6% weighted average interest rate • 7.1 years weighted-average maturity (1) As previously disclosed, excluding the approximately $260 mi
Slide 9: Capital allocation strategy
9 Capital allocation strategy • Long-term target AFFO payout ratio of low to mid-60s • Sustain the dividend at current level until AFFO payout ratio is reached and grow dividend from there • Long-term target leverage ratio of 4.5x – 5.5x • Reinvest in the business through growth Capital Expenditures
Slide 10: Updated 2021 guidance
10 Updated 2021 guidance 2021 Guidance(1) ($ in millions, except per share data) New Y/Y % Change Previous Y/Y % Change Total Revenue $4,415 - $4,515 6% - 9% $4,365 - $4,515 5% - 9% Adjusted EBITDA $1,600 - $1,635 8% - 11% $1,585 - $1,635 7% - 11% AFFO $970 - $1,005 9% - 13% $955 - $1,005 8% - 13% A
Slide 11: Key takeaways
11 Key takeaways ● Q2 outperformance; revenue of more than $1.1 billion and EBITDA of $406 million ● Record results and positive momentum in the business resulting in increased midpoint of financial guidance ● Continue to expect full-year solid organic storage rental revenue growth driven by flat to