Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q2 2022 Earnings Presentation
8 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Aug 4, 2022
Slide 1: Q2 2022 Earnings Call
Q2 2022 Earnings Call August 4, 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: Q2 Accomplishments
3 Q2 Accomplishments ● Record quarterly performance ○ Revenue of $1.29 billion, up 15.2% year over year, or 18.5% excluding the impact of Fx ○ Adjusted EBITDA of $455 million, growth of 12.1% year over year, or 15.4% excluding the impact of Fx ○ Net Income of $202 million ○ AFFO of $271 million, up
Slide 4: Strong Second Quarter 2022
Strong Second Quarter 2022 ($ in millions, except per share data) Three Months Ended YIY % Change YTD YIY % Change 6/30/22 6/30/21 Reported$ Constant Fx 6/30/22 6/30/21 Reported $ Constant Fx Storage Rental Revenue $753 $718 5% 8% $1,504 $1,426 5% 8% Service Revenue $536 $401 34% 38% $1,033 $775 33%
Slide 5: Data Center Highlights
5 Data Center Highlights • Achieved 30% revenue growth including 24% organic storage rental revenue growth • Year to Date leasing of 118 megawatts; 83 megawatts in the second quarter including 72 megawatts on our Northern Virginia campus for VA-4 and VA-5 • Established a joint venture for VA-4 and V
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: Balance Sheet Well Positioned
7 Balance Sheet Well Positioned Balance Sheet Highlights as of Net Lease Adjusted Leverage 06/30/2022 • ~$1.8 billion of liquidity • ~82% fixed rate debt • 4.7% weighted average interest rate • 6.6 years weighted average maturity Source: J.P. Morgan REIT Weekly U.S. Real Estate report July 22, 2022
Slide 8: 2022 Guidance
8 2022 Guidance ● Well on track to achieve Full Year 2022 guidance ● Outlook: For the third quarter, we expect strong growth trends to continue with Revenue of approximately $1.3 billion, Adjusted EBITDA of approximately $465 million, and AFFO of approximately $280 million ($ in millions, except per