Iron Mountain Incorporated (NYSE:IRM) Q2 2023 Earnings Call Transcript August 3, 2023 8:30 AM ET Company Participants Gillian Tiltman - SVP & Head, IR William Meaney - President, CEO & Director Barry Hytinen - EVP & CFO Conference Call Participants George Tong - Goldman Sachs Nate Crossett - BNP Paribas Alex Hess - JPMorgan Shlomo Rosenbaum - Stifel Jonathan Atkin - RBC Capital Markets Kevin McVeigh - Credit Suisse Eric Luebchow - Wells Fargo Securities Brendan Lynch - Barclays Bank Operator Good morning, a ...

August 3, 2023 IRON MOUNTAIN® Forward Looking Statements These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", "pursue", "will" or similar expressions, we are making forward-looking statements. Although we believe ...

Financial Performance - Adjusted EBITDA for the six months ended June 30, 2023, was $936.5 million, compared to $885.7 million for the same period in 2022[106] - Net income for the six months ended June 30, 2023, was $66.7 million, compared to $243.6 million for the same period in 2022[106] - Adjusted EPS for the six months ended June 30, 2023, was $0.83, compared to $0.85 for the same period in 2022[108] - Net income (loss) for the three months ended June 30, 2023 was $1.143 million, a decrease of 99.4% compared to $201.858 million in the same period in 2022[114] - Revenues for the six months ended June 30, 2023 increased by 5.3% to $2.672 billion compared to $2.538 billion in the prior year period[114] - Operating expenses for the six months ended June 30, 2023 increased by 9.8% to $2.219 billion compared to $2.022 billion in the prior year period[114] - Adjusted EBITDA for the six months ended June 30, 2023 increased by 5.7% to $936.466 million compared to $885.700 million in the prior year period[114] - FFO (Normalized) for the six months ended June 30, 2023 was $417.185 million, compared to $412.349 million in the prior year period[111] - Net income for the three months ended June 30, 2023 was $1.143 million, a 99.4% decrease compared to $201.858 million in the same period of 2022[130] - Adjusted EBITDA for the six months ended June 30, 2023 increased by $50.766 million or 5.7% compared to the prior year period[130][131] Revenue Growth and Drivers - Organic storage rental revenue growth is driven by revenue management, with stable volume expected in the near term[103] - Organic service revenue growth in 2023 is expected to benefit from new and existing digital offerings, as well as traditional services[103] - Total revenue and Adjusted EBITDA growth in 2023 are expected to continue due to new product and service offerings, innovation, and market expansion[103] - Organic storage rental revenue growth drove the increase in reported revenue for the six months ended June 30, 2023, partially offset by a 1.4% decrease due to foreign currency exchange rate fluctuations[117] - Storage rental revenue increased by 0.1% in total global volume, but decreased by $20.0 million due to foreign currency exchange rate fluctuations[118] - Service revenue decreased by $13.6 million due to foreign currency exchange rate fluctuations, despite organic growth in the Global RIM business[118] - Global RIM Business segment revenue for the six months ended June 30, 2023 increased by $167.026 million or 7.9% year-over-year[133] - Global Data Center Business segment revenue for the six months ended June 30, 2023 increased by $33.263 million or 16.9% year-over-year[137] - Corporate and Other segment revenue for the six months ended June 30, 2023 decreased by $65.584 million or 29.7% year-over-year[141] Costs and Expenses - Project Matterhorn is expected to incur approximately $150.0 million in costs annually from 2023 through 2025, focusing on global operating model transformation and growth acceleration[100] - Restructuring and other transformation costs related to Project Matterhorn were $82.5 million for the six months ended June 30, 2023[106] - Interest expense, net, for the six months ended June 30, 2023, was $281.3 million, compared to $229.5 million for the same period in 2022[106] - Depreciation and amortization expenses for the six months ended June 30, 2023, were $377.5 million, compared to $361.9 million for the same period in 2022[106] - Acquisition and integration costs for the six months ended June 30, 2023 were $3.106 million, compared to $32.539 million in the prior year period[123] - Interest expense, net increased by $51.8 million to $281.3 million in the six months ended June 30, 2023 compared to $229.5 million in the prior year period[127] - Selling, general, and administrative expenses increased by 5.2% to $606.3 million for the six months ended June 30, 2023, driven by a 21.8% increase in sales, marketing, and account management expenses[121] - Restructuring and other transformation costs for the six months ended June 30, 2023 were $82.5 million, primarily related to Project Matterhorn[124] - Project Matterhorn implementation costs estimated at $150.0 million annually from 2023 through 2025, with total costs of $124.4 million from inception to June 30, 2023[144] Cash Flow and Capital Expenditures - Cash flows from operating activities for the six months ended June 30, 2023 were $446.1 million, compared to $345.9 million in the same period in 2022[145] - Capital expenditures for the six months ended June 30, 2023 totaled $600.8 million, with growth investment capital expenditures at $560.4 million and recurring capital expenditures at $60.6 million[147][150] - Total capital expenditures for 2023 expected to be approximately $1,200.0 million, with $1,055.0 million allocated to growth investment and $145.0 million to recurring capital expenditures[150] - The company expects to meet cash flow requirements through operations, cash on hand, borrowings, and potential real estate monetization[143] Debt and Financing - Iron Mountain completed a private offering of $1,000.0 million in 7% Notes due 2029, with net proceeds of approximately $990.0 million used to repay borrowings under the Revolving Credit Facility[155] - Long-term debt as of June 30, 2023 totals $11,246,812 thousand, with a current portion of $102,582 thousand, resulting in a net long-term debt of $11,144,230 thousand[154] - The Revolving Credit Facility has a carrying amount of $674,168 thousand, with an unamortized deferred financing cost of $5,332 thousand[154] - The 4 7/8% Senior Notes due 2027 have a carrying amount of $993,957 thousand, with an unamortized deferred financing cost of $6,043 thousand[154] - The 5 1/4% Senior Notes due 2030 have a carrying amount of $1,289,345 thousand, with an unamortized deferred financing cost of $10,655 thousand[154] - The Term Loan B transitioned from LIBOR plus 1.75% to a synthetic LIBOR rate plus 1.75% effective July 1, 2023, due to the discontinuance of LIBOR[154] Joint Ventures and Investments - The Web Werks JV has a carrying value of $98,650 thousand and an equity interest of 53.58% as of June 30, 2023[175] - The Joint Venture with AGC Equity Partners has a carrying value of $59,394 thousand and an equity interest of 20.00% as of June 30, 2023[175] - The Clutter JV was discontinued, with a carrying value of $0 thousand as of June 30, 2023, compared to $54,172 thousand as of December 31, 2022[175] Foreign Currency and Tax Impact - Foreign currency transaction losses (gains), net for the six months ended June 30, 2023 were $29.487 million, compared to a gain of $68.240 million in the prior year period[128] - Effective tax rate for the three months ended June 30, 2023 was 78.8%, significantly higher than 8.2% in the same period of 2022[129] Segment Performance - Global RIM Business segment Adjusted EBITDA Margin decreased by 60 basis points for the six months ended June 30, 2023[136] - Global Data Center Business segment Adjusted EBITDA Margin increased by 250 basis points for the six months ended June 30, 2023[140] - Corporate and Other segment Adjusted EBITDA decreased by $28.077 million for the six months ended June 30, 2023[141] Other Financial Metrics - Gain on disposal/write-down of property, plant, and equipment for the six months ended June 30, 2023 was $14.6 million, including an $18.5 million gain from a sale-leaseback transaction in Singapore[125] - The weighted average interest rate was 5.4% at June 30, 2023, compared to 4.6% at June 30, 2022[127] - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2023[179]

Iron Mountain, Inc. (NYSE:IRM) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET Company Participants Gillian Tiltman - SVP & Head, IR William Meaney - President, CEO & Director Barry Hytinen - EVP & CFO Conference Call Participants George Tong - Goldman Sachs Group Kevin McVeigh - Crédit Suisse Jonathan Atkin - RBC Capital Markets Shlomo Rosenbaum - Stifel, Nicolaus & Company Alex Hess - JPMorgan Chase & Co. Eric Luebchow - Wells Fargo Securities Brendan Lynch - Barclays Bank Operator Good morning, a ...

Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission file number 1-13045 IRON MOUNTAIN INCORPORATED (Exact Name of Registrant as Specified in Its Charter) (State or other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) UNITED STATES SEC ...

Iron Mountain Incorporated (NYSE:IRM) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 11:35 PM ET Company Participants Barry Hytinen - CFO Gillian Tiltman - Heah of IR Conference Call Participants Calvin Lam - Morgan Stanley Calvin Lam Okay. Great. Well, it's a little after 8:35, so why don't we begin? First off, my name is Calvin. I lead our communications banking practice at Morgan Stanley. I'm pleased to be joined here today by Iron Mountain, Barry Hytinen, he's the CFO; and Jill Tilt ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-13045 _________________________________________________________ IRON MOUNTAIN INCORPORATED (Exact name of Registrant as ...

Iron Mountain Incorporated. (NYSE:IRM) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET Company Participants Gillian Tiltman - Senior Vice President, Head of Investor Relations William Meany - President, Chief Executive Officer Barry Hytinen - Executive Vice President, Chief Financial Officer Conference Call Participants George Tong - Goldman Sachs Kevin McVeigh - Credit Suisse Andrew Steinerman - JPMorgan Adam Parrington - Stifel Operator Good morning and welcome to the Iron Mountain Fourth Qu ...

Iron Mountain Incorporated (NYSE:IRM) 6th Annual Virtual Wells Fargo TMT Summit November 29, 2022 1:40 PM ET Company Participants Barry Hytinen - Chief Financial Officer Conference Call Participants Eric Luebchow - Wells Fargo Securities Eric Luebchow All right. So good morning, everyone. We're going to kick it off here. Continuing on with our TMT Summit, very pleased this morning. We have the CFO of Iron Mountain, Barry Hytinen. So Barry, thank you for joining us. Barry Hytinen Thank you for having us. It' ...

Iron Mountain Incorporated (NYSE:IRM) J.P. Morgan Ultimate Services Investor Conference Call November 17, 2022 9:10 AM ET Company Participants Bill Meaney - President and Chief Executive Officer Barry Hytinen - Executive Vice President and Chief Financial Officer Conference Call Participants Alex Hess - JPMorgan Alex Hess Good morning. I'm Q - Alex Hess, an Equity Research Associate on the Business and Information Services Research team, led by Andrew Steinman at JP Morgan. We're pleased to lead off the bus ...