Iron Mountain Reports Third Quarter 2020 Results

BOSTON, MA (STL.News) Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, announces financial and operating results for the third quarter of 2020.  The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.

“The third quarter provided us with a great opportunity to demonstrate the significance of the measures we have taken over the last few months in response to the pandemic, and set a marker of out-performance through top-line resilience in our physical storage business, Adjusted EBITDA margin expansion, and by maintaining our strong cash generation track record,” said William L. Meaney, president and CEO of Iron Mountain.  “Despite lingering uncertainty related to the global COVID-19 pandemic, we are seeing improvement – albeit gradual – in key U.S. and international markets as it relates to our service activity levels whilst showing continued strong performance in both our physical storage business and our Global Data Center business.  I continue to be inspired by the tireless efforts of our teams as they support and care for our customers, each other, and our communities, whilst accelerating progress on our strategic priorities.”

Meaney commented on the results, “Adjusted EBITDA margins expanded 30 and 80 basis points year-over-year and sequentially, respectively.  The strength for margin expansion performance is even more impactful in the context of the continued investments we are making in innovation and product development, as well as a slight top-line decline, driven entirely by our service business.  I would like to thank all of our Mountaineers for this remarkable performance and for their steadfast focus on safety and execution.  Whilst this has been a very difficult time, we are proving to be very resilient.  We are financially healthy with strong and reliable cash flow, driven in part by our brand and customer loyalty.  This is evident in how we’ve managed the heightened uncertainty of the past 8 months.  We quickly aligned on the right mix of priorities to maintain strong near-term momentum whilst continuing our investments in innovation and new products as we execute our plan for long-term value creation.  This, combined with benefits from Project Summit, has allowed us to continue to invest in transforming and modernizing our company.  As demonstrated by our nine-month constant currency year-over-year Adjusted EBITDA and organic storage revenue growth, we can already see the evidence supporting our belief that we will emerge from this pandemic as a stronger company on all dimensions.”

NOTE: this is NOT the complete release.

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