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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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