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Iron Mountain’s $1.25bn data centre business revenues grow 15.3%

The company’s Global Data Center business’ revenue increased 15.3% in the second quarter, or 13.3% year over year, excluding the impact of FX.

By João Marques Lima

Founder and Editor, The Tech Capital

2 Mins

August 06, 2021 | 4:00 AM BST

Iron Mountain Incorporated (NYSE: IRM) reported revenues for the second quarter of US$1.12 billion, compared with $982.2 million in the second quarter of 2020, an increase of 14.0%.

Excluding the impact of foreign currency exchange (FX), total reported revenues increased 10.2% compared to the prior year, driven by a 26.9% increase in Service revenue, while Storage rental revenue increased 2.7%. Year to date, total reported Revenues increased 7.4%, or 4.6%, excluding the impact of FX.

The company said the Global Data Center business revenue increased 15.3% in the second quarter, or 13.3% year over year, excluding the impact of FX.

Through June 30, 2021, Iron Mountain has executed 12.6 megawatts of new and expansion leasing, and is increasing its outlook for full-year data centre leasing to greater than 30 megawatts from previous guidance of 25 to 30 megawatts, based on “the strength of first-half performance and pipeline”.

Net Income for the second quarter was $276.5 million compared with a Net Loss of $7.1 million in the second quarter of 2020.

As of the end of Q2, Iron Mountain’s assets amounted to a combined total of $14.31 billion, compared to $14.14 billion on December 31, 2020. Of that, data centres – which are included in the business’ “Customer Relationships, Customer Inducements and Data Center Lease-Based Intangibles” category – amounted to $1.25 billion on June 30, 2021, versus $1.32 billion at the end of 2020.

William L. Meaney, president and CEO of Iron Mountain, said: “Our stronger than expected performance in both the second quarter and first half of the year reflects the breadth and depth of our products and solutions and the strength of our deep customer relationships. Our second-quarter results reflect increased demand for our services across our key markets.

“As we celebrate and honour Iron Mountain’s 70th anniversary this month, I am extremely proud of what our team has accomplished in spite of the continued challenges due to COVID. Our Mountaineers across the globe conquered every obstacle with tenacity, a relentless focus on accelerating growth and an innovative mindset.”

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João Marques Lima

Founder and Editor, The Tech Capital

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