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Iron Mountain Inc (IRM) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Iron Mountain Inc

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CIK: 1020569 Ticker: IRM
    

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FOR IMMEDIATE RELEASE

Iron Mountain Reports Third-Quarter 2018 Results
      
BOSTON – October 25, 2018 –
 Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, announces financial and operating results for the third quarter of 2018. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release and reconciliations of non-GAAP measures to the appropriate GAAP measures, are available on Iron Mountain’s Investor Relations website at http://investors.ironmountain.com/company/for-investors/events-and-presentations/events/event-details/2018/Q3-2018-Iron-Mountain-Incorporated-Earnings-Conference-Call/default.aspx or by clicking HERE.

Financial Performance Highlights for the Third Quarter and Year-to-date 2018
 
•
Total reported Revenues for the third quarter were $1,061 million in 2018, compared with $966 million in 2017. On a constant dollar (C$) basis, Total Revenues grew 12.4% compared to the prior year, reflecting a full quarter of results from recent data center acquisitions not included in the 2017 period. Year to date, Total reported Revenues were $3.16 billion, compared with $2.85 billion in 2017, an increase of 10.4% on a C$ basis.
•
Income from Continuing Operations for the third quarter was $79 million, compared with $25 million in the third quarter of 2017. Income from Continuing Operations included $9 million of significant acquisition costs in the third quarter of 2018, compared with $18 million in the third quarter of 2017. Year to date, Income from Continuing Operations was $218 million, compared with $167 million in 2017, with significant acquisition costs of $39 million in 2018 and $59 million in 2017. For the third quarter of 2017, Income from Continuing Operations also included $48 million of debt extinguishment charges associated with U.S. and Canadian debt refinancing activity.
•
On a reported dollar basis, Adjusted EBITDA for the third quarter was $364 million, compared with $323 million in 2017. On a C$ basis, Adjusted EBITDA increased by 14.8% reflecting the data center acquisitions noted above, flow through from revenue management programs, improvement in Service margins, and cost synergies resulting from the Recall acquisition. Year to date, Adjusted EBITDA was $1.08 billion, compared with $934 million in 2017, an increase of 14.5% on a C$ basis.
•
Reported EPS - Fully Diluted from Continuing Operations for the third quarter was $0.27 compared with $0.10 for the third quarter of 2017. Year to date, Reported EPS - Fully Diluted from Continuing Operations was $0.76 compared with $0.62 in 2017. Reported EPS in 2018 was impacted by increased interest, depreciation and amortization expense related to the recent data center acquisitions, while reported EPS in 2017 included the debt extinguishment charge noted above as well as a gain on sale of the company’s business in Russia and Ukraine.
•
Adjusted EPS for the third quarter was $0.28, compared with $0.31 in 2017. Adjusted EPS for the third quarter of 2018 reflects a structural tax rate of 20.3%, compared with a structural tax rate of 21.5% in 2017. Year to date, Adjusted EPS was $0.83, compared with $0.85 in 2017.
•
Net Income for the third quarter was $67 million compared with $24 million in 2017, reflecting impacts from the data center acquisitions noted above. Year to date, Net Income was $206 million compared with $164 million in 2017.

The following information was filed by Iron Mountain Inc (IRM) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Iron Mountain Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Equity
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Pro Forma Financial Information (Details)
Acquisitions - Schedule Of Purchase Price Allocation (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Details)
Debt (Tables)
Debt Covenant Ratios (Details)
Debt Schedule Of Long Term Debt (Details)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Details)
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Amount Of (Gain) Loss In Income On Derivatives (Details)
Derivative Instruments And Hedging Activities - Fair Value Of Derivative Instruments Not Designated As Heding Instruments (Details)
Derivative Instruments And Hedging Activities - Schedule Of Foreign Exchange Gains Related To Fair Of Debt (Details)
Divestments
Divestments (Tables)
Divestments - (Details)
Divestments - Results Of Operations (Details)
General
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Reconciliation To Income From Continuing Operations (Details)
Segment Information - Segment Reporting Information By Segment (Details)
Selected Consolidated Financial Statements Of Parent, Guarantors, Canada Company And Non-Guarantors
Selected Consolidated Financial Statements Of Parent, Guarantors, Canada Company And Non-Guarantors (Tables)
Selected Consolidated Financial Statements Of Parent, Guarantors, Canada Company And Non-Guarantors - Balance Sheets (Details)
Selected Consolidated Financial Statements Of Parent, Guarantors, Canada Company And Non-Guarantors - Statements Of Cash Flows (Details)
Selected Consolidated Financial Statements Of Parent, Guarantors, Canada Company And Non-Guarantors - Statements Of Operations (Details)
Significant Acquisition Costs
Significant Acquisition Costs (Details)
Significant Acquisition Costs (Tables)
Significant Acquisition Costs Significant Acquisition Costs By Segment (Details)
Significant Acquisition Costs Significant Acquisition Costs Included In Statements Of Operations (Details)
Stockholders' Equity Matters
Stockholders' Equity Matters (Tables)
Stockholders' Equity Matters - Dividends Declared (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accumulated Other Comprehensive Income And Other Expenses (Details)
Summary Of Significant Accounting Policies - Cash And Cash Equivalents And Foreign Currency (Details)
Summary Of Significant Accounting Policies - Fair Value Measurements (Details)
Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets - Amortization Expense (Details)
Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets And Liabilities - Finite-Lived Intangible Assets And Liabilities Narrative (Details)
Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets And Liabilities - Schedule Of Components Of Finite-Lived Intangible Assets (Details)
Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets And Liabilities - Schedule Of Other Finite-Lived Intangile Assets (Details)
Summary Of Significant Accounting Policies - Income Per Share, Allowance For Doubful Accounts, Income Taxes, And Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Revenue - Amortization Expense Associated With Commissions Asset And Intake Costs (Details)
Summary Of Significant Accounting Policies - Revenue - Contract Fulfillment Assets (Details)
Summary Of Significant Accounting Policies - Revenue - Summary Of Condensed Consolidated Statements Of Operations (Details)
Summary Of Significant Accounting Policies - Revenue - Summary Of Deferred Revenue Liabilities (Details)
Summary Of Significant Accounting Policies - Schedule Of Changes In Carrying Value Of Goodwill, By Reportable Operating Segment (Details)
Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies - Revenue - Narrative (Details)
Ticker: IRM
CIK: 1020569
Form Type: 10-Q Quarterly Report
Accession Number: 0001020569-18-000118
Submitted to the SEC: Thu Oct 25 2018 4:10:28 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

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