Iron Mountain Q2 2020 Earnings Report
Key Takeaways
Iron Mountain reported a decrease in total revenues by 7.9% to $982.2 million, with a 21.3% decline in service revenue offset by a 3.7% increase in storage revenue. The company experienced a net loss of $7.1 million, impacted by restructuring charges and debt extinguishment expense, but saw a 19.0% increase in AFFO to $249.5 million. Adjusted EBITDA was $342.9 million, with margin expansion due to Project Summit benefits.
Total revenues decreased by 7.9% year-over-year to $982.2 million, influenced by a decline in service revenue.
Loss from continuing operations was $7.1 million, impacted by restructuring charges and debt extinguishment expense.
Adjusted EBITDA was $342.9 million, with a 200 basis points margin expansion.
AFFO increased by 19.0% year-over-year to $249.5 million, driven by a tax refund.
Iron Mountain
Iron Mountain
Iron Mountain Revenue by Segment
Forward Guidance
While a high degree of uncertainty remains as we look to the back half of the year, we are confident that the value of Iron Mountain’s new, as well as existing offerings, are even more relevant to our customers today.
Revenue & Expenses
Visualization of income flow from segment revenue to net income