Iron Mountain Inc. (IRM) - NYSE
  • 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
    | Jul. 30, 2015, 2:16 PM
  • Jun. 2, 2015, 9:47 AM
    • Jefferies has downgraded Iron Mountain (NYSE:IRM) to Underperform, and set a $29 target. The firm cites secular pressures on organic growth, margin concerns, expected capital raises to maintain the company's dividend (current yield of 5.3%), and a belief its depreciation accounting is leading FFO to be overstated.
    • The records storage/data protection services firm is a little over a month removed from striking a $2B stock/cash deal to buy Australian rival Recall Holdings, and posting a Q1 miss.
    | Jun. 2, 2015, 9:47 AM
  • Apr. 28, 2015, 2:39 PM
    • 4 months after Australian document management/data protection firm Recall Holdings rejected a $1.8B buyout offer from Iron Mountain (IRM +3.1%), it has agreed in principle to a $2B deal. The deal is contingent on "Iron Mountain and Recall conducting confirmatory due diligence and negotiating and executing mutually acceptable merger documentation and other terms and conditions."
    • Per the deal terms, Iron Mountain will issue 0.1722 shares for each Recall share, while giving Recall investors the option to receive up to $225M of the payment via A$8.50/share in cash (a 12% premium to Recall's Tuesday close in Sydney).
    • IRM/Recall promise the deal will be "highly accretive after year one for both companies shareholders," and yield $125M-$140M/year in synergies thanks to REIT conversion.
    • Along with the announcement, IRM has posted its Q1 results. Normalized FFO was $0.50 (below a $0.53 consensus), and revenue was $749M (below a $766.7M consensus, -3% Y/Y).
    • AFFO totaled $128M.  Storage rental revenue was flat at $458.9M, but service revenue fell 6.7% to $311.2M. Net volume grew 3.5%, and gross margin rose 60 bps to 57.1%.
    • Full-year revenue and normalized FFO guidance is still respectively at $3.03B-$3.15B and $2.00-$2.20 (consensus is at $3.11B and $2.16). Likewise, full-year AFFO guidance (new definition) is still at $480M-$520M.
    • Q1 earnings slides (.pdf)
    | Apr. 28, 2015, 2:39 PM
  • Apr. 28, 2015, 9:12 AM
    | Apr. 28, 2015, 9:12 AM | 2 Comments
  • Feb. 20, 2015, 12:30 PM
    • Iron Mountain's (NYSE:IRM) storage rental revenue rose 2.2% Y/Y in Q4 to $465.4M, a slowdown from Q3's 5.3% growth and pressuring its top line. Likewise, service revenue was nearly unchanged Y/Y at $312.6M, after growing 1.2% in Q3.
    • Forex hurt storage rental growth by 3%. IRM notes service revenue reflects "a trend toward reduced retrieval/re-file activity and related transportation revenue."
    • Due to forex, the document storage now expects 2015 revenue of $3.03B-$3.15B and EPS of $1.15-$1.30, down from prior guidance of $3.135B-$3.29B and $1.23-$1.38, and below a consensus of $3.19B and $1.34.
    • Based on IRM's old definition, 2015 AFFO guidance has been cut by $20M to $550M-$590M. Based on a new definition, guidance is at $480M-$520M. The capex budget remains at $550M-$650M, $230M-$270M of which will be spent on real estate investment.
    • Gross margin rose 40 bps Y/Y in Q4 to 56.7%. FFO/share was $0.52, soundly above EPS of $0.25.
    • Q4 results, earnings slides (.pdf)
    | Feb. 20, 2015, 12:30 PM | 1 Comment
  • Sep. 29, 2014, 5:36 PM
    | Sep. 29, 2014, 5:36 PM
  • Sep. 29, 2014, 2:06 PM
    • A source tells Bloomberg Iron Mountain (IRM +6.2%) may buy Recall Holdings for $2B-$2.5B. That would represent a hefty premium to Recall's current $1.37B market cap.
    • Bloomberg also reports "nothing has been decided and the talks may still fall apart." Wooden pallet maker Brambles reportedly drew bids in the $2B range when it put Recall on the block in 2012; it ultimately decided to spin off the business.
    • Earlier: Iron Mountain reportedly looking to buy Recall
    | Sep. 29, 2014, 2:06 PM
  • Sep. 29, 2014, 1:44 PM
    • Australia's Recall Holdings, publicly traded in Sydney, is a major rival for Iron Mountain's (IRM +5.1%) document management/data protection business. The company closed overnight trading with a $1.38B market cap.
    • Bloomberg reports Iron Mountain is working with Evercore to buy Recall. Shares have popped in response.
    | Sep. 29, 2014, 1:44 PM
  • Sep. 26, 2014, 12:45 PM
    | Sep. 26, 2014, 12:45 PM
  • Jun. 26, 2014, 12:45 PM
    | Jun. 26, 2014, 12:45 PM
  • Jun. 26, 2014, 9:17 AM
    | Jun. 26, 2014, 9:17 AM
  • Jun. 25, 2014, 5:42 PM
    • Top (after-hours) gainers, as of 5:15 p.m.: IRM +22.0%. TNK +4.7%. MNR +4.3%. WRE +4.0%. CAMP +3.6%.
    • Top losers, as of 5:15 p.m.: BBBY -7.3%. MLHR -6.1%. MWV -5.9%. STNG -4.1%. CACI -3.3%.
    | Jun. 25, 2014, 5:42 PM
  • Jun. 25, 2014, 4:11 PM
    • Following favorable private letter rulings from the IRS, Iron Mountain's (IRM) board has approved the company's conversion into a REIT. REIT status is effective for the taxable year starting Jan. 1, 2014.
    • The IRS rulings include one related to "the characterization of the company's steel racking structures as real estate for REIT purposes under the Internal Revenue Code." Back in 2013, the IRS said it was "tentatively adverse" to IRM's REIT conversion.
    • Equinix (EQIX), awaiting a REIT ruling of its own, has ticked higher AH.
    | Jun. 25, 2014, 4:11 PM | 1 Comment
  • Apr. 16, 2014, 5:26 PM
    • The IRS has issued a favorable ruling on CBS Outdoor's proposal to convert into a REIT. Equinix (EQIX +3.2%) and Iron Mountain (IRM +3.8%), both of whom have outstanding conversion proposals of their own, have rallied in response.
    • Equinix reports on April 30, and Iron Mountain on May 1.
    | Apr. 16, 2014, 5:26 PM | 2 Comments
  • Nov. 14, 2013, 3:06 PM
    • Is a favorable ruling on a REIT conversion coming? Iron Mountain (IRM +9.3%) has popped sharply higher in the past few minutes.
    | Nov. 14, 2013, 3:06 PM
  • Oct. 11, 2013, 9:23 AM
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    • Iron Mountain (IRM) has been cut to Underweight by Barclays a day after announcing CFO Brian McKeon is leaving. Shares -2.2%.
    • LG Display (LPL) has been upgraded to Buy by Citi.
    • Diodes (DIOD) has been upgraded to Buy by Longbow.
    | Oct. 11, 2013, 9:23 AM | 15 Comments
Company Description
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
Sector: Technology
Industry: Business Software & Services
Country: United States