Iron Mountain Registers 15% Revenue Growth In Q1

  • Iron Mountain Inc IRM reported first-quarter FY22 revenue growth of 15% year-on-year to $1.248 billion, marginally beating the consensus of $1.240 billion.
  • Storage Rental Revenue grew 6% Y/Y to $751 million. Service Revenue rose 33% Y/Y to $497 million.
  • Global RIM business revenue increased 7.9% Y/Y. Global Data Center business revenue increased 36.4% Y/Y.
  • Iron Mountain has inked 35 megawatts of new and expansion leasing through March 31, 2022. Subsequent to the end of Q1, it executed a 72-megawatt lease on its Northern Virginia campus. It raised the full-year projection or new leases from 50 megawatts to 130 megawatts. 
  • The adjusted EBITDA margin contracted 70 bps to 34.5%.
  • Adjusted EPS of $0.38 beat the consensus of $0.37. Adjusted FFO per share improved from $0.81 a year ago to $0.91.
  • Iron Mountain held $195.7 million in cash and equivalents.
  • Dividend: The board declared a quarterly cash dividend of $0.6185 per share, payable on July 6, 2022, for shareholders of record on June 15, 2022.
  • Outlook: Iron Mountain reiterated FY22 revenue of $5.125 billion - $5.275 billion, versus the consensus of $5.17 billion.
  • It reiterated an adjusted FFO per share of $3.70 - $3.82.
  • Price Action: IRM shares traded higher by 2.30% at $55.67 on the last check Thursday.
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