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• Quarterly Revenue: $1.6 billion, representing 8% year-over-year growth.

• Adjusted EBITDA: $580 million, an increase of 12% compared to last year.

• Organic Growth: 8% in the quarter.

• Total Storage Revenue: $948 million, up 9% on an organic basis.

• Total Service Revenue: $644 million, with organic service growth of 7.1%.

• Adjusted EBITDA Margin: 36.4%, up 130 basis points year-on-year.

• AFFO: $348 million, up 8% on a reported basis and 10% excluding FX.

• AFFO Per Share: $1.17, up 6% on a reported basis and 9% excluding FX.

• Global RIM Revenue: $1.26 billion, driven by revenue management and digital solutions.

• Data Center Revenue: $173 million, with 24% organic storage rental growth.

• ALM Revenue: $121 million, a 44% increase year-over-year, with 22% organic growth.

• Capital Expenditures: $657 million, with $629 million of growth and $28 million of recurring.

• Dividend: $0.785 per share, with a payout ratio of 62%.

• Full Year Revenue Guidance: $6.74 billion to $6.89 billion, representing 11% growth at the midpoint.

• Full Year Adjusted EBITDA Guidance: $2.505 billion to $2.555 billion, representing 13% growth at the midpoint.

• Full Year AFFO Guidance: $1.48 billion to $1.51 billion, with AFFO per share of $4.95 to $5.05.

• Warning! GuruFocus has detected 7 Warning Signs with IRM.

Release Date: May 01, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Iron Mountain Inc (NYSE:IRM) achieved all-time high quarterly revenue of $1.6 billion, representing an 8% year-over-year growth.

• The company's adjusted EBITDA increased by 12% to $580 million compared to last year, with a 13% growth when excluding foreign exchange effects.

• The portfolio of growth businesses, including data center, digital solutions, and asset life cycle management, collectively grew more than 20% in the quarter.

• Iron Mountain Inc (NYSE:IRM) secured a significant $140 million contract with the Department of Treasury for digital transformation, showcasing its capabilities in digital solutions.

• The company increased its full-year guidance, reflecting strong Q1 performance and a positive outlook, with expectations of double-digit revenue and profit growth.

Negative Points

• Leasing activity in the data center segment has been uncharacteristically low for the last three quarters, raising concerns about achieving the projected 125 megawatts of total new leasing.

• The consumer storage business remained a headwind to revenue growth in the first quarter, despite improvements in profitability and storage reservations.

• Pricing in the asset life cycle management market was broadly flat to slightly down, which could impact future revenue growth.

• The company faces potential tariff exposure in its data center construction, although it estimates less than 5% impact.

• Iron Mountain Inc (NYSE:IRM) did not sign new hyperscale contracts in the quarter, though it expects strong interest to convert over the course of the year.