Iron Mountain Q2 2022 Earnings Report
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
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