Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q4 2024 Earnings Presentation
23 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Feb 13, 2025
Slide 1: Iron Mountain Q4 2024 Earnings Presentation
IRON MOUNTAIN Q4 2024 Earnings Presentation February 13, 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 3 Yr. CAGR (2021 -2024) 11% t o+ +11% Reported +8% +12 % +13% Ex. Fx Impact % to +10 Ex. Fx % +12 % +13 x Ex . F ~$6.7B +7% $6.1B 2025 Revenue Mid-Point +8% x 2024 Revenue % F +14 Ex. $5
Slide 6: Strategic Growth Priorities
STRATEGIC GROWTH PRIORITIES Committed to sustaining double-digit revenue growth Growth businesses increasing at a 20%+ CAGR, coupled with mid-to-high single digit growth in records management business Driving Revenue Delivering Supply Scaling Asset Lifecycle Growth in Records Differentiated Digital
Slide 7: Global RIM
GLOBAL RIM $5.0 billion 2024 Revenue, +7% vs. LY ➢ 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 within Gl
Slide 8: Data Center
DATA CENTER $620 million 2024 Revenue, +25% vs. LY GLOBALLY CONNECTED PLATFORM ➢ Industry outlook very positive for data center demand ➢ Top global operator of data centers with 29 data centers in 21 markets, serving 1,300+ customers, including 5 of largest global hyperscalers ➢ High visibility for
Slide 9: Asset Lifecycle Management
ASSET LIFECYCLE MANAGEMENT ~$400 million 2024 Revenue, +119% vs. LY ➢ 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 deco
Slide 10: Q4 and Full Year 2024 Results
Q4 AND FULL YEAR 2024 RESULTS
Slide 11: Record Q4 2024 Results
RECORD Q4 2024 RESULTS Three Months Ended YoY % ∆ Record quarterly performance 12/31/24 12/31/23 Reported $ Constant Fx ($M, Except per Share Data) ● Revenue of $1.6 billion ● Adjusted EBITDA of $605 million ● AFFO of $368 million ● AFFO per share of $1.24 Storage Rental Revenue $942 $871 8% 9% ● Ne
Slide 12: Record Full Year 2024 Results
RECORD FULL YEAR 2024 RESULTS ➢ Revenue of $6.1 billion, increased 12% on a reported basis and 13% excluding Fx ➢ Adjusted EBITDA of $2.2 billion increased 14% and 14.5% excluding Fx ➢ AFFO of $1.3 billion increased 11% and 12% excluding Fx 11% CAGR, 13% Ex. Fx 11% CAGR, 13% Ex. Fx 9% CAGR, 11% Ex.
Slide 13: 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 ~$1.8 billion in growth capital in 2025 Capital Return Announced % Growth in ● Dividend policy: Target AFFO payout rat
Slide 14: 2025 Outlook
2025 OUTLOOK
Slide 15: 2025 Guidance
2025 GUIDANCE We remain committed to continuing to deliver industry leading revenue and Adjusted EBITDA growth, which is reflected in our guidance. ($ in millions, except per share data) 2025 Full Yr. % Chg. Q1 % Chg. Guidance (1) 2025 Y/Y 2025 Y/Y 8-11% 8% Revenue $6,650 - $6,800 ~$1,590 10-12% ex.
Slide 16: Appendix
APPENDIX
Slide 17: Q4 Reconciliations
Q4 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 quarters ended December 31, 2024 and 2023 is primarily due to (i) the reconciling items above,
Slide 18: Q4 Reconciliations (Cont.)
Q4 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