Iron Mountain Q2 2021 Earnings Report
Key Takeaways
Iron Mountain reported a strong second quarter with record revenue, net income, and adjusted EBITDA. The company has increased its financial guidance for 2021 and is experiencing high demand for its services across key markets.
Total reported Revenues for the second quarter were $1.12 billion, an increase of 14.0% compared to the second quarter of 2020.
Net Income for the second quarter was $276.5 million compared with a Net Loss of $7.1 million in the second quarter of 2020.
Adjusted EBITDA for the second quarter was $405.6 million, compared with $359.5 million in the second quarter of 2020, an increase of 12.8%.
Iron Mountain has increased the midpoint of its financial guidance, with total revenue expected to be between $4,415 million and $4,515 million.
Iron Mountain
Iron Mountain
Iron Mountain Revenue by Segment
Forward Guidance
Reflecting outperformance in the first half of the year and positive momentum in the business, Iron Mountain has increased the midpoint of its financial guidance.
Positive Outlook
- Total Revenue: $4,415 - $4,515 million (+6% - 9% Y/Y)
- Adjusted EBITDA: $1,600 - $1,635 million (+8% - 11% Y/Y)
- AFFO: $970 - $1,005 million (+9% - 13% Y/Y)
- AFFO Per Share: $3.33 - $3.45 (+8% - 12% Y/Y)
Revenue & Expenses
Visualization of income flow from segment revenue to net income