Upcoming AWS Coverage on Verint Systems

LONDON, UK / ACCESSWIRE / March 13, 2017 / Active Wall St. announces its post-earnings coverage on Iron Mountain Inc. (NYSE: IRM). The Company reported its fourth quarter and fiscal 2016 financial results on February 23, 2017. The records management, data protection and recovery, and information destruction services Company's FFO numbers outperformed market expectations. Register with us now for your free membership at:

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One of Iron Mountain's competitors within the Business Software & Services space, Verint Systems Inc. (NASDAQ: VRNT), is estimated to report earnings on April 04, 2017. AWS will be initiating a research report on Verint Systems following the release of its next earnings results.

Today, AWS is promoting its earnings coverage on IRM; touching on VRNT. Get our free coverage by signing up to:

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Earnings Reviewed

Iron Mountain's total reported revenues for Q4 2016 were $934 million compared with $752 million in Q4 2015. The Company's FY16 total reported revenues were $3.51 billion compared with $3.01 billion in 2015. On a constant dollar (C$) basis, total revenue growth was 25.7% for the reported quarter and 19.0% for the full year, primarily driven by the Recall acquisition, which closed on May 02, 2016. The Company's reported numbers missed analysts' consensus estimates of $938.3 million.

For Q4 2016, Iron Mountain's internal storage rental growth of 2.9% was driven primarily by net internal records management volume growth of 1.7%. Internal volume growth was positive in all of the Company's major markets. Iron Mountain's Service revenues increased 24.8% in Q4 2016 but declined 0.9% on an internal basis primarily due to declines in transportation and handling activities as well as Western European service projects.

Iron Mountain's income from continuing operations for Q4 2016 was $49.8 million compared with $5.9 million in 2015. For the full year 2016, the Company's income from continuing operations was $103.9 million compared with $125.2 million in FY15. Iron Mountain's adjusted EBITDA for Q4 2016 was $297 million compared with $238 million in Q4 2015. The Company's full year adjusted EBITDA was $1.09 billion compared with $920 million in FY15. On a C$ basis, Iron Mountain's adjusted EBITDA surged 25.8% in the reported quarter and 19.7% for the full year.

Iron Mountain's net income for Q4 2016 totaled $50 million compared with $6 million in the year ago same period. For full year 2016, the Company's net income was $107 million compared with $125 million in full year 2016. Iron Mountain's reported EPS, on a fully diluted basis from continuing operations, for Q4 2016 was $0.19 per share compared with $0.03 per share for Q4 2015. The Company's reported EPS for the full year was $0.41 per share compared with $0.59 per share in 2015. Iron Mountain's adjusted EPS for Q4 2016 was $0.26 per diluted share compared with $0.33 per diluted share in Q4 2015; adjusted EPS for the reported quarter reflects a structural tax rate of 18.5% compared with a structural tax rate of 16.8% in the year earlier comparable quarter. The Company's FY16 adjusted EPS was $1.07 per diluted share compared with $1.21 per diluted share in FY15.

For Q4 2016, Iron Mountain generated FFO (normalized) per share of $0.50 compared with $0.57 in Q4 2015. On a full year basis, the Company's FFO (normalized) per share was $1.92 compared with $2.10 in the year ago comparable period. Iron Mountain's normalized FFO surpassed Wall Street's estimates of $0.45 per share. The Company's AFFO was $164 million for the reported quarter compared with $126 million in the year earlier same quarter. AFFO was $648 million compared with $530 million in 2015.

Balance Sheet

As of December 31, 2016, Iron Mountain had cash and cash equivalents worth $236.5 million compared with $128.4 million as of December 31, 2015. The Company's long-term debt was $6.1 billion at the end of Q4 2016 compared with $4.8 billion as of December 31, 2015.

Guidance

Iron Mountain's updated its FY17 guidance to reflect 2017 constant dollar budget rates. The Company expects, on a constant dollar basis, revenue growth of 8% to 10%; adjusted EBITDA growth of 16% to 19%; and AFFO growth of 8% to 15% for full year 2017.

Stock Performance

Iron Mountain's share price finished last Friday's trading session at $34.24, marginally up by 0.41%. A total volume of 1.58 million shares exchanged hands, which was higher than the 3 months average volume of 1.47 million shares. The stock has rallied 0.23% and 16.68% in the last three months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have gained 5.42%. The stock is trading at a PE ratio of 78.35 and has a dividend yield of 6.43%.

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SOURCE: Active Wall Street