Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q1 2022 Earnings Presentation
9 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Apr 28, 2022
Slide 1: Q1 2022 Earnings Call
Q1 2022 Earnings Call April 28, 2022
Slide 2: Forward looking statements
2 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 regardin
Slide 3: Q1 2022 accomplishments
3 Q1 2022 accomplishments ● Net Income of $42 million; Record quarterly Revenue and Adjusted EBITDA ● Organic first quarter storage rental revenue growth of 6.8%, reflecting continued benefit of pricing combined with positive volume trends and data center growth ● First quarter Adjusted EBITDA growt
Slide 4: Strong First Quarter 2022
4 Strong First Quarter 2022 ($ in millions, except per share data) Three Months Ended Y/Y % 3/31/22 3/31/21 Change Storage Rental Revenue $751 $708 6% Service Revenue $497 $374 33% Total Revenue $1,248 $1,082 15% Net Income (Loss) $42 $47 (11%) Adjusted EBITDA $431 $381 13% Adjusted EBITDA Margin 34
Slide 5: Balance sheet well positioned
5 Balance sheet well positioned Balance Sheet Highlights as of Net Lease Adjusted Leverage 3/31/2022 6.2x • ~$1.8 billion of liquidity • ~81% Fixed Rate Debt 5.4x ~ 5.4x • 4.5% weighted average interest rate • 6.8 years weighted average maturity Source: J.P. Morgan REIT Weekly U.S. Real Estate repor
Slide 6: Capital allocation
6 Capital allocation • Continue to invest across our businesses to drive growth • Approaching our long-term target AFFO payout ratio (low to mid-60s) – from there we expect the dividend to grow in line with AFFO • Long-term target leverage ratio of 4.5x – 5.5x
Slide 7: Data Center Strength
7 Data Center Strength • Most successful quarter of leasing in our history at 35 megawatts, including entire 27 megawatt LON-2 facility • Achieved organic storage revenue growth of 26% in the first quarter • Signed a 72 megawatt near build to suit lease in Virginia in April • Increasing leasing targ
Slide 8: 2022 Guidance
8 2022 Guidance ($ in millions, except per share data) 2022 Guidance Y/Y % Change Total Revenue $5,125 - $5,275 14% - 17% Adjusted EBITDA $1,800 - $1,850 10% - 13% AFFO $1,085 - $1,120 7% - 11% AFFO Per Share $3.70 - $3.82 6% - 10% Iron Mountain does not provide a reconciliation of non-GAAP measures
Slide 9: Key takeaways
9 Key takeaways ● Record quarterly performance with revenue of $1.25 billion and Adjusted EBITDA of $431 million ● AFFO per share growth of 11% year over year with trailing four quarter payout ratio at 69%; approaching long term target ● Data Center: Increasing full year projection for new/expansion