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Mar 31, 2021
Iron Mountain Q1 2021 Earnings Report
Achieved record quarterly revenue, despite COVID-19 impact, and increased 2021 financial guidance.
Key Takeaways
Iron Mountain reported a strong start to the year with record quarterly revenue, driven by growth in new areas offsetting declines in service revenue due to COVID-19 lockdowns. Adjusted EBITDA increased by 2% year over year on a constant-currency basis, with margin expansion of 100 basis points.
Total reported Revenues for the first quarter were $1.08 billion, an increase of 1.2%.
Net Income for the first quarter was $46.6 million.
Adjusted EBITDA for the first quarter was $380.6 million, an increase of 4.0%.
AFFO was $235.4 million for the first quarter, an increase of 2.1%.
Iron Mountain
Iron Mountain
Iron Mountain Revenue by Segment
Revenue by Segment
Storage Rental Revenue
CapyFin.comService Revenue
CapyFin.com Forward Guidance
Iron Mountain has increased its 2021 financial guidance ranges, reflecting first quarter outperformance and recently closed acquisitions.
Positive Outlook
- Total Revenue: $4,365 - $4,515 million (5% - 9% Y/Y Change)
- Adjusted EBITDA: $1,585 - $1,635 million (7% - 11% Y/Y Change)
- AFFO: $955 - $1,005 million (8% - 13% Y/Y Change)
- AFFO Per Share: $3.28 - $3.45 (7% - 12% Y/Y Change)
Revenue & Expenses
Visualization of income flow from segment revenue to net income