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Sep 30, 2023
Iron Mountain Q3 2023 Earnings Report
Iron Mountain reported record quarterly revenue and Adjusted EBITDA, with net income at $91 million.
Key Takeaways
Iron Mountain reported strong Q3 2023 results, achieving record quarterly revenue and Adjusted EBITDA. Total revenue increased by 7.9% year-over-year to $1.4 billion, driven by growth in storage rental revenue. Adjusted EBITDA rose by 6.5% to $500 million. The company also announced an agreement to acquire Regency Technologies.
Total reported revenues increased by 7.9% compared to Q3 2022, reaching $1.4 billion.
Net Income was $91.4 million, compared to $192.9 million in Q3 2022.
Adjusted EBITDA increased by 6.5% to $500.0 million compared to Q3 2022.
The company signed an agreement to acquire Regency Technologies to expand ALM business.
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 2023 guidance.
Positive Outlook
- Total Revenue: $5,500 - $5,600 million (~9% Y/Y growth at midpoint)
- Adjusted EBITDA: $1,940 - $1,975 million (~7% Y/Y growth at midpoint)
- AFFO: $1,150 - $1,175 million (~5% Y/Y growth at midpoint)
- AFFO Per Share: $3.91 - $4.00 (~4% Y/Y growth at midpoint)
Revenue & Expenses
Visualization of income flow from segment revenue to net income