Q3 2024 Iron Mountain Inc Earnings Call Transcript
Key Points
- Iron Mountain Inc (IRM) achieved record quarterly revenue of $1.6 billion, up 12% from the prior year.
- The company set a new adjusted EBITDA record of $568 million, up 14% year-over-year.
- AFFO per share on a normalized basis increased by 10% to $1.12 compared to the prior year.
- Strong performance in the digital solutions business with the launch of the DXP platform, securing 24 recurring revenue deals.
- Significant growth in the asset lifecycle management (ALM) business, with a 145% year-over-year increase in revenue.
- The strength of the US dollar posed a headwind, impacting revenue and AFFO on a constant currency basis.
- Data center service revenue was slightly down due to customer-specific installation work from the previous year.
- The company faces challenges in maintaining consistent growth in the data center business due to the lumpiness of large hyperscale contracts.
- Capital expenditures are expected to increase significantly, with a projection of $1.8 billion for the year, primarily for data center growth.
- Exposure to Latin American currencies, such as the Argentine peso and Brazilian real, negatively impacted financial results.
Good morning and welcome to the earned mall in third quarter 2024 earnings conference call. (Operator Instruction) Please note this event is being awarded. I would now like to turn the conference over to Ms. Gillian Tiltman, Senior Vice President and Head and Head of Investor Relations. Please go ahead, ma'am.
Thank you, Chad, and good morning and welcome to our third quarter 2024 earnings conference call. On today's call, we'll refer to materials available on our Investor Relations website. We're joined here today by William Meaney, President and Chief Executive Officer, and Barry Hytinen, Executive Vice President and Chief Financial Officer.
After prepared remarks, we'll open 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 for our quarterly report
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