Q3 2021 Iron Mountain Inc Earnings Call

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Good morning, and welcome to the Iron Mountain stood quota of 2021 earnings conference call.

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I would not allowed to attend the conference of it to Sarah Berry oven piece of relations. Please go ahead.

Thank you Chris Good morning, and welcome to our third quarter of 2021 earnings Conference call.

On today's call, we will refer to materials available on our Investor Relations website.

We are joined here today by Bill Me neat President and C E O and Bury Heightening R. E V. P N C F F.

After prepared remarks will open up the lines for Q&A.

Today's earnings materials contain forward looking statements, including statements regarding our expectation.

I'll forward looking statements are subject to risks and uncertainties.

Please refer to today's earnings material the Safe Harbor language on site to in our annual report on Form 10-K for a discussion of the major risk factors that could cause our actual results to differ from those in our forward looking statements.

In addition, we use several non-GAAP measures when presenting our financial resolved.

We have included the reconciliations to these measures and our supplemental financial information.

With that I'll turn the call over to Belle thank.

Thank you Sarah and thank you all for taking time to join US. We are pleased to have delivered strong performance in the third quarter, reflecting are brought offerings deep customer relationships resilient business model and the strength of our team. This can be easily highlighted by our 7.4% total organic revenue growth. This strong overall organic revenue grew.

<unk> has been delivered by continues strengthen our storage business as well as double digit growth in our new and existing digital offerings, including data center inside or digital transformation services, and I T acid disposition or I tat.

Throughout the pandemic, including the most recent challenges of the Delta area are mountaineers around the world have truly stepped up each and every day to put our customers first with a focus on growth.

I am both proud and humbled by this incredibly talented and dedicated team and what we've been able to accomplish through such a challenging time.

Today's results, including our strong organic revenue growth exceeding 7% is a direct result of their dedication in serving our customers in ways they need to keep their businesses growing.

We have a lot to cover today, so I'll start with a brief overview of our results in key business drivers during the third quarter, we reported revenue of over $1.1 billion and EBITDA of over EBITDA of $418 million, both of which are new record highs are results are fuelled by increased demand for our service.

Says across key markets and continued positive momentum in the business or digital services and I Tad business continued to build on its prior performance and deliberate almost 20% growth in the quarter.

Today, we are proud to say that 95% of the fortune 1000 are among the 225000 of our loyal customer base.

We have a growing footprint of more than 1460 facilities and with our recent expansion in the middle East. We are now present in 63 countries and we are supported by 25000 mountaineers across the globe.

As we look ahead to future opportunities. There is no doubt the world has changed but we're making the improvements to our business today to serve the change needs of the World Tomorrow that is why we have built evolved and expanded our trusted relationships with our customers has not only the leading storage platform a physical assets.

But also the business services partner to support data Center co location.

Information security.

Data insights secure I T asset disposition and business process management.

With this focus we have expanded our total addressable market to more than $80 billion together with our strong customer relationships focus on innovation and 70 year heritage. We are operating from a unique position of strength.

Now, let's turn to some of the exciting events during the quarter.

You'll hear us talk a lot about customer centricity here at our mountain and when we help our customers not only protect their information, but also unlock new revenue opportunities as well as cost efficiencies, that's a big win for our customers and ultimately for us.

We were proud to be featured as one of the winners of Google's first ever Google Cloud customer award for financial services for our work with a large financial institution.

This is a great follow an award from a couple of years ago. When we won their machine learning artificial intelligence partner of the year.

But this award we leveraged our expertise and mortgage document processing to train the Sharon machine learning models to automate document classification and data extraction and validation deliver advanced exception management and unlocked value for our customers in.

In line with our automation first mindset, we utilized google's document understanding for a I L. The rhythms in Iron Mountains insight platform to identify classify extract invalidate loan data to support authenticity accuracy incompleteness.

As a result of our services the customer has seen efficiency improvements, including a 25% post closing cost reduction increase scalability, a shortened cycle time and increased responsiveness to market demand among other enhancement.

We are not only proud of our work with this financial services customer, but are also dedicated to continuing to enrich our customers ability to protect and preserve their high value assets in and in turn a system with gaining market share in their businesses through higher and customer satisfaction.

I'm also pleased to report that Iron Mountain received the J P. Morgan Chase strategic diverse goals supplier award for our commitment to supplier diversity and the contributions of our very own supplier diversity program.

To get together with our fellow gold suppliers, we have collectively agreed to increase spending with diverse owned businesses and have set ambitious goals over the next three years.

As part of this we are on track to achieve our goal of $63 million and supplier diversity spend by the end of 2021.

This is not just about our diversity goals, but it is also about helping our customers like J P. Morgan Chase and our fellow gold suppliers to drive improvements in supply of diversity, which we recognize is important for all communities in which we operate.

By working together, we are having a far greater impact than any one company can achieve alone.

I would now like to highlight our recent when working together with general dynamics you will recall, we've been speaking for some time about the potential for our services inside the U S Federal government.

Whilst the transformation of the federal government has taken some time, we are seeing over the past year major growth in our business across a number of governmental agencies.

This growth is due not only to the residents that our products are having with the government and assisting them on their own transformation paths, but also to the work our government team has done in partnership with the likes of general dynamics.

This partnership has already resulted in a three year Iron mountain contract worth $23 million to help the department of Veterans Affairs with their digital transformation in order to serve better R. U S soldiers.

As part of this initial project, we're helping the U S Department of Veterans Affairs digitally process, an estimated 15 million official military personnel files through digital transformation. This agency is taking a proactive approach to provide greater access to personnel files as well as streamline the overall claims process in order to get veterans.

The benefits they deserve.

In addition to our success with general dynamics I would like to highlight another win in our global room segment.

We've had a long standing relationship with a major global financial institution for over 20 years, and we have recently expanded our relationship with them by signing a new 10 year global contract in which they committed to renew and consolidate all global records and data management business with us.

Through this work along with our global scale, we wanted an additional two year contract for data restoration and migration services, we will provide the customer with clear detailed information from backup tapes spanning 11 years, which will help them make informed decisions around data deletion retention and remediation.

Ultimately, we will reduce and enhance data management and compliance.

Finally, turning to data center, we are well on track to exceeding our bookings target of 30 megawatts. This year in fact through October we stand a 24 megawatts. In addition to our continued growth in bookings this quarter. We closed on the acquisition of our new data center in Frankfurt, when we purchased the new Frankfurt data Center, we inherited over <unk>.

Two megawatts of existing clients and we have expansion capacity of eight megawatts for a total of over 10 megawatts on that site.

Already in this quarter, we have signed one six megawatts of new leases for this site and have a strong pipeline, which should absorb the remaining capacity over the next two to three years.

I should also add that our first in purpose built data center in Frankfurt is up and running and the tenant which leases the entire 27 megawatts is moving in this quarter.

With this transaction in Frankfurt, we now have a total potential capacity in Europe have more than 107 megawatts, which provides access to important internet interconnection markets for new and existing customers looking for reliable flexible as secure data center locations across.

The Frankfurt, Amsterdam, and London markets.

Even with a rapid growth sustainability remains at the core of how we offer data center capacity Iron Mountain continues to soar to source more than 100% of its energy used for data centers from renewable energy.

Moreover, as we announced in April we took a significant step forward in the development of enhanced solutions for purchasing renewable energy by entering into an agreement to track the hourly load I'm proud to announce that this September we were able to report on our performance for the first half of the year for our data centers in Ohio, Pennsylvania and new.

Jersey that are benefiting from this agreement.

Over the past several months, we have taken definitive steps towards a truly carbon free energy supply not just by offsetting our carbon footprint by purchasing and reselling renewables, but by matching renewable energy in the very grids in which we operate we had the first company to join Google to adopt the 24 seven carbon free energy go and we'd be.

Became a founding signatory to the the new U N clean energy compact being released at Cop twenty-six this week.

We can already published 24, seven carbon free energy performance at three of our camp at three of our campuses, becoming the first large co location data center provider with this capability.

We recognize that we are an important component of our clients energy footprint and we will continue to take every opportunity to minimize our environmental impact on their behalf.

The awards and successes I outlined today or just a few among the various wins iron Mountain is achieved this quarter as we continue to deliver accelerated growth that are IRR. In spite of the continued impact of COVID-19 on some of our traditional service areas I am confident that are resilient business model expanded product portfolio.

Customer first culture and strategic transformation will continue to deliver strong sales growth with that I'll turn the call over to Barry.

Thanks, Bill and thank you for joining us.

The third quarter exceeded our expectations across each of our key financial metrics.

Continuing the trend we've seen over the last few quarters revenue continued to strengthen with a strong recovery and service revenue, reflecting accelerating rates of growth driven by the new service offerings build discussed.

Our core physical storage business performed well and we are seeing continued strength in our growth areas.

Turning to our results for the quarter.

On a reported basis revenue of $1.13 billion grew 9% total organic revenue increased 7.4% year over year as.

As an example of the momentum we are building on a two year basis or organic revenue growth continue to accelerate in the quarter.

Organic service revenue increased $61 million or 18%.

Our team drove strong growth in both our global digital solutions business and secure I T acid disposition.

Total organic storage rental revenue grew to 3% with continued benefit from pricing and positive trends in volume.

Adjusted EBITDA was $418 million, an increase of $42 million from last year.

We exceeded the projections, we shared on our last call as the team drove improved margin performance. Despite the stronger U S dollar.

A F F O was $263 million or 90 cents on a per year basis up $47 million.15, respectively from the third quarter of last year.

Turning to segment performance in the third quarter, our global rim business delivered revenue of $996 million, an increase of $74 million from last year.

On an organic basis revenue increased 6%.

The team performed well with constant currency storage rental revenue growth of 2.7% or 1.8% on an organic basis.

This performance reflects an acceleration and growth as compared to the last few quarters.

Growth was driven by pricing and volume.

With positive volume trends in the mid East deal that Bill mentioned total physical volume achieved a new all time record of 744 million cubic feet.

We are pleased with the underlying trends and continue to expect total volume on an organic basis to be flat to modestly up for the full year.

Our traditional services business continued to recover from the pandemic with revenue growing 14% year over year, albeit is still down 4% from the levels achieved in 2019, reflecting the continued COVID-19 impact.

Global Ram adjusted EBITDA was $443 million, an increase of $49 million a year on year.

Just EBITDA margin expanded 180 basis points year over year as a result of strong operating leverage and improve the service margins.

Turning to our global data center business, our team booked nine megawatts in the quarter and through the end of the third quarter, we are booked 22 megawatts.

With our strong and building pipeline and the additional contracts. We've already signed this quarter. We are confident in our ability to exceed our full year guidance of 30 megawatts.

In terms of revenue as we projected growth accelerated sharply to 22% year over year.

In light of our strong performance year to date and prior to your bookings. We now expect full year revenue growth of at least mid teens percent exceeding our prior projections.

Adjusted EBITDA margin of 40% was consistent with the expectations, we shared on our last call and driven by Buildout services at our Frankfurt facility.

Turning to project summit this quarter the team delivered $38 million of incremental ear on your adjusted EBITDA benefit we continue to expect to hear on your benefits from summit of $160 million with another $50 million a year on year benefit in 2022.

Total capital expenditures were $138 million of which 100 million was growth and 38 million was recurring.

Turning to the balance sheet, we ended the quarter with net lease adjusted leverage of five four times slightly better than our projection.

As we have said before we are committed to our long term leverage range of four and a half to five and a half times for 2021, we expect to exit the year at levels at or below the third quarter.

From a cash cycled perspective, I would like to highlight that our team drilled at two day improvement from last year, and specifically call out that our days sales outstanding or at the best level they've been at in several years.

With our strong financial position our board of directors declared our quarterly dividend of 62 cents per share to be paid in early January.

Turning to our outlook with the ongoing pandemic and where we are in the year I feel it will be helpful to provide our view extend lucidly for this quarter.

We expect total revenue growth to be in the high single digit percentage range year over year in the fourth quarter.

Four EBITA, we expect percentage growth to be in the range of low double digit to low teens year over year in the fourth quarter.

We expect year over year <unk> growth in excess of 30% in the fourth quarter as.

As you May remember last year, we had an elevated level of maintenance capex in the fourth quarter as we caught up from pandemic driven delays.

On a more normalised level of Capex spend last year. This implies at least 20% growth in <unk> in the fourth quarter of 2021.

In summary, our teams executing well our pipeline is growing and momentum continues to build across our business are addressable market continues to expand and we'll we feel confident in our ability to drive growth.

We feel well positioned and look forward to updating you on our progress following in the fourth quarter and with that operator. Please open the line for Q&A.

Thank you so ladies and gentlemen, we will now begin the question and answer session. It's also questions you might restart in the one on your telephone keypad.

If you're using a speaker phone please pick up you hadn't seen before pressing the keys.

He said anytime you question has been a <unk> and you would like to withdraw your question. Please <unk> too.

We wanted a <unk> two one Christian and you'd Kinsey rejoined the queue.

[noise] offers Christian is from Sheila Mcgruff Ah typical please go ahead.

I guess, good morning billing Barry I've gotten questions from investors that bottom line growth and margin improvement has benefited from project stomach and that benefit will be less of that factor going forward can you outline line what revenue growth opportunities you are positive about for Iron Mountain looking out the next few.

Two years and a related question to that is can you also outline how you're able to effectively presents such a broad offering a products to your customers.

When it appears that would be different context at the at the customers for storage versus data centers person insight.

Okay. Good morning. She also I'll start we've kind of strategically and where the product portfolio is going and then I'll like Barry comment a little bit more on the the nuts and bolts in terms of margin.

So so thanks for the question I think <unk> I think part of project summit, you've seen that show up in the record high EBITDA margin that we have this quarter. So thanks for the call out on that and I think that that's an ongoing benefit that will will have that EBITDA margin may move up and down depending on the product mix. It comes to your product portfolio.

Question on the product portfolio part of summit that you haven't seen directly in other words. It isn't in the margin is we've also taken a lot of benefit of projects summit in reinvested in the business. So besides actually driving the margin improvement that we printed today. We've also invested reinvested in the business and that's really what's driven that total addressable market goes.

From $10 billion to 80 billion that we've highlighted the last few quarters and part of that $80 billion of new total addressable market is the almost 20% growth that we've seen in digital services, which is primarily or insight driven digital platform together with ITE asset disposal business right. So those are some of the new areas.

I think you are you are highlighting behind your question. So we actually see that business is growing strong double digits right and we see that continue you take that on top of the growth and the continued acceleration and growth in our data center business. He said, we're well on track to exceed our our upgraded guidance last quarter of 30 megawatts of booking.

For this year than I do we do.

Expect to see continue with levels of revenue growth like we've seen in the last few few quarters because.

This growth that we've seen in the top line wells we've seen.

Luckily some recovery in terms of our traditional service business I think it's fair to say that we've seen an acceleration in terms of our revenue growth, that's really driven by the new product areas and less from what I would call. It a rebound from from historically low activity due to Covid I don't know Barry if you want to kind of.

Comment a little bit around the margin.

Good morning, and thanks for the question I would say when we look outlook and you look at where our margin has been recently, where it's going to continue to go we have very favorable trends in pricing I think that you will continue to see at least the level of pricing activity going forward as we've seen here over the last.

You are so some macro trends there that are both positive for us I think on on a pricing benefit. If you look at our data center business. The margin as we talked about has on a transitory basis has been a little bit lower than where we expect it to go over time that business is obviously dealing with some fit out on our Frank.

<unk> facility, which is transitory here in the third and the fourth quarter and as we move forward, we see that margin expanding so that's obviously a very nice secular tailwind to the business and then I would say when you look at ongoing productivity. We continue to see that so while summit has been incredibly beneficial to the business and we'll have more summit benefit year on year.

Next year, we certainly see the opportunity for additional productivity. The only other thing I'll say is as you know since you're <unk> all of the company well we've had a couple of relatively large sale leaseback transactions over the last 12 months and while I expect to continue to do a relative amount of capital recycling that's been a big.

[noise] headwind on a year over year basis. So if that comes down to more a little more normalised level going forward that that's also a benefit.

Thank you. So the next question is from George tongue of Goldman Sachs. Please go ahead.

Hi, Thanks, good morning.

As it relates to your overall grilled portfolio can you provide that sense of how quickly grew and also discuss examples of recent success interaction outside of your data centres business.

Yep.

Thanks for it so if you look at the 20% growth that we called out this quarter or just just under 20% growth. That's all non data center. So that's the that is the what we call iPad or IP asset disposal business and we've won some recent large global contracts for that mainly for corporates that are trying to make sure that they both.

Manage the the secure destruction of any information that happens to be on their devices or hardware as well as making sure that they can be managed and environmentally friendly friendly way. So that's that's one part of it and the other part of it is just the rapid growth that we've seen in adoption of our insight platform.

I'm, an overall digitization of People's information, So that's everything from people taking advantage to say okay.

Retrieving documents on a very simple basis is we want to actually retrieve them electronically through the insight platform, where they can assess those from from a secure platform in the cloud to digital mailroom, which is beyond the typical male room.

Employee arbitrage model, but again, allowing people to have a not only access to the information that comes through their mail room, but to be able to operate in a hybrid work fashion in other words, where people can work.

I'm home and the office and always have access to the information to even some what I would call larger more complex deals I mean, I just returned from the middle East about a month ago, where we're working with a government there in the national archives to help them digitize everything about the way the government works.

And that's again using the insight platform, but it's not just the inside platform, but auto classification of the documents to create meta data so that they can actually share the information digitally to the right people with the right security level in a way that can be managed for the long term. So so it's a multifaceted.

Thing, but those are the areas that are really driving a lot of the top line growth that we that we see today and as well as our data center business I mean, obviously the data center business with the type of bookings that we have will continue to drive increasing levels of growth I should but I should not miss out is the underlying growth of the the more traditional side of the business.

Mostly driven by pricing continues to chug along nicely.

Thank you. So the next question is from Shlomo Rosenbalm off a subtle. Please go ahead.

Mister Rosenbaum Yolanda's open just check that you're not muted.

Sorry, I was muted thanks for more [laughter] I want to ask a little bit about the storage business and some of the puts and takes that went through it seems like there is some there was an acquisition something added about 10 million cubic feet. You guys are getting pricing there was some organic growth when.

I go to the total revenue from adjusted storage, you know when including the terminations and permanent withdrawal fees, it's really flattish sequentially and so I just want to ask you what are some of the puts and takes that you might've seen on this in a sequential basis, because <unk> come into the last quarter expecting some volume.

To come in that will pent up from COVID-19, and we'll just wondering how this is translating into <unk> into revenue as you kind of build through the year.

Hi, Shlomo expiry. Thanks for the question I will try to unpack that for you. So you are right. We did close on the transaction in the mid East, which we think is a great platform for us to continue to grow in that region together with our existing business and I will note that that close very late in the.

Quarter and the second half of September So really had almost no benefit to the quarter in terms of the financials, albeit you know it is in our Q as you note. So that didn't really help the sequential on the pricing you might recall that at the beginning of the year and then again on the first quarter call I mentioned that all.

All of the pricing we had planned for was already set as of March or April and so the sequential benefit on pricing was not much and.

We weren't planning for it and then the other thing I'll call out as you think about the storage sequentially is we did that that's the software escrow business in June 2nd first part of June last a quarter and so the sequential move from the second or third on storage that was completely storage business.

So it's about six or $7 million of sequential decline due to that being in the second quarter, but not in the third quarter. So all in we feel quite good in fact, I'll I'll be I'll tell you that the storage revenue perform better than we were planning on a sequential basis and as it relates to.

The point about pent up demand you recall last quarter, we did note that and it was in in some of the economy's, particularly in Asia, and I'd say with the some of the Covid and Delta variant and various other elements that occurred in some of those markets. We continue to have a pretty good size backlog that bill anything you want to add.

Okay.

Thank you. So then the next question is from and then you have a cup of Wells Fargo. Please go ahead.

Great. Thanks for taking the question I just wanted to touch upon fairly topical area and data centers today, a lot of talking to your industry about cost inflation in terms of development costs, along with supply chain challenges and getting new equipment, maybe you could just give us your perspective on what you're seeing on your footprint whether that's.

Any development cost inflation any development delays in terms of timing and also the impact of higher power cost, particularly in Europe, and then you know from a broader pricing perspective, you think that this environment may be supportive.

Of industry pricing moving upwards in the next couple of years as we worked through all these challenges. Thanks.

Thanks, Eric.

I appreciate the question so.

Two or three points that I'll cover in your question I think the first bit is that I would say that for 2022 in terms of supply chain, we're pretty well covered just because lead time, but to your point as we have seen I would say 10 to 12 weeks increase in and supply chain or lead time on some of the the.

MEP and related equipment.

And even including steel and some market. So I you know I think to your point is we are seeing a lengthening of the supply chain, but I would say for 2022 were well covered because that's already been in training committed contracts to actually do that filled out and we're now we're already looking at 2023, and we're factoring in that extended lead time for some of that equipment in our.

Planning so.

The good news the bad news is that the lead times have increase the good news is that we are well covered for 2022. So we've got the time to make sure we incorporate that in our planning for 2023, So that's I would say.

One aspect and in terms of the increase in the prices. So we're pretty well hedged for the 2022 commitments that we have because those are contracts that we've already but we are seeing an increase in inflation in some of those raw materials that being said because this is a business where the cost of construction is well known in quite transparent.

To our customer base is we see trends and we expect that to continue that are pricing will go in line with the cost of build so I.

I think we're kind of naturally hedge given the transparency of these these businesses.

In terms of the power cost is that the again, we're pretty well covered for this year, but we have seen an uptick in pricing and pretty much all the markets as you.

Everyone's notice and I would say that first part is I would say about 60% of our portfolio is in 2022 will be pretty much straight power pass through so we don't we don't have any exposure in terms of the power costs that the remainder is most of that is still on long term.

We've contracted to the power long term. So you think of our businesses north of 70% naturally hedged in the part that isn't is.

Is up for renewal during the course of 2022 or a big part of it is so we don't really see power affecting us in any material way and in fact, we C continue upward progression in terms of our EBITDA margins as we get into 20th 2022. So.

Thanks for the question.

Thank you Sir.

The next question is from Andrew Sandeman off J P. Morgan. Please go ahead.

Hi, This is Alex on for Andrew Steiner men.

Our question is regarding your guidance your guidance for high single digit percentage growth in revenue and low double digit to low teens percentage growth and EBITDA fourthquarter appears to imply an adjusted EBITDA margin of about 36.5%.

Can you confirm that we're doing the master right maybe speak with some of the drivers behind that thank you.

Hi, Alex it's very thanks for the question what can I help you with both the revenue in the <unk> the way we're thinking about it so in the fourth quarter you right. We set about high single digit so, let's say, that's eight or 9% on the revenue side just to give you a couple of the puts and takes we have the dollar stronger so we have less.

And a point of FX benefit year on year, and a similar amount from M&A less than a point because just as a reminder, as I mentioned is Shlomo, we divested that software escrow business in the second quarter and.

So as a result, it's not much I mean, a benefit so that leaves you with about call at 7% of organic constant currency.

Growth and with the strength of the data center business that'll contribute probably a one and a half points alone because that businesses performing very well and so you should be working with your model and think like 20 plus percent growth in the fourth quarter from our data center business.

The balance would be coming from low single digit growth in our storage rental revenue and that'll be with good pricing contribution of course. The remainder is his bills highlighted on the call. The very nice growth, we're seeing out of our digital solutions inside had business on the EBITDA stand side, we're looking at low double.

Digit to low sorry, mid teens growth. So, let's say, that's 13 or so percent just to keep the midpoint there for the purposes of this discussion that's about call at $48 million a year on year increase F. X is a very small <unk> contribution almost nothing and M&A would be actually a net negative you know on a year over year.

Base in light of the escrow business was a very high margin and so you know think about data center as having a modest increase in margin sequentially still affected by the fit out in Frankfurt. So a few million dollars a benefit to you, but from data center or Summat.

Is our summit to project is doing phenomenally, well and the team is executing very well, you'll probably see 30 plus million dollars a year on your benefit in the quarter from that and then of course pricing will continue to be a very strong contributor and the services margin I expect to continue to improve which you've been seeing throughout the year. So naturally there's some offsets with sale leaseback as I am.

Mentioned earlier and higher levels of commission in light of the very good trajectory. The team is driving on on top line. So we're feeling very good about the fourth quarter as we sit here today and look forward to talking to you about it in 90 days. Thank you have a great day.

Thank you. So this concludes our question and answer session and the Iron Mountain third quarter 2021 earnings Conference Cool. Thank you for attending today's presentation and you may now disconnect.

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