Company Report

Iron Mountain’s Income from Continuing Operations was $246.8 million in Q4 2020

Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company, announces financial and operating results for the fourth quarter and full year 2020. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein.

Income from Continuing Operations for the fourth quarter was $246.8 million, compared with $37.1 million in the fourth quarter of 2019. The following items were included in the fourth quarters of 2020 and 2019, respectively:

◦ Restructuring Charges of $65.7 million associated with the implementation of Project Summit compared to $48.6 million.
◦ Significant Acquisition Costs of $4.7 million in the fourth quarter of 2019.
◦ Gain on Disposal/Write-Down of PP&E, Net of $285.4 million compared to $46.7 million, primarily related to the company’s capital recycling program.

For the full year, Income from Continuing Operations was $343.1 million, compared with $268.2 million in 2019. The following items were included in the full year ended 2020 and 2019, respectively:

◦ Restructuring Charges of $194.4 million compared to $48.6 million.
◦ Significant Acquisition Costs of $13.3 million in 2019.
◦ Gain on Disposal/Write-Down of PP&E, Net of $363.5 million compared to $63.8 million, primarily related to the company’s capital recycling program.
◦ Intangible Impairment charge of $23.0 million related to the writedown of goodwill associated with the Fine Arts business in 2020.
◦ Debt extinguishment charge of $68.3 million related to the early extinguishment of several of the company’s Notes in 2020.

Reported EPS – Fully Diluted from Continuing Operations for the fourth quarter was $0.86, compared with $0.13 in the fourth quarter of 2019. For the full year, Reported EPS – Fully Diluted from Continuing Operations was $1.19, compared with $0.93 in 2019.

Net Income for the fourth quarter was $246.8 million compared with $37.1 million in the fourth quarter of 2019. For the full year, Net Income was $343.1 million compared with $268.3 million in 2019. Net Income in the fourth quarters and full years of 2020 and 2019 included the aforementioned items that impacted Income from Continuing Operations.

Source: investors.ironmountain.com

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