Q2 2024 Iron Mountain Inc Earnings Call Transcript
Key Points
- Iron Mountain Inc (IRM) achieved record revenue of $1.534 billion, up 13% year-on-year.
- The company saw strong growth in both storage (11%) and service (17%) revenues.
- Adjusted EBITDA reached a new high of $544 million, up 14% year-on-year.
- The Board of Directors authorized a 10% increase in the quarterly dividend to $0.715.
- Iron Mountain Inc (IRM) secured significant new contracts in its data center and digital solutions businesses, including a 25-megawatt contract in London and a 36-megawatt contract in Phoenix.
- The strength of the US dollar continued to be a headwind, impacting revenue and AFFO growth.
- Despite strong performance, the company faces ongoing challenges with power inflation affecting storage costs.
- Real estate depreciation increased by $14 million sequentially, indicating higher capital expenditures.
- The company's leverage ratio remains relatively high at 5.0 times net lease adjusted leverage.
- There are concerns about the sustainability of high single-digit price growth as inflation wanes.
Good morning, and welcome to the Iron Mountain second quarter 2024 earnings conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Gillian Tiltman, Senior Vice President and Head of Investor Relations. Please go ahead.
Thank you, Rocco. Good morning and welcome to our second quarter 2024 earnings conference call. On today's call, we'll refer to materials available on our Investor Relations website. We are joined here today by Will Meaney, President and Chief Executive Officer; and Barry Hytinen, Executive Vice President and Chief Financial Officer. After prepared remarks, we'll open up the lines for Q&A.
Today's earnings materials contain forward-looking statements, including statements regarding our expectations. All forward-looking statements are subject to risks and uncertainties. Please refer to today's earnings materials, the safe harbor language on slide 2 and our quarterly report on Form 10-Q
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