Iron Mountain Q3 2020 Earnings Report
Key Takeaways
Iron Mountain reported Q3 2020 results with total revenues of $1.04 billion, a decrease of 2.4% compared to Q3 2019. Adjusted EBITDA was $370.0 million, a decrease of 1.5%. The company now expects Project Summit will generate $165 million in Adjusted EBITDA benefits in 2020.
Total reported Revenues for the third quarter were $1.04 billion, compared with $1.06 billion in the third quarter of 2019, a decrease of 2.4%.
Income from Continuing Operations for the third quarter was $38.6 million, compared with $108.3 million in the third quarter of 2019.
Adjusted EBITDA for the third quarter was $370.0 million, compared with $375.7 million in the third quarter of 2019, a decrease of 1.5%.
Adjusted EPS for the third quarter was $0.31, compared with $0.32 in the third quarter of 2019.
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Iron Mountain Revenue by Segment
Forward Guidance
Iron Mountain now expects Project Summit will generate $165 million in Adjusted EBITDA benefits in 2020, an increase from the previous expectation of $150 million, as some initiatives have been accelerated. Iron Mountain expects to spend approximately $200 million in 2020. There is no change to the overall scope and size of the total program. Iron Mountain continues to expect Project Summit to generate $375 million of Adjusted EBITDA benefits exiting 2021, with a cost to implement of approximately $450 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income