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Durable Business Drives Cash Flow and Dividend Growth February/March 2019 2 Safe Harbor Language and Reconciliation of Non-GAAP Measures Note: Selected metrics are defined in the appendix of our Q4 2018 Supplemental Financial Information.


  1. Durable Business Drives Cash Flow and Dividend Growth February/March 2019

  2. 2 Safe Harbor Language and Reconciliation of Non-GAAP Measures Note: Selected metrics are defined in the appendix of our Q4 2018 Supplemental Financial Information. All forward looking statements included herein are current as of reporting the Company’s fourth quarter results on February 14, 2019.

  3. 3 Iron Mountain Investor Presentation 1. OVERVIEW OF THE BUSINESS 2. DURABLE AND CONSISTENT BOX TRENDS 3. DRIVING EBITDA GROWTH 4. REAL ESTATE VALUE CREATION 5. PRUDENT CAPITAL ALLOCATION FRAMEWORK 6. APPENDIX

  4. 4 Overview of the Business

  5. 5 Leading Global Information Management Brand Global Footprint Business Mix Revenue: $4.2B (2) Data Center 5% Other (1) 10% Shredding 10% Records Data Management Protection 63% 12% ~50 COUNTRIES 6 CONTINENTS 225,000+ ~95% 90MM+ 1,450+ customers Fortune 1000 SF of real estate Facilities companies Note: Statistics as of 12/31/18 unless otherwise stated (1) Other revenues include Information Governance and Digital Solutions, Consulting, Entertainment Services, Fine Art Storage, Consumer Storage and other ancillary services (2) FY 2018 revenue mix

  6. 6 Provider of Mission-Critical Storage and Services $17 BILLION+ 690 MILLION+ DIGITAL SOLUTIONS SECURE SHREDDING Owned real estate globally Cubic feet of hardcopy 627 million images ~10% of total records archived scanned annually global revenue IRON CLOUD TM 30 MILLION 98 PERCENT ~350 MEGAWATTS Film and sound elements Data protection, preservation, Customer retention rate Existing and potential protected and preserved restoration and recovery data center capacity # 1 TRUSTED GUARDIAN OF PRECIOUS ASSETS

  7. 7 Balanced Strategy to Drive Growth Grow Durable High-Margin Extend Business Model to Sustainable Business Fast-Growing Businesses Growth in Cash Flow and Dividends per Share Sustainable Growth in Cash Flow and Dividends per Share Build on Customer Relationships and Trust to Leverage Brand

  8. 8 Mix Shift Accelerates Adjusted EBITDA Growth Q4’18 Revenue Mix 2020 Revenue Mix Target 30% 25% 70% 75% Growth Portfolio Growth Portfolio Developed Portfolio Developed Portfolio Emerging Markets, Data Center Emerging Markets, Data North America North America and Adj. Businesses Center and Adj. Businesses and Western Europe and Western Europe FY18: ~6% Organic ~3% Organic Revenue Growth ~10% Organic Revenue FY18: ~2.8% Organic Growth Revenue Growth Revenue Growth ~3.6% Organic Revenue Growth ~5% Organic Revenue Growth + Margin Expansion + Margin Expansion ~5%+ Average Organic Adj. EBITDA Growth ~4.0%+ Average Organic Adj. EBITDA Growth Note: Developed Portfolio also includes Australia and New Zealand; revenue mix as of Q4’18 on a constant dollar basis

  9. 9 Healthy Revenue Growth Trends Organic Total Revenue Growth Rolling 3-Year Average 2.7% 2.4% 1.7% 1.2% 0.8% 0.2% (1) 2014 2015 2016 2017 2018 2019E Organic Storage Revenue Growth Organic Service Revenue Growth 62% of Total 38% of Total Rolling 3-Year Average Rolling 3-Year Average Revenue Revenue 3.0% 2.9% 2.4% 2.4% 1.5% 2.3% -0.4% -0.6% -1.5% -2.8% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 (1) Based on midpoint of 2019 Organic Total Revenue Growth guidance as of 2/14/19

  10. 10 Delivering Robust Margin Expansion Total Adjusted EBITDA Margins 34.3% 34.0% 32.8% 31.0% 30.6% 29.7% (1) 2014 2015 2016 2017 2018 2019E Storage Adjusted EBITDA Margins Service Adjusted EBITDA Margins 80% of Total 20% of Total Gross Profit 69.7% 69.7% Gross Profit 69.5% 69.2% 22.0% 68.7% 19.5% 17.5% 17.5% 16.5% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 (1) Based on midpoints of 2019 EBITDA and revenue guidance range as of 2/14/19 Note: 2018 Adjusted EBITDA margins were impacted by adoption of Revenue Recognition standard; normalized for the change, 2018 Total Adjusted EBITDA margin, Storage Adjusted EBITDA margin, and Service Adjusted EBITDA margin would have been 33.4%, 68.9%, 20.8%, respectively.

  11. 11 Durable and Consistent Box Trends

  12. 12 Box Retention Drives Durability IRM Retention Rate – North America 100% 51% of boxes that 80% were stored 15 years ago still remain ~35% of boxes that were stored 22 years 60% ago still remain Recall divestiture impact 40% 20% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Box Age (Years) Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System, as of 8/31/18

  13. 13 Destruction Trends Consistent Over Time Destructions by Age as % of Ending Inventory 2012 2018 (Annualized) % of inventory destroyed 2012 TTM Destruction Rate: 4.9% 2018 TTM Destruction Rate: 5.0% < 3 4-6 7-9 10-12 13-15 16-18 19-21 >22 Age of Inventory (Years) Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System for North America, as of 8/31/18

  14. 14 Large Unvended Opportunity BCG Survey of >700 existing and potential respondents, as well as 70 in-depth interviews with large North America customers across six verticals, excluding government 480MM CuFt In-House with Vended Customers 720MM CuFt Wholly Un-Vended Estimated 700MM CuFt Un-vended Opportunity (1) Vended Total ~1.9 B CuFt (1) Excludes government and SMB (<250 employees), Legal (<100 employees) and others. BCG analysis is as of April 2016. Source: BCG document storage survey; Avention; BCG analysis These materials were designed for the sole use by Iron Mountain. No other party may or should rely on these materials for any purpose whatsoever. To the fullest extent permitted by law, any party accessing these materials hereby waives any rights and claims it may have at any time with regard to such party's use of and/or reliance on these materials, including the accuracy or completeness thereof.

  15. 15 Driving EBITDA Growth

  16. 16 Strong Execution of Emerging Markets Strategy 7.1% Organic Storage Rental Revenue Growth in 2018 STORAGE VOLUME GROWTH ADJUSTED EBITDA MARGIN CuFt in MM 15 15 14 28% 10 9 27% 25% 19% 21% 7 7 5 5 5 -4 -5 -8 -8 -9 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Intake Loss/Destructions Net Growth • Expanding Adjusted EBITDA margins through targeted investment and leveraging enterprise scale • Executing on value creating M&A to achieve market leadership in major markets Emerging Markets defined as Other International excluding Australia and New Zealand

  17. Data Center Investments Support Business 17 Diversification • Pre-stabilized properties with expansion capacity • Conservative stabilization projections: 10-13% stabilized cash on cash returns Faster organic growth and higher margin supports 2020 Plan; targeting ~10% of Total EBITDA by 2020 1 • • Focused on markets with high absorption rates (top 10 U.S. and top 10 Globally) Presence in 9 U.S. and 4 International markets 1 • • Can address broad spectrum of customer requirements : retail colo, wholesale, and hyperscale (1) Reflects planned expansion into Chicago and Frankfurt, assumes organic growth.

  18. 18 Competitive and Diversified Data Center Business • High differentiation around Public Phoenix Campus Expansion – AZP-2 sector and Highly Regulated industries • Data Management relationships foster deal generation and cross-selling • Reputation, brand identity strongly resonates with customers • 14 data center facilities spanning the U.S., Europe and Asia • 103MW current capacity with almost 350MW total potential capacity • Added development capacity in Chicago and Frankfurt , a top U.S. and a top Int’l market, respectively • Under construction on initial phase of 60MW hyperscale ready Phoenix campus expansion

  19. 19 19 Global Footprint with Growth Potential Geographical Diversification Snapshot as of 12/31/18 (by Existing Capacity in MW) • Low-teens organic revenue growth New Jersey expected in 2019 Boyers and • Ended 2018 with development pipeline Other of 11MW in key markets Phoenix • 0.9M+ built square feet Denver • 1,200+ data center customers • 91.4% capacity utilization Amsterdam Singapore • WALE of 3.56 years NoVA London Recent Data Center Expansion Timeline Phoenix Chicago Frankfurt Fortrust EvoSwitch Phase 1 I/O Data CS Assets Added Added Facility $130M NoVa Center $100M $235M Expansion Development Development +16MW Facility 1,2 $1.3B +14MW 3 +34MW $460M Capacity Capacity $350M +139MW +60MW 2 +36MW +20MW +60MW May Dec Source: Company financials as of 12/31/18 Sep Jan Mar July Feb (1) Phase 1 of Manassas VA data center facility of 10.5MW; 2018 2018 Total development capacity of 60MW 2017 2018 2018 2018 2019 (2) Based on existing and potential MW capacity (3) Includes Singapore on long term ground lease and facilities with purchase options (4) Source: Eastdil, as of 6/30/18 Data Center Platform estimated market value of $2.4B 4

  20. 20 Real Estate Value Creation

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