Iron Mountain Reports Second Quarter 2017 Results

7/30/17

BOSTON--(BUSINESS WIRE)--Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, announces financial and operating results for the three and six months ended June 30, 2017. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release and reconciliations of non-GAAP measures to GAAP measures, are available on Iron Mountain’s Investor Relations website at http://investors.ironmountain.com/company/for-investors/events-and-presentations/events/event-details/2017/Q2-2017-Iron-Mountain-Incorporated-Earnings-Conference-Call-/default.aspx or by clicking HERE.

Financial Performance Highlights

  • Total reported Revenues for the second quarter of 2017 were $950 million, compared with $884 million in 2016. On a constant dollar (C$) basis, Total Revenues grew 8.4% compared to the prior year, reflecting a full quarter of results from the acquisition of Recall Holdings, which closed on May 2, 2016. Year to date, Total reported Revenues were $1.89 billion, compared with $1.63 billion in 2016, an increase of 16.2% on a C$ basis.
  • Income from Continuing Operations for the second quarter was $83 million, compared with a loss of $15 million in the second quarter of 2016. Income from Continuing Operations included $20 million of Recall Costs in the second quarter of 2017, compared with $50 million in the second quarter of 2016. Year to date, Income from Continuing Operations was $142 million, compared with $48 million in 2016. For the first half, Recall Costs were $41 million in 2017 and $69 million in 2016.
  • Adjusted EBITDA for the second quarter of 2017 was $318 million, compared with $261 million in 2016. On a C$ basis, Adjusted EBITDA increased by 23% reflecting a full quarter of results from the acquisition of Recall compared with approximately two months in the prior year, and higher margins associated with cost synergies resulting from the Recall acquisition as well as the company’s Transformation Initiative. Year to date, Adjusted EBITDA was $611 million, compared with $497 million in 2016, an increase of 24% on a C$ basis.
  • Reported EPS - Fully Diluted from Continuing Operations for the second quarter was $0.30 compared with ($0.06) for the second quarter of 2016. Year to date, Reported EPS - Fully Diluted from Continuing Operations was $0.53 compared with $0.21 in 2016.
  • Adjusted EPS for the second quarter was $0.30, compared with $0.24 in 2016, an increase of 22.6%. Adjusted EPS for the second quarter reflects a structural tax rate of 21.3%, compared with a structural tax rate of 17.2% in 2016. Year to date, Adjusted EPS was $0.54 compared with $0.55 in 2016.
  • Net Income for the second quarter was $81 million compared with ($13) million in 2016, reflecting impacts from the Recall acquisition noted above. Year to date, Net Income was $140 million compared with $50 million in 2016.
  • FFO (Normalized) per share was $0.55 for the second quarter, compared with $0.48 in 2016. Year to date, FFO (Normalized) per share was $1.03, compared with $1.00 in 2016.
  • AFFO was $217 million for the second quarter compared with $155 million in 2016, an increase of 39.6%. Year to date, AFFO was $388 million, compared with $323 million in 2016.

Guidance

The company maintained its 2017 full-year guidance except for minor updates to address the acquisition of FORTRUST; details are available on Page 6 of the Supplemental Financial Information.

About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is the global leader for storage and information management services. Trusted by more than 230,000 organizations around the world, Iron Mountain boasts a real estate network of more than 85 million square feet across more than 1,400 facilities in 52 countries dedicated to protecting and preserving what matters most for its customers. Iron Mountain’s solutions portfolio includes records management, data management, document management, data centers, art storage and logistics, and secure shredding to help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information. Founded in 1951, Iron Mountain stores and protects billions of information assets, including critical business documents, electronic information, medical data and cultural and historical artifacts. Visit www.ironmountain.com for more information.

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