Iron Mountain Has A Liquidity Problem
Alpha Gen Capital
Alpha Gen Capital
After The Special Dividend, Iron Mountain Can Deliver A 9% Total Return
Stephen Percoco, CFA
Stephen Percoco, CFA
Iron Mountain: REIT Conversion And Emerging Markets Fuel Upside Of 40%
Alpha Gen Capital
Alpha Gen Capital
Wed, Jun. 15, 7:03 AM
- Iron Mountain (NYSE:IRM) appoints Stuart Brown as EVP and CFO effective July 25 succeeding Roderick Day who will be leaving the company due to personal reasons that prevent him from relocating to Boston.
- Mr. Brown joins the firm from Red Robin Gourmet Burgers (NASDAQ:RRGB) where he has been CFO since 2011.
Wed, May 25, 5:14 PM
Thu, Apr. 28, 6:45 AM
Wed, Apr. 27, 5:30 PM
- AB, ABBV, ACOR, ADP, AEP, AET, AIT, ALKS, ALLE, ALXN, AME, APD, ASPS, AUO, AVT, AXTA, BC, BCOR, BG, BLL, BMS, BMY, BOFI, BWA, BWEN, BXLT, BZH, CAB, CAH, CBG, CCE, CELG, CHTR, CIT, CL, CLF, CLFD, CME, CMS, COMM, COP, COR, CRCM, CRI, CRR, CSH, CVI, CVRR, CWT, CY, DBD, DFT, DLX, DNKN, DOW, DPZ, EME, EPD, EQM, EQT, F, FCFS, FCN, GEO, GLOP, GNC, GOV, GTLS, GWR, HAR, HEES, HHS, HMC, HUN, I, IDA, IDCC, INGR, INSY, INT, IPGP, IQNT, IRDM, IRM, ITC, ITCI, IVC, IVZ, KERX, LANC, LBY, LKQ, LVLT, MA, MD, MDP, MHO, MINI, MITK, MJN, MMC, MO, MPC, MPLX, MSCI, MTH, NEE, NEWM, NOV, OAK, ODFL, ORI, OSK, PF, PJC, POT, PPL, PRLB, PTEN, QSR, RGS, RTIX, RTN, RUTH, SABR, SCG, SEE, SFE, SIRI, SNAK, SNE, SPB, SPIL, SQNS, TFX, THRM, TMO, TOWR, TPX, TWC, TZOO, UAN, UBSI, UFS, UPS, UTHR, VA, VAC, VC, VIAB, VIVO, WCC, WM, WNS, WST, XRS, YNDX, ZBH
Wed, Mar. 9, 5:46 PM
- Iron Mountain (NYSE:IRM) has offered to unload most of its Australian operations to win regulatory approval for its planned $2.6B cash/stock acquisition of Australia-based rival Recall Holdings.
- Australia's competition regulator plans to "conduct market testing" related to IRM's offer. IRM would keep its Australian data management business, as well as its Northern Territory records management customers, but sell the rest of its local ops.
- IRM says it still expects the Recall deal, announced in June following months of talks, to close "on or about" May 2.
Thu, Feb. 25, 2:28 PM
- With expectations subdued going in, Iron Mountain (IRM +2.6%) is up after slightly beating Q4 FFO estimates and missing on revenue.
- Citing forex swings, the storage/records service provider has cut its 2016 revenue and FFO/share guidance to $3B-$3.08B (flat to up slightly Y/Y) and $2.15-$2.22 from $3.165B-$3.265B and $2.15-$2.45. Consensus is at $3.1B and $2.21.
- Top-line performance: Storage rental revenue fell 1.6% Y/Y in Q4 to $457.8M; service revenue fell 5.7% to $294.7M. Forex had a 540 bps impact on total revenue growth (-3.3% vs. +2.1%). The impact was particularly strong for IRM's "Other International" reporting segment, which saw revenue drop 13.9% Y/Y to $104M on a reported basis and increase 7.5% in constant currency.
- Financials: Gross margin rose 20 bps Y/Y to 56.9%, and adjusted OIBDA margin 330 bps to 31.6%. 2015 capex totaled $444M; the 2016 budget is at $555M-$595M. IRM ended 2015 with $128M in cash and over $4.8B in debt.
- Iron Mountain's Q4 results, earnings slides
Thu, Feb. 25, 6:37 AM
Wed, Feb. 24, 5:30 PM
- AAON, ACIW, AG, ALKS, AMCX, AMRN, AMWD, ANSS, APA, APLP, AROC, BBY, BUD, CCOI, CHS, CLDX, CM, CNSL, CORE, CPB, CPK, CRI, CVC, DPZ, EGRX, EME, EMES, ENOC, FCH, FCN, FIG, GLOG, GOGO, GTLS, GVA, HBM, HEES, HMHC, HTWR, INCR, IONS, IRDM, IRM, ITC, KERX, KOP, KSS, LKQ, MITL, NEWM, NPO, [[NTi]], NXST, PCRX, PDCO, PF, PGTI, PRIM, PWR, RDUS, RGEN, RRD, RWLK, SAFM, SDRL, SEAS, SERV, SFM, SFUN, SHLD, SPAR, STWD, TD, TFX, TREE, TWI, UNT, UTHR, VAC, VC, VWR, W, WIN, WNR, WNRL, WPC, XCRA, ZBRA, ZEUS
Thu, Feb. 18, 6:09 AM
Mon, Feb. 1, 3:09 PM
- In a presentation (.pdf) posted on the company's site, Iron Mountain (IRM -0.9%) reiterates 2016 constant currency guidance for revenue of $3.165B-$3.265B and normalized FFO/share of $2.15-$2.45. Consensus in reported dollars is for revenue of $3.1B and FFO/share of $2.21.
- IRM also forecasts it will have $760M in cash available for its dividend and "discretionary growth investments" on a standalone basis by 2020, and projects a minimum dividend/share of $2.18 in 2018 (up from 2015's $1.91). The records/storage services REIT's dividend/AFFO ratio is expected to drop to 67% in 2018 from 82% in 2015, with its share count rising by 5M to 218M.
Fri, Jan. 8, 9:46 AM
- These income favorites are known for having had a tough time of it in 2015, in part thanks to worries about rising interest rates. MKM's Jonathan Krinsky, however, notes REITs have been relatively outperforming the S&P 500 for months and have just broken out to nine-month highs versus the broader market.
- Krinsky's a technician, so he's staying with the trend and recommending going long REITs (NYSEARCA:IYR) versus the S&P 500.
- Turning to individual REIT sectors and names, he's overweight apartments (AIV, AVB, ESS, EQR, MAA), UDR), storage (CUBE, EXR, PSA, SSS), and shopping malls (KIM, MAC, FRT, REG, IRM).
- He's equal weight data centers (buys: CONE, DCT, QTS, sells: EGP), diversified (buys: AMT, CCI, DLR, DRE, PSB, sells: EQIX, LPT, STAG, VNO, WY, WPC).
- He's underweight office property (buys: EQC, sells: HPP, FSP, GOV, KRC, OFC, PKY, SLG), hotels (sells: AHT, FCH, HPT, HST), mREITs (sells: ARR, STWD, RSO, buy: ABR), healthcare (sells: HCP, MPW, OHI, VTR, buys: DOC, HR, HTA)
Oct. 30, 2015, 7:19 AM
- Iron Mountain (NYSE:IRM): Q3 FFO of $0.55 beats by $0.05.
- Revenue of $746.53M (-4.6% Y/Y) misses by $20.04M.
Oct. 29, 2015, 5:30 PM| Oct. 29, 2015, 5:30 PM | 19 Comments
Sep. 30, 2015, 12:14 PM
- Iron Mountain (IRM +1.2%) has sold $1B worth of 6% senior notes due 2020. Concurrently, the company is redeeming its 6.75% euro-denominated senior notes due 2018, 7.75% senior notes due 2019, and 8.375% senior notes due 2021.
- The restructuring comes as Iron Mountain gets set to buy Australian rival Recall Holdings in a $2.6B cash/stock deal. The records storage/data protection REIT had $4.8B of debt at the end of Q2, and $117M in cash.
Aug. 27, 2015, 8:04 AM
- Iron Mountain (NYSE:IRM) declares $0.47/share quarterly dividend, in line with previous.
- Forward yield 6.93%
- Payable Sept. 30; for shareholders of record Sept. 11; ex-div Sept. 9.
Jul. 30, 2015, 2:16 PM
- With a Q2 miss on the books, Iron Mountain (NYSE:IRM) now expects 2015 revenue to be at the low end of a prior $3.03B-$3.15B guidance range (consensus is at $3.08B). Adjusted EPS and FFO/share are expected to grow 1%-5% on a constant currency basis. The 2015 FFO/share consensus in actual dollars is $2.09, 8% below a 2014 level of $2.27.
- Key numbers: Storage rental revenue fell 1.2% Y/Y in Q2 to $461.2M, and service revenue 6.7% to $298.5M. Gross margin fell 10 bps to 57.1%, with a 330 bps drop in services GM offsetting an 80 bps increase in storage rental GM. Operating expenses fell 1.5% to $630.2M. Net volume rose 2.8% Y/Y to 526 CuFt MM, after rising 3.5% in Q1; North America +1.2%, Western Europe +3%; other international +9.7%.
- Forex had a 5.7% impact on total revenue growth. Ahead of the Recall deal, IRM ended Q2 with $117.1M in cash, and $4.8B in debt.
- Q2 results, earnings slides
Iron Mountain, Inc. engages in the provision of storage and information management solutions. It operates through the following segments: North American Records and Information Management Business, North American Data Management Business, Western European Business, Other International Business,... More
Industry: Business Software & Services
Country: United States
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