Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q1 2021 Earnings Presentation
11 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, May 6, 2021
Slide 1: Q1 2021 Earnings Call
Q1 2021 Earnings Call May 6, 2021
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 operations, economic performa
Slide 3: Q1 2021 accomplishments
3 Q1 2021 accomplishments Achieved record level of quarterly revenue Pricing yielding strong results; organic storage rental revenue growth of 1.7% Global organic volume grew 2 million cubic feet from the fourth quarter Adjusted EBITDA growth of 2% Y/Y ex FX; margin up 100 basis points Strong perfor
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 $80B+ ~ low-single % ~ 13% Global RIM TAM TAM and revenue growth rate of and revenue growth rate Data Centers, Fine Art & Entertainment Services, Consumer, SITAD, Digital Solutions, SMB
Slide 6: Durable global physical storage portfolio
6 Durable global physical storage portfolio Total organic volume grew 2M cubic feet vs. Q4
Slide 7: Strong start to 2021
7 Strong start to 2021 ($ in millions, except per share data) Three Months Ended 3/31/21 3/31/20 Y/Y % Change Storage Rental Revenue $708 $684 4% Service Revenue $374 $385 -3% Total Revenue $1,082 $1,069 1% Net Income $47 $65 -28% Adjusted EBITDA(1) $381 $366 4% Adjusted EBITDA Margin(1) 35.2% 34.2%
Slide 8: Balance sheet remains well positioned
8 Balance sheet remains well positioned Balance Sheet Highlights as of Net Lease Adjusted Leverage 3/31/21 • ~$1.8 billion of liquidity 1 • ~85% Fixed Rate Debt 5.5x ~ • 4.6% weighted average interest rate • 7.6 years weighted-average maturity (1) Excluding the approximately $260 million of proceeds
Slide 9: Capital allocation strategy
9 Capital allocation strategy • Sustain the dividend at current level • Long-term target AFFO payout ratio of low to mid-60s • Long-term target leverage ratio of 4.5x – 5.5x • Reinvest in the business through growth Capital Expenditures • Invest in accretive M&A • Growth capital from capital recycli
Slide 10: Increased 2021 guidance
10 Increased 2021 guidance 2021 Guidance(1) ($ in millions, except per share data) New Y/Y % Change Previous Y/Y % Change Total Revenue $4,365 - $4,515 5% - 9% $4,325 - $4,475 4% - 8% Adjusted EBITDA $1,585 - $1,635 7% - 11% $1,575 - $1,625 7% - 10% AFFO $955 - $1,005 8% - 13% $945 - $995 7% - 12% A
Slide 11: Key takeaways
11 Key takeaways ● Proud of the continued performance of core business in spite of COVID ● Project Summit progressing well; on track to realize structural cost savings of $375 million per year exiting 2021 ● Our Global Strategic Accounts team continues to deliver growth in the core as well as new di