Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q1 2025 Earnings Presentation
23 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, May 1, 2025
Slide 1: Q1 2025 Earnings Presentation
IRON MOUNTAIN IRON MOUNTAIN Q1 2025 Earnings Presentation Q1 2025 Earnings Presentation May 1, 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS We have made statements in this presentation 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 current expectations regarding
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Iron Mountain Snapshot (NYSE: IRM)
IRON MOUNTAIN SNAPSHOT (NYSE: IRM) A global leader in storage and information management services with a total addressable market of $150+ billion 2024 Revenue Global Presence Countries Served Total Storage Volume $6.1 billion 61 730M+ +11% 3-Yr CAGR Cubic Ft. Customers Served Facilities Data Center
Slide 5: Our Growth Journey
OUR GROWTH JOURNEY Climb On! • Strong Global Leadership Positions in Multiple Businesses • World-class Operations 4 Yr. CAGR (2021 -2025E) 12% to+ +11% Reported % +10 % +12 o +13% Ex. Fx Impact %t x +10 Ex. F % +12 % +13 x Ex . F ~$6.8B +7% $6.1B 2025E Revenue +8% x 2024 Revenue % F +14 Ex. $5.5B 20
Slide 6: Matterhorn Strategy Delivering Record Results
MATTERHORN STRATEGY DELIVERING RECORD RESULTS ● Matterhorn strategy focuses on accelerating enterprise growth through investments in large and growing global markets and leveraging our new enterprise-wide commercial platform to cross-sell solutions across our more than 240,000 customers x x .F x .F
Slide 7: Driving Sustained Double-Digit Revenue Growth
DRIVING SUSTAINED DOUBLE-DIGIT REVENUE GROWTH ● Continuing to invest in Growth Businesses of Data Center, Digital, and ALM ● Growth Businesses increasing at 20%+ CAGR, estimated to reach 28% of total revenue in 2025 up from 15% in 2021 ● All Other businesses growing at MSD-HSD % CAGR ~$6.8 Bil % ~11
Slide 8: Global RIM
GLOBAL RIM ~$5.3 billion 2025E Revenue ➢ Global market leader in records and information management storage, both physical and digital ➢ Highly predictable revenue from storing and servicing more than 725 million cubic feet of physical volume globally ➢ Digital solutions business is ~$500 million an
Slide 9: Data Center
DATA CENTER ~$800 million 2025E Revenue ➢ Top global operator of data centers with 29 data centers in 21 markets, serving 1,300+ customers, including 5 of largest global hyperscalers ➢ Large backlog provides strong visibility for greater than 20% revenue growth going forward ➢ New capacity coming av
Slide 10: Asset Lifecycle Management
ASSET LIFECYCLE MANAGEMENT ~$550 million 2025E Revenue ➢ Significant structural advantages and growth vectors in a large, fragmented market ➢ Global footprint and trusted customer relationships ➢ Best-in-class data security and chain of custody ➢ Market leader in cloud / hyperscale decommissioning ➢
Slide 11: Q1 2025 Results and 2025 Outlook
Q1 2025 RESULTS AND 2025 OUTLOOK
Slide 12: Record Q1 2025 Results
RECORD Q1 2025 RESULTS Three Months Ended YoY % ∆ Record quarterly performance 3/31/25 3/31/24 Reported $ Constant Fx ($M, Except per Share Data) ● Revenue of $1.6 billion ● Adjusted EBITDA of $580 million ● AFFO of $348 million ● AFFO per share of $1.17 Storage Rental Revenue $948 $885 7% 9% ● Net
Slide 13: 2025 Guidance
2025 GUIDANCE We are increasing our full year 2025 guidance based on our strong Q1 performance and positive outlook, and recent changes in currency exchange rates. ($ in millions, except per share data) Approximate 2025 Full Yr. Y/Y % Chg. Q2 % Chg. Guidance (1) 2025 at Midpoint 2025 Y/Y Revenue $6,
Slide 14: Capital Allocation Strategy
CAPITAL ALLOCATION STRATEGY Investing to Support Growth ~ Growth-oriented ● Growth capex: deployed $1.8 billion in growth oriented capital Capex in 2024 ($ mil) ● Planning to invest ~$1.8 billion in growth capital in 2025 Capital Return Announced % Growth in ● Dividend policy: Target AFFO payout rat
Slide 15: Investment Takeaways
INVESTMENT TAKEAWAYS 1 Global leader in the large, fast growing information services market with $150B+ addressable opportunity 2 Highly recurring business model with considerable operating leverage 3 Exceptional financial track record with 13% Revenue and Adjusted EBITDA CAGR ex. FX since 2021 4 Ex
Slide 16: Appendix
APPENDIX
Slide 17: Q1 Reconciliations
Q1 RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA REPORTED EPS TO ADJUSTED EPS (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2025 and 2024 is primarily due to (i) the reconciling items above
Slide 18: Q1 Reconciliations (Cont.)
Q1 RECONCILIATIONS (CONT.) NET INCOME (LOSS) TO FFO FFO TO AFFO (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center (1) Includes customer and supplier relationship value, intake costs, infrastructure an
Slide 19: Full Year Reconciliations
FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA 19
Slide 20: Full Year Reconciliations (Cont.)
FULL YEAR RECONCILIATIONS (CONT.) NET INCOME (LOSS) TO FFO AND AFFO (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real est
Slide 21: Definitions
DEFINITIONS Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not belie
Slide 22: Definitions
DEFINITIONS Funds From Operations, or FFO (Nareit), and FFO (Normalized) Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and a
Slide 23: Iron Mountain
. IRON Elevate the power of : A MOUNTAIN® a Ann