Iron Mountain (IRM) FY2020 results: revenue $4.1 billion, down 2.7% on the year
Iron Mountain Inc. (IRM) reported revenue of $4.1 billion for fiscal 2020, the year ended 31 December 2020, down 2.7% on the year before. Net income was $343 million, up 28.2%, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$4.1 billion
-2.7% on the year
FY2016FY2020
Operating margin
22.5%
18.3% a year earlier
FY2016FY2020
Net income
$343 million
+28.2% on the year
FY2016FY2020
Diluted EPS
$1.19
+28.0% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
4,147
4,263
4,226
-2.7%
Cost of revenue
1,757
1,833
1,794
-4.1%
Gross profit
2,390
2,429
2,432
-1.6%
Gross margin
57.6%
57.0%
57.5%
Selling, general and administrative
949
992
1,007
-4.3%
Operating income
935
781
808
+19.6%
Operating margin
22.5%
18.3%
19.1%
Pre-tax income
373
n/a
n/a
Income tax
29.6
59.9
42.8
-50.6%
Effective tax rate
7.9%
n/a
n/a
Net income
343
267
354
+28.2%
Net margin
8.3%
6.3%
8.4%
Diluted EPS
$1.19
$0.93
$1.23
+28.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
988
967
936
+2.2%
Capital expenditure
438
693
460
-36.8%
Free cash flow
549
274
475
+100.7%
Free cash flow margin
13.2%
6.4%
11.3%
Cash from investing
-85.4
-731
-2,222
Cash from financing
-887
-199
551
Depreciation and amortisation
652
658
640
-0.9%
Share-based compensation
37.7
35.7
31.2
+5.7%
Dividends paid
716
705
674
+1.7%
Dividend per share
$2.47
$2.45
$2.38
+0.8%
Diluted shares, weighted
289m
288m
287m
+0.3%
Shares outstanding at period end
288m
287m
286m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,137
1,464
1,861
-22.4%
Non-controlling interest
0.0
0.3
1.4
Redeemable equity
59.8
67.7
70.5
-11.6%
Debt
8,703
8,665
8,143
+0.4%
Operating lease liabilities
2,045
1,729
0.0
+18.3%
Finance lease liabilities
323
321
n/a
+0.8%
Other liabilities
1,882
1,571
1,776
+19.8%
Total liabilities and equity
14,149
13,817
11,852
+2.4%
Fixed assets
n/a
4,623
4,490
Goodwill
4,558
4,485
4,441
+1.6%
Intangible assets
1,327
1,393
1,507
-4.8%
Cash and equivalents
205
194
165
+5.9%
Receivables
859
851
847
+1.0%
Other assets
7,200
2,271
403
+217.0%
Total assets
14,149
13,817
11,852
+2.4%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.