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Jun 30, 2022
Iron Mountain Q2 2022 Earnings Report
Reported record quarterly revenue, adjusted EBITDA, and AFFO, driven by strong service revenue and productivity benefits.
Key Takeaways
Iron Mountain reported outstanding performance in Q2 2022, achieving record revenue, adjusted EBITDA, and AFFO. Total revenue increased by 15.2% to $1.29 billion, driven by a 37.6% increase in service revenue and a 7.8% increase in storage rental revenue. Net income was $201.9 million, and adjusted EBITDA increased by 12.1% to $454.7 million.
Total revenue for the second quarter was $1.29 billion, a 15.2% increase compared to Q2 2021.
Net income for the second quarter was $201.9 million, compared to $276.5 million in the second quarter of 2021, which included gains from the divestment of the Intellectual Property Management business.
Adjusted EBITDA for the second quarter was $454.7 million, a 12.1% increase compared to $405.6 million in Q2 2021.
AFFO was $270.9 million for the second quarter, a 10.1% increase compared to $246.0 million in Q2 2021.
Iron Mountain
Iron Mountain
Iron Mountain Revenue by Segment
Revenue by Segment
Storage Rental Revenue
CapyFin.comService Revenue
CapyFin.com Forward Guidance
Iron Mountain affirmed full year 2022 guidance.
Positive Outlook
- Total Revenue: $5,125 - $5,275 million (14% - 17% Y/Y increase)
- Adjusted EBITDA: $1,800 - $1,850 million (10% - 13% Y/Y increase)
- AFFO: $1,085 - $1,120 million (7% - 11% Y/Y increase)
- AFFO Per Share: $3.70 - $3.82 (6% - 10% Y/Y increase)
Revenue & Expenses
Visualization of income flow from segment revenue to net income