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IRON MOUNTAIN® FOR IMMEDIATE RELEASE Iron Mountain Reports First Quarter Results -- Achieves Record Quarterly Revenue , in Spite of COVID - 19 Impact on Traditional Services Offerings -- BOSTON May 6 , 2021 Iron Mountain Incorporated ( NYSE : IRM ) , the global leader in innovative storage and information management services , announces financial and operating results for the first quarter of 2021. 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 . " We are pleased to have delivered a strong start to the year , with both revenue and profitability coming in ahead of our expectations for the first quarter , despite the impact from many parts of the world continuing to experience the effects from various levels of lockdown , " said William L. Meaney , president and CEO of Iron Mountain . " We achieved a record level of quarterly revenue . What this means effectively is that whilst our service revenue is still significantly impacted by various lockdowns across the world , our organic revenue growth in new areas more than offset those declines to deliver record revenue . In addition , we grew Adjusted EBITDA 2 % year over year on a constant - currency basis , to a record first quarter level - again , versus a previous record Q1 profitability last year before the impact of COVID . Our margin expanded 100 basis points , driven in part by the benefits from Project Summit and the flow through from revenue management . " Increases 2021 Financial Guidance -- Meaney continued , " Whilst the continued impact from COVID during this quarter was unprecedented before Q2 of last year , we are proud of the consistency and stability of our core business , and we continue to deliver on our strategic plan . This can be attributed to the diversity and scale of our portfolio , the depth and breadth of our service offerings , the investments we have made in both new product offerings as well as enhanced sales capacity , and the efficiencies that have been created through Project Summit - not just in financial terms but in the cultural shift we have continued to drive . " Financial Performance Highlights for the First Quarter of 2021 ( $ in millions , except per share data ) Storage Rental Revenue Service Revenue Total Revenue Net Income Adjusted EBITDA Adjusted EBITDA Margin AFFO AFFO per share Three Months Ended 3/31/21 $ 708 $ 374 $ 1,082 $ 47 $ 381 35.2 % $ 235 $ 0.81 1 3/31/20 $ 684 $ 385 $ 1,069 $ 65 $ 366 34.2 % $ 231 $ 0.80 Y / Y % Change 4 % ( 3 ) % 1 % ( 28 ) % 4 % +100 bps 2 % 2 %